Kitsap County Real Estate•Silverdale•Bremerton•Poulsbo•Port Orchard•Kingston

Percentage of Short Sales for Washington State

Rich Jacobson — Fri, 27 Apr 2012 21:31:33 +0000

The good folks over at KCM Blog have recently published this graphic which shows the Nationwide State-by-State comparison of the percentage of short sales to overall sales.

Nice to see that Washington State is under the 10% mark. From my perspective as a local real estate broker, it sure seems like the percentage of short sale properties are much higher than that. But I’ll trust RealtyTrac for their accuracy. It would appear that the number of short sales and foreclosures are slowly decreasing in our market. Since our shadow inventory is considerably less than other States, we should hopefully start to see our overall home valuations starting to improve slightly (1% to 2% over the next year).

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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.

E-mail: kitsapagent@gmail.com or call: (360) 440-4758

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Shadow Housing Inventory in Washington State

Home Values Skyrocketing in Kitsap County WA!

Rich Jacobson — Wed, 25 Apr 2012 15:08:38 +0000

Okay, so I got your attention, right?

Amazing the things some real estate folks will say to allure, intice, and otherwise cajole you into taking some kind of action.

How about this one:

“Now is a great time to buy a home in Silverdale WA!”

Heard that one before? I bet you have. Is it any wonder that my industry suffers from a lack of trust and credibility?

Oh, you’re a Seller? No problem.

“Now is a great time to sell a home in Silverdale WA!”

Ever see the movie “Liar, Liar” with Jim Carrey? He plays the part of a lawyer (yet another profession with reputation issues!) who can’t lie for 24 hours because of a magical birthday wish his son makes.

Imagine if real estate agents couldn’t lie, or embellish, or bend the truth ever so slightly…

If there’s one thing I’ve learned in my many years as a licensed real estate professional here in Kitsap County WA, it’s the importance and value of telling my clients, or prospective clients, the truth, the whole truth, and nothing but the truth, so help me God.

This doesn’t mean that I abandon all sense of professional decorum and tact when I explain to a prospective Seller that their cherished palatial estate out in Seabeck WA is hopelessly caught up in a 70′s retro time warp. Or that I will willingly agree that your home over in Tracyton is worth more than the Hearst Castle, when in reality, I know it would be a miracle just to sell it at a price remotely close to the County appraised value.

As real estate professionals, we have an obligation and duty to tell people the truth, not what they want to hear, but what they need to hear. In order for them to make wise, informed decisions, we owe them solid, reliable market data. Not some ‘spin’ or embellished version of what we wished the market was like. But a strong dose of reality.

“Is now a great time to buy a home in Poulsbo WA?”

Quite possibly. It just depends. There are always opportunities out there for someone, regardless of the particular market dynamics we’re experiencing at the time.

“Is now a great time to sell my Port Orchard WA home?”

It could be. It depends on a number of important factors, one being what is best for your own unique situation.

“Have home prices hit bottom yet?”

Ah, that’s the proverbial $100,000 dollar question! Some industry prognosticators have already cried w olf. And another. All too many times we don’t really know we’ve hit bottom until we’re already on the rebound, and the opportunity to buy investment properties at dirt cheap prices is past.

So what’s your story? Are you a First-Time Home Buyer sitting on the fence, waiting for home prices to drop even further? Reaching retirement and wanting to downsize? Wondering if you should invest a portion of your portfolio in rental properties?

Tired of all the redundant rhetoric? Then give me a call for a dose of honest reality. I know you can handle the Truth!

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E-mail: kitsapagent@gmail.com or call: (360) 440-4758

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VA Home Loan Buyers in Kitsap County WA

Kitsap County WA Real Estate Market Report for March 2012

Rich Jacobson — Fri, 16 Mar 2012 19:45:11 +0000

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

Properties currently active on the market: 1439
Properties closed in the last 180 days: 1100
Average Sales Price: $ 262,473
Average List Price: $ 272,436
Ratio of List Price to Sales Price: 96%
Average Days on Market: 133
Sales Pending this Week: 84

Seabeck/Holly WA statistics separately: (Area 145 )

Properties currently Active on the market: 82
Properties closed in last 180 days: 51
Average Sales Price: $272,896
Average List Price: $289,530
Ratio of List Price to Sales Price: 94%
Average Days on Market: 150
Sales Pending this week: 1

WHAT’S HAPPENING IN THE KITSAP COUNTY WA REAL ESTATE MARKET RIGHT NOW?

As is typical for this time of year, activity is picking up throughout the West Puget Sound region. This is clearly evidenced in the Pending Sales this past week (84). Many brokers/agents are reporting multiple offer situations, causing some to pronounce a shift to more of a Seller’s market. Personally, I don’t find any substantive indication/basis for such claims. If a Seller prices a home aggressively and prepares it well for market, it should naturally attract a number of viable Buyers.

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

UPDATE ON KELLER WILLIAMS WEST SOUND OFFICE

As you may recall from last month’s market report, our plans to open the Keller Williams West Sound Property Hub here in Silverdale were delayed due to the unfortunate fire that gutted the Forza building and displaced numerous local businesses. While our long-term goal is still to lease space next door to Forza when the new building is constructed, we have committed to a great location over in Old Town on the Northeast corner of Byron & Pacific (map link). We had our first official meeting there yesterday and established a game plan for furnishings/improvements. Look for our launch in the coming weeks!

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Mike’s Kitsap Muffler – Local Business Review in Kitsap County WA

Rich Jacobson — Tue, 13 Mar 2012 07:26:43 +0000

Move over, Midas! Make Way, Meineke! The Hands-Down Leader for Muffler Repair in Kitsap County WA is Mike’s Kitsap Muffler!

Now with 3 convenient locations to better serve customers throughout Kitsap County WA, Mike’s Kitsap Muffler offers fast and friendly service. From tail pipes and towing packages, to brakes and radiators, Mike’s Kitsap Muffler’s menu of accomplished repair and welding fabrication services is truly impressive!

These guys are the REAL DEAL! They offer superior service, perform excellent work, and all at prices that will make your wallet very happy!…

I recently took my Ford Expedition in for a new tailpipe. I drove up without an appointment and they waited on me immediately! In less than 20 minutes I was back on the road, a new custom-fabricated tailpipe in place, and at half the cost the other guys quoted me!

So the next time your car, truck, motorhome or RV needs a tune-up, oil change, radiator repair, winch installation, exhaust/muffler repair, brakes, hitches, trailer wiring, bike racks, car carrier/luggage rack installation, welding or metal fabrication, call on the awesome folks at Mike’s Kitsap Muffler – Brakes -Welding Automotive Electrical Center!

3775 State Highway 3 GORST/PORT ORCHARD 360-373-3101 360-405-0405	6th and Callow, BREMERTON 360-377-7961	5781 Highway 303 NE SILVERDALE/ E. BREMERTON 360-792-0959

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Price Reversal, Seller’s Market, and Other Urban Legends

Rich Jacobson — Thu, 08 Mar 2012 05:46:31 +0000

Yet another recent Kitsap Sun article pronounces doom and gloom on the local housing market.

According to statistics provided by the Northwest Multiple Listing Service (NWMLS), home prices here in Kitsap County continued to fall in February, down 11 percent from a year ago, and close to where home prices were in 2005.

The median closing price for single-family homes and condominiums combined was estimated at $225,400, according to the NWMLS. In 2005, it averaged $233,700.

The steep price dive was felt more severe for condos. February’s price of $215,550 was a 39 percent drop-off from February of 2011.

For single-family residential homes, the price fell 10 percent to $225,900.

However, pending sales in Kitsap County were up 13 percent from last year, meaning that we’re experiencing increased sales activity compared to this time last year.

The current level of active inventory — the number of homes that are available for sale — decreased by 8 percent in February (1,397 homes were for sale).

Home sales activity in Kitsap County WA was the strongest on Bainbridge Island, with 23 recorded sales that closed last month. Second place went to West Bremerton, with 18 sales. And the eastern section of Central Kitsap was third, with 15 completed sales.

In the article, Frank Wilson, Managing Broker at John L. Scott in Poulsbo stated that the decreasing amount of inventory has effectively created a “Seller’s Market.”

“We continue to see more multiple offer situations on homes that come on the market correctly priced,” quoted Mr. Wilson

He went on to predict that “local home prices would stabilize and even reverse as we move further into 2012.”

While there seems to be increased sales activity, and in fact, numerous multiple offer situations, this by no means indicates a shift to a “Seller’s Market” by any stretch of the imagination.

Will home prices stabilize anytime soon? One would certainly hope. Will home valuations start to increase in 2012? I think that’s being just a tad bit overly optimistic, Mr. Wilson!

But I suppose if we spread enough pie-in-the-sky optimism, eventually we’ll get someone to believe us.

Noted real estate rebel, Redfin, has already announced that we’ve effectively reached the bottom to our current housing slump!

Redfin Calls the Bottom!

Funny thing about hitting the low end of the real estate cycle. Typically, when we finally figure we’ve hit bottom, it’s already happened months and months ago!

So where is the real accuracy in all this? Truth is, there are always opportunities in every market. Some better than others. And then there are also a fair share of challenges associated with every market dynamic.

Right now, if you’re a financially solvent 1st Time Home Buyer, you have an excellent chance of finding a great bargain, both on your first home, and in obtaining some of the lowest mortgage interest rates ever! Market savvy investors are buying up foreclosure/short properties and converting them into rental properties.

In order to effectively compete with distressed properties, successful Kitsap County WA Sellers are pulling out all the stops by pricing their homes aggressively and working hard to get their homes prepared for market.

Need help buying or selling real estate in the Western Puget Sound? Call or text me at 360.440.4758

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Shadow Housing Inventory in Washington State

Rich Jacobson — Mon, 05 Mar 2012 17:56:10 +0000

Here is a recent graphic created by the good folks at The KCM Blog showing the estimated months supply of Shadow Inventory throughout the United States:

Here is a good working definition of what constitutes ‘Shadow Inventory:’

from Investopedia:

A term that refers to real estate properties that are either in foreclosure and have not yet been sold or homes that owners are delaying putting on the market until prices improve. Shadow inventory can create uncertainty about the best time to sell (for owners) and when a local market can expect full recovery. Also, shadow inventory typically causes reported data on housing inventory to understate the actual number of inventory in the market.

Fortunately for us here in Washington State, as you can see from the graphic, our Shadow Inventory is one of the lowest in the entire US. What this means is that traditional Home Sellers will have less distressed homes (foreclosures and short sales) to compete against, and that home prices should stabilize more quickly than in other areas across the country.

Here are a couple of recent articles that help to further explain the impact that Shadow Inventory has on the current residential housing market:

CNN Money - Shadow Inventory improves but still threatens housing recovery

Time Business – How ‘Shadow Inventory’ is killing the Housing Market

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Poulsbo Place Master Planned Community in Little Norway, Poulsbo WA

Rich Jacobson — Fri, 02 Mar 2012 02:41:09 +0000

Poulsbo Place is the award winning, master-planned community in the heart of the famed waterfront village of Poulsbo, Washington.

Designed in traditional Craftsman style, the architecture compliments the picturesque community of ‘Little Norway’ with its rich Scandinavian heritage.

Poulsbo Place is situated near the waters of Liberty Bay, a popular destination for area boaters and tourists, and is only a short walking distance to a wide variety of restaurants, bakeries, antique shops, clothing boutiques, book stores and gift shops.

As a licensed professional real estate broker, I view a lot of properties throughout Kitsap County, and into portions of Pierce, Mason, and Jefferson Counties, as well. Every once in a while, you come across a home that really stands out from the rest – one where location, condition, and price all combine together to achieve a truly amazing value.

Such is the case with this charming home in popular Poulsbo Place:

148 NE Sugar Maple Place, Poulsbo, WA 98370

NWMLS #203093 provided courtesy of Teri Hewson of John L. Scott

The homes in Poulsbo Place aren’t for everyone. They appeal to a very select group of highly discerning Buyers. Though the lots are small, and the homes packed in closely together, nonetheless the close walking distance proximity to Front Street in Poulsbo and the Marina on Liberty Bay, makes this exclusive community highly desirable among Buyers, both old and young.

Senior residents like the professional yard and lawn maintenance provided through the Poulsbo Place Homeowners Association dues. Young urban professionals appreciate the cool, hip environment, and convenient accessibility to the Bainbridge Island ferry.

For more information about homes for sale in Poulsbo Place or other residential properties in Kitsap County WA, contact Rich Jacobson, Your Kitsap County WA Real Estate Professional.

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VA Home Loan Buyers in Kitsap County WA

Rich Jacobson — Mon, 27 Feb 2012 17:29:28 +0000

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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Affordable Lake Symington WA Area Home for 1st-Time and VA Buyers

Kitsap County WA Real Estate Market Report February 2012

Rich Jacobson — Wed, 01 Feb 2012 16:55:37 +0000

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!

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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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9009 Martin Avenue – Nearly 4000 sq.ft. home in peaceful Silverdale Highlands

Rich Jacobson — Thu, 12 Jan 2012 21:48:34 +0000

Welcome to 9009 Martin Avenue in Silverdale Washington

NWMLS #310096 ~ $429,950

This nearly 4000 square foot 4BR 4BTH home is situated on a near 1/2 acre lot in peaceful Silverdale Highlands and backs up to seasonal creek. The Main Level Open Great Room boasts a gourmet island kitchen with over 700 sq. ft. of granite counters, deep sink, breakfast bar, all stainless appliances including double convection oven, extensive custom cabinetry with pull-outs and built-ins; Formal Dining area with French Doors to BBQ deck; and a sunken Living Room with River Rock Wood Burning Fireplace.

A Large Upper Level BR could easily become a 2nd Master. The Lower Level Master Suite has French Doors leading out to your private deck. 3 of the 4 bathrooms have been recently remodeled with quality materials and workmanship. And if you need extra storage space, this is the home for you!

For the mechanically inclined, there is an 860 sq.ft. heated insulated shop space with full length workbench and saw that conveys. Separate entries to both the shop and lower level. The home is heated by efficient Radiant heat. Cedar siding (painted in 2010), concrete tile roof, and Anderson windows and doors throughout are just some of the many features of this incredibly well-built custom home.

Silverdale Highlands is one of the older, more established neighborhoods in Silverdale WA. The home’s location offers quick and convenient access to award-winning Central Kitsap schools, area shopping, and local Navy bases.

For more information, go to my Keller Williams West Sound Contact Page Kitsap County WA Homes

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Fire in Silverdale WA destroys several popular local businesses