February :: SoundBiteBlog.com 2012 :: SoundBiteBlog.com

Here on the scenic Kitsap County WA peninsula, we are fortunate to have a very large military community comprised of Naval Base Kitsap, including the Puget Sound Naval Shipyard, Bangor Subase, and the Keyport Naval Undersea Warfare Center.

As such, many of the active-duty, active reserve, and retired service members buy homes here in Kitsap County WA using VA Home Loan financing. This is a very popular loan product of choice mainly because it doesn’t require that the Buyer contribute a down payment.

VA Home Loan rates are usually fairly competitive compared with conventional loan rates. The current VA Home Loan rate is hovering around 3.75% to 4% for a 30-year fixed mortgage, and at 3.0 to 3.25% for a 15-year fixed mortgage. The maximum loan limits here in Kitsap County WA are presently set at $417,000. However, if a Veteran elects to purchase a home with a sales price higher than the loan limit, a down payment is then required which is 25% of the difference between the loan amount and the sales price.

Here in Kitsap County WA, it is fairly common for the VA Buyer to ask the Seller to contribute towards paying a portion or all of their closing costs (typically up to 3% of the sales price).

One of the distinctions of using VA financing to purchase your home is the VA appraisal process. Not only does the VA appraiser analyze comparable market data to determine current valuation, but they also inspect the home to determine if any conditions need to be remedied/resolved prior to closing. These typically involve primary home systems such as electrical, plumbing, and heating, or structural issues, like roof, siding, crawlspace, or foundation. They also look for any concerns relating to safety like steps, handrails, and decks.

So even though you conduct a full home inspection and negotiate any needed repairs with the Seller, the VA appraiser may call out additional conditions that will need to be resolved prior to closing. Just understanding and knowing about the VA appraisal helps VA Buyers to anticipate potential issues or delays to the home buying process.

For more information on the VA Home Loan process, go to the Overview of the VA Home Loan Program.

The first part of the VA home buying process is to connect with a knowledgeable mortgage lender to determine your eligibility and budget price range. I highly recommend Rhonda Porter with Mortgage Masters. You can connect with her through her popular blog, The Mortgage Porter.

If you’re a 1st Time VA Home Buyer, or even a repeat VA Buyer, give me a call @ 360.440.4758 or email at KitsapAgent@gmail.com, and I would be honored to assist you in your VA Home Buying Adventure!

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Rich Jacobson is a licensed real estate professional with Keller Williams West Sound, providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Tags: bangor subase, Kitsap County WA, naval base kitsap, puget sound naval shipyard, va buyers, va financing, va home loans

The following is a brief overview and analysis of the combined single-family home and condo market within Kitsap County, Washington for February 2012, provided by Rich Jacobson of Keller Williams West Sound Realty, in Silverdale, WA.

• Properties currently active on the market:  1457
• Properties closed in the last 180 days:  1167
• Average Sales Price:  $ 269,892
• Average List Price:  $ 277,568
• Ratio of List Price to Sales Price: 97%
• Average Days on Market: 127
• Sales Pending this Week: 58

Poulsbo WA statistics separately: (Area 166)

• Properties currently Active on the market:  98
• Properties closed in last 180 days:  78
• Average Sales Price:  $301,102
• Average List Price:  $308,274
• Ratio of List Price to Sales Price: 98%
• Average Days on Market: 141
• Sales Pending this week: 5

Though we are at our traditionally slow time of the year, there is a surprising amount of brisk Buyer activity throughout the area. Regardless of the current economic doldrums, there are always great opportunities for someone. Mortgage rates remain incredibly low and short sales/bank-owned properties offer some super affordable deals!

For all the latest mortgage rate quotes, go to The Mortgage Porter

WHAT’S HAPPENING IN KITSAP COUNTY WA NOW?

In his classic novella, ‘Of Mice and Men,’ Nobel prize winning author John Steinbeck immortalized the quote:

“The best-laid plans of mice and men often go awry.”

My brokerage, Keller Williams West Sound Realty, had just signed a 5-year lease for office space here in Silverdale WA. The tenant improvements were slated to begin on Monday January 9th. On the afternoon of January 8th, a fire broke out in a tanning bed at The Desert Sun Tanning Salon. Within just a few short hours, the entire building at Town Centre Plaza at the corner of Silverdale Way and Ridgetop Blvd.  lie in waste, including popular coffee hang-out Forza, and the space we had negotiated to lease next door!

Unlike many of the other tenants whose businesses were destroyed, we were simply inconvenienced/delayed for a short  period of time. Keller Williams West Sound is committed to establishing a presence here in Kitsap County WA. And as such, we currently plan to wait until a new building is constructed at the same location and re-negotiate a lease for space next to the new Forza’s. In the interim time frame, we will identify some temporary office space to use until the new building is complete. Stay tuned!

~       o       ~       o       ~       o       ~       o       ~ o       ~

Rich Jacobson is a licensed real estate professional with Windermere Real Estate, providing knowledgeable empowerment and relentless representation for his clients of residential properties and vacant land throughout all of Kitsap County WA and portions of Pierce, Mason, and Jefferson Counties. You can also find him at KitsapLife.com, ActiveRain, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Tags: forza, keller williams west sound realty, kitsap county wa real estate market reports, silverdale wa