Real Estate Information

They arrived a few days after Valentines Day but they still taste as good as they look!

Made with love and delivered to our doorstep via UPS last night.

From Cincinnati to Seattle....Thanks Grandma Fish!

Twice in the last few days I've had to double check my Calendar just to make sure it really was November. Is Thanksgiving really only 10 days away?

I've been selling real estate for nearly two decades in the greater Seattle area and my personal business has never been this busy this close to the holidays.

Many of us credited the deadline of the 1st time home buyer tax credit for the increase in buyer interest, and indeed I think initially that was the case. But the deadline has now been extended five months out and I'm not seeing any signs of buyer's putting their search on hold until after the holiday.

According to NWMLS reports, inventory is decreasing and pending sales jumped 63% last month over a year ago. All good signs confidence in the local market has increased.

If you've entered a store, a restaurant or stepped onto a car lot lately you'll see signs of it too. Consumer confidence is up and people are spending money again. Rumors of shadow foreclosure inventory (or a 2nd recessio dip) don't seem to be holding home buyers back.

Have prices gotten so low that buyers (especially those submitting mulitple offers) are making quick decisions and adding escalation clauses to their contracts? Or is it that so many have waited so long, they're not willing to wait any longer for their place at the table....for their piece of the real estate pie?

Good news may be on the horizon for the Seattle real estate market (finally!).

Forbes.com has recently published a report based on a study by  Moodys.Economy.com that has predicted  home prices in the Seattle area could increase by as much as 30.98% within the next 5 years.

"Moody's calculates future changes in home price by measuring both long-term and demographic and economic fundamentals, like income and population changes; and changes caused by short term supply and demand shifts"

That's especially good news for those first time buyers who have committed to buying in uncertain times.

I think we've all seen over the last few years that predictions and analyses can be wrong. But after so much doom and gloom over the last few years it's always nice to read something positive!

Although my husband and I are technically "transplants" to the Seattle area, we have lived here for 22 years and have realized that we fit in quite well thank you very much....We came across proof this Summer while having lunch in Pioneer Square. This easel sits outside a floral shop.

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 I know I'm guilty of all of them!

Many months ago I expressed my frustration with Congress and HUD when legislation was passed to do away with downpayment assistance programs such as the Ameridream program. Those of us who have been in the industry for a while worked with many of these programs under names such as Nehemiah, HART, Ameridream and others.

According to the Ameridream site, since Congress abolished these programs in October of 2008, over 90,000 prospective home buyers have been unable to make a purchase.

The arguments against down-payment assistance programs (DAPs) revolve around a larger number of defaults on these loans and concern about over-inflated appraisal values. Both of these could easily have been addressed with stricter qualifying requirements and more in-depth appraisal review. Opponents say "they should just save up their down-payment", but in a market such as King County, where the average sales price is $450,000, that's a HUGE amount for a young individual or couple to save. At the required FHA 3.5% down-payment, that's $15,000 needed for down-payment alone. And rents aren't cheap in our area either, which pushes the ability to purchase further and further away without these DAPs.

Before Congress right now is H.R. 600 "FHA Seller-Financed Reform Act of 2009", which if passed, according to Ameridream could help as many as 300,000 home buyers, stabilize market prices and create hundreds of thousands of new jobs.

It's a matter of common sense in my experienced opinion. Let's not throw the baby out with the bath water....tougher credit scoring and underwriting guidelines along with home buyer education should be implemented. But there is a place for DAP's in the market and I hope Congress is willing and able to see the forest for the trees.

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Colleen Fischesser is the Broker/Owner of RE/MAX Select Real Estate. She has been successfully marketing and selling real estate in King and Pierce counties since 1990.

Copyright 2009, all rights reserved. Not portion may be reprinted without written permission.

I don’t think I’ve read a better summation of what we’re really experiencing across the country than this post by Justin Hood on Zillow’s Mortgage Blog. Not only is it spot on in it’s message, but it poignantly speaks to the frustration those of us “on the front lines” are feeling.

Here’s an excerpt from Justin’s post:

…..Whatever you see, whatever people are telling you about the “current” foreclosure crisis… I worry it might get worse, possibly far worse than it is now.

The reason I worry?

Most of the people that I speak with every day are not currently late on their mortgage payments but are “about to be”. They are searching for help and information about the ramifications of what will happen if they miss a mortgage payment. Or two. Or what the impact on their credit will be if they do a short sale or a loan modification. Or how long I think that they can stay in their home if they quit making payments.

These people who are about to be late on their mortgage payments so that they can still feed their families are supposed to be the good loans - as in the ones that are not supposed to default.

Is anyone in the news media covering the story of what is so close to happening - so many of what appear to be “good loans” about to go bad?

Not that I have seen.

But America is hurting.

From the inside out.

And I just wanted you to be aware of it, because I am a simple soldier on the front lines speaking with these people every day and I know how to write a blog post.

Good luck - and please be aware that there is a big bulge under the rug in America’s living room.

About the size of an elephant.

Read the complete article here

And then share it with everyone you know!

According to NWMLS statistics current pending sales of Single Family homes from the first of the year to date number 1396 in King County. The Median list price for those homes is $359,950; half the sales are over this price and half are below.

Pierce County has approximately 32% less with 953 current pending sales and a median list price of $229,950. Snohomish County even fewer; 598 sales and a median price of $312,925.

In some markets across King County it may be necessary to look a little harder for those sales...but they are happening. Here's a closer look at pending sales by City:

What Makes A Maple Valley Property "Hot" ? (edit/delete)

There are various reasons why one home may sell over another, including but not limited to: price, condition, timing (a buyer was just waiting for that particular type property to come along). But occassionally a new listing will come on the market that's just absolutely primed and ready to sell fast.

There have been several hot properties come on the market in the Maple Valley area within the last few months and they're selling quickly...sometimes within a matter of days. So whether you're considering selling in the future, or are trying to sell now and want to know the secret recipe for a hot property...here you go:

• The home has got to be Clean....even in places you may not think peopl would look-Window sills, baseboards, tubs, sinks, etc.
• De-clutter and HIDE "STUFF"-make spaces look as large as possible, pulling small appliances off the Kitchen counters, products from Bathroom counters, thinning out bookshelves.
• Be ready for showings at a moment's notice
• Make small, inexpensive updates such as faucets, light fixtures and paint where necessary.
• And the last but most painful part? Price the home as aggressively as possible. Look at what you competition is and price below that...significantly.

Of course the most critical off all these points is the last one. If a property isn't in great condition or super dirty/cluttered, there's no condition price won't cure! However if you're trying to get as much as you can for you house in a softening market, without having to play "catch up", it's necessary to stay ahead of the pricing curve. The properties I'm seeing sell quickly are those which are positioning themselves below (often by 5% and in some cases by as much as 10%) their direct competition.

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