Some days I feel like I missed out on something huge, gigantic, something that might not ever happen again in my life time. I missed out on the big housing boom! Yep, me a real estate professional and I missed out. I wasn’t in the area during the years of 2003 through 2006 and so I watched from afar - well, from California. I was still working in the industry, just not in residential sales.
I would log on to websites in the Puget Sound area to see what was happening, to see what houses where selling for and I was mesmerized. I saw homes that I sold doubling in price. Homes that were selling at 100K when I left selling for 250K! I couldn’t believe what I was seeing! I watched for 3 years and it drove me nuts.
Even though I am very lucky to be working in an area of the country that hasn’t been hit hard by the sub-prime mess it has slowed. I not only chose to work in a new market area I chose to start out with a market that reminds me of my 1st year in real estate which was 1994. Even though interest rates were several points higher back then the loan programs were very limited like they are becoming today with this sub-prime jack. But, you know what I am still going to party like its 1998 (yes I know the song says 1999) but I had an awesome real estate year in 1998 - going with 1998!!
I learned real estate old school and I am so glad that I did. I know how to work in a strong and a weak market. I know what it takes to sell a house when no other houses are selling.
Do you feel like you missed out? Did you start thinking about moving up to a larger home, but weren’t ready just yet and thought you would do it in a year or two? So now do you feel like you missed out? Do you feel like you don’t have a date for the Prom? Well, don’t worry - the market in the Kitsap County area isn’t like what you hear on the national news. Our time on market has increased and we have had a small decrease in price but nothing that should stop you from moving up. It is all about making the proper decisions. Price, Price and Price. Let’s Party Like Its 2008!!
Sure you might not sell your home for what you could during the “boom”, but guess what? Prices are not that much lower than 2007 and they are higher than 2006 by a couple of thousand. Being a buyer’s market in Kitsap County you can probably land a better deal now then a couple of years ago when it comes to price and terms - especially terms. A couple of years ago there were no “terms” - the term was, take it or leave it, no questions asked, lucky if you can get an inspection, DO NOT PASS GO, DO NOT COLLECT $200! Oh, and don’t ask for any type of work-orders! So, see how now just could be a better time to move up? What you don’t realize in your sale we can probably get for you in your purchase - shhhh don’t tell any sellers that! We are going to be asking for some concessions!
The first one will be PRICE! I have been looking around and we need a PRICE REDUCTION IN KITSAP COUNTY!! If a home has been on the market for over 200 days there is something wrong - something like PRICE!! Get real people - the market is slow because we need to adjust our prices!
So, yes I think it is a really good time to be thinking about that “move up house”. The one with more bedrooms, bedrooms that are larger, the one with the extra den/office space, the one with the 3 car garage, yes I think it is time to forget about listening to real estate information that concerns Florida, California or where ever else they have doom and gloom and let’s get started to get IN the market!!
Here are some interesting numbers for Kitsap County :: January through May 29 in each year.
2005
- Median Price $ 238,000 with 35 days on the market and 1635 homes sold.
2006
- Median Price $ 266,900 with 48 days on the market and 1450 homes sold.
2007
- Median Price $ 289,900 with 68 days on the market and 1308 homes sold.
2008
- Median Price $ 270,000 with 74 days on the market and 930 homes sold.
Want to chat more about this market just give me a call…I love talking about real estate and I love talking about the place we call home - West Sound!!
