Wurden Team: Poulsbo Real Estate Market Update!
MONTHS SUPPLY OF INVENTORY:
You can easily see the downward trend we have been experiencing throughout Kitsap County since the Recession.
The Poulsbo Real Estate area currently has the lowest Months Supply of Homes for sale when compared to Kitsap county (as a whole) and Bainbridge island separately.
Poulsbo is experiencing 1.9 months of inventory. Which shows an incredibly strong Sellers Market.
As we usher in 2017 we start the year were at the low inventory period for new listings 2016.
In December 2016 there were only 26 new listings in Poulsbo 98370! Slightly below Bainbridge at 28.
This means that there are very few competing listings for those active on the market!
Buyers do not have many alternative choices so the negotiation power slides to our Sellers.
MEDIAN SALES PRICE
Overall, the Median Sales price of the Poulsbo area has recovered to pre-recession Bubble prices.
This is the best we have ever seen!
More information here on why the are not experiencing another bubble:
SOLD % OF LIST PRICE:
At 100.1% Houses in the Poulsbo Real Estate Market are selling for higher than list price more than in any area of Kitsap or Bainbridge Island separately.
This means there is more demand than supply in the Poulsbo area and multiple offer situations!
THE BOTTOM LINE?
Today is the best Poulsbo Real Estate Market we have seen since the Recession for Listing and Selling your home. Due to the low supply and high demand in your area it is possible that your home may sell for higher than list price.
We strongly recommend exposing your home to the current favorable market forces… Contact us for a Comparative Marketing Analysis to see what your home could sell for today!
Irene & Chris Wurden (360) 731-8821
Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV Real Estate binge session? We’ve all been there… watching entire seasons of “Love it or List it,” “Fixer Upper,” “House Hunters,” “Property Brothers,” and so many more, just in one sitting.
When you’re in the middle of your real estate themed show marathon, you might start to think that everything you see on TV must be how it works in real life, but you may need a reality check.
Reality Real Estate TV Show Myths vs. Real Life:
Myth #1: Buyers look at 3 homes and make a decision to purchase one of them.
Truth: There may be buyers who fall in love and buy the first home they see, but according to the National Association of Realtors the average homebuyer tours 10 homes as a part of their search.
Myth #2: The houses the buyers are touring are still for sale.
Truth: The reality is being staged for TV. Many of the homes being shown are already sold and are off the market.
Myth #3: The buyers haven’t made a purchase decision yet.
Truth: Since there is no way to show the entire buying process in a 30-minute show, TV producers often choose buyers who are further along in the process and have already chosen a home to buy.
Myth #4: If you list your home for sale, it will ALWAYS sell at the Open House.
Truth: Of course this would be great! Open houses are important to guarantee the most exposure to buyers in your area, but are only a PIECE of the overall marketing of your home. Just realize that many homes are sold during regular listing appointments as well.
Myth #5: Homeowners make a decision about selling their home after a 5-minute conversation.
Truth: Similar to the buyers portrayed on the shows, many of the sellers have already spent hours deliberating the decision to list their homes and move on with their lives/goals.
Having an experienced professional on your side while navigating the real estate market is the best way to guarantee that you can make the home of your dreams a reality!
The Wurden Team
Neighborhood News is the best way to stay connected to what’s happening in the local real estate market. This free monthly email newsletter provides current housing activity and trends in your neighborhood or the neighborhood where you’re looking to buy.
Signing up is easy. Just follow this link to our website www.KitsapLifestyle.com and sign in listing the zip code that you want to be updated on. You can also send us an email with the zip code you’re interested in learning more about. You will begin receiving Neighborhood News right away, followed by monthly updates with fresh data every 30 days.
If there’s anything else we can do to help with any of your real estate needs, please don’t hesitate to contact us.
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!
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
"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.
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