This announcement came out a bit earlier than expected, thanks to the newly signed American Recovery and Reinvestment Act of 2009.
FHA has increased the maximum (conforming) loan limits in all areas, essentially to match the maximum (conforming) loan limits that were phased out at the end of last year.FHA loan amounts greater than $417,000 now have an interest rate of about6.00%. FHA loan amounts less than or equal to $417,000 have a rate of about 5.50%. (Loan rates fluctuate constantly, so talk to your loan broker for current rates.)
NEW MAXIMUM LOAN AMOUNTS FOR KITSAP COUNTY
Single Family $475,000
Duplex $608,100
Triplex $735,050
Fourplex $913,450
Thursday, February 26, 2009
Friday, February 20, 2009
Looking toward Spring
Last I wrote I was waiting for the January foreclosure numbers from the County Records. Well, they came in…a lot higher than our December numbers. Kitsap County saw 110 foreclosure notices issued to homeowners; Bainbridge Island received 8 of those foreclosure notices.
There is good news for Bainbridge. Our great schools, desirable lifestyle and proximity to Seattle continue to attract buyers from Seattle, the Eastside and beyond. Movement to Bainbridge has slowed as the general market has slowed because buyers are having trouble selling their homes. But homes are selling and buyers are taking this opportunity to own a home on Bainbridge that was previously out of their reach.
I have heard from a few agents, and seen the stats to prove it, that Bainbridge prices are now more attractive than comparable properties in West Seattle; something that couldn't be said in recent years. The price adjustments weren't pleasant, but it may be to our benefit to be a bit more affordable that other Puget Sound neighborhoods. Spring should tell us more...
There is good news for Bainbridge. Our great schools, desirable lifestyle and proximity to Seattle continue to attract buyers from Seattle, the Eastside and beyond. Movement to Bainbridge has slowed as the general market has slowed because buyers are having trouble selling their homes. But homes are selling and buyers are taking this opportunity to own a home on Bainbridge that was previously out of their reach.
I have heard from a few agents, and seen the stats to prove it, that Bainbridge prices are now more attractive than comparable properties in West Seattle; something that couldn't be said in recent years. The price adjustments weren't pleasant, but it may be to our benefit to be a bit more affordable that other Puget Sound neighborhoods. Spring should tell us more...
Monday, February 2, 2009
Market time increases
This past January (2009) Bainbridge Island had 12 residential properties close (sell) out of a total of 197 residential listings. In other words, 6 % of the available homes on the market sold last month. The average Days on Market in January 2009 was 166 for those sold properties, in January 2008 the average Days on Market was 95, over a 50% increase in market time…time for seller’s to be patient.
Although Bainbridge has a few distressed properties, we do not approach the levels of foreclosures seen in other parts of the country. December 2008 saw only one foreclosure notice served on Bainbridge Island. Data for January 2009 will be available later this week.
Although Bainbridge has a few distressed properties, we do not approach the levels of foreclosures seen in other parts of the country. December 2008 saw only one foreclosure notice served on Bainbridge Island. Data for January 2009 will be available later this week.
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