Naval Base Kitsap | As a Military Member do you Purchase a Home in this Market Climate?

Times have changed for all home buyers. The days of being able to receive very substantial market equity in a three year time span has all but disappeared in most areas. In the Kitsap County area we have been lucky that our market although slow and undergoing a huge price correction we haven’t been as hard hit as areas like Florida or California. However, we hear daily the horror stories of the housing market which has most active duty military wondering if now is the right time to buy.

Over the last 5 years we saw the active duty member feel comfortable purchasing even with a PCS due in a short three years because of the escalation of value in several markets. With that now gone what does an active duty member do? The decision to purchase is tougher today than it was.

But, with education, pro/con honest conversation and the help of several real estate experts you should be able to make the right decision.

So as a military member do you purchase a home?

It is a very complicated process which needs some investigation and education before making that decision. You should ask yourself some questions like these at the minimum.

These might be considered some of the “con” type questions.

• Do I have upfront money to buy a home?
• Can I get financing?
• Is my tour of duty going to be longer than 3 years before the next PCS?
• Will I have the opportunity to do another tour here or will I have an opportunity to come back?
• If I had to be a long distant landlord would I have the time or resources?
• Could I afford a property manager?
• What if I had to pay the mortgage for 2-3 months while the home is waiting for new renters?

These might be considered some of the “pro” type statements.

• Being VA eligible military members can still receive a ZERO down home loan.
• First time home buyers can receive a $8,000 credit from the Federal Government
• Under most circumstances the interest on a home loan is tax deductible (contact a CPA)
• Pride of home ownership is amazing.
• Building equity prior to retirement.

Do you own your home? Are you afraid of having to sell in 3, 4 or 5 years? If you are smart and do the right things then home ownership for a military member should not be scary!!!!

2009 NAVAL BASE KITSAP | BREMERTON | BANGOR | PSNS | NAVAL HOSPITAL BREMERTON

Posts of Interest

First Time Homebuyer

• $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?

Naval Base Kitsap

• Naval Base Kistap | BAH – Tax Breaks – HomeOwnership
• Naval Base Kitsap | BAH Rates E6 | HomeOwnership | Yes you can!
• Naval Base Kitsap | Online Relocation Package | Week One – Take Charge | Know Your PCS
• Naval Base Kitsap | Turn your BAH into Home Ownership – Stop Renting
• Naval Base Kitsap :: Use Your VA Guaranteed Home Loan for ZERO DOWN

Individual Area Real Estate Market Stats

• Port Orchard Real Estate | February Homes SOLD
• Port Orchard Real Estate | March Homes SOLD
• Port Orchard Real Estate | April Homes SOLD
• Bremerton Real Estate | February Homes SOLD
• Bremerton Real Estate | March Homes SOLD
• Bremerton Real Estate | April Homes SOLD

Kitsap Area Real Estate Market Stats

• Kitsap County Homes SOLD 2008 VS 2009 Year to date
• Kitsap County Real Estate Market Data 2007 vs 2008
• Bremerton Real Estate Market Data 2007 vs 2008
• Silverdale Real Estate Market Data 2007 vs 2008
• Port Orchard Real Estate Market Data 2007 vs 2008

Kitsap Real Estate FYI

• Kitsap County | Pending Sales | What a week
• Bremerton Real Estate | New Construction Homes
• Kitsap County Home Buyer’s | Closing Costs Paid by Seller

SEARCH SOME LOCAL KITSAP COUNTY HOMES

Naval Base Kitsap | 2009 BAH Rates – Only 10 more Days

Well, it’s almost that time of year! How many times over the last few weeks have you seen the question posted on military boards across the net?

If you look in the right places you will always find the right answer.  I don’t hold much stock in military boards when it comes to important information. I always make sure that I find the source is a .mil site.  That way you know the information is correct.

Here is the link that gives the date -

Basic Allowance for Housing (BAH)

The Department of Defense, Per Diem, Travel and Transportation Allowance Committee page is one worth making a bookmark!

I will be writing about and posting the Naval Base Kitsap new rates as soon as they come out so be sure to check back!

Photo Credit:

U.S. Navy photo by Mass Communication Specialist 2nd Class Kevin L. Burleson (RELEASED)