Bremerton : Silverdale : Port Orchard : Poulsbo

20th Annual

• 10:45 a.m. to 11:00 a.m ............. Sign In 
• 11:30 a.m. ................St. Patrick’s Parade

Following the parade everyone meets at the fountain between Hampton Inn Hotel and the Kitsap Convention Center for some music and fun things to do, provided by the City of Bremerton Parks and Recreation. Bring a camera and have your picture taken as a Leprachaun and kiss the Brem-Blarney Stone.

During the month of February  there were 42 homes that sold in Bremerton.   [zip codes: 98310, 98311, 98312, 98314, 98337].   That is the same number as January which was 40 homes less than December 2009. Not a good start to 2010!    These Bremerton homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I’s were dotted and the T’s crossed there where deeds recorded at the Kitsap County courthouse that transferred the property into the new home owner’s name!

If you want to learn more about how we transfer property in Washington State a really great site to visit is the Escrow Association of Washington site. There you can find definitions and explanations of the home buying process for Bremerton Washington.

Let’s look at those 42 Bremerton homes -

Average List Price

• $220,258 [$203,640 January $224,396 December]
• $125

Average Sold Price

• $213,465 [$201,166 January $218,171 December]
• $120

The average sq ft of these 42 Bremerton homes was 1781 sq ft. These homes spent an average of 113 days on the market (DOM).

The list to sale ratio for these homes was 96.91 percent. What that meas is that buyers offered 96.91% of what the seller requested.

Not a bad time to purchase a home in Bremerton, Washington. Prices are down, interest rates are at an all time low and with the incentives from the government you might want to look at what it means to you.  In fact it is a great time if you are a 1st time home buyer and qualify for the $8,000 tax credit – CREDIT! NOT loan! Read the information I have written about the program here

It is finally official. The hombuyer’s tax credit has been extended to April 30, 2010

What do these numbers mean? Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation. I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds. I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.

So what is the absorption rate at this point in time?  Check here for the definition of absorption rates – Absorption Rates

Using the formula and only including active and contingent homes on the market the absorption rate for February would be 10 months – ouch! We had been down to 5 months in the last quarter of 2009.  Of course remember we are looking at a trend, so as we go through 2010 we will get a better picture.  Hopefully, low number of closings in January is not a trend.  If we included the pendings the absorption rate would jump to 13 months of inventory!

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.

If you would like to purchase a home in the Kitsap County Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

“Statistics not compiled or published by NWMLS.”  Equal Opportunity Housing All information deemed reliable, but not guaranteed."

Similar Posts

• Port Orchard WA Real Estate | February Homes Sold 2010
• Bremerton Real Estate | February Homes SOLD

There are 23 days until Spring! There are 64 days until the extended first-time home buyer tax credit expires! Can you believe that!  Soon the first quarter of 2010 will be in the books! I thought that I would just look at some market data today and give you all an update for the Bremerton area.  This is East Bremerton, West Bremerton, Downtown and any address that has Bremerton listed as the city.

The Bremerton 2010 real estate market is off to a little slower start than 2009. I think with the uncertainty of the economy the first quarter will close at the same or lower than 2009.

Are short sales effecting the market? I think that short sales effect neighborhoods more importantly than the market as a whole.  Currently in Bremerton there are 60 short sale properties.  That is just 13% of the total inventory.  There are 464 homes on the market in Bremerton right now.  The list price for these short sales averages to $221,655 with a 141 days on market.

What about Bank Owned properties? I have to tell you that some bank owned properties really tick me off.  For some reason some of the homes are listed below what the true market is and hence really can hurt a local neighborhood.  There are currently 30 bank owned homes on the market in Bremerton - just about 6.5% of the total inventory.  There are some real dogs out there - some that wouldn't even be eligible for lender financing!  Bank Owned homes are hit and miss - maybe a good buy and maybe a nightmare!  These homes are listed for an average of $228,740 with 84 days on market.

To date in the Bremerton Real Estate Market  there have been 75 home sold and closed. These homes were listed with an average price of $211,432 and actually sold for an average sales price of $207,600 or 98% of list to sale ratio.  These homes were on the market for an average of 101 days.

In 2009 there were 86 homes sold in the Bremerton area for the same time period.  These homes were listed with an average price of $216,024 and actually sold for an average sales price of $209,272 or 96% list to sale ratio.

So, there you have a little Market Snap Shot - not real good news but not real bad news. You can contact me with any specific questions on specific properties.  I will gladly get you the information I have access to.

During the month of January  there were 42 homes that sold in Bremerton.   [zip codes: 98310, 98311, 98312, 98314, 98337].   That is 40 homes less than December 2009. Not a good start to 2010!    These Bremerton homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I’s were dotted and the T’s crossed there where deeds recorded at the Kitsap County courthouse that transferred the property into the new home owner’s name!

If you want to learn more about how we transfer property in Washington State a really great site to visit is the Escrow Association of Washington site. There you can find definitions and explanations of the home buying process for Bremerton Washington.

Let’s look at those 42 Bremerton homes -

Average List Price

• $203,640 [$224,396 December]
• $130

Average Sold Price

• $201,166 [$218,171 December]
• $129

The average sq ft of these 42 Bremerton homes was 1623 sq ft. These homes spent an average of 94 days on the market (DOM).

The list to sale ratio for these homes was 98.83 percent. What that meas is that buyers offered 98.83% of what the seller requested.

Not a bad time to purchase a home in Bremerton, Washington. Prices are down, interest rates are at an all time low and with the incentives from the government you might want to look at what it means to you.  In fact it is a great time if you are a 1st time home buyer and qualify for the $8,000 tax credit – CREDIT! NOT loan! Read the information I have written about the program here

It is finally official. The hombuyer’s tax credit has been extended to April 30, 2010

What do these numbers mean? Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation. I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds. I am a fan of the NORMAL market – everyone can feel more comfortable and real estate transactions are not as stressful.

So what is the absorption rate at this point in time?  Check here for the definition of absorption rates - Absorption Rates

Using the formula and only including active and contingent homes on the market the absorption rate for January would be 10 months - ouch! We had been down to 5 months in the last quarter of 2009.  Of course remember we are looking at a trend, so as we go through 2010 we will get a better picture.  Hopefully, low number of closings in January is not a trend.  If we included the pendings the absorption rate would jump to 13 months of inventory!

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.

If you would like to purchase a home in the Kitsap County Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

Bremerton Real Estate 2009 Market Reports

Maybe you are on the fence.  Maybe you just can't decide if you want to purchase now.  Maybe you are thinking that the market hasn't bottomed out yet so you are going to wait.  Maybe...

If you are on the fence even with the $8,000 First-time home buyer tax credit, even with historic low interest rates, even with lower prices, the new proposed FHA Policy Changes just might help you make a decision.  That and predicted higher interest rates. 

Over the last couple of years we have seen almost every loan program disappear with a blink of an eye.  I think there are  two zero down programs left - VA and USDA. Of course with both of these programs there are requirements you must meet and the for USDA the property must meet. 

Then you have a conventional loan program which usually will require a 20% down-payment and then the FHA program - the program most of your parents used to purchase their first home.  Back in the day it was the only program for those that didn't have much for a down payment and even less for closing costs.  As home prices increased so did the percentages of down payment/costs. 

Today, for most first-time home buyers FHA is the most used product.  Which of course has changed a little in the last year.  The down payment required was 3% and is now 3.5%. Not too bad of an increase, but an increase.  But coming this spring you might see some huge changes that will really impact your out of pocket expense.  You can read all the changes here - Announced FHA Policy Changes. 

These are the changes that are really going to effect the amount of money you need to close and will also effect your monthly mortgage payment.

Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending

• The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
• If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
• This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
• The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.

Reduce allowable seller concessions from 6% to 3%

• The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
• This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.

To make things even scarier come April 1st the Federal Reserve is suppose to end its debt purchase program and allow the US mortgage market to operate unassisted.  Some speculators believe that mortgage rates will rise about 3/4 of a percent to about 6%.  I have seen those that think the rates might go higher. Who knows?  There is no real estate crystal ball.  But let's say that the rates do rise to 6%, your purchase power is really jolted.  On a $200,000 home your payment could increase around $90.00! That is $1080.00 per year.

Don't loose the purchase power you have now. 

While sale numbers for 2009 were stronger than 2008 it is still too soon to say the market has bottomed out.  We still have an issue with the many short-sale properties on the market that may lead to more foreclosures. 

I think the market is trying to recover but with the number of short sales and foreclosures that are expected to grow in 2010 and 2011 it will be a struggle.  Unless we can get banks to price their properties at current market value they will continue to drag the market down. 

Currently in the Bremeton home market there are 59 short-sales and 36 foreclosed on homes for sale.  This represents 22% of the total inventory which is 425 homes on the market.

Here is a quick snap shot of the first two weeks of the new year - 2010.  These figures are for all addresses in Bremerton or zip codes 98310,98311,98312,98314 and 98337. 

Pending BU Requested (Seller has accepted an offer but is still looking at other offers to go into a Back Up position in case the first offer fails to close - used by agents in most Short Sale situations)

8 homes | 4 are Short Sales | Average List Price $216,294, 1760sq ft, 135 days on market.

Pending Inspection (Seller has accepted an offer which is subject to an inspection by the buyer.  Once the buyer preforms the inspection and both parties come to terms with the findings this property will then either go pending or bank on the market)

15 homes | 1 is a Short Sale and 5 are Bank Owned | Average List Price $236,186, 2213sq ft, 109 days on market.

Pending (Seller and buyer have agreed on all terms, have preformed all duties and are headed to the closing table)

14 homes | 1 is a Short Sale and 6 are Bank Owned | Average List Price $216,382, 1649sq ft, 147 days on market.

Sold (Yippee! These homes have went through the sales process and ownership has changed hands.  The sellers have received funds and the documents have been recorded at the Kitsap County courthouse.  The buyers have now become the new owners and received the keys to the property!)

17 homes | 5 were Bank Owned | Average List Price $199,871, 1715sq ft. Average Sale Price $199,629 with 78 days on market.

If you are in the market for a home in Bremeton I wouldn't obsess with trying to time the market and figure out when will be the best time to buy or if the market is at bottom.  Trying to anticipate the local Bremerton housing market is impossible and usually we only know when bottom hits is when prices will be on their way up. 

The best time to buy is when you find a house that fits your needs and you can afford it.  We all have to remember that a home purchase should be based on more than the "equity factor".  If you wait for the "perfect time", you will probably miss out.

Bremerton Real Estate | Homes Sold Past 2006-2007-2008-2009

Home prices in Bremerton continue to adjust to the changing market in Kitsap County.  The median selling price of a Bremerton home in December was $206,000 and in 2007 the median home price was $242,950. 

While sell numbers for the year were stronger than 2008 it is still too soon to say the market has bottomed out.  We still have an issue with the many short-sale properties on the market that may lead to more foreclosures. 

I think the market is trying to recover but with the number of short sales and foreclosures that are expected to grow in 2010 and 2011 it will be a struggle.  Unless we can get banks to price their properties at current market value they will continue to drag the market down. 

Currently in the Bremeton home market there are 59 short-sales and 36 foreclosed on homes for sale.  This represents 22% of the total inventory which is 425 homes on the market.  Because of these distressed properties prices may continue to slide.  The problem being the appraisal process and what these distressed properties once they have sold do to the market value of a neighborhood. 

The local Bremerton home inventory has decreased dramatically over the last 18 months and is getting closer to what would be considered a more balanced market. There is currently approxiametly 5 months of inventory which, a few months back was almost 12.  Still a buyer's market but with niche seller's markets in certain price ranges.  The first-time home buyer markets can and have seen multiple offers on certain properties.

With the continuing and expanded tax credit and 40 year low interest rates the Bremerton market will continue to improve because of the typical lower prices than the rest of Kitsap County. 

It may take a decade to get back to a steady rise of annual 3-5% rise in home values, but a home is still a good investment lending to benefits in other parts of your financial situation like interest deduction.

The bar chart below shows how many homes sold by month and year for 2006 through 2009.  The numerical chart below shows the actual numbers. 

The following bar chart shows the average and median sold prices for the same years along with the days on market which is how many days it took the homes to sale. 

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.

If you would like to purchase a home in the Bremerton WA Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

"Statistics not compiled or published by NWMLS."  Equal Opportunity Housing All information deemed reliable, but not guaranteed.

This coming weekend is the 2nd Annual Bremerton Boat Show down at the new Bremerton Marina.  If you haven't been down to the new Bremerton Marina this would be a great weekend to check it out.  I love going down to the marina and just hanging out.

JANUARY 22ND - 24TH

AT THE "NEW" BREMERTON MARINA

 FRIDAY Noon to 4pm     SATURDAY 10am to 4pm     SUNDAY 10am to 4pm

You can ride the ferry and walk off and you will be right at the show or you could drive downtown where there is plenty of parking right at the marina.  You could also cruise on over and enjoy one of 50 guest morrage slips available.

If you have never visited the new Bremerton Marina - take a look at the video.  There is so much to do down on the Bremerton waterfront these days!

Will the new $6,500 tax credit get you to sell your current residence and buy another property?

I have been thinking about this new home buyer/seller tax credit since it was approved in November.  I wrote a quick article about it in November.  Here is just a bit of that article.

Who Qualifies - $6,500 Extended Credit

Current home owners going under contract to purchase a home between November 7, 2009 and April 30, 2010 (closing on or before June 30, 2010), who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight. (I am sure more detailed information will be forth coming) IRS publications I am sure to be released. Speak with your Tax Adviser prior to filling.

So what does this new "expansion" to the extended tax credit mean to local Kitsap County home sellers or "step-up" buyers?  You know what cost are associated with selling your home.  Check out this post I wrote a couple weeks ago to refresh your memory.

Kitsap County Real Estate - Sellers Closing Costs - WHAT

Your $6,500 tax credit could help you with the following charges when you sell your home

• Real Estate Fees - remember these are always negotiable but in our market area the average range is between 4 and 6 percent of the sales price.
• Excise Tax - currently you will be paying 1.78% of the sales price to the state for selling your home.
• Settlement charges like title policy fees and escrow closing costs.

This new incentive just might be what you are looking for to help you to that next dream home.  Remember how fun it was to be a first time home buyer?  Well, I can tell you that to make a move up is just as fun and almost more exciting because your possibilities are usually more.  

I still am scratching my head on what this $6,500 tax credit really will do.  Will this credit really push home-owners into the "move-up" market? 

I know interest rates are at there lowest in years, that home prices have come down and I do believe there are some great opportunities out there.

I also believe that it is better to purchase a move-up home in a buyers market.  Sure you might not have realized the equity you would have 3-4 years ago but, the new home you are going to purchase will be priced lower so your move-up home can really be a real "move-up" home.

I don't think the credit is much of a push but it is a nice chunk of change to make all the costs associated with selling a little easier to subtract from your hard earned equity. 

Want to chat more about this give me a call, every situation is different and remember there is a deadline.  With homes selling on an average of 90 days on market in the Bremerton area if they are properly priced and the closing process on on your move-up home at about 30 days we really need to get a move on if you want to move-up.

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During the month of November there were 84  homes that sold in Bremerton. That is 16 homes more than in October. I am sure this surge is partially due to the first time home buyer tax credit deadline. Even thought the tax credit was extended there were a large amount of home buyers that couldn't wait for the government to make up their mind.  These Bremerton homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I's were dotted and the T's crossed there where deeds recorded at the Kitsap County courthouse that transferred the property into the new home owner's name!

Every area has their "trademark" festival and Bremerton is no different.  Every Labor Day Weekend you will find everyone DOWNTOWN – HARBORSIDE! The Annual Blackberry Festival is held down on the Bremerton Boardwalk.

There are always over 100 booths with everything from arts & crafts to you guessed it "FOOD"! You know what kind of food I am talking about! Hamburgers, hot dogs, corn dogs, chicken burgers, BBQ ribs, chicken and beef brisket, corn on the cob and oh man dare I say more!?

You will also find tons of amazing ethnic foods like teriyaki, shrimp on a stick, spring rolls, gyros, crepes and tacos! Don't forget the Blackberry delights!! Blackberry slugs, scones, pie and that amazing Blackberry shortcake!! After all it is the Blackberry Festival.

I don't know why I love it so – I sure hate those pesky bushes creeping up in my flower beds!! But on this weekend they are my friend!!

Thre is nothing more interesting than seeing photos of an area you may live in or are thinking of living in.  Below you will find some photos that I took at the most popular park in Bremerton, Evergreen Park.  If you would like to read the information or watch a video you can click the links which will open in a new window so you can really capture the newest area attraction - Evergreen Park

Bremerton Attractions | Hyper Local Video | Evergreen Park

Thre is nothing more interesting than seeing photos of an area you may live in or are thinking of living in.  Below you will find some photos that I took at the new Bremerton attraction PSNS Memorial Plaza.  If you would like to read the information or watch a video you can click the links which will open in a new window so you can really capture the newest area attraction - Puget Sound Naval Shipyard Memorial Plaza.

Bremerton Attractions | Hyper Local Video | PSNS Memorial Plaza

Bremerton Attraction : Terrorist Blockade to PSNS Memorial Plaza

Blueberry Meadows in East Bremerton is located off of Pine Road just down from Pine Crest Elementary. Kitsap County shows final plat approval in 1998 with the first homes being completed in 2000. Blueberry Meadows was built by several reputable builders including Capstone Homes, Premier Homes and Camp Corp.

Built in several phases over a few years, the community is comprised of approximately 176 home sites. With an active Homeowners Association and a community that takes pride in their neighborhood, home values are solid. The Blueberry Meadows community offers several private amenities, such as a neighborhood park, monument entrances and RV/Boat storage area.

The neighborhood park has a basketball court, tot play area and a covered picnic spot, all backing to a wood gorgeous greenbelt type area.

SEARCH ALL BREMERTON HOMES HERE...

Manette is just across from downtown Bremerton via the Manette bridge, and is considered one of the most desirable living communities in Bremerton.

The community has been branded as the "Sausalito of the Northwest" by former Bremerton Mayor Cary Bozeman and Congressman Norm Dicks. Manette is the cool - quirky area where you can find several different types of homes and retail outlets. You can see Ferries taking travelers through Rich Passage from many of the view decks in this community.

Why is WSDOT replacing the Manette Bridge? The Manette Bridge, which was built in 1930, is structurally deficient and functionally obsolete.

Here are some up-to-date facts concerning the new bridge and its design per the WSDOT website - 

November 2009

The project team is currently finalizing design of the bridge. Advertises for bids in March 2010. Construction begins in summer 2010.

Roundabout on Manette side At the request of the City of Bremerton, the intersection on the Manette side of the new bridge will be configured as a roundabout.

More information on the frequently asked questions page. View a video of the proposed roundabout design.

Evergreen Rotary Park - 1400 Park Avenue Bremerton - Evergreen District

• 10 acre
• 1,900 feet of shoreline
• 1 group shelter
• 6 shelters
• 39 picnic tables
• 4 BBQs
• 2 half-court basketball
• Boat launches
• Sand volleyball court
• 75 parking spaces

Evergreen Park is the city's premier park with the highest use rates. The location is just amazing. I love just walking the trails and being able to just sit and watch people, birds and weather.

If you need a place for a family picnic this is the place. There are 5 shelters and 39 picnic tables. The park encompasses 10 acres and had 1900 feet of shoreline. And can you believe - A boat launch!

If you want to BBQ there are 4 located at Evergreen Park. If you want to have some games you could arrange to have a volleyball tourney with friends on the sand volleyball court. Or just shoot some hoops with your kiddos at the 2 ½ court basketball courts.

For the younger kids there is a huge play area with lots of climbing and imagination equipment. Plenty of parking (75 spaces) and if you need you can reserve a shelter by calling the Bremerton Park and Recreation department at (360) 473-5305.

Harborside Fountain Park - 251 1st Street Bremerton - Downtown - Harborside District

• 5 fountains
• Granite Sculptures
• Naval History Museum
• Waterfront Views
• Restrooms
• Tables and Benches

There are these five copper fountains that "burst" water into the air at different times and different intervals. I had no idea. I was just watching the water fall down the sides when all of a sudden "burst" and with this loud swishing water sound out came this large stream of water. I was so caught off guard that I screamed!! I was the only one in the park so that made me laugh!!