Story Time: Historic Homes, Lafayette, Bremerton, Wa
I recently had the opportunity to take a look at a historic home in Bremerton, Wa. There's something about the charm and character of a century-old home that draws people in, and the history that comes along with it only adds to the intrigue. Today, we're taking a closer look at one such property: 412 S Lafayette Ave in Bremerton, WA 98312. I had the privilege of a 'pre-tour' of sorts, with Gloria Mellon and her husband, Keith. Their passion for historic homes is clear, and the artfulness and respect for the past is evident. While this home has all modern conveniences, they chose to keep the historic charm of the home, and honor it's history and emphasize its charm. As you enter the home, you are greeted in a bright room. A place to take your shoes off, or sit and enjoy the day, this space is welcoming and warm, and speaks of 'home'. Upon entering the into the living room, you see the beautiful wood trim, and the attention to detail that was always evident as homes were built in that period. Original fir flooring, an amazing archway, with lots of built in storage, picture rails, and original windows bring you to a wonderfully warm feeling of nostalgia. You can clearly picture a Christmas tree and lights from a time gone by, when traditions, family gatherings and pageantry were all part of society. While all of this charm is absolutely delightful, on closer inspection, you can see the love and detail that was put into the home. While resotration is a beautiful thing, no one wants an outhosue out back! The kitchen is breathtaking, as you realize the small conveniences that have been thought of. New appliances, a coffe bar, with built in water fill for the pots, but done in period style. The orginal windows have dormars for added energy efficiency. The bathrooms have been updated, and in the bedroom suite, a luxurious, claw foot tub awaits! Outside, the home has also been udpated and the landscaping is mature. This home sits on an oversized lot, and has an excellent deck in the back, perfect for outdoor entertainment! It was a joy to hear how Keith and Gloria have lovingly updated and resotred this beautiful home. A little history.... In 1903, William Bremer had faced some backlash from the US Navy because of Bremerton's reputation for drinking and gambling. He decided to take Bremerton, got all of the commercial land owners to agree, and sell it to the US Navy. According to HistoryLink.org ( HitoryLInk.org ), William decided that if the Navy wanted to run his town, they could buy it... and offered to sell it to the government for a whopping $350,000. The Navy turned down the offer, as they felt the price too high. (I've lived in Kitsap all my life, and didn't know that the entire town of Bremerton was, at one time, for sale to the government!) In 1916, Washington state had gone "dry" and by 1919, the nation had followed. What is interesting to me, is that this home was built in 1916, though the name of the builder has not been found. With the Navy yard being here, was this person someone who came for a job, or was it built for someone who was a higher up in the Navy? Or, yet still, none of the above. This historic mystery leaves it open to the imagination, and, for sure, a book should be written! :) In 1923, the home was bought by James and Mamie Brown. They lived there until Mamie's passing in 1935. James remarried shortly after Mamie's death, to a lady named Belle, and they lived there, and were shown on, the 1940 census. There is a gap in information until 1950's, when Harry and Franscis Snyder bought the property. The Snyders owned a second hand store on Callow, and they lived in the home until 2001, when Harry passed away. When Gloria and Keith began restorations, they found some things in the attic from the time when Harry had his store. 1990's Hot Wheels were among them. Interestingly, Keith and Gloria put some of these items back in the walls, and also added a 'time capsule', with items from our own time period. It's amazing how well built these older homes are. The flavor, character and charm of the time is captured, and reminds us of a space that is rich with history, nostalgia and reminds us where we came from. It's clear from the attention to detail this home offers, as well as the updates, that Keith and Gloria love historic homes, and are invested in creating spaces that bring us back home in our hearts. This home is on the market and avialable for move in. The home has been reduced in price, and is well within FHA guidelines for home loans! Keith and Gloria are invested in getting this beautiful home sold to the right person! Check it out today! 412 Lafayette, Bremerton
Kitsap County Renters
As a renter in Kitsap County, you may be wondering if it’s time to take the leap into homeownership. With the help of local experts like Bill Dunger from Bill Dunger, Nova Home Loans and Kari Green, Advisor, you can learn about the home buying process, mortgage options, and even some unique opportunities available in the Kitsap County area. Let’s talk about renters. As a renter, your 'interest rate' is 100%. Every single dollar you spend is completely invested into someone else's mortgage. When we look at home ownership, one of the first questions I hear is, "What about the interest rates?" Let's put some perspective on this. The housing market is critical to the economy, and it has to keep moving to keep everything stable. At a time when there were a myriad of factors affecting the econimy in a negative way, keeping the housing market moving was critical to economic survival. It seemed like a great time for first time homebuyers to get out of renting and into owning. However, when interest rates dropped to two and three percent, investors were able to come in and offer thousands over asking, making budget buyers have to work much harder to compete. Now I hear a ton that buyers want to wait becuase interest rates are 'so high.' As of today, interest rates are 6.75%-7.25%, depedning on credit score. OH the horror... interest rates have DOUBLED! However, looking over time, we are not seeing the highest of interest rates at this time. The best time for first time homebuyers is in a market that is not saturated with investors. Now is that time. Buyers have to opportunity to negotiate for their benefit, with out a 90% risk of being outbid by a cash investor. Once you get into a home, as rates fluxuate, it is much easier to refinance your mortgage than it is to compete with investors for a place to live. One of the biggest concerns for potential homebuyers is the cost of a mortgage. Fortunately, there are a variety of mortgage options available to Washington residents. Bill Dunger from Nova Home Loans shares that the FHA credit score requirement has been lifted. It has been a requirment that a buyer have a 620 credit score to qualify. Now, any credit score is able to be considered, based on income and debt. Your credit score will still come into play when it comes to interest rates. The larger the risk (lower credit score) the higher the loan cost (interest rate). Having a good credit score can still be beneficial, but it no longer is a disqualifying point for FHA loans. For renters who are considering buying a home, it’s important to take the time to do your research and understand the home buying process. This includes understanding your budget, getting pre-approved for a mortgage, and working with a real estate agent to find your dream home. Kari Green emphasizes that “working with a knowledgeable and experienced real estate agent can help you navigate the home buying process and find the best home for your needs.” No matter what your housing situation may be, it’s important to make an informed decision about your living situation. For renters who are considering buying a home, there are a variety of mortgage options and DPA programs available that can help make homeownership more accessible. Having your HOME TEAM at your fingertips is essential to being successful in the real estate market, and making the most of your monthly investment. Are you investing in you and your future, or are you investing in someone else's dreams?
Renters... What is YOUR interest Rate?
Hey Renters! Now may be the best time in the next year to get into your mortgage! I've been saying this for a bit, but now that FHA costs will go up for loans with higher debt to income rations, lender incentives are an excellent way to get into a home! Keeping in mind that interest rates are higher now than they were a year ago, they certainly are not high compared to 10%, 12% ... or 100%! ONE HUNDRED PERCENT is what you are paying each month, if you are renting. Generally speaking, the homes that are being rented are mortgaged, and the owner/landlord pays an interest rate. However, if they are doing their homework, that owner/landlord is not paying one single dollar of interest, because your rent covers that. At the end, when the home is owned by the landlord, renters have paid the interest, the principle, taxes and insurance! If you are renting, YOUR interest rate is 100%! It used to be that renting could be cheaper per month than a mortgage. After Covid, the risk went through the roof and the cost of renting is now competing with mortgages. There are several great programs for homebuyers for down payment assistance, that are really awesome. However, if have a down payment, one of my lenders is offering a program where they will buy down 1% of the interest rate for one year. Check out the flyer, but it significantly brings down mortgage payments, helping more people get in the door of their own home! This buy down is temporary. The lender puts money up front to be able to 'buy down' the rate. Once the year is up, the loan will have the interest rate that was locked in. The gold is in the fact that we can refinance, and lock into something more permanent! It's a really exciting offering from Nova, to be able to move forward, into a mortgage situation, and OUT of renting. This means that, each month, you are investing in YOU and your dreams, instead of your landlord and THEIR dreams! NOW IS YOUR TIME! Let's get you started on your journey! Stay safe.... keep hydrated.... and make it a great day!
