The Federal Reserve has determined that a homeowner’s net worth is 36x greater than that of a renter.
There are many renters out there who want to become homeowners, but don’t believe that they can afford to make the jump. There are also many Millennials that haven’t yet left their parent’s home, who are making the decision to move out into a rental instead of a home, for the same reason.
Now is the time to stop renting and start building net worth as a homeowner!
“Either Way You’re Paying A Mortgage”
The truth and simplicity in the statement, “either way you’re paying a mortgage, yours or your landlord’s,” is the “aha” moment that many may need to realize that there is a better way. Simply and effectively breaking down the market and getting the information out there to decode the conflicting reports that many potential homeowners are exposed to every day is step two.
RENTAL COST – Where it’s Been & Where it’s Going
"Over the past fourteen years, rents have grown at twice the pace of income due to weak income growth, burgeoning rental demand, and insufficient growth in the supply of rental housing. This has created real opportunities for rental housing owners and investors, but has also been a bitter pill to swallow for tenants, particularly those on an entry-level salary and those would-be buyers struggling to save for a down payment on a home of their own," said Zillow Chief Economist Stan Humphries.
"Next year, we expect rents to rise even faster than home values, meaning that another increase in total rent paid similar to that seen this year isn't out of the question. In fact, it's probable."
The median cost of renting has skyrocketed since 1988, as shown by the graph below.
Did you know that as a home buyer you can lock in you housing cost for the next 30 years by signing a mortgage?! Sounds better doesn’t it?
OWNING A HOME
Now is a great time to buy! Interest rates and home values are expected to climb in 2015.
The opinion of the 100+ experts who participate in the Home Price Expectation Survey is that home values will increase by approximately 3.8% over the next twelve months and by over 23.5% over the next five years. The entities that project future mortgage rates see them increasing by almost a full percentage point by the end of the year.
This means that the median priced home in the country will ‘cost’ a buyer almost $180 more a month by this time next year. That will be an additional $2,100 paid annually by the purchaser; about $63,000 over the life of a 30-year mortgage.
It is time to look into purchasing that first home! Call us today!
If you live in Kitsap, or the surrounding Counties, you have seen one of the “Baseball Cards” below.
It is the familiar face of the Sheriff Steve Boyer. The text on the back of the card reads: “Sheriff Steve Boyer is a 43-year law enforcement veteran. He is proud to serve the community alongside the outstanding men and women of the Sheriff’s Office. Peace and safety for all citizens is their Goal.” This describes what Sherriff Boyer had done but not who he is!
On Sunday the 11th of Janury 2015, Sheriff Boyer officially retired from his 43 years of experience in law enforcement. Irene and I were honored to be in the large group of people gathered at the Admiral Theater for this special occasion. Steve served 4 terms as Kitsap County’s Sherriff. Over his 15 years as the sheriff he has significantly lowered the crime rate, improved the training for our deputies, and helped provide a larger budget for our local offices. And he has done it all the while with a smiling face!
Speeches were made… stories were told… tears were shed… and laughter was spread. It was obvious that Steve had, in one way or another, touched the hearts of everyone in the room.
One attendant told a story that we think describes Steve well. Saying: I asked a democrat about Steve and he said “Steve Boyer is an amazing democrat and man!” Next I talked to a republican who told me, “Steve Boyer is a democrat but he is an amazing man!” Steve always had a way of diving to our hearts to get at the core of the issues. He is a people person at heart.
Throughout his long and bright Law Enforcement career Steve Boyer has never made it about himself. At the end of his heartfelt speech Steve insisted that we do not stand and clap for him or his service, but for the Community, the Kids, and the Safety of Everyone.
We are very thankful to your wife Judi Boyer and your wonderful supportive family for their sacrifice and dedication to the community. You will always be remembered as a great husband, a great father, a great public servant and a great friend.
The 2015 and last edition of Steve’s card leaves us with the following message:
“May your soul give courage
Your Mind Wisdom
Your heart compassion”
We commend you Steve Boyer for your Courage, your Character, and your Commitment.
We track several key indicators to determine the current state of the market and anticipate future trends. If you would like to know what's happening in your neighborhood, give us a call. We've got the data and expertise to help you make an informed decision.
CURRENT PRICE TRENDS: PRICES WILL RISE!
This report is for all of Kitsap County excluding Bainbridge Island as their statistics throw the rest of the county oﬀ. The median price for 2014 is $220,733 down –2% from 2013. Low inventory is still a problem which is keeping upward price pressure on our existing market. Homes that are priced well and in good showing condition seem to be selling well, often receiving multiple oﬀers especially if they are in particularly good locations. Interest rates are holding steady and Windermere continues to be the market leader in the county for 2014 with a 31% market share of the dollar volume. Our Windermere economist predicts prices will continue to rise in 2014 by 1% to 2% and interest rates should continue to be exceptional!
MARKET ACTIVITY: INCREASED!
Inventory took a sharp dip in January but then recovered very nicely by March and stayed very steady until Holiday time in November. We currently have 856 home available as opposed to 1340 homes available at the end of August – a 36% reduction. There were 3217 sales in 2014 vs 2926 in 2013 – a 10% increase in volume of sales. We anticipate seeing another large increase in inventory coming on the market by March so if you are thinking of selling, now is the me while inventory is low. Prices have leveled oﬀ with no signiﬁcant signs of deep reductions as long as sellers price at market value. Absorption of inventory varies between area and price range.
FINANCIAL MARKET TRENDS: GREAT TERMS!
Interest rates fluctuate regularly, particularly in today’s market. A 30 year fixed rate mortgage today will cost approximately 3.75 – 4%. Don’t wait for better terms!
Remember, every 1% increase in interest rates reduces your purchasing power by approximately 10%. Don’t miss this extraordinary opportunity to purchase a home near the bottom of the market, with fantastic interest rates!
– Irene & Chris Wurden
The Kitsap Peninsula is one of the most underrated areas in the United States for High quality Luxury Homes. Below we have featured 11790 Anderson Landing NW, Silverdale Washington 98383 located a beautiful 1 hour ferry ride and twenty minutes drive from downtown Seattle. Here at The Wurden Team we are proud of the amazing Lifestyle offered here in the Kitsap Peninsula. Just take a look for yourself!
$2,495,000 | MLS#611128 | 5.56ac | 5962sf | 3br | 2.5bth | 300ft no-bank Beach Front
JUST A 1 HOUR FERRY RIDE & 20 MINUTE DRIVE FROM DOWNTOWN SEATTLE
One of Western Washington and the Olympic Peninsula’s finest properties that truly “has it all”. With Western exposure & ~300 feet of sandy beach waterfront; experience breathtaking views of the Olympic Mountain Range framed by romantic sunsets and plentiful blue waters of the Hood Canal. Escape to the peacefulness of this seaside estate tucked away in a quiet & private neighborhood known as Anderson Landing.
The Ultimate architectural design for the Northwest lifestyle. This outstanding modern home offers 5962 square feet, 3 bedrooms & 2.5 baths on one level with a bonus room above. This one of a kind custom built Estate is beautifully situated in spacious surroundings on 5.46 acres of land. A definite must see for the most particular clients requiring serenity & privacy.
Abundant space for entertaining, spectacular entry, & gallery are fabulously lit. Master suite on main floor with luxurious master bath – marble throughout and glass shower. Gourmet kitchen complete with butler’s pantry, commercial grade appliances & marble counter-tops. Private gated entry, drive-through 4 car garage, & automated boat house with rails. Enjoy commanding unobstructed vistas of Puget Sound’s Hood Canal & Olympic Mountain Range.
A rare gem, this property embodies the Northwest Lifestyle. Partake in the water’s plentiful salmon, crab, oysters, shrimp and clams on your private no-bank beach & tidelands that extend out 1,127ft. Located just minutes from the new Olympic View Marina in Seabeck and just a short ways away from multiple World Class Golf Courses.
Come make this home your own and enjoy life at the OCEAN’S RIDGE.
– Irene & Chris Wurden
"There are very few people in the world like her. She is probably the closest person I know who wears a Halo.
And you can quote me on that."
– Ron Corcoran
What an amazing woman! She is an inspiration to us all here at the Wurden Team. We hope to be like her at 80!
A daughter, a mother, a grandma, and a great grandma. We love you June!
– Irene & Chris Wurden
Online Article can be found here: Kitsap Sun
We look forward to working with you in the New Year.
Reach us any time. We are here for you!
Irene & Chris Wurden
Mother & Son Real Estate Team
Windermere West Sound Inc.
"AT THE CLOSE OF ANOTHER YEAR
WE GREATFULLY PAUSE…
TO WISH YOU A WARM AND HAPPY
Christmas the Time of Community & Giving!
Every December at Windermere Poulsbo, Silverdale, and Kingston we sponsor an office wide Christmas Angels Event. You may be wondering, “What is a Christmas Angels Event?
“The Christmas Angel program helps ensure that a child can open a gift on Christmas morning. The One-Call-For-All, CFC and United Way campaigns raise local funds to help support health and human service agencies that provide case management programs to help children succeed, support vulnerable and aging populations, promote health and wellness and help build communities that care.” – United Way of Kitsap County Director – David Foote
Every family in the program chooses 3 wants and 3 needs for their profile. Each Broker at our sponsored event chooses a child (or two) to shop for. This year we had a grant total of 34 families!
We are privileged to take part in this fantastic event and all of our warm wishes go out to 5 month old Elyzabith and her amazing family!
We hope you have an amazing Holiday Season and look forward to you becoming a part of our local Kitsap Peninsula Community.
If you would like to sponsor your own Christmas Angels Event head over to the Kitsap Community Resources Page or dial
We are so proud to be a part of this amazing Community! Together with the generosity of donors like you we have helped raise over $1.1 million for the Windermere Foundation. All of these proceeds go directly to social service organizations that helped hundreds of families meet their basic needs.
DONATIONS & GRANTS Update through 2014 Quarter #3
At the Wurden Team we are proud to donate to the Windermere Foundation every time we bring a sale to a close. If you've bought or sold a home with us, then you are a part of the Windermere Foundation, and you have made a positive difference in the lives of your neighbors in need! This Year together we have made 28 direct donations to the Foundation! We cannot express enough how privilidged we are to work with all of you!
More information on specific programs can be found here. As well as the opportunity to donate to this important cause.
Have a fantastic day,
Irene & Chris Wurden