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Friday, August 27. 2010
Looking for a quality well maintained rambler on a large lot that is not a short sale or bank owned? Then this is the rambler for you! Your new home features 3 large bedrooms, master bath, full bath, open bright kitchen, sunken living room, and dining room. You will appreciate the new laminate flooring, tile flooring, skylight, pellet insert and new windows and roof in 2008. This quality home is located on a cul-de-sac that features RV/Boat parking, private fully fenced backyard and large deck. Call me with questions or to set up a time for your own private showing!
Monday, August 23. 2010
Last Tuesday, the government held a "Future of Housing Finance" conference to discuss changes needed in this area. Most participants agreed that government assistance for housing must be reduced but not eliminated. Bill Gross, from PIMCO and one of the panelists, called for a massive refinancing of certain mortgages backed by Fannie/Freddie/FHA, believing such a move would lift home prices 5% to 10% and provide a $50 Billion stimulus to the economy. I will be watching this situation closely for further developments. Home sales and the job market - two key aspects to our continued recovery - are also areas we need to see change in an improving direction. Last week, the NAHB Housing Market Index came in a bit worse than expectations and showed housing to be at a 17-month low. It can be argued that the tax credits actually hurt the housing market by not adding any sales, just pushing them up. This has now resulted in a void or softer period in the market, potentially wasting billions of dollars. Housing Starts and Building Permits were also reported lower than expected last week. Clearly, demand for housing has slowed over the past few months, due to the expiration of the Home Buyer Tax Credit and persistently high unemployment. Speaking of unemployment, awful is the only way to describe last week’s Initial Jobless Claims report. According to the report, 500,000 people filed to receive unemployment benefits for the first time, which was well higher than the lofty 475,000 expected and the highest reading since November 2009. In addition, between Continuing Claims and people receiving Emergency Unemployment Compensation or EUC, the combined total of people receiving unemployment benefits now equals 9.25 Million people. The bottom line is this: The labor market is the foundation of our economy. Job growth and confidence is the best and most sustainable way for our economy to recover. The present anti-business regulatory environment is pushing Initial Claims, a leading indicator on the health of the labor market, in the wrong direction. But home loan rates, meanwhile, continue to remain at historic low levels. Though keep in mind, inflation is the arch enemy of Bonds and home loan rates, which means it can cause both to worsen. Both the Producer Price Index (which measures inflation at the wholesale level) and the Consumer Price Index were recently reported hotter than expected. If rates do start to rise, they will likely do so quickly. This information is courtesy of Ken Allen from MetLife. You can reach Ken at 425-670-2418 or at krallen@metlife.com or www.KenAllen.com.
Thursday, August 19. 2010
If you have been wondering when or how the real estate market will change? Here is great article posted by the Seattle Times today that will give you good insight. http://seattletimes.nwsource.com/html/businesstechnology/2012664543_apuseconomy.html My opinion as I have stated in the past and will continue is to watch the job market!!! Good news is that if you are in the market to refinance or buy a home interest rates are very low.
Monday, August 16. 2010
| For the week of August 16, 2010 – Vol. 8, Issue 33 | >> Market Update INFO THAT HITS US WHERE WE LIVE Last Wednesday the National Association of Realtors reported the median price of existing single-family homes UP for Q2 in two thirds of U.S. metropolitan areas, or100 markets. This compares with only 26 markets with price gains in the same quarter a year ago. Experts say these figures show the federal tax credits helped stabilize home prices in the first half of the year. Nationally, the median price for single-family homes increased to $176,900 in Q2, UP 1.5% from a year ago.
The NAR also reported sales of existing single-family homes and condos for Q2 were UP 9.1% over Q1, hitting an annual rate of 5.61 million. That number is UP 17.3% from Q2 a year ago. With the tax credit gone, the NAR is forecasting a Q3 sales drop to a 4.55 million annual rate. But they do see sales coming back in the last three months of the year, to a 5.27 million unit annual rate. The NAR's chief economist added: "Prices in some areas remain below replacement construction costs, so even with an elevated supply of existing homes...we don't expect any consequential movement in home prices for the foreseeable future."
Freddie Mac's weekly survey showed mortgage rates staying at record low levels for conforming loans. But demand for purchase loans has dropped after the tax credit expiration, according to the Mortgage Bankers Association. >> Review of Last WeekDIPPY... It was a week of "double-dip recession" fears, but when all was said and done, the economic recovery continued, albeit at a slower pace. The only dipping that occurred happened on Wall Street, as investors' worries sent the Dow Industrials down 265 points on Wednesday. By the time the markets closed Friday, all three major indexes had truly dipped -- from 3% to 5% for the week.
That Wednesday dip in the Dow was the delayed reaction to the results of the Fed meeting on Tuesday. The central bank kept the rate down at 0%–0.25%, but their policy statement raised investors' "double-dip" worries. The Fed said the economy isn't as strong as they thought it would be two months ago and they would begin buying Treasury bonds "to support the economic recovery." But in spite of Wall Street's jitters, the real economic data wasn't so bad.
Preliminary Q2 Productivity slipped a tad, but it's UP 3.9% over last year. The trade deficit in June grew more than expected, but exports dropped only slightly and are UP 17.7% for the year, a healthy sign for American companies. July Retail Sales were up less than expected, but when May and June upward revisions were included, the numbers beat expectations, UP 0.7% overall and UP 0.2% excluding autos. And those talking up a global double-dip recession were quieted when Germany's Q2 GDP showed a 2.2% expansion from the previous quarter, that country's fastest growth in two decades.
For the week, the Dow ended down 3.3%, to 10303.15; the S&P 500 was down 3.8%, to 1079.25; and the Nasdaq was off 5.0%, to 2173.48.
With investors seeking safety, the bond market benefited, with a big focus on Treasuries after the Fed's comments on Tuesday. The FNMA 30-year 4.0% bond we watch ended essentially flat for the week, down a scant 6 basis points, closing at $102.69. As noted above, national average mortgage rates remained in historically low territory for the eighth week in a row. |
This market update is courtesy of Erica Major at Sterling Savings bank. Direct line is 206-355-8870.
Thursday, August 5. 2010
 Looking for a large level lot with privacy located close in? Then this is the home for you! Your 2880 square foot rambler with a daylight basement includes 3 large bedrooms, master suite, 1.75 baths, 2 fireplaces with pellet inserts, dining room, living room, huge rec room, utility room, open kitchen, 3 car garage with an open pit and 3rd bay suitable for an RV, large wrap around deck, fully fenced 1 acre lot with gated entry, extra parking for your boat/RV or extra vechicles, and so much more! Did I mention the possibility to subdivide?! Call me for further questions or to set up an appointment for you own private showing!!
Monday, August 2. 2010
| Residential Status | July | June | May | April | | Sold | 438 | 702 | 617 | 635 | | Pending | 820* | 818 | 1,096 | 1,201 | | Active | 4,678 | 4,616 | 4,254 | 4,158 |
This information courtesy of the NWMLS. Stats not including condos. *345 went pending in the month of July Are you noticing the yard signs in front of homes for sale lasting longer than usual? It's true, they are. Look at the large drop in sold properties for the month of July!! The $8,000 tax credit rush had something to do with that, but I noticed the pendings did not change much, which leads me to believe we'll have similar stats in August. Let's watch and see next month. When it comes to the distressed properties, there have been no significant changes in the stats. Active homes are still running around 28%, pendings 30%, and solds 30%. Once again, we need this to change in order to start seeing a more "normal" market.
But not to fret, the drop in numbers is one the real estate market has seen in the past and will likely continue to see every summer. Historically, July tends to be one of the three slowest months in real estate sales, with the market typically picking up in August and September. Expect to see the same this year!!
Current interest rates are hovering around 4.60% with all indications leading to a rate increase in the near future. Thank you for not keeping me a secret!!
Wednesday, July 28. 2010
 Attractive single story condominium located in the Sequoyah complex with views of the swimming pool in Edmonds. This 1 bedroom, 1 bath, 733 sqft. condo has been fully remodeled in 2007 with granite counter tops, tile backsplash, hardwood flooring, trim/door package, and much more. Washer and dryer are in the unit, private covered parking, and your own private storage space are all included. The Sequoyah offers an outdoor pool, club house, elevators, private lobby entrance, and exercise room. Call Joshua Koffler for more information or to schedule your own private showing!!
 Two homes with a cumulative square footage of 1736 that includes 3 bdrms, 2.5 baths located on private 8.4 acre lot with a large detached carport. First unit- 1 bdrm, 1 full bath rambler that boast 896 square feet built in 1995 with a dining room, living room, open kitchen, and utility room. Second is a 1972 single wide manufactured home with 840sqft, 2 bdrms, 1.5 baths. Your lot features mountain views, gated driveway, 3+ acres of lawn/open space, creek frontage, Whitehorse trail, and more. For more information or to schedule your own private showing call Joshua Koffler at 425-876-8112!
Friday, July 9. 2010
How will a short sale affect my credit? How will a short sale affect my ability to buy another home? These are common questions with seller's these days and here are some answers- Currently with conventional financing you will have a waiting periods- 2 years is allowed with 80% loan to value ratios. 4 years is allowed with 90% loan to value ratios. 7 years is allowed with Ratios per the Eligibility Matrix. For more information or questions on the affect of a short sale call- Earl Schmidt- 425-330-9021 or email Earl at earls@networkhomeloans.com
Monday, July 5. 2010
 Recreational property with over 90' feet of waterfront bordering Canyon Creek in Granite Falls. Your lot is level and lightly treed. Power in the street, paved access, buyer to verify all information and determine if buildable.
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