Yesterday we saw stocks rise for the third straight day and interest rates on conforming loans plummet. Today stocks gained a bit more ground and rates remain at a several-year low…some of the best economic news for homebuyers in quite a while. With prices often negotiable and interest rates at a 5-year low, this could be a great window of opportunity.

As of today, Bainbridge Island has 240 residential listings priced from $245,000 to $4.270M (quite the range of homes!). Of those 240 listings, 28 or 12% of listed homes are under contract.

In spite of a challenging economy and uncertain times ahead, I continue to feel blessed and thankful to live in such a close, caring community.
Remember…"Truly great friends are hard to find, difficult to leave, and impossible to forget."
-- unknown.
Wishing you a Thanksgiving Day filled with friends and family!

Bainbridge Real Estate Today

A sign of the Times…
The Seattle Times published an article about foreclosure numbers in Puget Sound counties last weekend, which inspired my research on numbers specific to Bainbridge Island.
In 2007 Bainbridge Island residents received 14 foreclosure notices through October; with only 15 properties receiving foreclosure notices in all of 2007. The number of foreclosure notices on Bainbridge Island for 2008 (through October) is already 54…what will the last two months of the year add to that total? It will be interesting to see if and how the government encourages banks and lenders to renegotiate troubled homeowners.

Conforming Jumbo Loans…
As of January 1, 2009, the conforming loan limit for all of Kitsap County reverts to $417,000. At this time Bainbridge Island (and all of Kitsap County) have the benefit of the Agency or Conforming Jumbo Loans up to $475,000. This higher loan limit has made it easier for buyers to get financing on higher priced homes (loans up to $475k). Lenders are phasing the Agency or Conforming Jumbo Loans out so that by 2009 there will be no Agency Jumbo available in Kitsap County.