Port Orchard WA Real Estate | January Homes Sold 2010

Jo Soss — Mon, 08 Feb 2010 18:18:20 +0000

During the month of January there were 42. [only 7 homes less than December] 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 42 Port Orchard homes -

Average List Price

$245,351 [$275,956 December]
$126 per sq ft

Average Sold Price

$239,603 [$270,345 December]
$123 per sq ft

The average sq ft of these 42 Port Orchard homes was 1991 sq ft. These homes spent an average of 152 days on the market (DOM).

The list to sale ratio for these homes was 97.65 percent. What that meas is that buyers offered 97.65% of what the seller requested.

Not a bad time to purchase a home in Port Orchard, Washington. Prices are down, interest rates are at an all time low and with the incentives from the government you might want to look at what it means to you. 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

So what can $6,500 really do? Incentive for “step-up” buyers

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.

So what is the absorption rate at this point in time? Check here for the definition of absorption rates – Absorption Rates

Using the formula and only including active and contingent homes on the market the absorption rate for January would be 8.9 months – ouch! We had been down to 6 months in the last quarter of 2009. Of course remember we are looking at a trend, so as we go through 2010 we will get a better picture. Hopefully, low number of closings in January is not a trend.

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.

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

Silverdale WA Real Estate | January Homes Sold 2010

Jo Soss — Mon, 08 Feb 2010 00:27:23 +0000

During the month of January there were 6 (4 less than December) 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!

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

Average List Price

$268,117 [$318,570 December]
$141 per sq ft

Average Sold Price

$259,483 [$308,880 December]
$137 per sq ft

The average sq ft of these Silverdale homes was 2176 sq ft. These homes spent an average of 112 days on the market (DOM). Down from 135 in December. Days on market continues to drop in Silverdale.

The list to sale ratio for these homes was 96.78 percent. What that meas is that buyers offered 96.78% of what the seller requested.

Not a bad time to purchase a home in Bremerton, Washington. Prices are down, interest rates are at an all time low and with the incentives from the government you might want to look at what it means to you. 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

So what is the absorption rate at this point in time? Check here for the definition of absorption rates – Absorption Rates

Using the formula and only including active and contingent homes on the market the absorption rate for January would be 9.5 months – ouch! We had been down to 5 months in the last quarter of 2009. Of course remember we are looking at a trend, so as we go through 2010 we will get a better picture. Hopefully, low number of closings in January is not a trend.

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.

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

SELL YOUR HOUSE | The Blind Date

Jo Soss — Sat, 06 Feb 2010 04:09:50 +0000

If you are getting ready to sell your house this spring you will want to get started now so you will be ready. The spring market will be here in 6 weeks! Getting your house ready to sell is a little bit like getting ready for a blind date.

Ever go on a blind date? I can’t remember if I ever did. Oh, maybe once. Remember that someone you knew was setting you up with someone they knew. They talked them up and tried to explain their looks and personality. That is almost the same type of situation that a buyer has when going to a new listing.

Their agent knows the house (yours) and has talked it up to their buyer, has tried to explain the features off of the detail page listed in the MLS, has maybe even shown their buyer pictures.

This is your chance to shine, this is your first impression and remember what they say about first impressions –

“You never get a second chance to make a first impression”

Here are some tips to help you make a great first impression and a date that lasts longer that a few minutes.

Check the exterior paint – touch up and clean up.
Make sure window sills are bright and clean. Paint them if not.
If you have shutters they must “pop” clean them or paint then a contrasting color.
Front Door – You might want a new color, if not make sure it is in perfect working order and clean as a whistle!
All windows must be clean.
Grass mowed at least once a week.
Walks edged.
No WEEDS allowed.
Plant some color spots around the walk up to the door.

These are just a few ideas that you can start with. If you want me to give you a more detailed list just give me a shout and I can run on by and write you a personal list.

Next week I will give you some tips on the interior. What an entrance should say.

Kitsap County Real Estate | January Market Watch

Jo Soss — Fri, 05 Feb 2010 02:15:14 +0000

During January in Kitsap County there were 490 new listings added to the existing inventory which brought the number of homes, town-homes and condominiums to 1619. During this same time 259 homes went to the pending status, which means there was an offer written and accepted with a closing date in the future. January came to a close with 177 homes sold in Kitsap County. The average sales price was $274,479 and the median price was listed as $224,000.

The statistics for Bremerton are here – | Bremerton WA Real Estate | January Homes SOLD 2010

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

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.

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

Bremerton WA Real Estate | January Homes Sold 2010

Jo Soss — Wed, 03 Feb 2010 21:01:58 +0000

During the month of January there were 42 homes that sold in Bremerton. [zip codes: 98310, 98311, 98312, 98314, 98337]. That is 40 homes less than December 2009. Not a good start to 2010! 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!

Let’s look at those 42 Bremerton homes -

Average List Price

$203,640 [$224,396 December]
$130

Average Sold Price

$201,166 [$218,171 December]
$129

The average sq ft of these 42 Bremerton homes was 1623 sq ft. These homes spent an average of 94 days on the market (DOM).

The list to sale ratio for these homes was 98.83 percent. What that meas is that buyers offered 98.83% of what the seller requested.

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

So what is the absorption rate at this point in time? Check here for the definition of absorption rates – Absorption Rates

Using the formula and only including active and contingent homes on the market the absorption rate for January would be 10 months – ouch! We had been down to 5 months in the last quarter of 2009. Of course remember we are looking at a trend, so as we go through 2010 we will get a better picture. Hopefully, low number of closings in January is not a trend. If we included the pendings the absorption rate would jump to 13 months of inventory!

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.

Bremerton Real Estate 2009 Market Reports

Kitsap County Real Estate | Closing – what it means, when it happens

Jo Soss — Wed, 03 Feb 2010 00:39:40 +0000

You have found your house, you have written up your purchase and sale agreement, your offer was accepted and you are now headed to closing. So what is closing and when does it happen? Here in Washington most real estate transactions are handled through an escrow company.

What is Escrow

Disinterested Third Party Escrow means any transaction wherein any person or persons for the purpose of effecting and closing the sale, purchase, exchange, transfer, encumbrance, or lease of real or personal property to another person or persons, delivers any written instrument, money, evidence of title to real or personal property or thing of value to a third person to be held by such third person until the happening of a specified event or other performance of a prescribed condition or conditions, when it is then to be delivered by such third person, in compliance with instructions under which he is to act, to a grantee, grantor, promise, promisor, obligee, obligor, lessee, lessor, bailee, bailor, or any agent or employee thereof.

All of the parties in a real estate transaction seem to use the term closing in a different way. You may find a lender using the term to describe when they have released the funds to escrow. Is this closing? No, this is not closing.

You may find that others use the term when loan documents are signed usually because some call them “closing document”. So when you sign your loan documents and the other documents give to you by escrow closing? No, this is not closing.

The definition of closing is very important. To put it simple closing is when the documents that are transferring the property from one to another are recorded in the county the property is located in.

Here are some definitions from the Escrow Association of Washington

Close Date – In the State of Washington the Close Date is traditionally considered to transpire when documents are recorded.

Closing Documents - Documents that are prepared by Escrow from the information provided in writing by all parties to the transaction, i.e., Closing Instructions.

Closing Statement - A detailed individual itemization (cash accounty) of the transaction prepared by Escrow and provided to all parties in the transaction.

From my exeriance closing transactions while working at First American Title Company in California and my experiance in real estate sales since 1994, it usually works like this.

You sign your loan documents and closing documents, you deposit your funds into escrow at the signing
Lender uses their review process and releases funds
Once funds have been released and the lender gives the approval to record the documents are taken to the courthouse for recording. The recording process will be complete that day which is usually the day after signing or the next.

If your purchase and sale contract states that possession be on closing, once all the parties have been notified by escrow that the documents have been recorded you will be able to receive your keys. Of course you may have in the contract the provision to give the seller 3 days to move.

Bremerton Real Estate | Homes Sold Past

Jo Soss — Fri, 22 Jan 2010 19:37:32 +0000

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)

Jo Soss — Wed, 20 Jan 2010 19:21:48 +0000

FHA Announces Policy Changes to Address Risk and Strengthen Finances
New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities

WASHINGTON – Federal Housing Administration (FHA) Commissioner David Stevens today announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities.

The changes announced today are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.

The FHA will propose to take the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. U.S. Housing and Urban Development Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.

“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” said Commissioner Stevens. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market’s recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.”

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.

###

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

Jo Soss — Tue, 19 Jan 2010 23:44:09 +0000

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!

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

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.

Port Orchard Real Estate 2009 Market Reports

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

Bremerton WA Real Estate | December Homes Sold 2009

Jo Soss — Wed, 13 Jan 2010 01:23:15 +0000

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!

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

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

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.

Bremerton Real Estate 2009 Market Reports

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

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