Whidbey Island's Real Estate Company of Choice presents a short video explaining the Home Buyer's Tax Credit Extension for qualified military members. Please forward to any military member that you might know who is considering purchasing a home. We want to get this word out. Thanks.
Updated news and events relative to Oak Harbor and Whidbey Island Washington Real Estate.
Thursday, June 24, 2010
Thursday, June 17, 2010
Whidbey Island Chamber of Commerce in the News
On Whidbey Island the Oak Harbor Chamber of Commerce was awarded the "Friend of the Navy" for the extraordinary support of the Navy and the NAS Whidbey Island Sailors and their families. The Oak Harbor Chamber of Commerce was recognized for leading key events that directly benefit the Naval Air Station Whidbey Island personnel, including the annual military appreciation picnic, parades and the 4th of July Fireworks. The Chamber's commitment and extraordinary contributions to the military community and to NAS Whidbey Island are commendable and merit this special recognition.
Friday, June 11, 2010
Proposed Tax Credit Closing Change
The National Association of REALTORS® today expressed thanks on behalf of America’s homebuyers to three Senators for introducing a measure to extend the present home buyer tax credit closing deadline to Sept. 30. They are Senate Majority Leader Harry Reid, D-Nev., and Sens. Johnny Isakson, R-Ga., and Chris Dodd, D-Conn.
“As the leading advocate for homeownership and housing issues, NAR commends these Senators for their attentiveness and sensitivity to thousands of qualified home purchasers, who through no fault of their own, are not able to meet the closing deadline of June 30 for the home buyer tax credit. Now we urge the Senate and the House to act quickly to pass this legislation and ease the minds and pocketbooks of these home buyers,” said NAR President Vicki Cox Golder.
The measure was offered as an amendment to H.R. 4213, a tax extension bill now in the Senate.
NAR estimates that approximately 75,000 home buyers of distressed properties who have qualified for the tax credit and met the contract deadline of April 30 would not be able to close their transaction by the June 30 closing deadline. REALTORS® have reported as many as one-third of qualified applicants have been notified by lenders that their mortgages will not close before June 30 due to the sheer volume of applications in the pipeline.
“These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a work-flow jam with the lenders or other delays and might not be able to complete the purchase of their homes,” said Golder. “It would be a tragedy for them not to be able to complete the purchase in time to claim the credit.”
Golder said she also wanted to make this clear: “This amendment does not extend the deadline for home buyers to qualify for the tax credit; it extends the deadline for closing the transaction, from June 30 to Sept. 30. Since these applications were already in the pipeline and figured into the program’s cost, the extension of the closing deadline should not incur any further government costs.”
— NAR
“As the leading advocate for homeownership and housing issues, NAR commends these Senators for their attentiveness and sensitivity to thousands of qualified home purchasers, who through no fault of their own, are not able to meet the closing deadline of June 30 for the home buyer tax credit. Now we urge the Senate and the House to act quickly to pass this legislation and ease the minds and pocketbooks of these home buyers,” said NAR President Vicki Cox Golder.
The measure was offered as an amendment to H.R. 4213, a tax extension bill now in the Senate.
NAR estimates that approximately 75,000 home buyers of distressed properties who have qualified for the tax credit and met the contract deadline of April 30 would not be able to close their transaction by the June 30 closing deadline. REALTORS® have reported as many as one-third of qualified applicants have been notified by lenders that their mortgages will not close before June 30 due to the sheer volume of applications in the pipeline.
“These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a work-flow jam with the lenders or other delays and might not be able to complete the purchase of their homes,” said Golder. “It would be a tragedy for them not to be able to complete the purchase in time to claim the credit.”
Golder said she also wanted to make this clear: “This amendment does not extend the deadline for home buyers to qualify for the tax credit; it extends the deadline for closing the transaction, from June 30 to Sept. 30. Since these applications were already in the pipeline and figured into the program’s cost, the extension of the closing deadline should not incur any further government costs.”
— NAR
Thursday, June 10, 2010
Whidbey Island Real Estate Condition - Where it Was, Where it Is, and Where it is Headed.
The residential housing marketplace here on Whidbey continues to present a challenging environment. Home sales are still occurring although their number is down considerably from recent peak years. Based upon data provided by the Northwest Multiple Listing Service, 2005 was the peak year for home sales when 1,635 homes sold.
For the prior 12 months ending May 31, 2010 there were 750 home sales reported on the Island. On the basis of home sales activity it would appear that the local housing market bottomed out this past winter. On a 12 month moving average basis, the number of home sales has been slowly rising each month since that time.
In contrast, home prices appear to be still in a state of fluctuation. Some months the reported average sale price (on a 12 month moving average basis) is up a tad; other months it is down slightly. This is probably an indication that prices are stabilizing. It appears that the better properties are selling more quickly and for the most money. Such properties are those that have the best locations and/or are improved with homes that are in good, well-maintained condition, with contemporary floorplans and, of course, fairly priced. On the other hand, the properties having poor locations and/or homes with significant functional obsolescence or that are in poor condition are suffering the most.
It appears that as we go into the summer selling season that the inventory of available homes for sale is rising. The number of foreclosures and bank-owned homes that are competing for buyers will need to dissipate before there can be return to normalcy. Another concern is what impact will the expiration of the $8,000.00 federal tax credit program have on the local housing market.
This continues to be buyers market and will likely remain so for the foreseeable future.
Written by Gregor M. Strohm, ASA
For the prior 12 months ending May 31, 2010 there were 750 home sales reported on the Island. On the basis of home sales activity it would appear that the local housing market bottomed out this past winter. On a 12 month moving average basis, the number of home sales has been slowly rising each month since that time.
In contrast, home prices appear to be still in a state of fluctuation. Some months the reported average sale price (on a 12 month moving average basis) is up a tad; other months it is down slightly. This is probably an indication that prices are stabilizing. It appears that the better properties are selling more quickly and for the most money. Such properties are those that have the best locations and/or are improved with homes that are in good, well-maintained condition, with contemporary floorplans and, of course, fairly priced. On the other hand, the properties having poor locations and/or homes with significant functional obsolescence or that are in poor condition are suffering the most.
It appears that as we go into the summer selling season that the inventory of available homes for sale is rising. The number of foreclosures and bank-owned homes that are competing for buyers will need to dissipate before there can be return to normalcy. Another concern is what impact will the expiration of the $8,000.00 federal tax credit program have on the local housing market.
This continues to be buyers market and will likely remain so for the foreseeable future.
Written by Gregor M. Strohm, ASA
Tuesday, June 8, 2010
Polnell Shores - A Great Community
Polnell Shores is a beautiful community to live in. It is located on the East side of Oak Harbor Bay on North Whidbey Island with beautiful surroundings. Polnell Shores is approximately 20 minutes from NAS Whidbey and 15 minutes from downtown Oak Harbor.
Polnell Shores is one of the many water front communities on the island. It has been known to be one of the more affordable waterfront communities to live in. From the Polnell Shores community you can enjoy beautiful sunrises over Skagit Bay, and great mountain views, including Mount Rainer.
Polnell Shores also offers residents beach access. This benefit is yet another reason that Polnell Shores is a great place to enjoy island living.
A great home in Polnell Shores is currently available for sale. It is a beautiful 3 bedroom home with many updates including a Jacuzzi tub in the large guest bath. This home has lots of counter space in the kitchen as well as a breakfast bar. To view this home and consider Polnell Shores as a place to live please click the picture above.
If you would like to see other available homes in Polnell Shores please check out Coldwell Banker Koetje Real Estate. We would be happy to help you find a home in Polnell Shores or any other community you may be interested in on or around Whidbey Island.
Polnell Shores is one of the many water front communities on the island. It has been known to be one of the more affordable waterfront communities to live in. From the Polnell Shores community you can enjoy beautiful sunrises over Skagit Bay, and great mountain views, including Mount Rainer.
Polnell Shores also offers residents beach access. This benefit is yet another reason that Polnell Shores is a great place to enjoy island living.
A great home in Polnell Shores is currently available for sale. It is a beautiful 3 bedroom home with many updates including a Jacuzzi tub in the large guest bath. This home has lots of counter space in the kitchen as well as a breakfast bar. To view this home and consider Polnell Shores as a place to live please click the picture above.
If you would like to see other available homes in Polnell Shores please check out Coldwell Banker Koetje Real Estate. We would be happy to help you find a home in Polnell Shores or any other community you may be interested in on or around Whidbey Island.
Monday, June 7, 2010
Whidbey Island Insights
Whidbey Island from the view of a Whidbey Island Real Estate Broker.
Thirty five years ago, when I first arrived on Whidbey Island, I thought I would only be here for 2-3 years. I came here via the Navy and as a California boy, planned to return to the big city. Once I was here though, as many of you have also discovered, I found Whidbey Island to be a beautiful place to call home. I have thoroughly enjoyed living, working and playing here. I believe that I have added years to my life by living in this less-stressful environment.
For enjoyment, Whidbey Island and surrounding areas, have so much to offer. From outside activities like golf, fishing, hiking, and biking to wonderful indoor activities like our community college, fantastic senior centers, indoor swimming pool, and numerous hobby clubs.
If you are new to Whidbey Island, or considering moving here or having a second home here, I would encourage you to stop by our Chamber of Commerce (they are full of outstanding information) or give us a call (360-675-5915). We would be more than happy to share information and experiences with you. There are many great local links for Whidbey Island information on our website.
When you are on Whidbey Island, please feel free to stop by either of our two offices in Oak Harbor. The coffee is always on.
Thirty five years ago, when I first arrived on Whidbey Island, I thought I would only be here for 2-3 years. I came here via the Navy and as a California boy, planned to return to the big city. Once I was here though, as many of you have also discovered, I found Whidbey Island to be a beautiful place to call home. I have thoroughly enjoyed living, working and playing here. I believe that I have added years to my life by living in this less-stressful environment.
For enjoyment, Whidbey Island and surrounding areas, have so much to offer. From outside activities like golf, fishing, hiking, and biking to wonderful indoor activities like our community college, fantastic senior centers, indoor swimming pool, and numerous hobby clubs.
If you are new to Whidbey Island, or considering moving here or having a second home here, I would encourage you to stop by our Chamber of Commerce (they are full of outstanding information) or give us a call (360-675-5915). We would be more than happy to share information and experiences with you. There are many great local links for Whidbey Island information on our website.
When you are on Whidbey Island, please feel free to stop by either of our two offices in Oak Harbor. The coffee is always on.
Tuesday, June 1, 2010
Whidbey Island Habitat for Humanity News
Habitat for Humanity of Whidbey Island will have a "Blitz Build" lead by Jon Roberts of Cascade Custom Homes and Design of Oak Harbor. The home will be completed in three weeks after the foundation is completed. Thank you Jon for putting together such a great team to do this fantastic job for a Whidbey Island family. For further information regarding Island County Habitat for Humanity go to www.islandcountyhabitat.org
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