Bremerton Real Estate | Homes Sold Past

Bremerton Real Estate | Homes Sold Past 2006-2007-2008-2009

Home prices in Bremerton continue to adjust to the changing market in Kitsap County.  The median selling price of a Bremerton home in December was $206,000 and in 2007 the median home price was $242,950.

While sell numbers for the year were stronger than 2008 it is still too soon to say the market has bottomed out.  We still have an issue with the many short-sale properties on the market that may lead to more foreclosures.

I think the market is trying to recover but with the number of short sales and foreclosures that are expected to grow in 2010 and 2011 it will be a struggle.  Unless we can get banks to price their properties at current market value they will continue to drag the market down.

Currently in the Bremeton home market there are 59 short-sales and 36 foreclosed on homes for sale.  This represents 22% of the total inventory which is 425 homes on the market.  Because of these distressed properties prices may continue to slide.  The problem being the appraisal process and what these distressed properties once they have sold do to the market value of a neighborhood.

The local Bremerton home inventory has decreased dramatically over the last 18 months and is getting closer to what would be considered a more balanced market. There is currently approximately 5 months of inventory which, a few months back was almost 12.  Still a buyer’s market but with niche seller’s markets in certain price ranges.  The first-time home buyer markets can and have seen multiple offers on certain properties.

With the continuing and expanded tax credit and 40 year low interest rates the Bremerton market will continue to improve because of the typical lower prices than the rest of Kitsap County.

It may take a decade to get back to a steady rise of annual 3-5% rise in home values, but a home is still a good investment lending to benefits in other parts of your financial situation like interest deduction.

The bar chart below shows how many homes sold by month and year for 2006 through 2009.  The numerical chart below shows the actual numbers.

The following bar chart shows the average and median sold prices for the same years along with the days on market which is how many days it took the homes to sale.

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.

U.S. Department of Housing and Urban Development (HUD)

Announced FHA Policy Changes

via U.S. Department of Housing and Urban Development (HUD).

Announced FHA Policy Changes:

1. Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending

• The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.

• If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.

• This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing

• The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.

2. Update the combination of FICO scores and down payments for new borrowers.

• *New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.

• This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.

• This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.

3. Reduce allowable seller concessions from 6% to 3%

• The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.

• This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.

4. Increase enforcement on FHA lenders

• Publicly report lender performance rankings to complement currently available Neighborhood Watch data – Will be available on the HUD website on February 1.

• This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.

• Enhance monitoring of lender performance and compliance with FHA guidelines and standards.

• Implement Credit Watch termination through lender underwriting ID in addition to originating ID.

• This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.

• Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process

• Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.

HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:

• Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite

• Legislative authority permitting HUD maximum flexibility to establish separate “areas” for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches

In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.

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HUD is the nation’s housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development ad enforces the nation’s fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

Port Orchard WA Real Estate | December Homes Sold | Homes Sold in Port Orchard WA 2009

During the month of December there were 49. [21 homes less than November] homes that sold in Port Orchard.   These Port Orchard homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I’s were dotted and the T’s crossed there where deeds recorded at the Kitsap County courthouse that transferred the property into the new home owner’s name!

If you want to learn more about how we transfer property in Washington State a really great site to visit is the Escrow Association of Washington site. There you can find definitions and explanations of the home buying process for Port Orchard Washington.

Let’s look at those 49 Port Orchard homes -

Average List Price

• $275,956 [$234,494 November]
• $143 per sq ft

Average Sold Price

• $270,345 [$230,928 November]
• $140per sq ft

The average sq ft of these 49 Port Orchard homes was 2052 sq ft. These homes spent an average of 155 days on the market (DOM).

The list to sale ratio for these homes was 97.96  percent. What that meas is that buyers offered 97.96% of what the seller requested.

Not a bad time to purchase a home in Port Orchard, Washington. The market is still under correction and there are several homes listed under $200,000.  In fact it is a great time if you are a 1st time home buyer and qualify for the $8,000 tax credit – CREDIT! NOT loan! Read the information I have written about the program here

Read the information I have written about the program here

It is finally official. The homebuyers’ tax credit has been extended to April 30, 2010.

So what can $6,500 really do? Incentive for “step-up” buyers will begin on December 1 of this year.

Read the information I have written about the program here

have written about the program here

• $8,000 First Time Homebuyer Tax Credit | Who is Eligible in Kitsap County
• It’s Official – 1st Time Homebuyers Receive $8,000 Tax Credit Windfall!
• $8,000 First Time Homebuyer Tax Credit | Want your money Now?

Bremerton WA Real Estate | December Homes Sold 2009

During the month of December  there were 82 homes that sold in Bremerton. That is just 2 less than in November.   These Bremerton homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I’s were dotted and the T’s crossed there where deeds recorded at the Kitsap County courthouse that transferred the property into the new home owner’s name!

If you want to learn more about how we transfer property in Washington State a really great site to visit is the Escrow Association of Washington site. There you can find definitions and explanations of the home buying process for Bremerton Washington.

Let’s look at those 82 Bremerton homes -

Average List Price

• $224,396 [$215,012 November]
• $133

Average Sold Price

• $218,171 [$210,430 in November]
• $130

The average sq ft of these 82 Bremerton homes was 1703 sq ft. These homes spent an average of 103 days on the market (DOM).

The list to sale ratio for these homes was 97.22 percent. What that meas is that buyers offered97.22% of what the seller requested.

Not a bad time to purchase a home in Bremerton, Washington. In fact it is a great time if you are a 1st time home buyer and qualify for the $8,000 tax credit – CREDIT! NOT loan! Read the information I have written about the program here

It is finally official. The hombuyer’s tax credit has been extended to April 30, 2010

• $8,000 First Time Homebuyer Tax Credit | Who is Eligible in Kitsap County
• It’s Official – 1st Time Homebuyers Receive $8,000 Tax Credit Windfall!
• $8,000 First Time Homebuyer Tax Credit | Want your money Now?

Check out some of Kitsap County Real Estate Market Data here - Kitsap County Real Estate Market Data FYI

What do these numbers mean? Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation. I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds. I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.

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 Kitsap County 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.

Bremerton Real Estate 2009 Market Reports

• Bremerton Real Estate | February Homes SOLD
• Bremerton Real Estate | March Homes SOLD
• Bremerton Real Estate | April Homes SOLD
• Bremerton Real Estate | May Homes SOLD
• Bremerton Real Estate | June Homes SOLD
• Bremerton Real Estate | July Homes SOLD
• Bremerton Real Estate | August Homes SOLD
• Bremerton Real Estate | September Homes SOLD
• Bremerton Real Estate | October Homes SOLD
• Bremerton Real Estate | November Homes SOLD

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

DISCLOSURE OF MATERIAL CONNECTION: http://cmp.ly/0

Bremerton First Time Home Buyers | Tax Credit Deadline

If you are a first time home buyer looking to purchase a home in Bremerton, now may be the perfect time.  Interest rates are low and home prices have declined to a very first time home buyer affordable level.  You also can take advantage of the extended first time home buyer tax credit.  But don’t dally because  you must find a home and be in a contract prior to April 30, 2010 with the closing taking place by June 30, 2009.  You don’t want to wait till the final hour!  There will be a huge rush for closings in June so there will be a huge “line” to the recorders office!  I really think that you have to give everyone in the process a chance to do their job correctly so I really think that a 40 day close is much more realistic than a 30 day close.

Right now in the West Bremerton, East Bremerton and Manette are of Bremerton there are 48 homes available with the following criteria.  If you want to see a list of these homes with photos just let me know and I can email you the MLS list – no spam, no questions asked.

Price 180,000 to 220,000

Bedrooms 3.00 or more   

Bathrooms 1.75 or more

Structure 1300 or more

It is finally official. The homebuyers’ tax credit has been extended to April 30, 2010.

Silverdale WA Real Estate | December Homes Sold | Homes Sold in Silverdale WA 2009

During the month of December there were 10 (5 less than November) homes that sold in Silverdale. These Silverdale homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I’s were dotted and the T’s crossed there where deeds recorded at the Kitsap County courthouse that transferred the property into the new home owner’s name!

If you want to learn more about how we transfer property in Washington State a really great site to visit is the Escrow Association of Washington site. There you can find definitions and explanations of the home buying process for Silverdale Washington.

Let’s look at those 10 Silverdale homes that sold in December -

Average List Price

• $318,570 [$367,110 November]
• $147 per sq ft

Average Sold Price

• $308,880  [$348,333 in November]
• $143 per sq ft

The average sq ft of these Silverdale homes was 2176 sq ft. These homes spent an average of 135 days on the market (DOM).  A decrease of about 65 days.

The list to sale ratio for these homes was 96.95 percent. What that meas is that buyers offered 96.95% of what the seller requested.

Not a bad time to purchase a home in Silverdale, Washington. In fact it is a great time if you are a 1st time home buyer and qualify for the $8,000 tax credit – CREDIT! NOT loan! Read the information I have written about the program here

• $8,000 First Time Homebuyer Tax Credit | Who is Eligible in Kitsap County
• It’s Official – 1st Time Homebuyers Receive $8,000 Tax Credit Windfall!
• $8,000 First Time Homebuyer Tax Credit | Want your money Now?

What do these numbers mean? Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation. I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds. I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.

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 Kitsap County 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.

Silverdale Real Estate 2009 Market Reports

• Silverdale Real Estate | February Homes SOLD
• Silverdale Real Estate | March Homes SOLD
• Silverdale Real Estate | April Homes SOLD
• Silverdale Real Estate | May Homes SOLD
• Silverdale Real Estate | June Homes SOLD
• Silverdale Real Estate | July Homes SOLD
• Silverdale Real Estate | August Homes SOLD
• Silverdale Real Estate | September Homes SOLD
• Silverdale Real Estate | October Homes SOLD
• Silverdale Real Estate | November Homes SOLD

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

Bremerton Homes Sold 2009 Recap

Here are the links to the 2009 Bremerton Market Reports.  Of course I still have December to report and that will be sometime this coming week.  I will update this post when that happens.  I think I might take each month and put into a bar graph to add to the posts so that you can see the data at a quick glance.  If you have any questions or comments please feel free to leave them here or contact me privately I will be more than happy to get you more data if that is what you are looking for, or to explain this data.  Here’s to a strong 2010!

January 2009

February 2009

March 2009

April 2009

May 2009

June 2009

July 2009

August 2009

September 2009

October 2009

November 2009

December 2009

Condo Tour

Here are some YouTube videos of the units I looked at today. The first video is of the unit that has a balcony and the second video is of the unit that is lower in price that has the fireplace and no balcony. It is a little larger and the space seems to be in the bedroom area. Without the balcony the bedroom is about 4 feet longer. Bedroom in the first unit is about 10.5X10.5 and the second unit is about 10.5X14. The living area is about 23L X 14 W from the kitchen. the Entry is about 4-5 feet wide and 7.5 feet from the door into the unit. The kitchen is about 8-9 feet in length. The first unit is 660 and the second is 690.

I am in the process of uploading photos. They will take me a little longer. Once you have seen these we should chat about them. I have some information on the unit with the balcony.

Unit without Balcony

Interior Hallway

Exterior from across the street

Lobby and side, back of building

Kitsap County Homes for sale – Inventory down – Buyer’s Market?

The Kitsap County home for sale inventory is down 25.4% from the same time in 2008. That is the largest drop in inventory in the Puget Sound area. So, with inventory down is it still a buyer’s market?

What is a buyer’s market?

A very simple way to explain the definition of a buyer’s market is a simple statement such as, a market which has more sellers than buyers. Low prices result from this excess of supply over demand.

So how does the real estate profession calculate statistics to arrive at the conclusion there is more supply than demand ?

Most real estate professionals define market conditions by using the absorption rate formula. So what is an absorption rate? An absorption rate is the mathematical representation of the relationship between supply and demand.

The total quantity of available homes is divided by total homes sold in the previous month. The results represents the number of months it will take, at that same pace, to sell the entire real estate inventory of a local market area.

Here is last months example:
• Kitsap County has 1982 homes currently on the market. (as of December 31, 2009)
• Last month, 237 homes sold
• 1982 / 237 = 8.36
• So the Kitsap County area has 8.36 months of inventory.

But, remember the answer is only true if the housing market stays the same. The same meaning that there is always 1982 homes on the market and each month 237 of those homes sell. Absorption rates allow us to give some kind of mathematical equation to determine what type of real estate market we are experiencing at any given time.

Remember that real estate is local and that towns, cities, counties and states all have different absorption rates and will have different markets. There are also different markets within a market. You might have a buyer’s market when you look at high end homes and yet a seller’s market when it come to 1st time home buyer properties.

• NORMAL MARKET :: conditions exist when the Absorption Rate is between 5 and 6 months
• SELLER’S MARKET :: conditions exist when the Absorption Rate is lower. (1 – 4 months)
• BUYER’S MARKET :: conditions exist when the Absorption Rate is higher. ( 7 plus months)

Will the new $6,500 tax credit get you to sell your current residence and buy another property?

Will the new $6,500 tax credit get you to sell your current residence and buy another property?

I have been thinking about this new home buyer/seller tax credit since it was approved in November. I wrote a quick article about it in November. Here is just a bit of that article.

Who Qualifies – $6,500 Extended Credit

Current home owners going under contract to purchase a home between November 7, 2009 and April 30, 2010 (closing on or before June 30, 2010), who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight. (I am sure more detailed information will be forth coming) IRS publications I am sure to be released. Speak with your Tax Adviser prior to filling.

So what does this new “expansion” to the extended tax credit mean to local Kitsap County home sellers or “step-up” buyers? You know what cost are associated with selling your home. Check out this post I wrote a couple weeks ago to refresh your memory.

Kitsap County Real Estate – Sellers Closing Costs – WHAT

Your $6,500 tax credit could help you with the following charges when you sell your home

• Real Estate Fees – remember these are always negotiable but in our market area the average range is between 4 and 6 percent of the sales price.
• Excise Tax – currently you will be paying 1.78% of the sales price to the state for selling your home.
• Settlement charges like title policy fees and escrow closing costs.

This new incentive just might be what you are looking for to help you to that next dream home. Remember how fun it was to be a first time home buyer? Well, I can tell you that to make a move up is just as fun and almost more exciting because your possibilities are usually more.

I still am scratching my head on what this $6,500 tax credit really will do. Will this credit really push home-owners into the “move-up” market?

I know interest rates are at there lowest in years, that home prices have come down and I do believe there are some great opportunities out there.

I also believe that it is better to purchase a move-up home in a buyers market. Sure you might not have realized the equity you would have 3-4 years ago but, the new home you are going to purchase will be priced lower so your move-up home can really be a real “move-up” home.

I don’t think the credit is much of a push but it is a nice chunk of change to make all the costs associated with selling a little easier to subtract from your hard earned equity.

Want to chat more about this give me a call, every situation is different and remember there is a deadline. With homes selling on an average of 90 days on market in the Bremerton area if they are properly priced and the closing process on on your move-up home at about 30 days we really need to get a move on if you want to move-up.

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