Helping Henry: an update

A few weeks ago I asked for your advice on how we could help Henry stay in his home. Suggestions included a reverse mortgage and caregiver help from Catholic Charities.

I discussed these and other options with Henry.  He has since been told by his retired son in Texas that a reverse mortgage would not give him the value of the home  (not true)  and that he should not consider this as an option. Instead, he has been instructed by his son to put the home on the market and "get as much as possible."

Henry has also been persuaded by his other son to sell the home "for as much as possible" and to move to Sequim so his son can visit him in an assisted living home more conveniently.  (Henry would pay the fees for his assisted living with his social security and the proceeds from the sale of his home.) 

Henry has decided to follow his sons' advice. He wants to sell his home and does not want a caregiver.

I can't help Henry sell his home "for as much as possible" in today's nonexistent market. And his sons won't be getting their expected inheritance, either.  No winners in this scenario.

How can we help Henry?

Henry's a big man, about 6'2", which is unusual for a man his age--75. He used to drop by my office in Poulsbo to talk about his latest ladies. And he is a kind man, volunteering for years at a local charity.

Henry's in trouble now. He's suffering from Parkinson's Disease, and although he has social security and owns his small home--on 2.5 acres--but he has no other means of support. He's not in trouble because of foolish consumerism--he's in trouble because age is catching up to him.

Henry called me last week to ask me to put his home on the market. I don't want to do it. He's comfortable where he is, and he doesn't need the stress of selling. Besides, what would he do next? Spend the money on an assisted living facility?

His family apparently is of no help, something I have a hard time understanding. I would hate to see their names in his will, but I'm keeping my mouth shut. One thing is for sure: Henry can't take the proceeds from the sale of his home with him when he passes, and it appears that it won't be very long before he does.

I'm gathering advice to help Henry stay where he is. Do you have any I can pass along? If two heads are better than one, I'll bet 200 hundred are even better than that. Please leave your comment if you can. I'll post news from time to time as I have it. Thanks in advance.

Closings Dec 2-8

Curious about the details of the SOLD sign on your neighbor's home, condo, or lot? If you would like a report including pictures, addresses, sizes, listing and selling prices, and market time, please email your request and I'll be happy to send it to you.


The market remains sluggish. As it did last year at this time, Bainbridge had the most activity.

8 closings for single family homes, 1 condo, 1 lot:

Silverdale 1, market time 49 days

Poulsbo 2 (including 2 presale), market time 320 days; 1 condo, market time 199 days; 1 lot, market time 123 days

Kingston 1, market time 290 days

Bainbridge 4, average market time 240 days

The same week last year closed 17 homes, 5 condos, and 5 vacant lots. Bainbridge Island had the most activity.

Silverdale 3 homes, 2 lots
Kingston 1 homes, 1 condo
Poulsbo 4 homes, 1 lot
Bainbridge 6 homes, 4 condos, 2 lots

Closings Nov 24-Dec 1

You might be curious about the details of your neighbor's sale. If you would like a report including pictures, addresses, sizes, listing and selling prices, and market time, please email your request and I'll be happy to send it to you.

The market is heating up a little, but it is still behind last year's at this time. Poulsbo is the hot spot this week with 7 closings.

10 closings for single family homes, 2 for condos, 2 for lots:

Silverdale 2, average market time 92 days; 1 condo on the market for 116 days

Poulsbo 6 (including 3 presales), average market time 42 days; 1 vacant parcel on the market for 110 days

Bainbridge 2, average market time 171 days; 1 condo on the market for 341 days; 1 vacant parcel on the market for 124 days

The same week last year closed 14 homes, 5 condos, and 2 vacant parcels. Silverdale was the hot spot.

Silverdale 9 homes, 1 condo
Kingston 1 home
Poulsbo 1 home, 2 condos
Bainbridge 5 homes, 2 condos, 2 parcel

Closings Nov 19-24

It was Thanksgiving week, so I'm not surprised at these low numbers, but there were fewer closings this year than last year during this week.

1 closing for single family homes:

Bainbridge 1, on the market for 13 days

2 closings for condominiums:

Bainbridge 2, on the market for an average of 201 days

The same week last year closed 6 homes, 3 condos, and 1 vacant parcel.

Silverdale 2 homes
Kingston 1 home
Poulsbo 1 home
Bainbridge 2 homes, 3 condos, 1 parcel

You might be curious about the details of your neighbor's sale. If you would like a report including pictures, addresses, sizes, listing and selling prices, and market time, please email your request and I'll be happy to send it to you.

Home sales: October statistics

Here are the latest statistics from the Northwest Multiple Listing Service.

Closings Nov 11-Nov 17

Closings up 100% from last week, but down 42% from this week a year ago.


14 closings for single family homes:

Silverdale 3, average market time 107 days
Kingston 1, on the market for 18 days
Poulsbo 2 presales
Bainbridge 8, on the market for an average of 126 days

2 closings for condominiums:

Kingston 1, on the market for 46 days
Bainbridge 1, on the market for 57 days

The same week last year closed 16 homes, 7 condos, and 1 vacant parcel.

Silverdale 1 home, 1 parcel
Kingston 2 homes
Poulsbo 4 homes, 1 condo
Bainbridge 9 homes, 6 condos

You might be curious about the details of your neighbor's sale. If you would like a report including pictures, addresses, sizes, listing and selling prices, and market time, please email your request and I'll be happy to send it to you.

Closings Nov 5-10

Not to put too fine a point on it, the market has slowed to a crawl.

Eight closings for single family homes:

Silverdale 1, on the market for 184 days
Kingston 2, on the market for an average of 69 days
Poulsbo 2, 1 presale, the other on the market for 177 days
Bainbridge 3, on the market for an average of 157 days

The same week last year closed 11 homes and 6 condos.

Silverdale 2 homes
Kingston 2 homes
Poulsbo 4 homes
Bainbridge 3 homes, 6 condos

The details of these transactions are interesting. If you would like a report including pictures, addresses, sizes, listing and selling prices, and market time, please email your request and I'll be happy to send it to you.

Closings Oct 28-Nov 3

Silverdale 4
Kingston 1, 1 lot
Poulsbo 3, 1 condo
Bainbridge 1, 1 condo

Average market time for these particular properties:
homes 96.5 days (including presales)
condos 505 days
land 114 days

This week last year for these particular properties:
Silverdale 7 homes, 1 lot
Kingston 3, 1 condo, 1 lot
Poulsbo 9, 2 condos, 1 lot
Bainbridge 11, 4 condos, 1 lot

If you would like a detailed report of this week's closings, including pictures, addresses, sizes, listing and selling prices, and market time, please email your request and I'll be happy to send it to you.

Closings October 15-19

New feature: Readers want to know what's happening. I'll try to post news as often as possible. Since Monday (the 15th) nothing has closed in Bainbridge, 2 have closed in Poulsbo, 3 in Silverdale, and 1 land parcel in Kingston. Closings last year at this time: Bainbridge 15 homes and condos and 2 land parcels; Poulsbo 3 homes; Silverdale 5 homes and 1 land parcel; Kingston 2 homes, 1 condo, and 1 land parcel. We have returned to a normal market.

(Note: this is the same post you saw Wednesday the 17th--nothing has closed since then.)

740 Rasmussen Court, Poulsbo, sold as a presale for $324,451. 2431 square feet, 4 bedrooms, 3.5 baths, 2-car garage. .12 acres, new construction. The list price was $289,088. Days on market: 0. The higher sales price is probably a result of options requested by the buyer.


1365 Lena Court, Poulsbo, sold for $370,000, $5,000 less than the listing price. 1804 square feet, 3 bedrooms, 2.5 baths. .22 acres, built in 1997. Days on market: 45 days.

Also: 8347 Sesame St, Silverdale, listed for $229,000, sold for $5000 less. A 4-bedroom 1.75 bath 1848 square foot 1992 manufactured home on 2.35 acres. Days on market: 107,

12357 NW Old Frontier Rd Silverdale, listed for $259,950, sold for $255,000. 4-bedroom, 2-bath, 2216 square feet on 1.4 acres. Built in 1965. Days on market: 56.


10125 Frontier Pl NW Silverdale, listed for $329,000, sold for $310,000. 2-bedroom, 1.75 bath, 2392 square feet on .8 acres. Built in 1939. Days on market: 55.

Finally, a 5-acre parcel in Kingston, XXX Newellhurst Cir NE, sold for the $109,000 listing price after 146 days on market.

Top 10 reasons: It's a great time to buy real estate in Kitsap County

In recent weeks the news media have been bashing real estate. True, some markets (such as Detroit, which is suffering from the decline of the automakers) are plummeting. But the market here in Kitsap County continues strong. For buyers, the increased inventory is very good news.

• Selection, selection, selection. There are about over 2100 resale homes on the market in Kitsap County. Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory was much smaller. Buyers were forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are lots of options in this market.
  
• No bidding wars. In 2005 one client in Seattle made an offer on ten homes. He lost the first nine to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.
  
• You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.
  
• Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
  
• Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, pest inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
  
• There are plenty of specs. In the not-too-distant past buyer had to 'play games' if they wanted a new home. In Phoenix, for example, there were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines.
  
• Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
  
• Few, if any investors. It is estimated that in some areas, one third of all sales in 2005 were to investors. These non-owner-occupied buyers caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
  
• Location, location, location. Bainbridge Island is still the location of choice for professionals working in downtown Seattle. Poulsbo, Bremerton and Silverdale are ideal for navy personnel. The whole county is still a jewel in the USA crown.
  
• Real financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It's a great time to buy real estate!

by Paul Pastore and Paul J. Pival