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

The Golden Rule and Real Estate

Rich Jacobson — Tue, 30 Jun 2009 19:11:37 +0000

In the Gospel according to Luke, we find the following saying:

“Do to others as you would have them do to you.” Luke 6:31

This verse provides the basis for what many refer to as ‘The Golden Rule‘ or the Ethic of Reciprocity, which states one has a right or expectation to receive fair and just treatment, and a responsibility to offer similar fair and just treatment towards others.

Just recently, I had the pleasure of representing a 1st Time Home Buyer in the purchase of a property in West Bremerton WA. Overall, it was a fairly smooth transaction. I had the good fortune of working with the Listing Agent previously and knew her to be a very competent professional, as well as a strong advocate for her clients.

We navigated through the inspection process, where the Sellers kindly accepted to remedy all of the items the Buyers had requested. The required work was performed promptly and copies of relevant receipts were provided.

The weekend before closing, I performed a final walk-through with my Buyer to visually verify that all work had been performed. The Sellers were busily packing the last few loads of household effects, so we could meet our Monday closing deadline.

On the day of closing, after receiving notification from escrow that the contract had funded and recorded, I turned the keys over to my joyful and excited Buyer, who immediately began the process of moving into her first home!

Imagine her disappointment at finding the home in less than ‘move-in’ condition. It was clear that the Sellers had made very little, if any, efforts at cleaning the home after removing their belongings. Even the most basic tasks of vacuuming and sweeping had been neglected. After several days delay and several hundred dollars paid-out for cleaning expenses, my Buyer was finally able to move in.

Let’s face it, the relocation process can be a very hectic and stressful time for both Buyers and Sellers. There can be instances where time or travel constraints can prohibit us from ensuring that the home is left in reasonable move-in condition. In such situations, Sellers should be advised to budget for professional cleaning services paid out of escrow, or to provide the Buyers with a credit at closing to cover such expenses.

Both Buyers and Sellers (and their Agents) need to remember and apply the Golden Rule:

“Do to others as you would have them do to you.” Luke 6:31

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Silverdale and Bremerton tapped as #1 Growth US Housing Market

Rich Jacobson — Thu, 11 Jun 2009 21:00:44 +0000

In the most recent issue of US News and World Report, Silverdale WA and Bremerton WA were both ranked in 1st place among the Top Ten US Housing Markets for the Next Ten Years.

Citing a recent study conducted by Moody’s Economy.com, Associate Editor Luke Mullins shared findings that the home prices of neighboring cities Silverdale WA and Bremerton WA should expect to increase by an average of 5.2 percent annually from the fourth quarter of 2008 through the same period of 2018.

Situated near the heart of the Kitsap Peninsula, Silverdale and Bremerton WA share more than 300 miles of scenic Puget Sound coastline with other area cities like Port Orchard, Poulsbo, and Seabeck.

While the attractive Pacific Northwest location is certainly a huge draw that brings new residents to the area, the study points to the area’s stable economies as the primary determining factor for the projected future growth. A large military presence/community— of the U.S. Navy in particular — helps to insulate the local economies somewhat from the widespread volatility being experienced in other markets around the county.

With the current low mortgage rates and the $8000 tax credit, this can be an excellent time for 1st Time Home Buyers to enter the market. And, with the number of bank-owned properties and short sales, there is also opportunities for investors to acquire some bargain-priced properties.

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Rich Jacobson is a licensed real estate professional 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.

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“Responding to Low Offers” - Sellers in Kitsap County WA

Rich Jacobson — Thu, 04 Jun 2009 23:56:35 +0000

A while back, I published an article here on SOUNDBITEBLOG entitled “The Art of Offering Less.” It ended up becoming a 3-part series catered towards a Buyers perspective and provided some practical guidance/advice on how to draft offers that were less than the listing price.

In the 1st article we identified the market dynamics that tend to encourage or breed low offers.

In the 2nd article, we shared various strategies for Buyers to achieve success with low offers.

In the 3rd and final part, we discussed the risks that are inherent with making low offers.

Just recently, I received an offer on one of my listings, a secluded Hood Canal view property near DeWatto Bay in Tahuya WA.

Prior to faxing over the offer, the Selling Agent gave me a heads-up that the offer was going to be less than the current listing price.

How should Sellers respond to low offers, especially in today’s challenging market?

To find out some helpful and practical Seller strategies, go to ActiveRain (the link opens up into a separate window for your viewing ease).

~ o ~ o ~ o ~ o ~ o ~

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Real Estate Market Report for Kitsap County WA - June 2009

Rich Jacobson — Tue, 02 Jun 2009 22:56:18 +0000

Real Estate Market Report for Kitsap County WA 06/01/2009

The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for June 2009, provided by Rich Jacobson of Windermere Real Estate, in Silverdale, WA (this includes data for Bainbridge Island WA)

Properties currently active on the market: 2014
Properties closed in the last 180 days: 971
Average Sales Price: $291,864
Average List Price: $305,043
Ratio of List Price to Sales Price: 96%
Average Days on Market: 104
Sales Pending this Week: 97

Bainbridge Island WA statistics separately: (Area 170)

Properties currently Active on the market: 350
Properties closed in last 180 days: 98
Average Sales Price: $646,191
Average List Price: $687,266
Ratio of List Price to Sales Price: 94%
Average Days on Market: 134
Sales Pending this week: 7

Home prices in Kitsap County WA continued to drop slightly in May, while pending sales showed further improvements.

Lending rates have jumped rather significantly just over the past several weeks (from 4.5% to 5.25%), spurring many potential Buyers to get off the fence and make the home buying leap.

The market continues to offer excellent opportunities for qualified 1st Time Home Buyers with the low rates, the $8000 1st Time Buyers Tax Credit from Uncle Sam, and the large amount of homes available on the market.

If you’re a motivated Seller, now may be the time to seriously consider making a meaningful pricing adjustment, so you can move onto the next adventure in life!

Top selling neighborhoods in Kitsap County WA were Area 141 (South Kitsap West of Hwy. 16); Area 148 (West Bremerton); and Area 150 (East Central Kitsap).

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

~ o ~ o ~ o ~ o ~ o ~

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Selling Your Kitsap County WA Home

Rich Jacobson — Fri, 22 May 2009 15:32:48 +0000

Let’s face it, these are challenging times, especially for Sellers. Nearly half of the market areas in Kitsap County WA have more than a year’s worth inventory of homes currently available for purchase. Add to that mix the decreasing property valuations, along with an increase in short sales and foreclosures, and the result is an intensely competitive and difficult market dynamic for Sellers.

So what viable home marketing options are available for today’s Sellers in the midst of such dire circumstances?

Option 1: FSBO (For Sale By Owner) - This option not for the faint in heart and exposes you to the most risk. In this instance, the Seller is completely on their own and does everything. From determining market value and listing price, to creating all marketing materials, and negotiating contracts directly with all potential Buyers. This particular option normally has the potential for greater success in a brisk Seller’s market, but becomes increasingly more difficult as the market slows. Your chances for attracting a viable Buyer can be significantly improved by at least offering/promoting a Buyer’s Agent commission. Some degree of potential liability can be reduced if all contracts are reviewed by legal counsel.

Option 2: Limited Service Agency - There instances or circumstances where utilizing a Limited Service Broker can be a viable option. Not all of them are the same, but most of them start off with a very basic ‘flat-fee’ listing contract. For $X-amount, they will put a sign up in your yard and input your home in the local MLS (Multiple Listing Service). Any additional services, such as a lock box, flyers/flyer box, counseling or negotiation services, are typically extra ‘menu’ items you can elect to pay for. Most Limited Service Agencies recognize the value of offering a Buyer’s Agent commission. Make sure that what you are offering is comparable/competitive with other similar property commissions. While not as risky as the FSBO, this option still assumes some exposure to potential liability, especially if you’re handling all the contract paperwork. At a minimum, have a real estate attorney review all contracts.

Option 3: Full Service Agency - By far the most common form of agency representation is the ‘Full-Service’ brokerage. In all fairness though, it should be noted that not all so-called ‘Full-Service’ brokers or agents actually make good on their promise to provide a full or complete range of services. This is an unfortunate reality in almost every business, not just real estate. Any broker or agent who claims to offer full services should be able to effectively articulate their value proposition and justify their commission. For those of us who genuinely strive to achieve such levels of client service, we understand that our primary role is to relentlessly represent our clients best interests and to empower them through our professional knowledge, experience, and expertise. We possess the skills necessary to effectively market properties in today’s economic downturn and get them sold! We leverage the power of the Internet to the fullest extent possible, ensuring that your home receives maximum exposure. We pride ourselves on our intimate knowledge of the local real estate market and our ability to analyze/interpret relevant data. We educate, inform, and counsel our clients throughout all phases of the transaction. We stay current on the ever-changing mass of local, State, and Federal laws and regulations applicable to real estate practices, and help our clients navigate through them. We master the art of skilled negotiation so our clients can successfully achieve their goals. We help facilitate/coordinate all elements of the home buying/selling process in order to ensure an efficient and timely closure. We assume the stress, the worries, the risks, and the liabilities so our clients can move on to the next adventure in life.

There’s an old adage, “You get what you pay for!” Unfortunately, all too many times, we find ourselves holding onto the short end of the stick, and getting less than what we paid for. At the end of the day, it’s always my hope and desire that I would exceed my client’s expectations; that the value/benefit vs. cost of my services would be clearly evident to them; and that my actions and level of service would merit their continued trust and referrals.

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Unlocking the Mystery of VA Appraisals in Kitsap County WA

Rich Jacobson — Fri, 15 May 2009 20:55:37 +0000

“And you will know the truth, and the truth shall set you free.”

John 8:32

Okay, so the topic of VA appraisals here in Kitsap County WA isn’t on quite the same level playing field as Biblical Truth, but the principle is still the same.

One of my marketing catch phrases is ‘providing knowledgeable empowerment’ for my clients. By that, I mean, one of my primary goals is helping to better educate my clients through my years of experience, training, and education as a real estate professional, so as a result, they are more empowered to make intelligent and prudent decisions regarding buying or selling real estate.

As an advocate for my clients, it is my responsibility to educate and inform my clients about the entire real estate transaction process, from start to finish. One of the reasons for doing so is to better prepare them for any potential pitfalls, delays, or challenges that may occur. As much as we may try to achieve a smooth and timely closing, there is always the possibility for a problem to occur that is outside of our ability to control.

Such is the case with VA appraisals.

Here in WA State, most residential real estate contracts require a formal home inspection contingency process. The Buyer contracts with a professional inspector who conducts a full complete home and pest inspection. From the results, the Buyer then petitions the Sellers to repair or remedy any issues of concern. Once the Sellers agree to the terms, the contract then moves along through the ‘Pending’ status onto closing. Usually all that remains is for the Buyer’s loan documents to be sent to the Escrow company.

It is at this point that many people get a false sense of hope/assurance that nothing can go wrong, especially in a VA Loan transaction. One thing I always tell my clients is that nothing is a done deal until your Underwriter ‘funds’ the loan, and the County records the deed. Once those two things happen, you can let your hair down and celebrate. But until then, there is always the chance that something can go sideways, however slight.

In almost every residential real estate transaction, your lender will order up an appraisal of the property to determine that its valuation is closely aligned to the agreed contract sales price.

However, in a VA transaction, the appraiser many times does more than simply determine market valuation. They can also identify potential safety hazards, structural concerns, or other defects, and make them ‘conditions for funding.’ This means that these issues must be resolved/corrected prior to closing. Some of these items may have already been uncovered and negotiated during the inspection. Still others may be in addition to what was handled during the inspection process.

While there is no doubt some standardized procedure to conducting VA appraisals, it’s always interesting (frustrating) to note how each appraiser can vary in their findings. One appraiser will come in at value with no conditions, while another appraiser will call out a long laundry list of ‘conditions for funding.’ At times there seems to be no rhyme or reason to the process.

Unfortunately, there are times when the ‘conditions for funding’ cannot be easily resolved, and the deal falls apart. But in many instances, with both Buyers, Sellers, and agents working together, a remedy can be achieved to satisfy the appraiser’s conditions.

Just knowing that the potential for these kinds of issues exist helps to eliminate any last minute surprises, and can mentally prepare Buyers for the possibility.

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Real Estate Market Report for Kitsap County WA - May 2009

Rich Jacobson — Wed, 13 May 2009 18:30:38 +0000

Real Estate Market Report/Conditions in Kitsap County WA for 05/11/2009 The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for May 2009, provided by Rich Jacobson of Windermere Real Estate, in Silverdale, WA (this includes data for Bainbridge Island WA)

Properties currently active on the market: 1961
Properties closed in the last 180 days: 944
Average Sales Price: $295,729
Average List Price: $309,030
Ratio of List Price to Sales Price: 96%
Average Days on Market: 106
Sales Pending this Week: 94

Bainbridge Island Stats separately: (Area 170)

Properties currently Active on the market: 332
Properties closed in last 180 days: 102
Average Sales Price: $651,507
Average List Price: $692,622
Ratio of List Price to Sales Price: 94%
Average Days on Market: 135
Sales Pending this week: 9

Home prices in Kitsap County WA continued to drop in April, while pending sales rose sharply.

New numbers from the Northwest Multiple Listing Service show the median $240,000 closing price for a home in April was a 10.7 percent drop from April 2008 and a 2.6 percent drop from March 2009.

Prices are predicted to go down a bit more, with families moving at the end of the school year and the supply of available homes growing slightly.

Meanwhile, the 377 pending home sales in Kitsap County in April was a 44 percent jump over the same month a year ago. That figure was by far the highest of all 19 Washington counties tracked by the NWMLS and four times the average of those 19 counties.

Top neighborhoods for pending sales in Kitsap County WA were West Bremerton, East Central Kitsap, East Bremerton and Bainbridge Island, according to the NWMLS.

Due to the drop in home prices, the current dampened market gives first-time homebuyers an opportunity to jump in. Under new stimulus rules to encourage home-buying, first-timers who purchase a home in 2009 can earn an $8,000 credit on their taxes. The Secretary of HUD recently announced that the $8,000 tax credit could be used as part of the down payment, giving even greater incentive to the program.

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

~ o ~ o ~ o ~ o ~ o ~

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1st Time Buyers Tax Credit can be used for Down Payment

Rich Jacobson — Tue, 12 May 2009 21:02:39 +0000

This morning during the NAR (National Association of Realtors®) Mid-Year Legislative Meeting in Washington, D.C., HUD Secretary Shaun Donovan said that the Federal Housing Administration is going to begin permitting its lenders to allow 1st Time Home Buyers to use the $8,000 tax credit (originally provided in the American Recovery and Reinvestment Act) as a down payment.

Previously, most Buyers wouldn’t receive the credit until after they filed their tax return, and as such, it was proving to be a deterrent in keeping some people from using the credit. NAR has been actively pressing for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at “The Real Estate Summit Advancing the US Economy” at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

For the full story, go HERE.

C O R R E C T I O N / U P D A T E:

I just came across this greatly informative video on Facebook from my good friend, Ken Cook, with Novation Mortgage in Marietta GA. Evidently there is some misinformation coming from the Feds regarding the use of this credit as a down payment. Fancy that!

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“The Art & Risk of Offering Less” Part 3 - Buyers in Kitsap County WA

Rich Jacobson — Sun, 03 May 2009 15:57:15 +0000

This entry is part 3 of 3 in the series The Art of Offering Less

This is the 3rd and final installment in a series entitled “The Art of Offering Less” and deals with the unique nuances associated with tendering an offer that is lower than the asking price.

In the 1st article we discussed the market dynamics that tend to encourage or breed low offers.

In the 2nd article, we shared various strategies for Buyers to achieve success with low offers.

In this final part, we’ll talk about the risks that are inherent with making low offers.

Obviously, the biggest risk you run in offering less is leaving the door of opportunity open for another Buyer to come along and rain on your parade. By this I mean, that while you and the Sellers are negotiating the price, and countering back and forth, another Buyer can come along and offer something more attractive. This effectively puts you in a defensive posture, and usually results in you having to sweeten your offer. As a result, you typically end up paying out way more money than you would have if you had simply offered a reasonable amount in the first place.

Therein lies the true secret of writing a low offer - determining that ‘magical’ initial price that doesn’t insult the Sellers, but yet is still within reason so that it attracts their interests and serious considerations.

As a Listing Agent, I always counsel my Sellers to consider each and every offer as a serious offer, regardless of whether it’s low or not. Unfortunately, not all Sellers are properly represented or counseled. As such, there are those who take low offers as a personal insult and refuse to respond back to the Buyers. At the very least, you should always counter back to an amount you feel is more reasonable.

Just because the market has slowed and the inventory of available homes has increased, don’t assume that every Seller is desperate and willing to consider a lowball offer. Many Listing Agents are now counseling their Sellers to price their homes very aggressively right out of the gate in order to effectively compete against short sales and foreclosures. Be sure to work with a Buyer’s Agent who has an intimate knowledge and understanding of your local market, and can provide you with accurate comparative analysis/justification for home valuations.

~ o ~ o ~ o ~ o ~ o ~

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Rich Jacobson — Tue, 28 Apr 2009 05:54:16 +0000

This entry is part 2 of 3 in the series The Art of Offering Less

In our last episode, Bill and Betty Buyer were sitting down with their trusty Agent, Realtor Ron, to draft an offer on their dream home. They had spent the past 3 weekends touring dozens of potential properties, when they finally found just the perfect place!.

When it came time to discuss the offer price, Bill proudly asserted, “We’re going to offer them $50K below the Listing price, and ask them to pay closing costs too!”

Pulling his jaw off the floor, Realtor Ron looked down on the MLS data-sheet for the subject property.

“Their home has only been on the market for less than two weeks,” Realtor Ron stated.

Pulling up statistics for several comparable properties in the same neighborhood that had sold in the past month, Realtor Ron showed the Buyers how the property was actually priced very aggressively, below many of the most recent sales. In addition, a quick check on the County Website revealed that the home was priced just below the property tax assessed valuation as well.

“But it’s a ‘Buyer’s Market,” responded Betty Buyer, “Aren’t all Sellers desperate?”

~ o ~ o ~ o ~ o ~ o ~

There is this tendency when the market softens and slows down for Buyers to expect greater bargaining leverage when it comes to home sales prices.

In the event that you, as a Buyer, decide to offer less than the asking price, there are definitely some strategies you can employ that will help to improve your chances for success.

Just understand that each property and Seller presents a unique set of circumstances, and each needs to be considered separately.

The offer price is just one element to a contract offer, albeit the most predominant. The key to being successful in offering less than asking price is to strengthen all of the other elements of the offer. Here are some suggestions:

1. Cash Buyer: Obviously, the old adage ‘Money Talks’ still bears true today. Cash Buyers will almost always have the greatest degree of negotiating power in a real estate transaction. But let’s face it, the overwhelming majority of Buyers today require some amount of financing.

2. Letter of Loan Pre-Approval: Okay, so if you’re in the clear majority, and plan on using a mortgage loan to purchase the house, then you need to effectively convey/communicate your financial solvency and ability to satisfy the contract. One way this is accomplished is through an official Letter of Loan Pre-Approval furnished by your mortgage lender (always make them ‘address specific’ and not ‘dollar amount’ specific).

3. Letter of Buyer Introduction: Another method I have found to be effective is to draft a Letter of Introduction about my Buyers that serves to put ‘flesh’ on the offer. It helps to divert the attention away from ‘dollars & cents’ and puts the focus on real people trying to achieve their dreams. I know, it sounds corny, but trust me, it works.

3. Earnest Money: One of the purposes behind offering earnest money is to demonstrate the seriousness of your intent to purchase. It makes a statement to the Seller about how much you want their home. If you’re going to be skimpy on the offer price, then soothe the wound with a hefty earnest money deposit.

4. Make it a ‘Clean’ offer: Make your offer as straight-forward and with the least amount of ‘hoop-jumping’ as possible. This means eliminating or reducing any redundant contingencies or addendum.

5. Other Seller Considerations: One of the things I always ask the Listing Agent before drafting an offer is “Are there any other considerations besides price that are important to the Sellers?” You’d be amazed at what is important to some Sellers other than the sales price. Some want an accelerated closing. Others a delayed or extended closing. Sometimes accommodation to these other considerations can make a huge difference.

This is, by no means, an exhaustive list of elements you can vary or strengthen to better position yourself when submitting a low offer. In the next installment, we’ll talk about the risks associated with submitting a low offer.

~ o ~ o ~ o ~ o ~ o ~

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