If someone you know is PCS’ing to JBLM, please forward this email…It contains lots of great links for resources and housing in the JBLM area!
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2013…How This New Real Estate Market Works
While we are still in the beginnings of what we all hope will be a lasting economic recovery, housing markets across the country have changed. In the market around JBLM, the changes have been dramatic. Prices haven’t increased significantly, but they are certainly going up. The change in the South Sound has been a large decline in inventory. I commented several months ago about the large drop in foreclosures. The foreclosure “Shadow Inventory” wasn’t real, and the number of foreclosures in the JBLM area have dropped by 60-70%. This is good news for both buyers and sellers….and there is a lot pent up demand on the part of both.
I mention seller demand, because this is where buyers are going to make money over the next year or two. There exists a group of people, getting larger every day, who want to trade up, down, or sideways. Many of these folks have been trying to out-wait the market for the past 4-5 years, and are now seeing that the dream home is going to go up in value as fast (or faster) than the home they need to sell. The spring of 2013 is going to bring out the most aggressive/desperate of these folks, and while you will have to work for it…there will be deals to be made.
As a buyer, you should prepare yourself for a more balanced market. Sellers are no longer going to throw in the kids bedroom set. Nor are the riding mower, giant TV, and appliances still on the table. Sellers know that the market is changing, and that buyers have less to choose from. Having said the above, the one thing that most sellers understand are VA loan costs. Sellers expect VA buyers to ask that closing costs be paid by them, and most will agree…sometimes with other compromise expected. Another consideration for both parties are the VA appraisal limitations. The VA will not allow the financing of a fixer, and often times the seller may be required to make repairs. It is hard to know in advance, but if you sense that the seller has their backs against the wall, they may not have the ability to make corrections and repairs.
So why aren’t prices going up as fast as inventory goes down? All properties that are purchased using a mortgage loan will have an appraisal performed by a licensed appraiser. Appraisers determine value by comparing your home to others that have sold recently. Because they are always looking at “old” information, it takes time for prices to go up. The industry will allow prices to go up 10-15% a year, more than that is unlikely. As an example, Seattle property values went up 13% in 2012, and would have gone up faster had the appraisal process allowed it. Seattle has a major shortage of housing, we seem to be catching up.
Don’t let the fact that the real estate market is changing worry you, history says that there is a lot of upside ahead. Finding the deal of the century is going to be a little more work, but overall we are still much closer to the bottom than the top, and opportunity abounds. Get pre-qualified, get your house hunting plans & listings in order, and be ready for your deal of the century when it presents itself.
How Affordable is Owning a Home?
Our Comparisons in BUYING vs. RENTING. Information gathered March 29, 2013. Rental ad retreived from The Olympian Newspaper. Real Property listing retreived from the Northwest MLS Home Search on PhilSharpHomes.com.
Rental: Olympia, WA
2 Bed, 2 bath, 2 car garage – 1 level floor plan, master suite, gas furnace.
RENT: $1165 mo.
For Sale: MLS# 381048 Olympia, WA
3 bed, 2 bath, 2 parking Ranch style 1,210 sq. ft., .30 acre lot. Master suite, landscaped, deck, community benefits, near marina.
Mortgage Calculator Results: (All values are estimates, no fees or taxes included. Your results may vary based on your qualifications)
20% down – $31,980 w/4% interest, 30 yr. = $610 mo.
0 down – w/4% interest, 30 yr. = $763 mo.
***Foreclosure Listings:***
Click the links below to go see the latest foreclosure “quick search” listings available.
Thurston County
Short Sales:
Olympia Lacey Tumwater Yelm Rochester Tenino Bucoda Rainier
Bank Owned/Foreclosures:
Olympia Lacey Tumwater Yelm Rochester Tenino Bucoda Rainier
Pierce County
DuPont Tacoma Puyallup Steilacoom Spanaway Lakewood Fircrest Eatonville Gig Harbor Graham Roy University Place Sumner
DuPont Tacoma Puyallup Steilacoom Spanaway Lakewood Fircrest Eatonville Gig Harbor Graham Roy University Place Sumner
Bank Owned/Foreclosures:
Your Resource Toolbox
Free Relocation Packet
Get your FREE Relocation Packet via USPS today! We send to APO’s too, of course! Get Pierce & Thurston County Visitor Guides, Area Maps, WA Visitors Guide, Area Lodging, Recreation, Community & JBLM information and MORE! Click the pic above or click here to get your FREE Relocation Packet sent today.
Gina is NOT and agent, sales person, or paid on commission. Gina IS YOUR personal contact who offers FREE information services to those relocating to the JBLM area. She knows about the area, schools, commutes, employment, and more…just ask her! If Gina doesn’t know, she’ll find out. Visit the Relocation Dept or email Gina directly at gina@philsharphomes.com.
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ABOUT YOUR PHIL SHARP NETWORK
Phil Sharp is the sole agent/Broker at Phil Sharp Homes and uses his extensive network to help YOU find or sell your home. Keeping your needs in mind, his wife Gayle will assist while touring homes, Stephanie will help with paperwork and finding the listings you want, Gina will help with all your relocation needs, and countless other resources and tools Phil has as part of his “network” is available to assist you.
ONE AGENT, AN ARMY OF RESOURCES.
SPECIALIZING IN MILITARY MOVES doesn’t mean PSH only deals with service members. Spouses, family and community members are equally served. Our Relocation Services are especially for Military Spouses to help meet the FAMILY’s needs. We are your personal contact and resource when you are moving to WA. Spouses need info., we have it here just for you.Contact: Phil Sharp Homes 4133 Sleater-Kinney Rd NE, Olympia, WA 98506 360-970-9977 Services:
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