Fox Island Real Estate Report

The median sales price for Fox Island dropped 16% to $427,000 and 109 days on the market. Days on market increased 58%. 7 homes sold on Fox Island in October which fell 86%. It’s a buyer’s market on the Island this fall!

Where do real estate buyers shop?

FHA Mortgage Limits in Washington State

King, Pierce, and Snohomish County have the highest loan limits in Washington State at $517,500 with San Juan County at $483,000.

Chelan County, $342,700
Clallam County, $384,100
Clark County, $362,250
Douglas County, $342,700
Island County, $322,000
Jefferson County, $322,000
Kitsap, $307,050
Skagit, $315,100
Skamania, $362,250
Thurston, $293,250
Whatcom, $304,750
All other counties in Washington State not listed above
$271,050

Contact Eric Paffenroth at Keller Global for more information! Your real estate expert in Gig Harbor, Tacoma, and Bonney Lake.

Do I need “Prefect Credit” to Buy a Home?

Many first-time home buyers believe that they have to have perfect credit score and 15-20 percent for a down payment. If you look at the attached chart you will see that credit scores have dropped over the years and down payment has decreased.

With interest rates being under 4%, this is the best opportunity for home ownership.

Powered by Keller Global, author Eric Paffenroth

Working with a mortgage broker in 2015

When buying a house for 2015, it’s critical you align yourself with a mortgage broker that has underwriting in house. Many brokers rely outsourcing the underwriting which causes all kinds of problems when trying to close on time or to fall apart entirely.Sit down with your mortgage advisor and understand your credit score, affordability, down payment requirement. Ask for a pre-approval letter before you start shopping for a new home.

Gig Harbor Real Estate Report (April 2015)

64 homes are for sale in Gig Harbor with an average sales price of $410,000 up over 1.2%. Get your free market analysis at www.piercecountywater.com

Does Zillow and Trulia Provide Accurate Information?

Many people ask me if Zillow and Trulia are accurate and in many cases they are not. They do not take information from MLS and are not members and much of the information is gathered from 3rd party websites. Websites like mine and Redfn are members of MLS and all the information follows strict compliance and is the bible in the Real Estate World.

The Gig Harbor Pulse

The Gig Harbor inventory is up 60% with an increase of sales of 37.5%. The average sales price is down 16% to $405,000 and average days on market is 75.

Lake Tapps Water Level

Cascade Water Alliance has started to fill Lake Tapps this week after extensive construction improvements on the outflow side of the lake. Hopefully it will be full for the Summer months.

We had a dry winter with low snow packs. It will be interesting to see how the lake will be managed moving forward!

Gig Harbor Real Estate Trends

2015 is the year for sellers in the Pacific Northwest. Inventory is at a record low, with housing prices going up and surpassing 2005-2006 levels. Gig Harbor inventory levels are down 38% with home prices up 4% to $440,000. Click on link below for the full report!

Gig Harbor Report, January 2015