Bremerton WA Real Estate :: SoundBiteBlog.com

Recently, a Seller entered into contract with a military Buyer who wanted to purchase their house using 100% financing through the VA home loan. The transaction went along smoothly enough, along through the inspection process. Then the Buyer’s lender ordered up the appraisal.

Unfortunately, the VA sent an ‘out-of-state’ appraiser not familiar with their market who used only a 1 mile radius around the subject property for finding comparable properties to determine her valuation. As a result, the home was appraised for almost 20K less than what the Buyer and Seller had agreed upon. In addition, the Buyer had also requested for the Seller to contribute $5K towards closing costs.

Both the Selling Agent and Buyer’s Agent submitted comps within a 2 mile radius of the subject property. The Buyer clients, knowing that the house was competitively priced and would not find anything remotely close in value within their price range, also got involved in writing letters to the VA.  Even the bank that was financing the deal  agreed that the 1 mile radius imposed by the appraiser was unfair and that the appraisal should be contested.  They took the agent’s comps and sent them onto the VA in a Request for Change of Value.

After more than two weeks and numerous errors, i.e.,  paperwork lost, given to the wrong person, the parties were informed that the Request for Change had been refused.  No reason or explanation was provided.

To compound their problems, the Sellers had been waiting for the appraisal results so they could act upon a counter offer for buying another house  – a house than they would now lose because other competing offers had come in on the property.

To make matters even worst still, both Buyers and Sellers will now miss their eligibility for the Federal Tax Credits being offered which end on April 30th.

This is yet one more example of the flaws inherent within the VA appraisal process and how people’s lives are impacted negatively as a result.

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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, Everyday CK, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Posted in Mortgage Bites, VA Financing | 3 Comments »

Tags: bangor subase, Bremerton WA Real Estate, Kitsap County WA real estate, va appraisals, va financing, va home loans

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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Posted in Kitsap County Bites | 2 Comments »

Tags: Bremerton WA Real Estate, Kitsap County WA real estate, port orchard real estate, poulsbo real estate, seabeck wa real estate, Silverdale WA Real Estate

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 .

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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 and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Posted in Kitsap Market Reports | No Comments »

Tags: Bremerton WA Real Estate, Kitsap County WA, Port Orchard Real Estate, Poulsbo Real Estate, real estate market reports, seabeck wa real estate, Silverdale WA Real Estate

Yeah, I know, not the most glamorous of blog titles, but I need to keep reminding myself the whole purpose behind SoundBiteBlog is to provide helpful, relevant information for my clients and potential clients of residential real estate here in Kitsap County WA.

Many of the older, turn-of-the-century homes here in the Bremerton WA area and outer-lying rural locations use or have used oil heating. Although many have been converted over to natural gas heating, the underground oil storage tanks may still remain on the property. As such, these unused tanks can pose potential problems for homeowners and the environment.

Most standard sized oil tanks can last up to 30 years or more before being subject to potential corrosion, and eventual leaking. A leaking oil tank can lead to some very serious problems for owners, such as:

• Contamination of the soil on the subject property and adjacent properties
• Contamination of groundwater if nearby wells are providing drinking water
• Contamination of surface water, such as ponds, lakes, or rivers
• Vapor seepage and accumulation under or in nearby buildings
• Potential for sinkholes due to collapsing oil tanks

Property owners, both past and current, can be found liable for contamination from a leaking tank. This may result in some very costly reparations or legal proceedings. In addition, many mortgage lenders and Buyers require decommissioning of unused oil tanks before a real estate transaction can be finalized. As such, it’s usually in the best interests of all parties to either remove or decommission an unused heating oil tank.

There are two primary methods for resolving unused heating oil tanks – removal or decommissioning.

REMOVAL

Obviously, the best remedy is to remove/evacuate the tank completely. This ensures that adequate soil samples can be taken and all potentially contaminated soil can be more easily removed. Some lenders may require that the tank be removed as a condition of the sale. However, this method is also the most invasive and obviously requires that a portion of the property yard be excavated.

DECOMMISSIONING

Be sure to check with your local Fire Marshal or refer to County regulations to determine what steps are required and approved for oil tank decommissioning. Keep in mind the following points before selecting the appropriate method for you:

• In some instances, soil samples will need to be taken beneath the tank to determine the extent of contamination, if any.

• The costs for obtaining soil  samples may be as much or more than the removal of the tank.

• The tank must be pumped out and cleaned before it is decommissioned in place.

• All internal tank liquids must be disposed of properly.

• Some local ordinances may not allow for unused tanks to remain in place.

• A tank that has been filled in place may be difficult to move at a later date.

It is my personal recommendation that you hire an experienced 3rd-party licensed professional contractor to perform the work, and provide you with documentation that verifies their work. That way you will better assured that the remedial action meets with any and all local or State regulations, and you have a recourse in the event of any future concerns.

Here in Kitsap County WA we have three predominant contractors who are experienced in oil tank removal and or decommissioning:

Don Depee with A& M Heating – 360.895.8580

Ray Lee with Poulsbo Heating – 360.779.9733

Dan Hayes with Peninsula Tank – 360.613.5866

For further reference, consult with the following WA State regulations, codes, and reports:

The Model Toxics Control Act (MTCA; RCW 70.105D)

WAC 173-340 (Toxic Control Act Clean-up Implementation)

1997 Uniform Fire Code (WAC 51-44)

WA Dept. of Ecology Report R-TC-92-117

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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 and Crabbing in the Hood.

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Posted in Buyers, Real Estate Bites, Sellers | No Comments »

Tags: Bremerton WA Real Estate, decommissioning, heating oil tanks, Manette WA real estate, removal, West Bremerton WA real estate

If you own or are looking to purchase waterfront property in Kitsap County, better not count on Zillow to get the value right. If the property has a daylight basement, you’ll likely have the same problem with a Zestimate. That’s because Zillow has trouble with these types of property values in Kitsap. The disturbing thing is we have thousands of properties in one or the other of these categories!

Here are the problems. Kitsap County has so much waterfront the Zillow valuation engine gets seriously confused. For example, if you want to see a Zestimate for a property in Manchester, Zillow is likely to include as comparables, property on the South end of Bainbridge Island. As anyone who lives in Kitsap County knows, there is a significant difference in the values of waterfront property between these two communities. Although the two properties may be geographically close (if you happen to be a crow), they are tremendously different in almost all other aspects, and widely separated by road. Zillow hasn’t corrected this yet.

Properties with daylight basements also produce mixed results. If the daylight basement has not been finished for use as living area, Zillow ignores it. If it has been upgraded, Zillow still ignores it! You can tell by comparing the square footage listed on the County Assessor’s website with the square footage Zillow displays. (You can look up any property in the County, by address, here).

Think about how many hills we have here in Kitsap. Properties with finished daylight basements are very common. Bremerton has them, Silverdale has them, as well as Port Orchard, Poulsbo, Seabeck and every other corner of our County.

In a recent conversation with Jim Avery of the Kitsap County Assessor’s Office, I learned that his department has tried to rectify these problems with Zillow. The Assessors Office contacted Zillow’s data provider to point out the discrepancy. Nothing has changed. The Zestimates continue to be innaccurate.

In addition to that, even if the property is not waterfront or does not include a finished daylight basement, the data available at the Assessors Office is data collated in 2007. Our real estate market is moving too fast to rely on data that could be up to 12 months old.

This raises many questions. Kitsap County is a great place to live. We have mountains and plenty of waterfront. But, so do many other states in the US. Do all the states with waterfront properties and daylight basements share the same problem we do?

So, be wary of using free online tools to make large financial decisions. Hire a reputable local Appraiser if you want an accurate idea of local property values. If you are not quite ready to invest several hundred dollars on a full appraisal, check with an experienced local real estate agent. They have access to information that is much more up-to-data than the information Zillow is relying on.

Sellers who rely on a valuation tool like Zillow can also make a costly mistake. Overpricing a property in Kitsap County’s already listing-saturated environment, could cost a seller months of wasted time, while prospective buyers ignore it.

Related Articles

A Zillow thread

Another Zillow thread (our Assessor pointed out the problem to Zillow almost a year ago)

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Posted in Kitsap County Bites, Miscellaneous, Real Estate Bites | 1 Comment »

Tags: Bremerton WA Real Estate, kitsap property values, poulsbo real estate, Real Estate Bites, Silverdale WA Real Estate, zillow