Issaquah - 1652 25th Place NE - $250,000
Delightful ground floor, end unit in the Enclave at Issaquah Highlands with 3 bedrooms and 2 full bathrooms! Open floorplan with large windows is bathed in natural light. Chef's kitchen offers tiled counters and breakfast bar. The master suite has double closets and a private bath. Home is located next to a native growth protected area with trail system just outside your door!
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All information in this site is deemed reliable but is not guaranteed and is subject to change |
Tuesday, August 31, 2010
Issaquah Highlands Condo for Sale
2 new programs planned to help homeowners
WASHINGTON – The Obama administration's top housing official says several new programs are in the works to help try to revive the housing market.
Housing and Urban Development Secretary Shaun Donovan said in an interview aired Sunday that his department in the coming weeks will roll out an FHA refinancing program to help borrowers whose mortgages exceed the market value of their homes. He also said the department will launch "an emergency homeowners loan program" to help people who are unemployed keep their homes.
Donovan, on CNN's "State of the Union," said a drop in July home sales was expected with the end of the housing tax credit, but that the decline was "clearly worse than we expected." He said "it's too early to say" if the credit will be revived.
Housing and Urban Development Secretary Shaun Donovan said in an interview aired Sunday that his department in the coming weeks will roll out an FHA refinancing program to help borrowers whose mortgages exceed the market value of their homes. He also said the department will launch "an emergency homeowners loan program" to help people who are unemployed keep their homes.
Donovan, on CNN's "State of the Union," said a drop in July home sales was expected with the end of the housing tax credit, but that the decline was "clearly worse than we expected." He said "it's too early to say" if the credit will be revived.
Sunday, August 29, 2010
Sunday Real Estate Funny
Real Estate Agent: "I have to have a raise in my commission! There are three other companies after me."
Broker: "Is that so? What are the companies that are after you?"
Real Estate Agent: "The Electric company, the telephone company and the gas company."
Saturday, August 28, 2010
Issaquah Highlands Homes for Sale
Issaquah - 2478 NE Iverson Lane - $375,000.00
Live on the park! Picture perfect Craftsman home in the heart of the Highlands. Bright and open floorplan with gleaming hardwood floors on the main level. Chef's kitchen with shaker style cherry cabinets, granite counters, slate backsplash and gas range. Tile floors in both upstairs bathrooms. Extensive upgrades including surround sound, custom lighting and central air. Large garage with overhead storage. Fully fenced backyard with patio. For more information, contact Matt Jensen at 206-909-8200.
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All information in this site is deemed reliable but is not guaranteed and is subject to change |
Friday, August 27, 2010
The Dark Side of Homeowner Dreams
By BARBARA KIVIATHomeownership has let us down. For generations, Americans believed that owning a home was an axiomatic good. Our political leaders hammered home the point. Franklin Roosevelt held that a country of homeowners was "unconquerable." Homeownership could even, in the words of George H.W. Bush's Secretary of Housing and Urban Development (HUD), Jack Kemp, "save babies, save children, save families and save America." A house with a front lawn and a picket fence wasn't just a nice place to live or a risk-free investment; it was a way to transform a nation. No wonder leaders of all political stripes wanted to spend more than $100 billion a year on subsidies and tax breaks to encourage people to buy.
But the dark side of homeownership is now all too apparent: foreclosures and walkaways, neighborhoods plagued by abandoned properties and plummeting home values, a nation in which families have $6 trillion less in housing wealth than they did just three years ago. Indeed, easy lending stimulated by the cult of homeownership may have triggered the financial crisis and led directly to its biggest bailout, that of Fannie Mae and Freddie Mac. Housing remains a drag on the economy. Existing-home sales in July dropped 27% from the prior month, exacerbating fears of a double-dip. And all that is just the obvious tale of a housing bubble and what happened when it popped. The real story is deeper and darker still.
For the better part of a century, politics, industry and culture aligned to create a fetish of the idea of buying a house. Homeownership has done plenty of good over the decades; it has provided stability to tens of millions of families and anchored a labor-intensive sector of the economy. Yet by idealizing the act of buying a home, we have ignored the downsides. In the bubble years, lending standards slipped dramatically, allowing many Americans to put far too much of their income into paying for their housing. And we ignored longer-term phenomena too. Homeownership contributed to the hollowing out of cities and kept renters out of the best neighborhoods. It fed America's overuse of energy and oil. It made it more difficult for those who had lost a job to find another. Perhaps worst of all, it helped us become casually self-deceiving: by telling ourselves that homeownership was a pathway to wealth and stable communities and better test scores, we avoided dealing with these formidable issues head-on.
Now, as the U.S. recovers from the biggest housing bust since the Great Depression, it is time to rethink how realistic our expectations of homeownership are - and how much money we want to spend chasing them. As members of both government and industry grapple with re-envisioning Fannie Mae, Freddie Mac and the rest of the housing finance system, many argue that homeownership should not be a goal pursued at all costs.
Comments are welcome!
New Listing: Snoqualmie Ridge Golf Course Custom!
Snoqualmie - 7124 Laurel Ave SE - $750,000.00
LOCATION & VIEWS & DECADENCE! Phenomenal unobstructed views of North Cascades, Mt. Baker AND Mt Si. Exquisite CUSTOM Burnstead Home on the 3rd Fairway of the TPC at Snoqualmie Ridge. Architectural delight rich in quality & character! Main level Master & Den/office, 1,000 bottle wine room, solid Alder wood throughout, whole house surround sound, soaring ceilings! Splendid vaulted kitchen, skylights, heated tile floor, double oven, oversized windows & glass doors capturing the beauty of the course & mountains outdoors! Wow! Fabulous great room with grand fireplace and adjacent out-door living space with built in Viking grill, extra patio space, lush lanscaping and amazing views. Complete peace & luxury! NW Living flows inside out! All of this plus a free 1 year home warranty. CVES School Zone! For more information contact Laura Flodin at 425-223-1535.
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All information in this site is deemed reliable but is not guaranteed and is subject to change |
Thursday, August 26, 2010
Mortgage rates hit low of 4.36 percent
By J.W. ELPHINSTONE, AP Real Estate Writer J.w. Elphinstone, Ap Real Estate Writer –
NEW YORK – Mortgage rates fell to the lowest level in decades for the ninth time in 10 weeks, as concerns grow that the economy is weakening.
Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year fixed loan was 4.36 percent this week, down from 4.42 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971.
The average rate on 15-year fixed loan dropped to 3.86 percent from 3.90 percent the previous week. That's the lowest on records starting in 1991.
Rates have fallen since spring as investors shifted money into the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields.
The low rates have fueled borrowers to refinance their home loans. Refinancing is at its highest level since May 2009 and made up 82.4 percent of all new loan activity.
However, low rates haven't budged home sales, Those have been stymied by high unemployment, slow job growth and strict credit standards, and have dropped sharply since the expiration of home-buying tax credits in April.
To calculate the national average, Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.
Average rates on five-year adjustable-rate mortgages were unchanged at 3.56 percent. Rates on one-year adjustable-rate mortgages fell to an average rate of 3.52 from 3.53 percent.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 a point for 30-year and 1-year mortgages. They averaged 0.6 of a point for 15-year and 5-year mortgages.
Wednesday, August 25, 2010
Home in the Mt Baker Foothills
10433 Mt. Baker Hwy #1021A - $59,000
1 bedroom, 1bath , ground floor condo in Snowline Inn. A fully furnished vacation condominium in the Mt. Baker Foothills at Mile Post 34-35. Sleeps 4. Perfect for those Mt. Baker ski trips or hiking trips.
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All information in this site is deemed reliable but is not guaranteed and is subject to change |
Tuesday, August 24, 2010
New Listing Snoqualmie! (former church/parsonage)
Snoqualmie - 8850 Meadowbrook Wy SE - $498,563.00
First time on Market! This unique home (former church/parsonage) with great architecture & history has been completely remodeled & is one of the largest homes in Snoqualmie. The 1.47 acres offers views of Mt Si & private fully fenced backyard w/ raised garden beds. Entertainment sized great rm, updated kitchen, lrg master w/ bath & walk-in closet. Bonus rm, den, main floor bedrm/bath. Private guest quarters-possible duplex or extended family home. Close to downtown, schools, I-90 / Hwy 202. For more information contact Ed Irwin at 206-275-4500.
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All information in this site is deemed reliable but is not guaranteed and is subject to change |
New Listing @ Snoqualmie Ridge's Eagle Lake!
Snoqualmie - 6825 Pinehurst Ave SE - $669,000.00
Stunning Custom Style Conner Residence w/ rare 5 beds, 4.5 baths offers every high end finish imaginable: SOLID wood doors, all gleaming hardwoods on 1st floor, crown molding thru-out, spa-like master bath, gourmet chef’s kitchen w/oversized granite island, pasta water fixture, dueling sinks, SS appls, walk in pantry, glass cabinetry, large deck w/views of course, foothills, Eagle Lake, A/C, sprinkler, spacious basement offers full bath/bed, home theater w/surround, kitchenette w/fridge! For more information contact Becky Lower at 425-785-5893.
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All information in this site is deemed reliable but is not guaranteed and is subject to change |
Home sales plunge 27 pct. to lowest in 15 years
By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer –
WASHINGTON – Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas.
July's sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday. It was the largest monthly drop on records dating back to 1968, and sharp declines were recorded in all regions of the country.
The plunge in home sales also magnified fears about the broader economy.
"The housing market is undermining the already faltering wider economic recovery," said Paul Dales, U.S. economist with Capital Economics. "With the increasingly inevitable double-dip in prices yet to come, things could yet get a lot worse."
Sales were particularly weak among homes in the lower- to mid-priced ranges. For example, in the Midwest, homes priced between $100,000 and $250,000 tumbled nearly 47 percent.
As sales have slowed, the inventory of unsold homes on the market grew to nearly 4 million in July. That's a 12.5 month supply at the current sales pace, the highest level in more than a decade. It compares with a healthy level of about six months.
One reason the market is hurting is that buyers and sellers are in a standoff over prices. Many sellers are reluctant to lower their prices. And buyers are hesitating because they think home prices haven't bottomed out.
"It really is a self-fulfilling prophecy," said Aaron Zapata, a real estate agent in Brea, Calif. "If all buyers perceive that home prices are coming down, then they will stop making offers — and home prices will come down."
The housing market is also being hampered by the weakening economic recovery. Unemployment remains stuck at 9.5 percent and many potential buyers worry they might not have a job to pay the mortgage.
Prices have fallen in part because foreclosures are running about 10 times higher than before the housing bust. Though the average rate for a 30-year fixed mortgage has sunk to 4.42 percent, many people can't qualify because banks have tightened their lending standards.
Home sales picked up in the spring when the government was offering tax credits. But the tax credits expired on April 30 and the market has been hobbled since.
The drop in July's sales was led by 35 percent plunge in the Midwest. Sales were down 30 percent in the Northeast, 25 percent in the West and 23 percent in the South.
The median sale price was $182,600, up 0.7 percent from a year ago, but down 0.2 percent from June.
Monday, August 23, 2010
Snoqualmie Ridge Real Estate
Snoqualmie - 7006 Silent Creek Ave SE - $500,000.00
Stunning CamWest residence offers grand elegance w/ 10 ft ceilings, beautiful gourmet kitchen w/ stylish slab granite, designer bead board cabinetry, w/SS GE Profile appliances, amazing built-in cabinetry in fam. rm, designer paint colors, wainscoting & crown molding, expansive custom patio for entertaining, exceptionally high quality interior finishes throughout, alive w/ character & w/ no detail overlooked, this impeccable home captures the very essence of NW living. A truly rare opportunity! This stunning home also comes with a 1 year Fidelity Warranty! For more information contact Becky Lower at 425-785-5893.
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All information in this site is deemed reliable but is not guaranteed and is subject to change |
Sammamish Homes for Sale
Sammamish - 23606 NE 25th Way - $575,000.00
Picture perfect home with four bedrooms plus large bonus room on a large and private lot! Dramatic two story entry bathed in natural light. Step down living room with bay window. Formal dining room with plenty of space to entertain in style. Chef's kitchen with granite counters, stainless undermount sink, center island with Jenn Air gas cooktop, large eating nook and abundant storage and work space. Family room with wood burning fireplace and custom two inch wood blinds. King sized master suite with vaulted ceiling and large walk-in closet. Luxurious 5 piece master bath with tile floor and vaulted ceiling. Full bath upstairs with dual sinks and skylight. Private, fully fenced backyard with beautiful and mature landscaping, huge patio and raised vegetable garden. Three car garage with built-in shelving. Brand new roof, Hardie Plank siding, interior and exterior paint and carpet. Refinished hardwoods. Ideal location 3 doors down from neighborhood park and 3 blocks away from award winning McAuliffe Elementary.
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All information in this site is deemed reliable but is not guaranteed and is subject to change |
Homeowner Confidence in Real Estate Market Dips; 1 in 3 Think Worst Is Yet to Come
by Stephen M. Fells on August 23, 2010
38% Think Local Home Values Have Reached Bottom. Potential of nearly 4 Million ’sidelined sellers’ very likely to put home on the market in next six months with signs of real estate turnaround, according to Zillow®Q2 ‘Homeowner Confidence Survey’
SEATTLE, Aug. 19 (PRNewswire) Homeowners(i) are more pessimistic about the short-term future of home values in their local market than they have been in the past three quarters, according to the Zillow second quarter Homeowner Confidence Survey(ii). One-third (33 percent) believe home values in their local housing market have not yet reached a bottom, while 38 percent believe they have already reached a bottom.
More than one-quarter (28 percent) of U.S. homeowners said home values in their local real estate market will decrease in the next six months, up from 20 percent in the first quarter. Additionally, less than one-third (30 percent) believe home values in their local market will increase, down from 42 percent in the first quarter.
Despite the increasing pessimism, a large number of homeowners anxiously await the opportunity to sell. Five percent of U.S. homeowners say they are very likely to put their home on the market in the next six months if they see signs of a real estate market turnaround. This translates into 3.8 million homes with the potential to come into the market(iii). By comparison, 5.2 million existing homes were sold in all of 2009(iv).
Looking backward, homeowners also became slightly more pessimistic about the performance of their own homes’ values in the past year. Less than a quarter (24 percent) of homeowners said their home had increased in value in the past year, compared to 27 percent in the first quarter. In reality, 34 percent of homes increased in value in the second quarter, according to the Zillow Q2 Real Estate Market Reports.
“As homeowners have been so inundated recently with news of declining home sales post-tax credit, it’s no surprise that they would become more pessimistic about the future of home values,” said Dr. Stan Humphries, chief economist at Zillow.com®. “Homeowners have become much more responsive to current market conditions than they were just two years ago, when a more typical reaction was denial.
“Given this sentiment, we’re surprised so many homeowners believe their market has already bottomed. Although our Q2 reports indicated signs of stabilization in 30 percent of markets we cover, we’re concerned that this was at least partly due to the homebuyer tax credits. We’re already seeing payback for the credits in the form of declining home sales, and this trend will push up inventory levels and exert downward pressure on home values. Add in the inventory from the millions of sidelined sellers and we’ll take more steps back. Our forecast remains largely unchanged: We’re in for an L-shaped recovery that will likely keep annualized home value appreciation very low for the next three to five years.”
Seven must-have real estate contract conditions
It's a good idea to educate yourself on the not-so-obvious parts of a real estate contract
By: Amy Fontinelle
Investopedia.com
When you formally make an offer on a home you want to buy, you'll fill out a lot of paperwork specifying the terms of your offer. Aside from such obvious things as the address and purchase price of the property on which you're making an offer, there are some items you should be sure to include in your real estate purchase contract.
1. Finance Terms
If you are like most people and you won't be able to buy the home without obtaining a mortgage, your purchase offer should state that your offer is contingent upon obtaining financing at a specified interest rate. If you know you can't afford the monthly payment on the house if the interest rate is higher than 6 per cent, don't put 6.5 per cent in your offer. If you do that and you are only able to obtain financing at 6.5 per cent, the seller will get to keep your earnest money deposit when you have to back out of the offer.
If you need to obtain a certain type of loan in order to complete the deal, you should also specify this in your contract. If you are paying all cash for the property, you should state this as well because it makes your offer more attractive to sellers. Why? If you don't have to get a mortgage, the deal is more likely to go through and closing is more likely to happen on time.
2. Seller Assist
If you want the seller to pay part or all of your closing costs, you must ask for it in your offer. The offer should state the amount of closing costs you are requesting as a dollar amount (e.g., $6,000) or as a percentage of the home's purchase price (e.g., 3 per cent).
3. Who Pays Specific Closing Costs
The agreement should specify whether the buyer or seller will pay for each of the common fees associated with the home purchase, such as escrow fees, title search fees, title insurance, notary fees, recording fees, transfer tax and so on. Your real estate agent can advise you as to whether it is the buyer or seller who customarily pays each of these fees in your area.
4. Home Inspection
Unless you are buying a tear-down, you should include a home inspection contingency in your offer. This clause allows you to walk away from the deal if a home inspection reveals significant and/or expensive-to-repair flaws in the structure's condition. For example, if the home inspection reveals that the home needs a new roof at a cost of $15,000, the home inspection contingency would give you the option to walk away from the deal.
5. Fixtures and Appliances
If you want the refrigerator, dishwasher, stove, oven, washing machine or any other fixtures and appliances, do not rely on a verbal agreement with the seller and do not assume anything. Specify in the contract any fixtures and appliances that are to be included in the purchase.
6. Closing Date
How much time do you need to complete the purchase transaction? Common time frames are 30 days, 45 days and 60 days. Issues that can affect this time frame might include the seller's need to find a new home, the remaining term on your lease if you are currently renting, the amount of time you have to relocate if you are moving from a job, and so on. Occasionally, the buyer or seller might want a closing as short as two weeks, but it's difficult to remove all the contingencies and obtain all the necessary paperwork and funding in such a short time period.
7. Sale of Existing Home
If you are an existing homeowner and you will need the funds from the sale of that home to buy the home you are making an offer on, you should make your purchase offer contingent upon the sale of your current home. You should also provide a reasonable time frame for you to sell your home, such as 30 or 60 days. The seller of the property you're interested in is not going to want to take his property off the market indefinitely while you search for a buyer.
There are many other things that go into a thorough real estate contract, but for the most part, you shouldn't have to worry about them. Real estate agents will commonly use standardized, fill-in-the-blank forms that cover all the bases, including the ones described in this article.
If you want to familiarize yourself with the details of the purchase agreement form you're likely to use before you write your offer, ask your real estate agent for a sample agreement, or search online for the standard form that is common in your locality.
The Bottom Line
Even though these forms are common and standardized and a good real estate agent would not let you leave anything important out of your contract, it is still a good idea to educate yourself about the key components of a real estate purchase agreement.
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