Every year the Downtown Bremerton Association presents the Annual St Patrick's Day Parade. Its a small town fun time for all. This year the parade can be on the actual day of the holiday - March 17 is on a Saturday. A couple of years ago I went down and took photos and some video so I could share when ever the time came around each year.

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.

Real Estate Values

Here on the scenic Kitsap County WA peninsula, we are fortunate to have a very large military community comprised of Naval Base Kitsap, including the Puget Sound Naval Shipyard, Bangor Subase, and the Keyport Naval Undersea Warfare Center.

As such, many of the active-duty, active reserve, and retired service members buy homes here in Kitsap County WA using VA Home Loan financing. This is a very popular loan product of choice mainly because it doesn't require that the Buyer contribute a down payment.

VA Home Loan rates are usually fairly competitive compared with conventional loan rates. The current VA Home Loan rate is hovering around 3.75% to 4% for a 30-year fixed mortgage, and at 3.0 to 3.25% for a 15-year fixed mortgage. The maximum loan limits here in Kitsap County WA are presently set at $417,000. However, if a Veteran elects to purchase a home with a sales price higher than the loan limit, a down payment is then required which is 25% of the difference between the loan amount and the sales price.

Here in Kitsap County WA, it is fairly common for the VA Buyer to ask the Seller to contribute towards paying a portion or all of their closing costs (typically up to 3% of the sales price).

One of the distinctions of using VA financing to purchase your home is the VA appraisal process. Not only does the VA appraiser analyze comparable market data to determine current valuation, but they also inspect the home to determine if any conditions need to be remedied/resolved prior to closing. These typically involve primary home systems such as electrical, plumbing, and heating, or structural issues, like roof, siding, crawlspace, or foundation. They also look for any concerns relating to safety like steps, handrails, and decks.

So even though you conduct a full home inspection and negotiate any needed repairs with the Seller, the VA appraiser may call out additional conditions that will need to be resolved prior to closing. Just understanding and knowing about the VA appraisal helps VA Buyers to anticipate potential issues or delays to the home buying process.

For more information on the VA Home Loan process, go to the Overview of the VA Home Loan Program.

The first part of the VA home buying process is to connect with a knowledgeable mortgage lender to determine your eligibility and budget price range. I highly recommend Rhonda Porter with Mortgage Masters. You can connect with her through her popular blog, The Mortgage Porter. To get Rhonda's regular rate updates, follow her on Twitter @mortgageporter.

If you're a 1st Time VA Home Buyer, or even a repeat VA Buyer, give me a call @ 360.440.4758 or email at KitsapAgent@gmail.com, and I would be honored to assist you in your VA Home Buying Adventure!

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Rich Jacobson is a licensed real estate professional with Keller Williams West Sound, 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, SoundBiteBlog, and Crabbing in the Hood, or e-mail: kitsapagent@gmail.com

Statistics are for the Bremerton downtown core and west to Kitsap Lake. The market for other parts of Bremerton and its suburbs should be similar. Bremerton homes were selling for a month end median price of $115,000 at the end of January, 12% lower than a year ago and 17% lower than last month. This large fluctuation in price is most likely an anomaly because of the higher percentage of distressed sales. 57% of closed sales were distressed properties. The more stable 3 month moving average median price ($129,329) was about 13% lower than a year ago and 4% higher than last month. The Kitsap County 3 month moving average median price is about 10% lower than it was a year ago. Bremerton's 3 month moving average for number of closed sales is 4% lower than a year ago and 13% lower than last month. The 3 month moving average of closed sales is down 5% Countywide from a year ago. The 3 month moving average number of Bremerton pending sales is up 52% from last year. The number of Bremerton active listings (115) is 6% higher than a year ago and 9% lower than last month. The inventory turnover (total Bremerton homes on the market divided by number sold last month) is 8.2 months, slower than both the 7.1 month turnover last month but faster than the 12 month turnover of a year ago. The Bremerton market is still a buyer’s market.

More About Bremerton Real Estate

Originally Posted at: Homefront Realty

Bremerton WA Real Estate | Homes Sold January 2012

During the month of January there were 41 homes that sold in Bremerton. [zip codes: 98310, 98311, 98312, 98314, 98337]. 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 and 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 41 Bremerton homes -

Bremerton January Homes Sold 2012

Total number of Homes Sold	41
Median Original List Price	$169,900
Median List Price	$150,000
Median Selling Price	$141,000
Cumulative days on Market	94
Days on Market	63

Here is a great chart to compare the sold properties by Month over the last year. Gives us a good look at the year that was 2011. The summer selling market did take place along with a couple of months that had usual spikes. October was a surprise with that sold high of 86. Our prices are still declining and will probably show a decline into and through 2012 with bank foreclosure inventory being released. Currently a 13% decline in median price from 2011. I do believe that if you are a seller and would like to sell you must list early in the year to garner the best possible price. The median sales price has come back up after that huge dip in November.

Not a bad time to purchase a home in Bremerton, Washington. Prices are down, interest rates are at an all time low you might want to look at what it means to you.

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.

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 here at Homefront Realty 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.

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

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