Latest E-Mail Newsletter

BigWaterProperties.com E-Newsletter

From Wayne Paulson

Specializing in Waterfront and Water View Properties

============#===============

NOTES FROM YOUR AGENT

If you have searched for real estate on-line, the chances are good that you have looked at, or at least heard of Zillow. Zillow is one of the most popular real estate sites on the web, and all of Windermere�s listings are posted on it. Of all the tools the site has to offer, the most frequently discussed one has to be the Zestimate. A Zestimate is Zillow�s estimate of the current value of a home, and can be obtained for millions of houses in the US, whether they are on the market or not.

Discussions about Zestimates are primarily regarding their accuracy. Zillow clearly points out on their web site that a Zestimate is calculated using statistical methods, not by actually visiting the home to understand its unique features. Statistical methods are most applicable in urban areas and developments where square footage, the number of bedrooms, lot size and similar data can do a good job of describing a home. They are much less useful for unique properties such as waterfront or view properties, properties that differ significantly from those surrounding them, or properties with significant value in outbuildings and land improvements.

Zillow recognizes the limitations of Zestimates and publishes statistics about their accuracy on their web site. According to the site, Kitsap County enjoys one of the highest Zestimate accuracy rates in Washington. Even so, there is a median Zestimate error of 9.5% in the county, and a Zestimate is within 10% of the actual selling price only 52% of the time.

To put that in perspective, if 100 homes sold for $300,000 in Kitsap County, 52% of them would have Zestimates that ranged between $270,000 and $330,000, a $60,000 spread. The remaining 48% would fall outside that range.

It is always interesting to know what your house might be worth today, and a Zestimate can give you a feel for that. But if you are considering buying or selling a home, the margin of error in a Zestimate is too wide. You need a CMA (comparative market analysis) from a reputable real estate agent or an appraisal to know the price you should ask or pay.

To learn more about Zestimates click on the link below:

http://www.zillow.com/wikipages/What-is-a-Zestimate/

To see the full accuracy statistics on Zestimates  for all areas of the US click on the link below. After clicking on the link, to see details about counties in Washington, click on States/Counties in the table header, then on Washington:

http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

FEATURED HOME � Bridgehaven View Log Home

This view home exudes the rich, golden glow you can only get from a log house. The master bedroom includes a view deck to enjoy the sweeping view of Hood Canal and Cascade Mountains. The great room encompasses the roomy, well-appointed kitchen, the dining room with two story ceilings, and the living room. It is open to the loft above the kitchen as well. The result is a spacious feel usually found only in a larger home. The exterior is low maintenance, with a metal roof and LeafGuard® gutters.

The 600 square-foot two-car garage includes a shop and a second floor bonus space that could be converted to guest quarters (the septic has three-bedroom capacity; the house currently has two bedrooms). The double lot offers plenty of space, with a flat rear lawn for BBQs overlooking the view, room for guests to park, paved RV parking and extra covered vehicle storage.

The property is immaculate and it is under 6 miles from Hood Canal Bridge.

http://bigwaterproperties.com/index.cfm?fuseaction=page&page=14252

Open House

To see this home in person, drop by the Open House this Sunday.  Just tell the host you are working with me. I this date isn't convenient, contact me for a private showing. 

      Date: Sunday, August 1, 2010, 1:00 to 4:00 PM      
      Location: 1473 Thorndyke Road, Port Ludlow

      Driving Directions: From Hwy 104 W at Hood Canal Bridge,

      west 2.8 miles to left on South Point Rd. Drive 1.5 miles to

      right at the Y on Thorndyke Rd. Home is 1.6 miles on the left.

      For a map, click on the link above, click on

      "View Listing Details," then click on

      "Aerial Photo and Map" above the photos.

If you would like to see additional open houses, click on the link below to see all the open houses available this weekend in any neighborhood of interest. Just let the host know you are working with me when you visit.

http://www.windermerepoulsbo.com/index.cfm/page/59821/Open_Houses.html

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

MARKET STATISTICS AND GRAPHS

Statistics

Graphs

The graphs reached through the link below show the average market time, average list price and average sales price for homes over the past several years for North Kitsap County (NK), Southeast Jefferson County (SEJ) and Bainbridge Island (BI). At the time these graphs were created, the average sales price was 75 percent of the average list price for NK, 71 percent for SEJ and 65 percent for BI. These figures are down from historic levels.

The graphs continue to show buyers markets. For now, average selling prices may have leveled, or at least, declines have moderated considerably. The selling prices in all three areas are hovering at levels last seen in 2005. Average selling prices in NK have shown a small short term upswing, the other two a small downward trend.

Unit sales volumes are still down from levels earlier in the year in all three areas, with the lowest level in SEJ where the unit sales in a recent week represented less than 1/2% of the available inventory. That is a rate of just under 25% inventory turnover in a year.

Inventories in NK and BI are continuing their usual increasing trend for this time of year, and are up about 4% and 5% respectively over last year at the same time. Inventories in SEJ are at record highs, up about 15% over the same time last year.

This is still a good time to be a buyer. If you are a seller, you probably are a buyer as well.

To view the graphs, click on the link below:

http://bigwaterproperties.com/index.cfm?fuseaction=page&page=14270

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

INTEREST RATE REPORT FROM FREDDIE MAC

Fixed-Rate Mortgage Rates Inch Downward to Another New Low for the Sixth Consecutive Week

McLean, VA � Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), with the 30-year and 15-year fixed-rate mortgages reaching record lows for this survey. (The 30-year fixed-rate survey began in 1971, and the 15-year began in 1991.)

30-year fixed-rate mortgage (FRM) averaged 4.54 percent with an average 0.7 point for the week ending July 29, 2010, down from last week when it averaged 4.56 percent. Last year at this time, the 30-year FRM averaged 5.25 percent.

15-year FRM this week averaged a record low of 4.00 percent with an average 0.7 point, down from last week when it averaged 4.03 percent. A year ago at this time, the 15-year FRM averaged 4.69 percent.

For more details click on the link below:

http://www.freddiemac.com/pmms/release.html?week=30&year=2010

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

USEFUL WEB SITES

Do you know someone who is moving? I just located a web site that sells used moving boxes as well as shipping and pallet boxes. They sell quality boxes at discounted prices and give a second life to boxes that might otherwise be tossed or recycled. To save a tree, click on the link below:

http://www.usedcardboardboxes.com/#

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

WINDERMERE E-NEWSLETTER � Vacation Homes

Whether you�re in the market for a lakeside cottage, a mountain cabin, a ski chalet or an island retreat, the vacation home market is warming up. If you have strong credit scores, this could be the right time to take the plunge. This month�s Windermere Newsletter talks about the vacation home market and points out issues to consider when making your decision.

It also contains average sale prices for 3-bedroom homes in some of the neighborhoods served by Windermere throughout the west. The figures are based on multiple listing data for homes sold November 1, 2009 to April 30, 2010. To access these figures, go to the newsletter and click on Home Pricing Guide.

To read the newsletter, click on the link below:

http://www.waynepaulson.mywindermere.com/index.cfm?fuseaction=content.libraryHTMl&contentID=103447

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

CAN I BE OF HELP?

If you or someone you know wants to begin the process of buying or selling property in Kitsap or Jefferson County, I would like the opportunity to help. I understand this is a long process, so �we are just starting to think about it� is OK. I�m never too busy for any of your referrals. You can reach me at:

   wpaulson@windermere.com

   Office: 360-779-5205 or 206-780-1500

   Home Office: 360-437-9508

   http://www.BigWaterProperties.com  

LINKS DON�T WORK? If clicking on the links does not work, copy the link and paste it into the address window of your browser. This is most likely to be a problem for users of AOL, but can occur for others as well.

You are receiving this e-newsletter because we have been in touch regarding real estate, or you are a friend and I thought you would find it interesting. If you do not want to continue receiving it, send a message to me at wpaulson@windermere.com with the words �Remove from e-newsletter list� in the subject line. It would help if you gave your name as well. Your name will be removed promptly.

I do not sell, lend, lease or otherwise make available any names or addresses on this e-mail list to any other organization for any purpose not directly involved in a real estate transaction to which you and I are parties.