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Top Tips for 1st-Time Home Buyers in Kitsap County WA – Tip No. 1

“Don’t Bite Off More Than You Can Chew!”

As a licensed professional real estate broker here on the Kitsap Peninsula, perhaps one of the best bits of advice I normally dispense to 1st-Time Home Buyers is for them to stay within their means. By that, I mean, determine your workable budget for purchasing your house, and stick to it.

I have the pleasure of working with lots of 1st-Time Home Buyers, especially Active-Duty Military Service Members and their families. Kitsap County WA is home to a number of U.S. Naval installations, like Bangor Submarine Base, Puget Sound Naval Shipyard, and Naval Undersea Warfare Center Keyport.

Unfortunately, it’s easy for 1st-Time Buyers to get caught up in the excitement of purchasing their first home and lose sight of their budget. Especially if you’re working with an agent/broker that likes to push the budget envelope and show you houses just beyond your financial reach, like dangling a carrot in front of a horse.

When you meet with your mortgage consultant to obtain pre-approval for your loan, they usually establish a price range or maximum amount of money you’re qualified to borrow, based on your credit and debt-to-income ratio. This is the figure that drives your home-searching process.

Normally, when I meet with 1st-Time Buyers (or any Buyers for that matter), they’ve already been fully pre-approved by their mortgage lender and the price range/limit has been determined. Taking that number, I begin my searching process, scouring the Northwest MLS for homes that meet their needs/requirements. I may increase the listing price criteria slightly, depending on the price point, in hopes of finding properties that have been languishing on the market for a while, and might be potential candidates for a price reduction.

But when it comes to finding ‘the’ right home for my Buyers and putting in an offer, I attempt to negotiate a contract price that is below their qualified loan amount.

First-Time Buyers are usually young singles or married couples, just starting out in their careers. The last thing they need is a huge sucking black hole mortgage payment that robs them of their ability to enjoy life.

But it’s just so tempting to push the limits of your limit, especially when you are looking at homes that are outside of your range. The houses you can’t afford are always much more fun and attractive than the ones you can afford. You try to convince yourself that you ‘deserve’ the perks of a higher-priced home. With that promotion you’re sure to get in the next couple of years, a couple hundred dollars more a month won’t matter. Right?

Well, my advice to 1st-Time Home Buyers here in Kitsap County WA is this, “Don’t Bite off more House than You can comfortably pay for!” Find a home that serves your purposes and doesn’t force you to eat a steady diet of rice and beans. When you own your first home, don’t let it own you!

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Rich Jacobson is a licensed real estate broker 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, HomesByHarbors, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Tags: 1st time buyers, advice for home buyers, Buyers, first time buyers, homes in silverdale wa, Kitsap County WA real estate, real estate, seabeck wa real estate

Two recently published articles provide us with an analysis of the real estate market, both locally and nationally.

The first article, published in The Kitsap Sun, provides comparative figures for Kitsap County WA between 2009 and 2010:

Lower Prices Fuel Condo Sales in 2010

The second article, published in the New York Times, offers up a more sobering perspective on the recent slump in home sales across the country:

U.S. Home Prices Slump Again, Hitting New Low

Over the course of my career as a licensed real estate broker, I’ve learned that every market dynamic poses its own unique opportunities and challenges.

The recent downturn offers great opportunities to both Buyers and Investors. As we approach and reach the bottom of our current cycle, home prices will have adjusted to their lowest point in many years. Coupled with the extremely low interest rates still being offered, 1st time Buyers especially can capitalize on these circumstances.

And due the growing number of short sale and foreclosure properties, Investors can identify viable properties that can offer a much quicker rate of return.

For Sellers, my advice is to price your home aggressively, right out of the gate, and to pull out the stops when it comes to effectively preparing your home for market. With the increased levels of inventory out there, the competition for attracting qualified Buyers has increased tremendously. Condition and price will help your home to stand head and shoulders above all the rest. In addition, ensure that your home receives the greatest degree of Internet marketing as possible. With over 95% of all Home Buyers accessing the Internet for the home searches, online exposure has become absolutely critical in achieving a successful sale.

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Rich Jacobson is a licensed real estate broker 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, HomesByHarbors, and Crabbing in the Hood, or e-mail:  kitsapagent@gmail.com

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Tags: kitsap county market report, puget sound wa real estate, seabeck wa real estate, Silverdale WA Real Estate

The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for March 2010, provided by Rich Jacobson of Windermere Real Estate, in Silverdale, WA (this includes data for Bainbridge Island WA)

• Properties currently active on the market:  1775
• Properties closed in the last 180 days:  1339
• Average Sales Price:  $284083
• Average List Price:  $295,292
• Ratio of List Price to Sales Price: 97%
• Average Days on Market: 93
• Sales Pending this Week: 87

Seabeck WA statistics separately: (Area 145)

• Properties currently Active on the market:  70
• Properties closed in last 180 days:  43
• Months of Inventory:  9.77
• Average Sales Price:  $290,041
• Average List Price:  $299,131
• Ratio of List Price to Sales Price: 96%
• Average Days on Market: 91
• Sales Pending this week: 3

For additional area specific market statistics, go to www.KitsapLife.com

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

Now that the National Health Care Bill has been passed, perhaps Washington DC can  get back to the task of kick starting our economy and hopefully improving the housing outlook for the near future. Historically, we normally begin to see a slight increase in sales activity as we enter into the Spring season. No doubt the April 30th deadline for the 1st Time Home Buyer’s Tax Credit will encourage some to get off the fence. Rates still continue to hover just below 5% for a 30-year fixed with .75 to 1 points. For more mortgage rate details, go to The Mortgage Porter.

“SONGS FOR A NEW WORLD” AT CSTOCK COMMUNITY THEATER

This coming weekend is your final opportunity to see CSTOCK’s Black Box Young Adult production of “Songs For A New World” directed by students Billy Buhl, Cherisse Martinelli,  and Jessica Rothwell. This amazing show features local teens and young adults ages 13-20. The vocals are powerful and moving, and showcases the tremendous talents of our area young people. For more information, go to CSTOCK.org

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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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Tags: Kitsap County WA, march 2010, market reports, real estate, seabeck wa real estate, Silverdale WA Real Estate

The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for October 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:  1939
• Properties closed in the last 180 days:  1438
• Average Sales Price:  $291,990
• Average List Price:  $303,744
• Ratio of List Price to Sales Price: 96%
• Average Days on Market: 96
• Sales Pending this Week: 102

Seabeck/Holly WA statistics separately: (Area 145)

• Properties currently Active on the market:  80
• Properties closed in last 180 days:  62
• Average Sales Price:  $274,584
• Average List Price:  $290,865
• Ratio of List Price to Sales Price: 94%
• Average Days on Market: 113
• Sales Pending this week: 2

For additional area specific market statistics, go to www.KitsapLife.com

WHAT’S HAPPENING NOW?

While much of new home construction projects here in Kitsap County WA have been hard hit of late due to the economic downturn and lenders tightening their purse strings, one area builder appears to be thriving in this challenging market, Quadrant Homes. Phase 3 of ‘The Ridge at McCormick Woods’ in Port Orchard in particular is beginning to attract a lot of attention and potential Buyers.  To find out more, GO HERE.

Need a place you can go where life slows down, and great coffee and meaningful conversations flow?

Check out The Global Bean! Located in Silverdale WA on the 1st floor of the new Cavalon II Building at 2021 NW Myhre Road, between Bucklin Hill and Ridgetop.

The Global Bean isn’t your normal everyday java joint. If you’re looking for a quick ‘In-N-Out’ coffee to go with your quick ‘In-N-Out’ lifestyle, this isn’t the place for you.

The Global Bean Coffee Traders offers their customers a relaxing and elegant loft-type atmosphere featuring gas lights, a brick fireplace, cozy nooks and hand crafted beverages from around the world.

It’s also an entertainment venue with live music several nights throughout the week.

….act locally, drink globally!

The Global Bean Coffee Traders

2021 nw Myhre, ste 101 • Silverdale • 360.692.9582

Hours:  M-Th 7am-10pm • Fri 7am-Midnight

Sat 8am-Midnight • Sun 9am-7pm

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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, or e-mail:  kitsapagent@gmail.com

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Tags: global bean, kitsap county WA real estate market report, october 2009, quadrant homes, seabeck wa real estate, the ridge at mccormick woods

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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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