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.
Author:Jo Soss
Jo Soss is the designated Broker and the owner of Homefront Realty in Bremerton Washington. Selling real estate in the greater Puget Sound area since 1994 she has vast knowledge in all aspects of a real estate transaction. Using today's technology with her signature personal service allows her to achieve complete customer satisfaction.
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Jo very nice job keeping everyone in your area up to speed with what is going on in the market!