Bremerton : Silverdale : Port Orchard : Poulsbo

Bremerton's 20th Annual Saint Patrick's Day Parade and Celebration | Saturday, March 13, 2010

Jo Soss [360] 990-1433 (HomeFront Realty ) — Mon, 08 Mar 2010 18:41:20 -0600

20th Annual

St Patrick's Day Parade.

Schedule of Events for March 13th, 2010

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

Be Irish for the day by joining in the fun in downtown Bremerton on Saint Patrick’s Day. This year there is a new route to include the new tunnel, You can download the map HERE.

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.

Search all homes here. Sign up for email delivery of just listed homes. Search Bremerton, Port Orchard, Silverdale, Naval Base Kitsap area or any home listed in the huge Puget Sound area. All homes that are for sale with any agency through the NorthWest MLS data base.

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About the Author...

Jo began her real estate career back in 1994 and soon found out that she loved selling real estate and that she was really good at it! Lots of people sell real estate, but not everyone is good at it. Jo brings to her clients the commitment to work hard and have fun along the way. As Jo continues to learn the technology of today to be on the cutting edge of multimedia she takes pride in her ability to keep her trademark "old-fashioned" customer service alive. If you are looking to sell or purchase a home in Kitsap County call her office today. You can also find out more about the area by visiting her blog www.WestSoundLive.com or her web sites www.HomeFrontRealtyOnline.com

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Silverdale WA Real Estate | February Homes Sold 2010

Jo Soss [360] 990-1433 (HomeFront Realty ) — Mon, 08 Mar 2010 12:28:13 -0600

During the month of February there were 5 (1 less than January) homes that sold in Silverdale. These Silverdale 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 Silverdale Washington.

Let’s look at those 5 Silverdale homes that sold in February -

Average List Price

$286,570 [$268,117 January, $318,570 December]
$136 per sq ft

Average Sold Price

$281,970 [$259,483 January,$308,880 December]
$134 per sq ft

The average sq ft of these Silverdale homes was 2062 sq ft. These homes spent an average of 93 days on the market (DOM). Days on market continues to drop in Silverdale.

The list to sale ratio for these homes was 98.39 percent. What that meas is that buyers offered 98.39% of what the seller requested.

Not a bad time to purchase a home in Silverdale, 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 12.4 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 for the first part of 2010is not a trend.

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

Bremerton WA Real Estate | February Homes Sold 2010

Jo Soss [360] 990-1433 (HomeFront Realty ) — Sun, 07 Mar 2010 16:17:40 -0600

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!

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

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.

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

Port Orchard WA Real Estate | February Homes Sold 2010

Jo Soss [360] 990-1433 (HomeFront Realty ) — Thu, 04 Mar 2010 10:49:35 -0600

During the month of February there were 32. [10 homes less than January and a decline from December too.] homes that sold in Port Orchard. These Port Orchard 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!

Let’s look at those 32 Port Orchard homes -

Average List Price

$ $241,177 [$245,351 January]
$126 per sq ft

Average Sold Price

$227,483 [$239,603 January]
$119 per sq ft

The average sq ft of these 32 Port Orchard homes was 1907 sq ft. These homes spent an average of 102 days on the market (DOM) [50 less than January - price is the key].

The list to sale ratio for these homes was 94.32 percent. What that meas is that buyers offered 94.32 of what the seller requested.

Not a bad time to purchase a home in Port Orchard, 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

So what can $6,500 really do? Incentive for “step-up” buyers

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 12.78 months, up from 8.9 in January. There are 410 homes currently on the market – ouch! We had been down to 6 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. Spring is almost here and the tax credit is going to expire in April - I hope this spurs the market!

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.

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

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Bremerton Real Estate Market Snap Shot - It's almost Spring!

Jo Soss [360] 990-1433 (HomeFront Realty ) — Fri, 26 Feb 2010 09:17:26 -0600

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.

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Port Orchard WA Real Estate | January Homes Sold 2010

Jo Soss [360] 990-1433 (HomeFront Realty ) — Thu, 11 Feb 2010 13:03:42 -0600

During the month of January there were 42. [only 7 homes less than December] homes that sold in Port Orchard. These Port Orchard 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!

Let’s look at those 42 Port Orchard homes -

Average List Price

$245,351 [$275,956 December]
$126 per sq ft

Average Sold Price

$239,603 [$270,345 December]
$123 per sq ft

The average sq ft of these 42 Port Orchard homes was 1991 sq ft. These homes spent an average of 152 days on the market (DOM).

The list to sale ratio for these homes was 97.65 percent. What that meas is that buyers offered 97.65% of what the seller requested.

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

So what can $6,500 really do? Incentive for “step-up” buyers

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 8.9 months – ouch! We had been down to 6 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 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.

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

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Silverdale WA Real Estate | January Homes Sold 2010

Jo Soss [360] 990-1433 (HomeFront Realty ) — Sun, 07 Feb 2010 18:33:58 -0600

During the month of January there were 6 (4 less than December) homes that sold in Silverdale. These Silverdale 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!

Let’s look at those 6 Silverdale homes that sold in January -

Average List Price

$268,117 [$318,570 December]
$141 per sq ft

Average Sold Price

$259,483 [$308,880 December]
$137 per sq ft

The average sq ft of these Silverdale homes was 2176 sq ft. These homes spent an average of 112 days on the market (DOM). Down from 135 in December. Days on market continues to drop in Silverdale.

The list to sale ratio for these homes was 96.78 percent. What that meas is that buyers offered 96.78% of what the seller requested.

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

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 9.5 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 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.

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

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Bremerton WA Real Estate | January Homes Sold 2010

Jo Soss [360] 990-1433 (HomeFront Realty ) — Sun, 07 Feb 2010 17:14:18 -0600

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!

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.

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

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.

Bremerton Real Estate 2009 Market Reports

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Kitsap County Real Estate | January Market Watch

Jo Soss [360] 990-1433 (HomeFront Realty ) — Sun, 07 Feb 2010 17:11:36 -0600

During January in Kitsap County there were 490 new listings added to the existing inventory which brought the number of homes, town-homes and condominiums to 1619. During this same time 259 homes went to the pending status, which means there was an offer written and accepted with a closing date in the future. January came to a close with 177 homes sold in Kitsap County. The average sales price was $274,479 and the median price was listed as $224,000.

The statistics for Bremerton are here - | Bremerton WA Real Estate | January Homes SOLD 2010

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

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.

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

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Bremerton Downtown Harborside District

Jo Soss [360] 990-1433 (HomeFront Realty ) — Mon, 01 Feb 2010 16:09:58 -0600

Bremerton Downtown Harborside District has it all! If you haven't been downtown Bremerton in a while you need to take a day and spend it downtown! Sit out on the Bremerton Marina benches clear out in the water. See the Lone Sailor Monument. Walk over to the USS Turner Joy and take a tour. Head down to the Harborside Fountain Park and put your feet in the water. Walk over to the Naval Museum and then take a look at the new PSNS Memorial Park. Yes, Bremerton Downtown Harborside District has it all!

Harborside District

Anthony's HomePort Restaurant

Harborside Condominiums

Harborside Fountain Park

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CHANGES AT FHA

Jo Soss [360] 990-1433 (HomeFront Realty ) — Sat, 23 Jan 2010 23:50:16 -0600

You can't get any more correct than this when it comes to the changes.

Mr David Stevens is the Assistant Secretary of Housing - FHA Commissioner.

He has joined the network and is giving us the most up-to-date and correct information. I am so excited he is here!

Via David H Stevens (United States Dept. of HUD):

I wanted to take a moment to make sure you are familiar with events surrounding a sweeping set of policy changes for FHA announced earlier this week. The announcement details the changes that Secretary Donovan promised to deliver by the end of January when he testified before Congress last month.

The new policies are designed to strengthen the FHA's capital reserves so we can continue to fulfill our mission of serving underserved communities. In addition, we were determined that these changes should support, not disrupt, the nation's housing market recovery. Bringing these changes to market has been the result of a lot of hard work and long hours. And, I am proud to have worked with so many of you on this initiative.

What changes will be implemented? We announced the following on January 20:

Increase the up-front mortgage insurance premium (MIP) to 2.25%;

Update credit score and down payment requirements for new borrowers;

Reduce seller concessions to three percent, from six percent; and

Implement a series of significant measures aimed at increasing lender enforcement.

When combined with the risk management measures announced in September of last year, these new changes are among the most significant steps ever taken by FHA to address risk. Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market's recovery. Importantly, FHA will remain the largest source of home purchase financing for underserved communities.

Let's go into more detail:

Announced FHA Policy Changes:

1.      Increase the MIP to build up capital reserves and bring back private lending.

o    The first step will be to raise the up-front MIP by 50 basis points to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.

o    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.

o    This shift will allow for the capital reserves to increase with less impact on the consumer because the annual MIP is paid over the life of the loan instead of at the time of closing.

o    The initial up-front increase is included in Mortgagee Letter 2010-02 and will go into effect in the spring.

2.      Update the combination of credit scores and down payments for new borrowers.

o    New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 credit score will be required to put down at least 10%.

o    This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.

o    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.

3.      Reduce allowable seller concessions from 6% to 3%.

o   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.

o   The 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.

4.      Increase FHA lender enforcement.

o    Publicly report lender performance rankings to complement currently available Neighborhood Watch data which will be accessible via www.hud.gov on February 1.

§ This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.

o    Enhance monitoring of lender performance and compliance with FHA guidelines and standards.

§ Implement Credit Watch termination through lender underwriting ID in addition to originating ID.

§ This change is included in Mortgagee Letter 2010-03 and is effective immediately.

o    Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process.

§ Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.

o    HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:

§ Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite.

§ Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative.

Note: This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches.

In addition to the changes I have outlined, we are continuing to review FHA's overall response to housing market conditions, to evaluate its mortgage insurance underwriting standards, and to improve its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.

I know this is a lot of information to absorb. Listed below are links to some of the major stories about the announcement. I promise to keep you aware as we implement these changes going forward.

Wall Street Journal (Nick Timiraos, 1/20) "FHA Sets Tighter Lending Requirements" The Federal Housing Administration is implementing more-stringent lending requirements and higher borrower fees to cushion against rising defaults and stave off the need for a taxpayer bailout of the agency. LINK



Washington Post (Dina ElBoghady, 1/20) "FHA plans to require borrowers to produce more cash for downpayments" The Federal Housing Administration plans to increase the amount of up-front cash paid by all new borrowers and to require higher down payments from those with the poorest credit, according to agency officials. LINK



Chicago Tribune (Mary Ellen Podmolick, 1/20) "FHA homeownership rules to change" The Federal Housing Administration announced changes Wednesday that will make it more expensive for homebuyers to secure agency-backed mortgages while some consumers will be priced out of the housing market. LINK



CNNMoney.com (Tami Luhby, 1/20) "FHA loan requirements will make it harder to get a mortgage" It's going to be harder to get a government-backed mortgage from now on. LINK

CNBC.com (Diana Olick, 1/20) "FHA Boosts Insurance Premiums to Cushion Defaults" In a move to shore up the FHA's beleaguered balance sheet, Commissioner David Stevens on Wednesday announced big changes at the government mortgage insurer that now backs about half of all home loans to the nation's minorities. LINK

I want to thank you for your efforts to keep this housing system on track. The role of the Real Estate Agent, Mortgage Lender, Settlement Service Provider, and all who make the dream of homeownership a reality, is critical to stabilizing this economy. Your work is for a good cause. We really are making a difference in people's lives. Thanks for the partnership!

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Bremerton Real Estate Talk | More Changes to FHA | Interest Rates

Jo Soss [360] 990-1433 (HomeFront Realty ) — Fri, 22 Jan 2010 22:25:20 -0600

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.

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Bremerton Homes For Sale | Market Watch January 2010

Jo Soss [360] 990-1433 (HomeFront Realty ) — Thu, 21 Jan 2010 13:34:19 -0600

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.

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Bremerton Real Estate | Homes Sold Past

Jo Soss [360] 990-1433 (HomeFront Realty ) — Tue, 19 Jan 2010 13:42:18 -0600

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.

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Bremerton Boat Show - Bremerton Marina - Harborside District - Jan 22nd - 24th

Jo Soss [360] 990-1433 (HomeFront Realty ) — Sun, 17 Jan 2010 17:21:56 -0600

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!

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Bremerton : Silverdale : Port Orchard : Poulsbo

Bremerton's 20th Annual Saint Patrick's Day Parade and Celebration | Saturday, March 13, 2010

20th Annual

St Patrick's Day Parade.

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