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Buy a Home Now or Wait? Kitsap Stats & Our Advice
Some people are asking themselves whether it’s a smart move to buy a house right now or if they should wait it out. The thing is, the answer isn’t as simple as some might assume. No matter if you’re a first-time home buyer or an experienced buyer, there are a few factors you should consider before making this decision.
Know Your Local Real Estate Market
Real estate is about supply and demand, and it’s so important that you learn about your local real estate market. If you’re looking to buy a home here in Kitsap County, Washington, you can watch our “Market Update” video below, which includes stats for Kitsap County’s first quarter. One key fact to note: in this year’s first quarter, the home sale price was $599,000. That’s a slight decrease of 1.2% when comparing home sale prices in 2022’s first quarter. Watch the full video to learn more, and if you have questions, feel free to reach out to one of our local real estate agents.
Advice from a Local Real Estate Expert
If you’d love some advice from a local real estate expert, we’ve got you covered. Nancy Mackleit, Windermere Silverdale’s Branch Manager, says, “Over the years, I’ve heard from clients who’ve said they wish they would have purchased back when prices were lower. It’s like a broken record. We have almost twice the inventory as we had last year at this time. Though we are still seeing multiple offers on some properties, it is not like last year. Buyers have more of a selection. We are seeing more house sale contingencies, and buyers aren’t under so much pressure to compete with other buyers. Have the interest rates changed? Yes, the days of historically low-interest rates are over. Buyers and sellers need to adjust to the current interest rates. The rates may be higher, but the days of multiple offers on a property, escalating to prices to way above the list price, have definitely slowed down compared to last year.”
Another question buyers often ask in times like these is: what if interest rates go down? Nancy says, “Get the house now when it isn’t so competitive and refinance if this happens. There are always sellers who need to sell, and there are always buyers who need to buy. Historically, real estate picks up in spring and summer. Talk to your agent about the best strategy going into the current market. Your agent will be the best to guide you.”
Mortgage Rate Information, Predictions, and Misconceptions
Whether you’re leaning toward buying now or waiting a while, you’ll want to get pre-approved for a mortgage before going to open houses. You can shop around and get quotes from lenders, but carefully examine each lender’s proposal and terms. Most homebuyers choose a 15-year or 30-year conventional mortgage. There are also first-time homebuyer programs, VA loans, and other programs.
As Windermere’s Chief Economist, Matthew Gardner, says, “Education is everything.” So educate yourself now before diving into the home-buying process. Check out Matthew Gardner’s latest video, where he discusses mortgage rate predictions and misconceptions.
Examine Your Financial Situation & Consider Home Buying Costs
It’s important to thoroughly examine your finances and factor in all the upfront, associated costs with buying a home. First-time home buyers often focus on the down payment, but there are also closing fees, and oftentimes repairs pop up unless the home is in immaculate condition.
If you’re thinking of buying an investment property, you’ll need to really be in the know about your local rental market. Additionally, will you have the time to manage a property or will you hire a property manager? Will that property be able to really generate passive income for you in the near future or will it need a lot of work first? Furthermore, it’s important to think about how long you plan to own the property to avoid capital gains taxes if you’re thinking you may sell it within two years.
If you’ve decided you’re ready to buy a home, check out our home buying tips to learn more.
Community Service Day with Silverwood School
Every year, we love taking a day off to volunteer in the community for our annual Community Service Day (CSD), and last Friday we continued the tradition. We thoroughly enjoyed getting to volunteer at Silverwood School. Read on to learn about Silverwood School’s vital work and what we were able to accomplish on CSD.
The History of Community Service Day
Since 1984, Community Service Day has been an annual Windermere tradition. One day a year, every Windermere office closes across the ten states we serve, and we dedicate the date to community service. We have collectively logged over 1,000,000 community service hours to date. From helping at our local animal shelter to assisting at a senior center, we love giving back.
Silverwood School’s Mission and Impact
For over 35 years, Silverwood School has been engaging students in project-based, hands-on learning through an outside-focused curriculum. Located halfway between Poulsbo and Silverdale, Silverwood School’s staff works to “challenge students to become confident, compassionate citizens and skilled, life-long learners – literate, motivated, and intellectually adventurous.”
Silverwood grew out of a collective desire held by local parents. In 1984, a group of parents from The Farm Montessori wanted to continue the educational Montessori experience. After a great deal of planning and work, Silverwood School was born. Silverwood partners with many local organizations. This aligns with their goal of cultivating compassionate citizens. Additionally, Silverwood is part of independent education associations since it’s an independent school.
Volunteering at Silverwood School
“The school had reached out to one of our agents, Summer Davy, about our office possibly doing Community Service Day on their campus,” says Branch Manager Nancy Mackleit. “We thought this would be a perfect project for the number of people we had and it was mostly outside so we were able to adhere to COVID guidelines.”
During Community Service Day, our agents and staff helped in a variety of ways, pressure washing buildings and sidewalks, cleaning windows, cleaning and replacing light fixtures/bulbs, weeding, spreading bark, picking up litter, limbing trees, and putting the branches through a wood chipper. Additionally, some agents helped clean up the pond, pulling bamboo from it and cutting it up.
Highlight of CSD
“The highlight of the day was the school staff and parents were so appreciative for the work we completed,” says Nancy. “Also, it was so nice for all of us to be together after over a year of being apart. The school campus made it possible to be outside, be socially distanced, and follow CDC guidelines. We are a big family at our office and being able to see everyone again in one place was priceless. It was like a family reunion.”
Watch our agents in action in our CSD video below!
Community Spotlight: Rotary’s Work with Illahee Preserve
In the middle of the most densely populated area of Kitsap County lies the Illahee Forest Preserve. With over 500 acres, it is a wonderful place to enjoy our area’s natural beauty. Inside this quiet forest oasis, you’ll see Douglas Fir, Red Alder, Maple, and Western Red Cedars providing homes to wildlife, including 55 bird species.
Native Americans first called the forest “Illahee” meaning earth or ground. They saw the area as a place to rest and many others have for decades. However, this park was hard-won by active community members, and it has become a local gem, thanks in large part to the East Bremerton Rotary Club.
Collective Action
For decades, real estate developers and timber companies targeted Illahee for its valuable land and natural resources. In the 1930s, much of the original forest was clear cut except a 275-year-old Douglas Fir and Western White Pine. Over the years, Illahee was proposed for sale three different times for housing development (1978, 1987, and 1996). But each time the community rose in defense of the forest. In the face of opposition, Audrey Boyer, a long-time resident, led the charge to preserve the forest. Fortunately, Boyer’s former student, Frank Chopp, was the Washington State Speaker of the House of Representatives at the time.
With the combined action of Boyer, Chopp, Kitsap County, Kitsap County Parks, and many community members, Illahee became a state park. The Illahee Preserve Stewardship Committee, Illahee Forest Preserve non-profit, and Kitsap County Parks and Recreation managed the park.
Photo by Illahee Community.
Community Collaboration
In 2004, Vic Ulsh, an East Bremerton Rotarian, wanted to help preserve Illahee. So, East Bremerton Rotary adopted Illahee Preserve as a project. They developed a plan and created multiple restoration projects. “It’s really a grassroots effort to take care of it,” says Ulsh. “When budgets get tight, parks get cut. They probably have half the staff that they had a few years ago. But volunteers have come together to manage it.”
Another involved Rotarian is Joe Stevick, who is one of our Windermere Brokers. “Having such a mature forest in the middle of Bremerton always intrigued me. I was fortunate to be able to get involved through Vic,” says Stevick. He grew up near the preserve, has always loved it, and has a background in environmental science.
Wonderful Changes
The East Bremerton Rotary Club has updated and improved it in many ways. Now when you visit, you’ll see three signs at key entry points leading into the preserve. You’ll also see a beautiful public picnic shelter. That’s all thanks to our Rotarians. In 2017, they raised $35,000 for the shelter’s construction.
Photos by Leo Phillips.
“The evolution of the area has been so interesting,” says Stevick. “I remember when people used to rip around on dirt bikes or play paintball in the forest. With people like Vic and our East Bremerton Rotary Club helping, it really puts structure to it, and it’s much more of a preserve – raw nature with less of a human impact apart from the trails. The work put into it has really transformed its image.”
“It’s taken constant efforts and very dedicated people to change the perception in the last ten years,” says Vic Ulsh. Now, you’ll often see families and joggers out on the trails. “The most common goer is a single woman with a dog,” says Stevick. “That’s a complete contrast to what it was, and it has changed the face of the space.”
“What I love about the preserve is that it is an easy escape into a beautiful PNW forest that is right in your backyard. There are a variety of trails for everyone. When you walk into the preserve you leave the world behind, breathe in the beautiful surroundings, and experience the calming effect that only nature can give you,” says Windermere Silverdale’s Branch Manager Nancy Mackleit.
Photo by Leo Phillips.
Continuous Engagement
Many groups now engage in community service projects at Illahee Preserve. In fact, one recurring project involves the Navy and another involves the Washington Youth Academy’s cadets. These cadets are at-risk teenagers and community service is part of their curriculum. East Bremerton Rotarians serve as mentors and guides through work parties at the preserve, which also involve dedicated volunteers.
If you’d like to get involved, you can subscribe to the East Bremerton Rotary’s bulletin to receive information about upcoming events and projects. In addition to their work with the Illahee Preserve, these Rotarians work on many other local and international projects.
Through Rotary’s consistent, hands-on involvement and financial support, as well as the efforts of countless volunteers, the Illahee Preserve is now a point of pride. We highly recommend that you explore this lush forest. When you do, it’s easy to see why so many people have fought for it. There’s so much to appreciate about this well-maintained, serene place.
