I love to read.

I remember in 2nd grade getting in trouble for being late to dinner because I was on the last chapter of Little House on the Prairie and there was no way I was not going to find out how thestory ended. These days most of my reading is business, finance or real estate related, although occasionally I make time for the latest James Patterson or Harlan Coben release.

A few weeks ago I came across a blog post by Steve Harney, entitled, "Long Term Investors are in for a Bonanza". Here's the intro:

"More millionaires were created as a result of the Great Depression than at any time in the nation’s history. Noted rich-guy John D. Rockefeller has said, “The way to make money is to BUY when blood is in the streets.”  Another noted rich-guy, Warren Buffet, believes you should “be fearful when others are greedy and to be greedy only when others are fearful.”  Huge success comes to those who see confusion as an opportunity. Today, there is a significant opportunity"

For the last year, I have watched many people maneuver to take advantage of the opportunities created by the downturn in the market. Personally, my husband and I negotiated a terrific deal on the building my RE/MAX office had been leasing. my office building....something which probably wouldn't have been possible 5 years ago. 

Let's look at some of the reasons this is a great time to invest:

• Today, it's possible to buy an investment property with 10% down, although 20-25% is more realistic and offers the best rates (still in the 5's!!).
• Rental rates are very good and tenants are looking for long term leases.
• In years past it was nearly impossible to lease for more than your mortgage payment....not so now
• Due to the credit repercussions of short sales and the longer-term ones of foreclosure, the rental market looks stable and strong for the next 5-7 years while the market recovers

An example cited in Steve Harney's post goes as follows:

Let’s Look at an Example

Buy a home for $200,000, expend $50,000 for down payment and closing costs, and have your monthly carrying costs covered by rent. If you sell the property in 15 years for $400,000, you did not double your money, you had a 400% return on your money (because you only used $50,000 cash to get your $2000,000 profit). The fact that you can leverage real estate is how fortunes are made.  If you could cover your expenses through rent payments received, and leverage your cash invested at a 3:1 ratio, WHY WOULDN’T YOU EXPLORE THIS STRATEGY TO BUILD YOUR FUTURE NEST EGG FOR RETIREMENT???

It's a great argument. Now we just need to get over the fear of taking action and seize the opportunity that's right in front of us!

In most instances, number of sales are up but prices are down.

Find out your home's value in today's market online.

I can't really say when you started to go "bad" and show your dark side. Maybe it was when the original selling agent, who had a relationship with the buyer, decided to leave the business and you forced me to step in mid-stream. Maybe it was when the 3rd party negotiator decided he had delivered lender's approval on the short sale (which could have triggered timeframes) when in reality we only had approval on the 1st loan, not the 2nd.You were tricky, but I caught that...nice try!

I have to hand it to you though, you really started to flex your darkside powers with that bankruptcy threat. You know, when the seller decided to file bankruptcy one week before closing (on attorney's advice). Making it so tenuous and mysterious was a pretty hefty threat and, I'll admit, made us all pretty anxious. Was it really necessary though to make us wonder for so long? It's a simple question...DID the seller file bankruptcy or NOT? Thanks for making us wait 5 long days for that answer.

I also didn't appreciate when you worried the underwriter in the 11th hour. Both parties had signed, our clock was ticking and for you to make us wait until 5 minutes before the funding deadline before realizing you were up against the "A TEAM" (who doesn't back down) and had better give up is certainly a mark against you.... and it will not be forgotten.

In plain language, you were a JERK! -probably one of the nastiest I've seen in my twenty years of real estate sales.

That being said, I'd like to say "Thank You".

Yes, thank you.

You see, I believe that it is transactions like you that make me better at what I do.

• The challenges you chose to put in our path were defeated and dodged by some very experienced, dedicated and dogmatic professionals.
• You reminded me that I should be grateful for the "easy" files that only have one or two little blips throughout the closing process
• The difficulties you presented forced me to look at who I work with, who I refer business to and how I communicate with my clients. (and remember I work with some of the best in the business and am grateful for that too!)

Without a doubt, I am a better equipped to face the next nasty transaction that tries to push back against a successful outcome.

So in closing, thanks for bringing your best.

I'm glad you lost.

But more importantly, I'm glad my client is now a happy homeowner with an $8000 tax credit soon coming his way.

Until next time,

Tax Credit Likely to Expire June 30

An amendment that would have extended the U.S. Homebuyer Tax Credit closing deadline from June 30 to Sept. 30 died with the American Jobs and Closing Tax Loopholes Act of 2010, which also would have extended U.S. jobless benefits. The Senate voted 57-41 against the legislation on June 25.

Had the extension passed, it would have given homebuyers who were under contract by April 30 more time to complete their sales. NAR estimates that as many as 180,000 buyers could miss out on the credit without an extension because of circumstances beyond their control. Short Sale and REO transactions are holding up many of these closings.

“Unfortunately, the amendment was attached to a piece of legislation that ended up being very controversial,” says Dave Liniger, RE/MAX Chairman and Co-Founder. “RE/MAX agrees with the National Association of Realtors leadership on the idea of extending the tax credit closing deadline, because it’s the right thing to do. We’ll continue to speak out in favor of the extension.”

Liniger urges homebuyers who are waiting to close to stay in touch with their Realtor and contact their U.S. senators to urge swift action on the tax credit extension.

Kent Home Sales & Market Report

Auburn Home Sales & Market Report

Covington Home Sales & Market Report

Enumclaw Home Sales & Market Report

Black Diamond Home Sales & Market Report

Federal Way Home Sales & Market Report

Maple Valley Home Sales & Market Report

Ravensdale Home Sales & Market Report

Renton Home Sales & Market Report

But I cannot forget the reason for the holiday-to remember all those who have given their lives so that we may live free.

A few years ago, my husband and I snapped photos of the Tahoma National Cemetery and I've been astounded by the response to the short video I put together. I've gotten inquiries and kudos from people all over the country whose loved ones are buried there.

I wanted to share it with those of you who have never had the opportunity to drive the grounds.

May you have a blessed and wonderful Memorial Day weekend!

I attended a real estate seminar last week, hosted by the wonderful Michelle Coolidge of Cobalt Mortgage. The speaker was Bill Hart a Coach from Building Champions. One of the very first slides on Bill's power point presentation read in big bold letters:

"What Got You Here, Is Not Going to Get You There"

I hadn't heard the saying before but loved it and recognized it's truth with respect to my industry.

Then this morning as I was leaving my bedroom, my eye landed on a stack of books on my nightstand. There on top was Smart Talk by Lou Tice. The sub-title "5 Steps to Get You From Here to There".  

Getting from here to there....what got you here isn't going to get you there.

The world of real estate, as many of us have known it, has changed dramatically....especially when it comes to marketing and advertising. (Have you picked up a real estate magazine lately? They are pretty slim these days). Fortunately, I tend to be a forward thinker and had, years ago ,embraced most of the technologies Bill Hart was suggesting; real pro website, blogging, facebook, twitter, CRM database management, along with many, many more online strategies. 

Agents who don't embrace social networking, internet marketing and other online resources aren't going to be here down the road. The competition will drown them via their success and the results clients expect and deserve.

And those of us who do will be much better positioned to successfully help our clients...you know, folks that just want to get from here to there.

As always, if you have any questions about the market, values or trending data, call or email anytime!

Auburn

Black Diamond

Covington

Enumclaw

Federal Way

Kent

Maple Valley

Renton

Ravensdale

I saw a great bumper sticker yesterday while driving from my office in Maple Valley to meet clients for signatures on an offer. It read

"Wag more, Bark less".

Maybe this has been around for a while, but I've never seen it before or even heard the phrase....but oh what a wonderful sentiment.

There seems to be much more barking  than wagging in my business these days; agents frustrated with MLS database conversions, sellers unhappy with the values I'm determining and buyers fed up with overly cautious underwriters. Woof here, Woof there.

With the warmer weather I watch as my dogs prance around the yard-Ok, Carson, ancient elderly yellow lab that he is isn't much of a prancer (think more of a stiff hobby horse ) but Eleanor trots to and fro.  Her little tail sticks up and her ears are perked, listening to the birds and other sounds around her.

She is happy and content with nothing more than a yard to frolick in and the warmth of the sun on her back. When they run to me, their tails are wagging....Carson's a slowly steady sway and Eleanor's a metronome on crack.

Wagging and frolicking.

They are great words and definitely two things I need more of in my life.

Real Estate isn't everything and it's time to find some balance.

Just one of the many lessons I've learned from a dog.

And by the way, the bumper sticker is available here.

Our event, "Island Dreams" was this past Friday night at the Spirit of Washington Event Center in Renton. Pulling off an event like this is akin to planning a wedding for about 200 every year and long story short....we're happy but exhausted. (Why we picked a date that was the expiration of the first time home buyer's tax credit, I'll never know)

My colleagues and I have put our passion for helping sick and injured children into action and I'm proud to say we've raised $250,000 cumulatively these past four years.

Thanks to my fellow committee members, all the generous donors, sponsors and guests and to the Whitman Family of Maple Valley who graciously agreed to share their story about their daughter's accident as well as their experience with Seattle Children's. We are indeed fortunate to have a top notch facility in our backyard!

Back then we'd get home from Church, have a big breakfast and then dive into the coupon-stuffed Sunday Paper. Dad would take most of it, but I'd get the real estate classifieds and hope to find a house or three to go tour. 

Fast forward twenty thirty some odd years. Sunday mornings are much the same only with a modern twist.  My husband and I skip the big breakfast most of the time, and even though I look at real estate all week, I can't seem to stop myself from looking at homes for sale. No paper or Open houses necessary....between the MLS database and virtual tours, I'm able to view everything I want to see from the convenience of my laptop- steaming cup of coffee in hand.   

What can I say, once a house hunter, always a house hunter.

I love real estate. 

I love matching the right house with the right buyer. 

Sunday Mornings remind me just how much.

After watching, if you'd like to talk further about a short sale on your property give me a call and I can answer any additional questions you might have.

The deadline has definitely spurred a flurry of activity and pending sales are reflective of this increase demand.

If you're thinking about taking advantage of the 1st time buyer (or now, move-up buyer) tax credit here's a great video explanation of how the credit works, who qualifies and what the restrictions are.

I had an extra sign in my trunk so drove out to Auburn install it that afternoon. As I looked at the rough, beat up sign, I couldn't help but think it was the perfect metaphor for the real estate market at the time.

Bent, battered, not very pretty, but still standing!

Aside from the topic of short sales,  the most common questions I'm asked by clients these days is about the extended first time home buyer tax credit and lately, the "move up" tax credit.

Here are a few answers to those questions:

FIRST TIME BUYERS

Q: If I'm a first time buyer, do I need to repay the $8000?

A: No. The tax credit from 2008 was in the form of a repayment, but anyone who bought between January 1, 2009 and is in contract to close on a home by April 30, 2010 (and the sale actually closes on or before June 30, 2010) will qualify

Q: I've owned a home in the past, but now for a  few years. Do I still qualify?

A: Yes. The first time home buyer status has been defined by the IRS as anyone who has not owned a principle residence during the three years preceding their purchase.

Q: I've heard there are income and purchase price limits. True?

A: True.  The tax credit will only apply to homes which are priced under $800,000.  In addition there are income limits; if you purchased between January 1, 2009 and November 6, 2009, those limits were $75,000 for a single buyer and $150,000 for couples filing jointly.  Those limits were increased with the extension in November. Current limits are: $125,000 for an individual and $225,000 for a couple.

MOVE UP BUYERS:

Q: I don't really understand if I qualify for this. What is the criteria?

A: A move up buyer must have owned and occupied their home for 5 out of the prior 8 years in order to qualify for the $6500 move-up buyer credit.

Q: Are there other differences between this and the first time buyer restrictions?

A: No. The income limits, lack of repayment and timelines are all the same as for the first time buyers.

For more information feel free to visit: federalhousingtaxcredit.com.

Thank you to the National Association of Home Builders for compiling such a great resource of information.

We live in Maple Valley WA, which is about a 30-40 minute drive to downtown Seattle or it's posh sister city, Bellevue.  Usually we are inspired by good weather, but rain or shine, there's so much to see and experience....and document via photography. 

As we walked along 1st Ave, I noticed this doorway and just had to take a picture.

It was only after taking this photo that I noticed the doorman scowling at me through the screen.

Oh well, sorry bud. I have no idea what this building is. The doorman scared me away. If anyone knows I'd love to know.

I've learned over the years that I'm not going to convince them but I always love the opportunity to share "the other side" of the Puget Sound region. Those of us who love it here, know that a weekend like this makes up for a few weeks of gray and spitting rain....and then some! This is a completely un-retouched (other than resizing) photo of the 56 floor Two Union Square building taken on Saturday afternoon. 

Contrary to what many outside the area may think, sunshine like this isn't all that uncommon....well, maybe when the sun is accompanied by 60 degree temps.....on February 19.

Gorgeous!

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!

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?