Poulsbo, WA

Maybe it's just a bad dream, a horrible nightmare, or worse, another badly produced installment of 'Saw' or 'Friday the 13th'!

But's it's the Halloween season on the spooky Kitsap Peninsula, and another one of my transactions has fallen prey to the "Curse of the VA Appraisal!".....

What began as a seemingly normal and relatively smooth contract between my Sellers and some wonderful Buyers, has suddenly spiraled into the deepest, darkest recesses of VA Hell...

To read the rest of the spine-tingling tale of VA terror, follow this link to SOUNDBITEBLOG (opens up into a new window for your viewing pleasure)

UPDATE: I just received the following email from the Buyer's Lender that further re-states VA's extremely subjective and baseless requirement:

"Yes, I spoke to our underwriting manager and she said since the SAR (staff appraisal reviewer) ruled that the deck needed a rail in order to be in compliance with VA guidelines regarding Safe, Sound, and Sanitary conditions. I also spoke to the VA office in Denver and the gentleman I spoke with gave me pretty much the same answer. (except not so kind) I also asked both parties if this was documented anywhere and they said the section of the handbook addressing the Safe, Sound and Sanitary conditions would cover this issue."

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Rich Jacobson is a licensed real estate professional 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

Homes in Silverdale were selling for a September median price of about $275,000. This median is down 8% percent from a year ago. Silverdale's more stable 3 month moving average median closed sale prince in September of $284,333 was down about 4% from a year ago. The Kitsap County 3 month moving average median price is down 8% compared to a year ago. The 3 month moving average for Silverdale's number of closed sales was 67% higher than a year ago, compared to a rise in closed sales of 14% for the County as a whole. The number of Silverdale pending sales in September is up 7% from a year ago, but recall this number includes pending short sales that may not close. The number of active listings in Silverdale (93) is 23% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 5.5 months, same as last month and very good compared to many areas. Silverdale is looking now like a seller's market, but there appears to be a large shadow inventory of unsold homes not currently on the market that will deter prices from rising.

More about Silverdale Real Estate

These statistics are for Poulsbo, including the downtown core, from the head of Liberty Bay southeast to Ne-Si-Ka Bay, and parts north to Sawdust Hill Rd. Other parts of Poulsbo and its suburbs should have similar trends. The September median sales price for Poulsbo was $301,000, down about 8% from a year ago. The more stable three month moving average closed sale price was $291,987, about 11% lower than in September 2008. The Kitsap County 3 month moving average median price has fallen 8% over the past year. The 3 month moving average number of closed sales in Poulsbo rose 5% from a year ago. The number of closed sales is up 14% Countywide from a year ago. September pending sales were down 7% in Poulsbo. Recall this number includes pending short sales and new construction that may not close soon. The Poulsbo listing inventory (98) is 36% lower than a year ago. The inventory turnover (total homes on the market divided by number sold last month) is 5.2 months, somewhat worse than the 4.4 months reported last month - but still very good. Poulsbo is probably still a buyers market because of the shadow inventory of homes pulled off the market in the past year without selling, but looks like it has improved recently.

More about Poulsbo Real Estate

The following is a brief analysis of the combined single-family home and condo market within Kitsap County, Washington for September 2009, provided by Rich Jacobson of Windermere Real Estate, in Silverdale, WA (this includes data for Bainbridge Island WA)

• Properties currently active on the market: 2056
• Properties closed in the last 180 days: 1414
• Average Sales Price: $298,850
• Average List Price: $311,121
• Ratio of List Price to Sales Price: 96%
• Average Days on Market: 96
• Sales Pending this Week: 68

Poulsbo WA statistics separately: (Area 166)

• Properties currently Active on the market: 116
• Properties closed in last 180 days: 112
• Average Sales Price: $321,722
• Average List Price: $329,347
• Ratio of List Price to Sales Price: 98%
• Average Days on Market: 89
• Sales Pending this week: 7

WHAT’S HAPPENING NOW?

The Fall season on the Kitsap Peninsula WA is definitely upon us! Temperatures are cooling down, the mornings are darker, and local high school football is in full swing!

In most markets across the country, real estate is seasonal, and typically begins to slow down once school starts back up. But here in Kitsap County WA we still are experiencing a steady flow of activity, especially with Buyers trying to take advantage of the $8000 Federal Tax Credit for 1st Time Home Buyers. In order to qualify for this credit, the purchase contract must be closed no later than December 1st, 2009.

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For more additional information and resources concerning real estate in Kitsap County WA and the Western Puget Sound, access my website, Kitsap Life .

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Rich Jacobson is a licensed real estate professional 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, ActiveRain, and Crabbing in the Hood, or e-mail: kitsapagent@gmail.com

The picture shown above was taken for Mother's Day 2009. From left to right: Alex, our daughter-in-law (Ben's wife); Luke, Ben, Emily, and Elliot.

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Rich Jacobson is a licensed real estate professional 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