Kitsap County Wa, Real Estate 2007

What is in store for Kitsap County real estate in 2007.

2006 is wrapping up nicely. Homes have continued to appreciate on the average of 9% this year. Though homes are on the market a little longer and sellers are having to be a bit more flexible it is still a very good time to own a home and an even better time to be buying one. Buyers have the best of all worlds right now, interest rates are low and home choices are up.

2007 will see much of the same. It appears interest rates will continue to be low or lower than the historical average. Home values should continue to appreciate between 4 and 7%. There will be an increase in new construction over the next few years. From a consumers stand point it will be important to be able to compare homes on their attributes and not just compare cost per square foot. We are seeing builders build smaller garages, use vinyl siding, employ manmade products for molding, countertops and flooring and use various grades of lighting, linoleum and carpets. Granted, these are all attempts to build an affordable home but just be sure you can compare one home to another from an informed prospective. It is also worth a moment of time to consider having your own real estate agent represent you as your “buyers agent” instead of settling with the agent who is on site and represents the builder.

Information on becoming a real estate agent

There is a lot of information available about becoming a real estate agent. One of the best places to start the information hunt is at the web page of the department of licesning of the state you hope to practice in. Washington state has just developed a new web site, here is the link:

http://www.dol.wa.gov/business/realestate/

For links to other western states DOLs please visit this web page:

http://franklyrealestate.com/index.cfm?fuseaction=page&page=12133&parent=12023

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Now that you have your real estate license.

You have your real estate license……..now what???

In the state of Washington a new licensee must place their license with a Broker in order to practice real estate. This can be a daunting decision. How do you choose a broker or company to work with, what do you look for, how do you choose?

Imagine you want to go swimming. You have found a group of indoor pools. You need to figure out which pool you want to jump into. You don’t want just any pool, you want one that is clean, warm, not too crowded, one that has dry towels and nice showers. Sounds easy right……now you have to choose by looking in the windows you can’t actually go in. If you are lucky you might be able to ask some of the swimmers who are leaving the pool. You ask questions to try to get an idea what its like at that pool. You know that once you make the decision you are going to be jumping into the deep end, so you want to make sure you make the right decision, the first time.

Trying to figure out an office to join can be the same way. If you take the time it can be a little easier in that you will want to interview the manager. You will want to talk with several agents who are working for that office. Talk with a couple of long time agents as well as a couple of new ones.

This is not a time for quick decisions, even though the broker may be pushing you to join. I’ve had agents ask me if it is hard to get a job once you have a license. The challenge is not getting a job offer (many brokers will hire you on the first meeting because they just want to put another license on their wall) the challenge is trying to decide why you might want to work for a broker that is so willing to hire you after only one brief meeting.

Click here for a list of books that I recommend to agents just starting the business.

Before You List...Preperation is Everything!

Thinking about listing your home for sale? Do a walk through with your agent a week or two before the list date. We spend a lot of time talking about “Staging” your home for sale, but what about repairs?

Generate a list of things in your house that need fixed, repaired or replaced before you put it on the market, here’s why:

1. Potential buyers will guess high for the repair, usually 3 times higher than actual cost. They will then try to reduce the price by that inflated amount.


2. When the home is inspected it will show up on the inspection report which here again calls into question cost of repair plus one more task that you as the seller may have to accomplish prior to closing.


3. When the appraiser comes out the needed repair will only call for closer scrutiny. Example: moss on the roof. A perfectly good roof may be called into question only because the moss on it drew the appraiser’s attention to it, thus forcing him to call for an additional roof inspection.

The goal is not to try to hide anything, rather to address items that are likely to be brought into question and may jeopardize a good offer or at least slow down the closing.

Regarding disclosure, you are typically better off to disclose any issues up front. Buyers will typically feel short changed or taken advantage of if they learn of a pre-existing problem late in the transaction. Most states have a property disclosure statement that needs to be provided by the seller. Filling one out fully and honestly will protect you as the seller by reducing legal issues down the road with the buyer. Talk with your agent or your real estate attorney for specifics in your area.

Housing Stats for 11/20/2005

Watching stats like these will help you determine what kind of a market you are in.

For Kitsap County Washington as of 11/20/2005

953 Active Listings
72 Homes went Pending last week
52Average Days on Market
$278,189 Average List Price
$275,704Average Sale Price
99% List price to sale price ratio
13.23 weeks of inventory

Learn more about Defining Your Market.

Bcoming a Real Estate Agent

Becoming a real estate agent is just like starting your own business, however most do not approach it with that mind-set.
8 or 9 out of 10 agents don't make it their first year.
10% of the agents make 90% of the money.

Having said that, real estate is one of the more exciting and rewarding businesses you can get into provided you come in with your eyes wide open. See The Three Bridges discussion in my web site.

Ask lots of questions of friends who are agents, talk with local brokers.

Read books about getting into real estate.

Start saving your money so that you have start up capital to start your new business.

Stay tuned to this Blog for more information about becoming an agent and tips for new agents.

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