Real Estate Information

Get Pre-Approved

In addition to getting a good idea of how much house you can afford, getting pre-approved shows sellers that you are serious about buying—they might even consider your offer more seriously than unapproved buyers.

Use a REALTOR®

A REALTOR® is an agent or broker who belongs to the National Association of Realtors and subscribes to its strict Code of Ethics. Along with maintaining a high level of knowledge about real estate, a REALTOR® can help you evaluate homes, negotiate offers, remove contingencies, assist in the escrow process, and assemble a strong team of home inspectors, title insurance representatives, lenders, and escrow agents.

Be Ready to Act Quickly

Know what you want in a house, how much you’re willing to spend on it, and make a commitment with your REALTOR® that you will be able to get in touch with each other 24/7. You never know when the right house could come on the market, or how much might ride on a 9 p.m. phone call.

Make a Strong Offer

While staying within your financial limits, include a significant earnest money deposit of 5%. This “good faith money” will often be applied toward the payment of your purchase price.

Be Flexible

There are two elements to every offer: price and terms. While price is straightforward, many buyers fail to think of terms that might make their offer more attractive.

Know Your Risks

We’ve all heard the media stories about subprime lending risks. But there are other ways that buyers can put themselves at risk. In order to make an offer more attractive, some buyers will offer to waive a home inspection, homeowner’s insurance contingency, review of the preliminary title commitment, or seller’s disclosures. Each of these choices can carry a measure of risk. It’s important to have a candid discussion with your REALTOR before you start looking at homes.

It is estimated that one billion Valentine cards will be sent across the country on February 14, making Valentine’s Day one of the largest card-sending holidays of the year.

Candy, flowers, and gifts will be exchanged between loved ones all in the name of St. Valentine, but who is St. Valentine and what is the significance of this romantic holiday?

The history surrounding Valentine’s Day is very mysterious, but one theory suggests that St. Valentine sent the first ‘Valentine’ greeting while in prison to a young girl with which he was in love. The young girl visited him while in confinement and before St. Valentine’s death, he wrote her a letter and signed ‘From your Valentine,’ an expression that carries historic significance and is still used to this day.

Although there are many Valentine legends and many of the exact details are unclear, the stories all emphasize the appeal as a sympathetic, heroic, and, of course, romantic character. We do know that Valentine’s Day gained popularity around the seventeenth century, and by the eighteenth century, it became a tradition among family, friends, and loved ones who exchanged tokens of appreciation in honor of this day.

Best wishes to you and your loved ones this Valentine’s Day.

"Roses are red, violets are blue... I am very fortunate to have clients like you!"

FHA loans are still very popular for many home buyers, but did you know some of the money-saving reasons why a FHA loan is so attractive?

Here are the fees that FHA buyers are NOT allowed to pay for when financing a loan:

• loan application fee
• loan approval fee
• assignment fee or recording of assignment fee (if applicable)
• buy-down escrow fee (if applicable)
• real estate commission (NO buyers should ever pay for a real estate commission)
• courier fees
• document preparation fees
• email fees
• funding fee
• processing fee
• tax service fee
• under-writing fee
• wire transfer fee

If you would like more information on FHA loans or other loan programs, please contact me.  I enjoy helping and educating others on the home purchasing process. 

Have a great weekend!

John L. Scott just released their Housing Trends newsletter for agents to share with their clients.  Not all of my blog readers are in my real estate newsletter recipient database, so I thought I'd share this Housing Trends information with you here.

Please click the link for the county or area you are interested in.  If you'd like to receive my e-newsletter, my monthly newsletter titled "Your Home," or if you'd like me to email these Housing Trends newsletters directly to your inbox... please contact me.  I'd love to hear from you and help you.

King County

Pierce County

Kitsap County

Snohomish County

Spokane County

Whatcom County

Clark County

For a related article, please read my blog entry about buying power. 

When comparing January 2009 to January 2008, the average price of a home* in Pierce County depreciated 12.99 percent, according to the NWMLS statistics.  More specifically, the average price fell from $290,236 to $256,880 and the median price fell from $260,000 to $235,000 for a decrease of 2.59 percent over January 2008.  However, the median price did not change from last month to this month: in December I reported the same median price of $235,000.  In Pierce County, the average asking price for a resale house or condo is $377,769 - and that doesn't include any of those new homes that builders are trying to offload.

Out of the 832 homes that received offers and went into escrow last month, the average time that the home was on the market was 95 days.  In January 2008, there were 7,524 active homes for sale in Pierce County.  At the end of January 2009, there were 6,183 active homes for sale in the MLS in Pierce County, representing a 7.43 month supply of homes.  That’s actually not too bad, compared to what we’ve been seeing in past months.  This is the lowest supply of homes I’ve seen in Pierce County since I’ve been tracking this data.  If you read my newsletter regularly, you know that six months is considered an optimum balanced market.  Anything over six months is considered to be a Buyer’s Market and a supply of less than six months is considered a Seller’s Market.

If you are thinking about buying, this is still an excellent time to get a great deal on a home! Interest rates are very low, the selection of homes is incredible, sellers are willing to negotiate, and home buyers can now purchase homes that would have cost an additional hundred thousand dollars or more a year or two ago!  Also, the stimulus package keeps getting better for first-time home-buyers.  I’ll post a blog about it after the bill is passed, but there is talk that the $7,500 tax credit will be like more of a GIFT than a credit.  Buyers won’t have to repay it, and they may be extending the cut-off date to September.  There are other exciting details that I'll be able to talk about more later.  Stay tuned, this is your time!

*When reporting on homes in this update, the numbers represent only single family re-sale homes, townhouses & condominiums. All of the data used in this report does not include any new construction homes, manufactured homes or vacant land. All data comes from the NWMLS Statistics reports and all charts were created by and are the property of Stephanie Dawson.

   When shopping for new appliances, remember that looks aren’t everything. Features, capacity and energy-efficiency are important factors as well.
    Before buying a new appliance, keep track of your appliance usage for one week. For example, note the number and size of your laundry loads, what items you reach for most often in your refrigerator or what meals you cook on the stove. This will help you determine what features will be most beneficial. Also include a list of problem areas, which will help you choose a new appliance that offers better solutions.
    For a variety of appliances, available space can be a major stumbling block. Before you make your choice, be sure to measure the footprint, height and width of the appliance area, as well as the door swing or space needed to open doors, drawers and lids. Also measure any doorways or hallways to make sure the new appliance can pass through when it’s time to install.
    Energy-efficient models of some appliances can offer significant savings. According to the U.S. Department of Energy, appliances account for about 20 percent of a household’s energy consumption. Appliances that feature the Energy Star label have been tested to meet standards for energy efficiency.

When we compare January 2009 to January 2008, the average price of a home* in King County depreciated 3.31 percent, according to the NWMLS statistics. Compared with January of last year, the average price of a home decreased from $479,993 to $464,628 and the median price dropped from $395,000 to $364,138 for a decrease of 8.48 percent over January 2008.  The average asking price for a resale home or condo in King County is $657,113 - not including brand new homes.
  
Out of the 1,500 homes that received offers and went into escrow last month, the average time that the home was on the market was 90 days.  At the end of January 2008, there were 12,370 active homes for sale in King County.  By comparison, at the end of January 2009, there were12,035 actively listed homes for sale in the MLS in King County, representing an 8.02 month supply of homes.   If you regularly read my newsletter, you know that six months is considered an optimum balanced market.  Anything over six months is considered to be a Buyer’s Market and a supply of less than six months is considered a Seller’s Market. 

*When reporting on homes in this update, the numbers represent only single family re-sale homes, townhouses & condominiums. All of the data used in this report does not include any new construction homes, manufactured homes or vacant land. All data comes from the NWMLS Statistics reports and all charts were created by and are the property of Stephanie Dawson.

When we close up our homes to keep them warm each winter, we seal in pollutants that can aggravate allergies and asthma. The EPA recently ranked indoor air quality one of the top five threats to public safety.

To keep the air inside your home clean this winter, try these tips:

·         Store toxic chemicals such as pesticides, paint, glues, and harsh cleaners in a shed or garage outside the home.

·         Open windows or otherwise ventilate your home when painting or using cleaning agents.

·         Use high quality filters in your home’s heating and air conditioning systems.

·         When pollen, dust, or other pollutants are present outside your home, keep windows and doors closed and use your air system to filter your indoor air.

·         Don’t smoke indoors. If you must smoke, do so outside and change your clothes before interacting with young children, older adults, or anyone with asthma.

·         Use a solution of equal parts vinegar and water instead of harsh cleaning products.

·         If you must light candles, use soy candles instead of paraffin ones.

·         Choose natural fiber carpets rather than synthetic.

·         Use natural or low VOC paint.

·         Choose furniture and cabinetry made from natural wood rather than composite wood products like particle board.

I wanted to help out my John L. Scott colleague, Rob Knowles Jr., and spread the word about the benefit concert he is supporting... so please read on!  And don't ask me why Blake Lewis has a bunch of cords or black licorice wrapped around his neck.  I have no idea.

If you can't see the second picture very well, please contact me and I can send you the PDF file.  I had to export it a jpeg picture file in order to post it on my blog, and it turned out fuzzy.

It's time for the second annual Real Estate Investors Symposium!  I attended this event last January and truly benefited from the knowledge that the phenomenal speakers shared with us.  My favorite speaker was Jim Hebert, the local economist that gave us his forecast for 2008.

This year, it's going to be another exciting day with excellent speakers and loads of valuable information and insights.  Please contact me, so I can register you - but it's THIS SATURDAY, so please email or call me right away.

DECISION '09: MAKING THE RIGHT DECISION WITH THE RIGHT CONNECTIONS

Saturday, January 31, 2009 / 10:00 am - 3:00 pm

*last year, a complimentary Subway lunch was offered

Renton Ikea Performing Arts Center: 400 South Second Street, in downtown Renton (Renton High School)

Speakers to Include:

• JOHN CURLEY, host of Evening Magazine: "How to Change Your Luck in 7/10 of a Second" - I've seen him give this speech a few times, and it's excellent.
• JANET FARNESS, Seattle Times: "Regional Economic Outlook for 2009-2010: Reading Tea Leaves in Volatile Times"
• THANH NGUYEN, Morgan Stanley: "Ten Common Mistakes Investors Make on IRAs and 401Ks" and "How to Ride Out a Volatile Stock Market"
• JUNE LU, Puget Sound Home Mortgage: "Today's Financing Options: What's Left, Who's Left, Where Do We Go From Here?"
• BOB PENTIMONTI, Tax & Estate Attorney: "New Ways to Expand Your Write-Offs"
• YWCA, NAVOS, Sound Mental Health, HomeStep & Vets Edge: "Leasing to Non-Profit Agencies"

Raffle Prizes to Include:

• New DELL computer!
• $50 dining certificates
• Bottles of wine
• Certificate for a free appraisal when refinancing or purchasing a home ($450 value)

Sponsored by:

• Puget Sound Home Mortgage
• John L. Scott
• The Talon Group
• Seattle Times
• LT Services
• RHA (Rental Housing Authority)
• Morgan Stanley
• Williams Kastner Legal Services
• Non-Profit Agencies

If you contact me, I can get you registered as a guest and it's only $25/person.  Otherwise, it's $40 at the door.  Visit Puget Sound Home Mortgage's website to register, or call them at (425) 235-7540.