Bremerton Real Estate Market Underwater

Everyone is wondering why there is no inventory.  Why sellers are not listing homes when there seems to be plenty of buyers.  Some have speculated that the reason could be because sellers are afraid they won’t be able to find another home to move up to.

Here in Bremerton prices have not risen fast enough and the decline in the number of underwater homeowner – those who owe more than their home’s market value has not declined as quickly as some real estate experts had expected.

Currently it doesn’t matter if your home is in decent condition and in a decent location you still will not be able to get what you purchased your home for in 2006.  Or 2005 or 2007.  You will only be able to get “top dollar” at today’s disappointing median list price.

Research from Zillow shows that the Bremerton zip code of 98310 has 38% of homes still underwater with 7% of those owners being delinquent on their mortgage.  Zillow gives this Bremerton zip code a home value index of $172, 800 and -28% less than the peak.

The Bremerton zip code of  98312 has 33% of homes underwater with a 7% delinquent rate and a home value index of $183,000 which is -25% less from the peak.

If you property is Bremerton zip code 98311 there are 32% of your neighbors still underwater and 6% of them delinquent on their home loans.  The home value index is $218,800 and -21% less than the peak.

So over a third of Bremerton homes are still underwater and worth at least  -21% from the peak of the market.  That is a lot of houses!  A lot of owners that just might like to sell.  I personally would love to sell and purchase another home.  We bought in 2006, just a tad under the peaked out price.  We are still about 15% underwater and that is AFTER we have put $12,000 worth of improvements into the property.  There will probably be no way in my life time to see a “profit” on this property.  Someday it probably will become a rental.

I say the reason Sellers are not listing homes is because THEY CAN’T! They are STILL UNDERWATER!


Author:Jo Soss

:: About the Author :: Jo Soss is the designated Broker and owner of Homefront Realty in Bremerton, Washington. Selling real estate in the Puget Sound area since 1994 she has vast knowledge of all aspects of a real estate transaction. Being a down to earth, service oriented professional you can expect the service you deserve from her.

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