Bainbridge Island real estate information from SoundBiteBlog.

“Open Mouth, Insert Fine” or “Real Estate Roulette”

May 1, 2008 at 11:17 pm · Filed under Bites of Kitsap, Bainbridge Island Real Estate, Real Estate Bites, Buyers, Sellers, Sparks from Sparky

With the advent of the Internet, information has become accessible at blinding speed. Want to know the migrating habits of the South African Gnu? What is the proper way to eat sushi? Or what was the original color of coca-cola? Powerful search engines enable us to locate virtually anything we want at the touch of a few keys. Websites, forums, and networks abound where we can obtain answers for every conceivable question. Information equips and empowers. It serves to form our opinions and guides our decisions.

This rapid accessibility and transfer of information is changing the way we conduct business as well. Companies and business professionals are moving away from one-sided, static websites to dynamic, interactive platforms, such as blogging, that allow consumers the ability to directly engage in virtual conversations.

Open and transparent dialog is a welcomed development in the real estate industry. The shrouds of mystery surrounding our profession have been quickly dissipating, offering consumers a well-deserved look into the inner-workings of the real estate world.

But there are inherent dangers to this new-found ‘free-for-all’ of information. And the potentially damaging ramifications exist for either side of the discussion.

Here’s an example of an actual ‘real’ question that was recently posed by a consumer on a popular real estate site:

“We just recently put our home on the market and we’re wondering, what is the selling market like now? What is the average time to sell a home in the $800K range?”

I’m not going to publish the various ‘responses’ to this inquiry (there were 5 answers at last look), but suffice it to say that all of the respondents chimed in with very detailed local markets statistics, jockeying and positioning themselves as the undisputed resident authorities. Almost all of them offered some measure of advice or counsel, and added the ‘perfunctory’ “for more information, my website/email is blah, blah, blah“….

What I found curiously missing was the question that should always be asked right out of the gate:

“Are you currently working with a licensed real estate professional?”

I’m thinking to myself, does this person have their home listed through a licensed agent, or are they attempting to market it on their own?

As real estate professionals, it’s ingrained into us from almost day one (Realtor Code of Ethics, Article 16) NOT to engage, counsel, or solicit someone who is, by contract, under representation by another agent. When in doubt, ASK!

And, as a consumer who is asking the question, how do you know if the individuals responding to your questions are actually ‘qualified’ to answer accurately? Are they licensed in the State where your home is located? Do they know and understand the unique nuances of your particular area? Who holds them accountable if they provide you with misleading or false information? How do you know for sure if they’re even a ‘real’ real estate professional?

Now don’t get me wrong. I am thrilled about all the advancements in Internet technology and their impact on the real estate industry. Many of the applications are having a very positive effect, both for us professionals, and for consumers.

But as real estate professionals, in our drive and desire to be helpful, we need to be ethically prudent, and exercise caution on what we say, and to whom we respond.

And, as consumers, though the Internet opens up a unlimited wealth of resources, remember that ultimately, real estate is local. The best way to obtain a qualified response?

Ask a local expert.

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Kitsap County WA Market Report for December 2007

December 7, 2007 at 11:35 am · Filed under Bites of Kitsap, Bremerton Real Estate, Silverdale Real Estate, Port Orchard Real Estate, Bainbridge Island Real Estate, Poulsbo Real Estate, Real Estate Bites, Buyers, Sellers, Mortgage Bites, Sparks from Sparky, Gig Harbor Real Estate, Kitsap Market Reports

Real Estate Market Report/Conditions in Kitsap County WA for 12/06/2007

The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for December 2007, provided by Rich Jacobson of Windermere Real Estate, in Silverdale, WA (Data for Bainbridge Island WA is included below)

• Properties currently active on the market: 1989
• Properties closed in the last 180 days: 1561
• Average Sales Price: $335,174
• Average List Price: $342,303
• Ratio of List Price to Sales Price: 98%
• Average Days on Market: 88
• Sales Pending this Week: 35

Current Market Conditions: Area 141 (South Kitsap West of Hwy. 16) still has the highest ratio of List Price vs. Sale Price with 102%.  The lowest ratio was 95% for Area 161 (Hansville). Shortest Days on Market (DOM) was Area 166 (Poulsbo) at 63, and Area 150 (E. Central Kitsap) coming in 2nd with 69. Longest DOM goes to Area 163 (Port Gamble) with 133, followed by Area 161 (Hansville) at 106. Inventory levels dropped by nearly 10%, with many Sellers electing to remove their homes from market over the Christmas Holidays. Overall, prices continue to hold fairly steady, as do the days on market.

Bainbridge Island Stats: (Area 170)

• Properties currently Active on the market: 288
• Properties closed in last 180 days: 235
• Average Sales Price: $ 732,699
• Average List Price: $ 754,554
• Ratio of List Price to Sales Price: 97%
• Average Days on Market: 125
• Sales Pending this week: 6

For Buyers:  There is no better time than ‘NOW’ to consider purchasing a home here in Kitsap County WA. Be sure to work very closely with your Mortgage Loan Officer throughout all stages of the transaction. Loan programs are changing constantly, and underwriters are imposing more and more conditions. A good Loan Officer will stay on top of these issues, and help to keep your loan process moving along smoothly.

For Sellers: Many Sellers are waiting until the market picks up again in the early Spring to put their home up for sale. You may want to consider an earlier launch date (early January) to give yourself a ‘jump’ on the competition.

For 1st Time Buyers:  You might want to consider one of my listings, the Gorman Condominiums, near beautiful Kitsap Lake in Bremerton WA. For only $ 129,950 your dream of home ownership can come true!

For more additional information and resources concerning real estate in Kitsap County WA and the Western Puget Sound, access my website, Kitsap Life.

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“O Christmas Tree, O Christmas Tree!” - Bites of Kitsap County WA

December 3, 2007 at 10:14 am · Filed under Bites of Washington, Bites of Kitsap, Bremerton Real Estate, Silverdale Real Estate, Port Orchard Real Estate, Bainbridge Island Real Estate, Poulsbo Real Estate, Sparks from Sparky, Business Bites, Gig Harbor Real Estate

One of our family’s annual Holiday traditions is venturing out the weekend after Thanksgiving, and cutting down our Yuletide Christmas Tree.

In addition to the usual multitude of ‘pre-cut’ tree lots, there are a number of excellent ‘live’ tree farms located throughout Kitsap County WA.

Our first year here, we purchased a ‘pre-cut’ tree from Olmstead’s Christmas Trees here in Silverdale WA. They were close and convenient, just down the street from Clear Creek Elementary on Sunde Road.

For the proceeding couple of years, we went out to Kuney’s Christmas Trees, on Pioneer Road out in Seabeck WA. For a flat fee, you can select any tree on their property, regardless of size. Definitely a good bargain!

The last 3 years, we’ve cut out trees out at Hubert’s Noble Ridge Christmas Tree Farm, off Seabeck Hwy. in Bremerton WA. Although somewhat pricey, compared to other area lots, they have a wide selection of numerous evergreen varieties, including Douglas Fir, Grand Fir, Noble Fir, Shasta Fir, Western White Pine, and Southwest Alpine. They also offer the ”Noble House,” a place to snuggle up to a cozy fire and enjoy a cup of hot cider.

Our local newspaper, the Kitsap Sun, published a fairly comprehensive list of Christmas Tree farms throughout the West Sound area. Go HERE to access the list.

Another great National resource directory for finding Christmas Tree Farms throughout the US is www.PickYourOwnChristmasTree.org

To all of our SoundBiteBlog readers, have a very Merry Christmas Holidays, and a most prosperous New Year!

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Kitsap County WA Real Estate Market Report for October 2007

November 27, 2007 at 11:45 am · Filed under Bremerton Real Estate, Silverdale Real Estate, Port Orchard Real Estate, Bainbridge Island Real Estate, Poulsbo Real Estate, Real Estate Bites, Buyers, Sellers, Sparks from Sparky, Gig Harbor Real Estate

Real Estate Market Report/Conditions in Kitsap County WA for 10/04/2007

The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for October 2007, provided by Rich Jacobson of Windermere Real Estate, in Silverdale, WA (Data for Bainbridge Island WA is included below)

• Properties currently active on the market: 2273
• Properties closed in the last 180 days: 1687
• Average Sales Price: $336,020
• Average List Price: $341,304
• Ratio of List Price to Sales Price: 99.5%
• Average Days on Market: 87.5
• Sales Pending this Week: 41

Current Market Conditions: The highest ratio of List Price vs. Sale Price is still Area 141 (South Kitsap West of Hwy. 16) with 101%.  The lowest ratios were 97% for Areas 167 (Suquamish) and 161 (Hansville). Shortest Days on Market (DOM) continues to be Area 150 (E. Central Kitsap) with 62 DOM. Area 146 (Chico) was also still 2nd at 64. Longest DOM goes to Area 164 (Lofall) with 161, followed by Area 162 (Kingston) with 104.  Inventory rose again slightly, and sales decreased. But the sales prices improved by nearly 7%.

Bainbridge Island Stats: (Area 170)

• Properties currently Active on the market: 332
• Properties closed in last 180 days: 299
• Average Sales Price: $ 733,243
• Average List Price: $ 747,692
• Ratio of List Price to Sales Price: 98%
• Average Days on Market: 136
• Sales Pending this Week: 4

For Buyers: Dont’ listen to the media or Jim Cramer on the “Today Show.” Now is still a great time to consider purchasing a home here in Kitsap County WA. The current rate this morning for a 30-year fixed rate loan is still just under 6%! With the number of available homes on the market, Buyers have more choices and greater negotiation power.

For Sellers: You’ve got to do your homework and ensure that you’re fully prepared for market. Your house will really need to ‘pop’ and be priced aggressively if you want to stand out from the masses. Working closely with your Listing Agent, you should pull out all the stops and do everything possible to position your home ‘Head & Shoulders’ above the competition.

For 1st Time Buyers, you might want to consider one of my listings, the Gorman Condominiums, near Kitsap Lake in Bremerton WA. For only $129,950 property ownership can be a reality for you!

For additional information and resources concerning real estate in Kitsap County WA, access my website, www.KitsapLife.com

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“Another Dream Realized!” - 1st Time Home Buyers on the Kitsap Peninsula WA

November 5, 2007 at 11:23 pm · Filed under Bites of Kitsap, Bremerton Real Estate, Silverdale Real Estate, Port Orchard Real Estate, Bainbridge Island Real Estate, Poulsbo Real Estate, Real Estate Bites, Buyers, Sparks from Sparky, Gig Harbor Real Estate

We had lots of things to celebrate this past week here in Kitsap County. My son’s football team won their last game, tying for first place in their Junior High league. Our local high school, the Central Kitsap Cougars, won their first divisional playoff game against Puyallup by a thrilling score of 31-16. Hey, what can I say, it’s football season!

But by far the most exciting thing that happened this past week was that my clients, TR and Arwen, closed on their very first home purchase!

It’s been almost a year since I began communicating with Arwen. She found me through the Internet and we started a regular string of e-mails back and forth. TR (proudly serving in the US Navy) was expecting new orders, and one of the potential duty stations was Bangor Subase, just outside of Silverdale WA.

Finally, the orders to Bangor were cut, and TR & Arwen arrived in Kitsap County! Shortly after arriving, TR made Chief Petty Officer. I can say, with complete confidence, that our Naval forces stand prepared and at the ready with people like TR at the helm!

The 3 of us jumped feet first into the home hunting fray, and had a blast! I truly enjoy working with 1st Time Buyers, especially ones like TR & Arwen. They had some excellent questions and trusted my counsel. We were fortunate to find a really great home in Port Orchard WA and negotiate a really great contract.

The entire process went along without difficulty, and we were able to close ahead of schedule.

Congratulations, TR & Arwen! You guys were AWESOME! Good Job!

This is what I truly love about my career in real state - “Helping people achieve their Next Adventure in Life!”

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“When the Going gets Tough!”….Today’s Sellers on the Kitsap Peninsula WA

October 30, 2007 at 2:42 pm · Filed under Bremerton Real Estate, Silverdale Real Estate, Port Orchard Real Estate, Bainbridge Island Real Estate, Poulsbo Real Estate, Real Estate Bites, Buyers, Sellers, Sparks from Sparky, Gig Harbor Real Estate

These are challenging days for Sellers, not only here on the Kitsap Peninsula, but in housing markets throughout the country. Inventory levels of available homes are at an all-time high; many homes languish on the market for what seems like an eternity, with little or no activity; loan underwriters have tightened their purse strings, making it much more difficult for hopeful buyers to qualify; global uncertainties, from the war in Iraq, to the price of crude oil, has consumer confidence faltering, keeping many potential buyers sitting on the fence.

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There is a wide spectrum of Sellers out there:

• The ‘Late Show’ Seller - this one is lost in a time warp and still thinks it’s a brisk Seller’s Market. Their listing price is over a year old and about 25% too high.
• The ‘Upside Down’ Seller - their adjustable rate mortgage just went throught the roof, and they owe more than the house is currently worth. Surely someone will pay more than what they need to net?
• The ‘Perceived Value’ Seller - “Our house is the nicest house in the development. We’ve invested a lot of money into improvements over the years, and we think it should sell for a lot more than what other homes are selling for.”
• The ‘Robbing-Peter-to-pay-Paul’ Seller - this Seller has an offer on another house and has to sell their current home for ‘X’ amount of dollars in order to make the new purchase work.
• The ‘Testing-the-Water’ Seller - “We don’t HAVE to move, but let’s price it really high and just see what happens.”

Tough market conditions call for equally Tough questions:

1. Why are you selling your house? What is your motivation? Do you HAVE to move right now?
2. When your Listing Agent conducted their market analysis, what price range did they determine/advise? How does that price compare with what your house is listed for now? What counsel does your Agent have for pricing today?
3. How long can you afford to NOT sell your house?
4. What ’other’ viable options are there to selling? A Lease/Purchase agreement? Conversion to a rental?

They say that there are only 3 reasons why a house doesn’t sell:

• The house is overpriced.
• There is some obvious, glaring material defect with the house that screams out, “Don’t Buy Me!”
• Your Listing Agent has fallen asleep at the marketing wheel.

These are the only reasons. If your house has been on the market for any length of time, without any activity, showings, or offers, it’s has to be one of these three.

There are 3 things that determine how quickly and successfully a house will sell:

1. Location
2. Condtion
3. Price

Of these 3 things, you, as a Seller, can control 2 of them. You can work to improve the condition of the property - the curb appeal, how well it shows; and you can determine the asking or listing price.

A great resource for Home Sellers is “Preparing Your Home to Sell: How to Increase Your Home’s Sales Appeal“ by David Knox.  I have several copies of this DVD available for loan, or go to www.davidknox.com

Even though the market has slowed, there are still Buyers out there who are moving to our area. Hopefully, asking yourself some of these tough questions will enable you to more aggressively market & sell your home, helping you to “Achieve the Next Adventure in Life!”

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