Kitsap County 1st Time Buyers :: $7500 TAX CREDIT :: Bremerton, Silverdale, Naval Base Kitsap

Are you sitting on the fence? Have you read the many horror stories across the nation? Well, remember real estate is local and here in the Kitsap County area we are in an amazing buyer’s market. It just might be the perfect time for you to purchase a home if you are a First-Time Home Buyer. Here is a nudge to get you into the housing market. On July 30^th President Bush signed into law House Bill 3221 (H.R. 3221: Housing and Economic Recovery Act of 2008) which included a special tax incentive for First-Time Home Buyers (Sec.3001). This bill provides a tax credit up to $7,500 for homes purchased on or after April 9, 2008, which the First-Time Home Buyer will repay over 15 years following the purchase. This is not a down-payment assistance program, but rather a ZERO INTEREST LOAN that has some amazing features.

• The tax credit is available for first-time home buyers only. Purchaser (and spouse) may not have owned a principal residence in the previous 3 years.
  
• The maximum credit amount is ten percent of the cost of the home and can not exceed $7,500.
  
• Property eligible is any single-family residence that will be a principal residence.
  
• The credit is available for homes purchased on or after April 9, 2008 and before
  July 1, 2009.
  
• There are income limits. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
  
• The tax credit works like an interest-free loan and must be repaid over a 15-year period. Each year 6.67% of the credit to be repaid – if you received the full credit that is only $500.25!. If sold before 15 years than remainder of credit is paid at time of sale.

If this sounds interesting to you why not give me a call so we can discuss it in more detail and I can get you in touch with one of my local lenders. I do not want you to think I am an expert in this area but I do have a network of mortgage lenders that are. You might also want to discuss this with your CPA. I am not allowed to practice law or give tax advice.

Bremerton WA Real Estate Market Report Recap | July 2008

Here is the Real Estate Market Activity for January – July 2008. Check back each month to see the monthly 2008 trend for Bremerton WA.

On July 31st there was 565 homes for sale with 1 of those homes listed as a contingent sale and 57 of homes listed as Pending Inspection (new NWMLS term STI was replaced) which means there is a contract that has been presented and excepted by the seller with the condition of the home inspection. Once the home inspection has taken place these 57 homes will either go back on the market or be listed as pending. These homes are not available for public view and will not show in the active section of the Northwest Multiple Listing Service. (NWMLS)

During the Month of July 113 homes were new to the Bremerton area Real Estate Market with a median price of $245,000

During the Month of July 33 homes went under contract and were removed from the active Bremerton homes data base. The median price for Bremerton area homes was $229,500 with a market time of 80 days (median).

During the Month of July 87 homes sold – which means that ownership changed hands and there are new owners listed on the tax records recorded at the Kitsap County courthouse. These Bremerton area homes were on the market 77 days (median) and sold for a median price of $229,950.

The Absorption rate in the Bremerton area is 31.03 weeks or approximately 7.14 months of inventory if the current conditions remain unchanged. This figure has really improved for the Bremerton area.

An absorption rate is the mathematical relationship of supply and demand. The absorption rate is the number of months it would take to sell the entire inventory of homes in the Bremerton area of Kitsap County if the pace were to stay constant.

My definition breaks down like this…

Normal Market - Between 5 and 6 months of inventory.

Seller’s Market - Between 1 and 4 months of inventory.

Buyer’s Market – 7 months and higher.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis .

If you would like to purchase a home in the Bremerton WA Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

“Statistics not compiled or published by NWMLS.”
Equal Opportunity Housing
All information deemed reliable, but not guaranteed

Jo Soss-Olson · WestSoundLive · Copyright © 2008 · All Rights Reserved

19th Annual BlackBerry Festival

Event:

19TH ANNUAL BLACKBERRY FESTIVAL

Event Date: August 30, 2008 Event Time: 10:00am – 8:00pm

Festival Hours:

Saturday, Aug. 30th-10 AM to 8 PM

Sunday, Aug. 31st-10 AM to 7 PM

Monday, Sept. 1st-10 AM to 6 PM

You want to know where the action will be this weekend in Bremerton? DOWNTOWN – HARBORSIDE! This is the weekend for the 19^th Annual Blackberry Festival held down on the Bremerton Boardwalk. There will be over 100 booths with everything from arts & crafts to you guessed it “FOOD”! You know what kind of food I am talking about! Hamburgers, hot dogs, corn dogs, chicken burgers, BBQ ribs, chicken and beef brisket, corn on the cob and oh man dare I say more!? You will also find tons of amazing ethnic foods like teriyaki, shrimp on a stick, spring rolls, gyros, crepes and tacos!

Don’t forget the Blackberry delights!! Blackberry slugs, scones, pie and that amazing Blackberry shortcake!! After all it is the Blackberry Festival.

I don’t know why I love it so – I sure hate those pesky bushes creeping up in my flower beds!! But on this weekend they are my friend!!

Of course you know it its down at the Boardwalk there is going to be music and lots of it! Here is the line up for this year:

Saturday, August 30th

10:00-11:30 Smilin’ Scandinavians

11:30-12:00 Opening Ceremony

12:00- 1:45 Mark Lewis Quartet

2:00- 3:45 Everyday Jones

4:00- 5:45 T.J. Casey

6:00- 8:00 Kelly Thibodeaux & Etouffee

Sunday, August 31st

10:00-11:45 Forget Me Nots

12:00- 2:00 HD Fusion

2:30-4:30 Soul Purpose

5:00-7:00 Ron Thompson

Monday, September 1st

11:00 – 1:00 Scott Cossu

1:30 – 3:30 Clave Con Jazz

4:00 – 6:00 Ron Thompson

Make sure to make it out this weekend to support the local area and the amazing artists and musicians. There will be reduced admission tours of the USS Turner Joy and if you haven’t seen the new Bremerton Marina you are in for a treat!

If you see me down there –be sure to say hi – I might not be able to shake your hand because I am a cotton candy nut!!

Kitsap County HomeOwners | Did you end up in the DUMP?

I was doing some market research today and decided to really look and look hard at expired listings in my market area. I know the blah; blah; blah…if it isn’t priced right it won’t sell. I started to look at homes and really thought the price was right or in a range that with a little negotiation there would or should have been a buyer. So why didn’t some of these homes sale. I will tell you - BECAUSE THEIR AGENTS WERE LAZY!!! Now, that might sound strong and maybe not sound professional but it is the truth!!

In my market area the NWMLS allows us to upload 15 photos. You can also write a short description that for each photo. I did research on 42 homes in the West Bremerton area and there were only 5 listings with a total of 15 photos. Of those listings with 15 photos only 3 had descriptions entered. THAT JUST AIN’T RIGHT! The average for the 42 homes was 7 pictures.

Isn’t the NWMLS your FIRST IMPRESSION! Unless a person sees the home while driving by, then yes it is. The listing in the multiple usually is the first time most agents and most buyers see what your home looks like when you put it on the market. Wouldn’t it be best to have as many pictures as allowed with descriptions?

So Mr. / Ms Seller, did you see what your home looked like online? Did you like what you saw? If you didn’t did you have a conversation with your agent? What did they say?

The real estate market in the Bremerton area is off to a great 2008, so if you want to SELL your house this year and not just LIST it - Call me! I use all 15 pictures and they will be good pictures because I will not allow you to have your home on the market in sub par condition. I will make your home’s FIRST IMPRESSION one the real estate community and the buyers in the area will remember.

If I don’t hear from you now – you may hear from me later PROMISES MADE, PROMISES KEPT

Naval Base Kitsap : VA Home Buyers

Today if you are an eligible veteran you have an opportunity as a home buyer that many non-veterans don’t have when it comes to cash out of pocket to purchase a home. Most of the zero down home loan programs are not available any longer. However if you are a veteran you have the option to use your VA benefit to purchase a home in the Bremerton, Silverdale, Naval Kitsap area of Kitsap County!

Here are some facts and links to the official government web
pages. If you would like to speak with a lender that can handle a VA Home Loan in the Naval Base Kitsap area give me a call – I know just the person to connect you with!

• VA Home Loan Guarantee program provides mortgage insurance with 100% financing.
  
• No monthly mortgage insurance required
  
• Up to 41% Debt to Income Ration
  
• Credit guidelines may be more flexible than other types of loans. No credit – there are ways!
  
• No minimum credit score requirements
  

If you want to do more research prior to making the call please click on the links below.

Department of Veterans Affairs – Home Loan Guaranty Services

Department of Veterans Affairs – Veterans Information Portal

Department of Veterans Affairs – Am I Eligible

Manette Sub Area Plan

The City of Bremerton’s Comprehensive Plan includes the adoption of several detailed Sub Area Plans for several areas inside the City of Bremerton’s boundaries. These sub plans contain very detailed land use and development standards for areas that have been identified as areas where future growth will occur.

If you live in, work in or enjoy the Manette neighborhood of Bremerton you really should become involved with the current vision of the area. You have an opportunity to be included in the planning of this very unique area of Bremerton.

Manette Sub Area Plan

If you missed the first public meeting don’t worry you can click on the link above to get our self up to speed on the process and see what was accomplished. Then on Wed., August 27^th, 6:00PM at the Bremerton Senior Center (1140 Nipsic Ave) plan on attending the next public meeting. Bring your thoughts and ideas!

Lots of people sell real estate, but…

The quote listed below is one I have used in my marketing materials for several years, so today when I ran across this news article on MSN from US News and World Report I just had to share.

It is true. Not all real estate professionals are equal. Just like in other professions there are those that have some qualities that make them stand out. With the slower market of today you want to make sure that the real estate professional you choose is the best fit for you. Read the article and let me know what you think.

I began my real estate career in 1994. I soon found out that I loved selling real estate and that I was really good at it! Lots of people sell real estate, but not everyone is good at it. I bring to my clients the commitment to work hard and have fun.

6 signs of a crummy real-estate agent

Bremerton : Water has that Lure

I moved to the Bremerton area in 2002 because of changes the City of Bremerton was implementing. Specifically The City of Bremerton Revitalization Projects that were to begin. In the last six years several projects have been completed and 2007 was the year of several “dedications”. The Norm Dicks Government Center and City Hall was opened in 2004. The Kitsap County Housing Waterfront Condominium Project was complete in 2007 along with the Harborside Fountain Park project and the Bremerton Naval Museum with Fountain Viewing Room. Just this past summer the completion of The Port of Bremerton Marina Expansion was celebrated. The Ferry Tunnel project to be completed by 2009.

I was looking for a community that was small with a vision of economic success and a true passion for the area and its heritage. Having a downtown area on the water was a huge factor for me. I have to be close to some kind of easily accessible water. Bremerton has that feel and has amazing water access with the vision to continue improving the waterfront area for the community.

Water for some reason can make or break a community. If a city can use the waterfront in a positive way the possibilities and economic growth can be amazing. In September the City of Bremerton is hosting the “Urban Waterfront Revitalization Conferance” at the Kitsap Conference Center in downtown Bremerton. Of course I don’t agree with Seattle PI business reporter Bill Virgin’s first remark in his article, “On the waterfront: Cities aim to maximize shoreline’s allure”, but I do agree with the statements that we love to be in, around or on the water.

After looking at the event program and the schedule speakers I would love to attend to just listen and learn, however with a $350 price tag I will be sitting this one out and will hopefully be able to blog about the conference from what I can glean from the blogosphere.