So, is it a good time to buy real estate in the Bremerton, Silverdale, Port Orchard area of Kitsap County? The question isn't as easy to answer as you may think. Do you wait for the "bottom out"? How will you know when we hit bottom? Do you chance waiting and then find yourself buying on the "upswing"? These are all very important questions and questions that many real estate experts are trying to answer for their buyers.
Right now I don't think that any real estate professional can really give the perfect advice. You see we have all the data but it is all really new data. The trends have changed, the market has changed and we have had to really study and become involved with market data more so than a few years ago.
There are times when I am out showing a home and answering questions and I have said, "I don't know". Buyers want to know what they can "get". Well, everyday there are strange things happening so the "get" part is a mystery. I tell my buyers what others have "got" and really some have "got a lot" and some have not.
Just like real estate is local and "one size doesn't fit all" the same holds true for buyers. This may be the perfect time for you to buy and it may not. What we need to do is find out what is best for you. That is why you need a real estate agent that will help you buy a home and not just sell you a home. There is a difference. Call me and we can discuss that in more detail.
Does a buyer's market mean you can "low ball" or ask for a ton of concessions? The answer is - not really. Within a "buyer's market" we sometimes find a "seller's market" in certain areas or price ranges. So we need to still do our research which will include a comparative analysis of homes when we find the home you want to write a purchase and sell agreement on.
Being a buyer's market you now have the opportunity to take some time, do some research and relax a little. We are not going to see as many multiple offers, we are going to be able to ask for some concessions like closing costs, home warranty plan, appliances - there is some room for flexibility because the seller knows the buyer pool is a little on the low side.
As a buyer you still must realize that the seller has goals too and some might even be offended if you offer a lower price. But don't worry through the research process we will know how to overcome this objection with evidence we have gathered with our comparative analysis.
Posts of Interest
First Time Homebuyer
- $8,000 First Time Homebuyer Tax Credit | Who is Eligible in Kitsap County
- It's Official - 1st Time Homebuyers Receive $8,000 Tax Credit Windfall!
- $8,000 First Time Homebuyer Tax Credit | Want your money Now?
Kitsap Area Real Estate Market Stats
- Kitsap County Real Estate Market Data 2007 vs 2008
- Bremerton Real Estate Market Data 2007 vs 2008
- Silverdale Real Estate Market Data 2007 vs 2008
- Port Orchard Real Estate Market Data 2007 vs 2008
Kitsap Real Estate FYI
- Kitsap County | Pending Sales | What a week
- Bremerton Real Estate | New Construction Homes
- Kitsap County Home Buyer's | Closing Costs Paid by Seller
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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Hey, great information. Thanks for the post about your area.
Brian, Thanks for reading. I hope to visit your area some time next year. I am headed over to your blog to see what is happening!
Jo for those buyers that don't have a short time horizon and know they will not need to sell for a few years, now is a great time. Historic low rates, and 8k tax credit, and prices that have come down a lot!
Great rates and lots of great buys. All they have to do is get off the fence.
Research in an area will show the amount of recent decrease in value if any.
Great blog.
Glenn Shong
Bill, You are so right! Gone are the days of pulling equity to buy that boat - but here are the days of great rates and great buys! First time buyers are loving this!
Tom, Have you seen that commercial of the family sitting on the real fence - isn't it a re/max ad? Love it!