Dear Valued Clients:
Now that we all have settled into the New Year I thought it might be a good time to share with you today’s trends in Kitsap.
Many of you have called with questions about real estate and I would like to take this opportunity to share some of these questions with my answers.
How About Those Crazy Loans? Unlike many parts of the country, Kitsap County for the most part escaped the "crazy" loans and has fewer foreclosures to show for it. However these loans gave some local buyers the opportunity to purchase. Unfortunately, now it’s time for them to ‘pay the fiddler’. If you find yourself, a family member or friend in possible foreclosure call the bank/lender that has the loan. Lenders are more apt to help today with these type loans because some mortgage brokers did not disclose all the pertinent information at the time of your loan approval. Remember mortgage brokers are not the banks with the money. They ‘broker’ the loan to larger banks.
Interest Rate? Interest rates are and will always be questioned daily. An interest rate only applies to those making a decision today. Now that the interest rates have fallen there is a good possibility you might consider refinancing, purchasing an income property or move up or down in a new home. When refinancing my recommendation is that you refinance with the bank that has your loan. In some case there are no charges to refi or "streamline" your loan because the banks know that their competitors can and will offer you a good deal. There will be plenty of hype in the market place because every lending institution wants your business. There are companies you will not want to give your refinance business. Some not so reputable lenders disguise their processing fees , hidden points, pre-payment penalties if and may not keep promises made. Call me and we can discuss your situation. We can lead you in the right direction.
Income Property? Kitsap County is a great opportunity for income property. We have an outstanding resource of tenants. People move in and out of Kitsap daily. Income property can be of great a benefit to its investors. Real estate investments are not only tax considerations but equity growth for later years. Yes, there are recapture and capital gains- which many first time investors are confused about. Don't delay purchase because of the non-investors telling you will have to pay later. Yes, you’ll pay later, remember its called deferment and deprecation schedules come into play. BUT you also pay taxes on funds received from retirement accounts or gains from other stocks. While the stock market can be a good place to invest it is historically real estate that has the best gain overall.
Move Up or Down? Need a change? How about moving up to a larger home or moving down to a smaller home? In the last several years we have had much growth so there are many opportunities in Kitsap County housing market. Unfortunately, when prices were moving up at a fast pace it left some behind. They were unable to purchase because as the home prices went up so did the interest rates. Now we have market priced homes and better interest rates. More realistically priced homes & lower interest rates can now give some of you the opportunity to get that new home. Act now- as soon as the inventory gets smaller the prices will escalate. We'll shift back from a buyers to sellers markets. Also, at this time a new home might be a good bargain because the builders have an inventory they ‘must’ sell and are more apt to offer buyer incentives.
Property Management? We have had our property management division now going on five years. We have implemented many features not provided by others. The managers now provide the tenant a ‘Tenant’s Manual’ with information on how to take care of the property and the landlord an ‘Owner’s Manual’ which shares information concerning poprrtey manger /landlord responsibilities which helps all parties keep the real property safe and in good repair. We use Yardi, an advanced accounting system to track all incomes and expenses for your records. In 2008 tenants will now be able to pay by credit card giving them the opportunity to pay on time and/or while on vacation. In addition, we have a tenant placement program allowing clients to manage their properties while we find tenants for them with a complete screening process. In 2007 we contracted with a local maintenance company for a 24/7 emergency response system for all our properties.
These are just a few items we covered from questions received. We know that the above is not everything concerning those issues. We are available to chat with you on any real estate subject, whether it’s selling or buying your home or your income properties. We are just a telephone call away. Local 360-307-8114 and out of the area 1-888-382-4450.
Also Remember that you can- Ask us anything about:
- Any particular home that is or was on the market.
- Neighborhoods and local market trends.
- Local demographics and the economy.
- Tricks and traps when buying real estate in this area.
- Special tax considerations regarding real estate.
- Specific questions about contracts, escrow, and closings.
- Anything real estate!
- NUMBER1EXPERTS™ 
