$185 Flat Fee MLS

Tax deductions: Enjoy them while you can

2012-01-29T13:09:00.000-08:00

Given the general tenor in Washington these days, there’s no telling which tax breaks will survive and which will disappear. Already some tax perks are gone. Remember Schedule L? On that now-defunct form, taxpayers could claim above-the-line deductions (that is, no itemizing necessary) for certain disaster losses, sales taxes paid for the purchase of a new car, and a limited amount of property taxes. Those benefits are not available on your 2011 return. Read entire story

3 must-knows before backing out of purchase contract

2011-12-31T07:18:00.000-08:00

Q: I have a contract on a home to purchase, but I have changed my mind. Can I back out prior to the closing without any penalty or repercussions?

A: That, as it so often does, depends. First: the formalities. Depending on your state, it's highly likely that the real estate purchase contract you signed offers some sort of an out, with conditions. In some states, these are known as contingencies -- basically, contractual provisions that allow the buyer to back out of the deal within a set number of days. Read entire article...

Rate on 30-year mortgage stays at record 4.09 pct

2011-09-27T09:23:00.000-07:00

Fixed mortgage rates hovered at record lows for a third straight week. They are likely to fall even further now that the Federal Reserve said it would shuffle its holdings to drive down long-term interest rates.

The average rate on the 30-year fixed mortgage was unchanged at 4.09 percent this week, Freddie Mac said Thursday. That's the lowest rate seen since 1951.

The average rate on the 15-year mortgage ticked down to 3.29 percent. Economists say that's the lowest rate ever for the loan.

Mortgage rates tend to track the yield on the 10-year Treasury note. One day after the Fed's announcement, the yield on the 10-year note touched 1.74 percent Thursday. That's the lowest level since Federal Reserve Bank of St. Louis started keeping daily records in 1962. Read full story...

Seller Resources when selling a home FSBO

2011-08-19T07:12:00.000-07:00

On this link, you can access the Washingotn Seller Disclosure Statement, Lead Based Paint Disclosure, Sale Timeline Tracker, and much more:

Seller Resources

Washington State's Housing Market

2011-08-11T13:44:00.000-07:00

On this link, you can get the market reports for Washington State housing.

Click here to visit WSU's site on Washington Center for Real Estate Research

Closing Costs when you sell your home

2011-06-20T09:19:00.000-07:00

Do you know what your closing costs will be and what you will net after the sale of your property?

When you show up at escrow to sign all your closing documents, the closing agent (escrow company) will have a Preliminary Settlement Statement that will show all the debits and credits for your sale, and on the bottom of the first page, there will be a net proceeds that says "Cash (to or from) Seller. If you owe more money than what the property is selling for, then you will have to bring money to the closing. However, most sellers receive cash from the sale of their property.

You should always find out ahead of time what your approximatet net will be by calling the escrow company you used when you bought the home, or any reputable company that you plan to use to close the sale. They will give you an approx. net proceeds workout at no charge. If you have listed through List4FlatFee.com and are offering a 3% buyer's agent commission (the amount is up to you when you list), then you will obvioulsy have that amount come out of your proceeds. Other costs include Washington State real estate property excise tax of 1.75%, title insurance and your side of the escrow fee. The two latter items you can get a quote from your escrow company.

Miscellaneous fees include loan pay off from your lender, fed ex fees, reconveyance fees (usually around $140), prorated association dues, if any and of course your actual loan if there is one.

The above information is approx. and you are advised to contact a licensed escrow company to obtain actual amounts so that you won't be surprised when you go into sign all your closing documents.

Research looks how mortgage delinquencies affect credit scores

2011-04-25T10:02:00.000-07:00

How much impact does a short sale have on FICO® Scores? How about a foreclosure? Since I frequently hear these questions from clients and others, I thought I’d share new FICO research that sheds light on this very subject.

The FICO study simulated various types of mortgage delinquencies on three representative credit bureau profiles of consumers scoring 680, 720 and 780, respectively. I say “representative profiles” because we focused on consumers whose credit characteristics (e.g., utilization, delinquency history, age of file) were typical of the three score points considered. All consumers had an active currently-paid-as-agreed mortgage on file. Read full story...

Foreclosure filings at 2-year low

2011-04-14T07:59:00.000-07:00

Continued fallout from the "robo signing" controversy saw loan servicers throttle back foreclosure filings during the first quarter to their lowest level in two years, according to public records gathered by data aggregator RealtyTrac.

RealtyTrac counted 681,153 foreclosure-related filings against U.S. properties during the first three months of the year, down 15 percent from fourth-quarter 2010 and down 27 percent from first-quarter 2010.
Housing markets face a dual threat: looming shadow inventory and the probability that foreclosure filings will pick up as loan servicers put the robo-signing controversy behind them, said RealtyTrac CEO James Saccacio in a statement.
Federal regulators on Wednesday announced a partial settlement with the nation's largest loan servicers that requires them to hire outside consultants to review foreclosures initiated in 2009 and 2010 and compensate homeowners who should not have been foreclosed on.
Read entire article.....

Flat Listing Fee MLS Facts

2011-03-08T08:38:00.000-08:00

Did you know that there are thousands of multiple listing services throughout the US? Some are small, some are very large. They each cover certain territories (counties), and some overlap each other. In Washington state, here are the MLS systems and the territories they cover:

NWMLS: the larges in Washington, covering 18 counties (most of the west side and now about 3-4 counties in E. Washington
RMLS: covers Clark county
SAR: the Spokane MLS, covers Spokane, Stevens and Pend Orielle counties
Yakima MLS: covers Yakima county
NCWMLS: covers Chelan and Douglas counties
Tri-Cities MLS: covers Benton county
Chelan MLS: covers ONLY the small town of Chelan and the Lake Chelan area, and the realtor must live in Chelan city area to belong to it.

When signing up to list your property in the MLS using a flat fee mls service, make sure that you are listed in the correct MLS. Some flat fee companies don't belong to all the MLS systems. List4FlatFee.com will place your property in the MLS that is used by the agents in the area the property is located. For $185, you get a professional MLS listing with a licensed broker (Stacie Whitfield) in Washington State. Your MLS listing includes full photo upload, realtor.com listing, and on hundreds of internet sites, including windermere.com, johnlscott.com, remax.com, etc.

List for $185 in the MLS - No HIDDEN FEES!

To place your property on the MLS, go to List4FlatFee.com or email stacie@list4flatfee.com to request MLS data forms be emailed to you. You may also call 1-877-364-5478, I am available seven days a week!

Facts for the week

2011-03-08T08:23:00.000-08:00

Your fast-facts for the week:

-Since its bear-market low on 3/9/09, the S&P 500 has gained 95.3% through last Friday
-The U.S. consumes 21.7% of the world’s daily oil production, more than double China’s 10.4%. The U.S. population is 311 million, China’s is 1.319 billion.
-U.S. national defense spending was $304 billion in 1989, $305 billion in 2001, and $768 billion is estimated for 2011.
-The average U.S. household had $7100 in outstanding credit card debt in 2010 vs. $7800 in 2009.
-The 2012 Presidential election is 20 months away!

Market and Quick Facts

2011-02-28T15:17:00.000-08:00

MORTGAGE UPDATE

-Mortgage rates remain near 5% and under for well-qualified borrowers. Inflation is beginning to pick up so Bernanke may be in the unenviable position of raising rates while unemployment is still very high. Locking up front remains a sound strategy.

-FHA borrowers should consider purchasing soon as annual mortgage insurance premiums go up in April.

The Wall Street Journal had a good piece this weekend on real estate. Fewer and fewer markets are being tagged as “hazardous”. The author indicated that the relationship between the National Housing Market and -Local Markets is breaking down. Correlations were high from 1997 to 2006 as values increased, but recovery seems to be much more localized. In the end, all real estate is local!

QUICK FACTS
-It takes a lending institution 507 days on average to foreclose on a non-paying loan today. A borrower who stopped making payments today could live for free until July of 2012 after which the Sheriff will remove them.
-A New York City police officer or firefighter can collect a full pension after 20 years on the job regardless of age.
-The median sales price of a new U.S. home in 2010 was $221,900. In 2004, it was $221,000.

NEW FHA Mortgage Insurance Premium increase

2011-02-22T13:38:00.000-08:00

Effective on all new FHA loans setup (case numbers ordered) on or after April 18, 2011 the FHA monthly Mortgage Insurance Premium (MIP) will be increasing by 25 basis points. This means that for most FHA transactions (30 year term products and down payments less than 5%) the monthly MIP will be calculated using 1.15% of the base loan amount (currently the monthly MIP factor for these transactions is .90%). For transactions with a 30 year term and down payments of 5% or more the monthly MIP will be calculated using 1.10% of the base loan amount (currently the monthly MIP for these transactions is .85%).

Market Update and Quick Facts

2011-02-08T10:27:00.000-08:00

There is some pressure upward on mortgage rates despite the Fed’s on-going MBS purchasing program. Stocks have also climbed recently and this pulls money from bonds. Rates open the week unchanged from last.

Rate watchers anticipate that we’ll be near 6% by the end of 2011. However, that was last year’s prediction too!
Some quick facts:

The U.S. government’s deficit for fiscal 2011 is expected to be $1.48 trillion. We’re spending $1.66 for every $1 of expected tax revenue.

The debt-to-GDP ratio is expected to be 69.4% as of 9/2011 and climb to 74.9% by 9/2015. Greece was at 115% before its $146 billion bailout in 2/2010.

Margin debt on the NYSE reached $277 billion as of 12/2010 – its highest level since 9/2008. A possible predictor of over-bullishness.

The average home price in the U.S. reached $291,400 in December 2010, its highest since July 2008.

Today's FAST FACTS

2011-01-18T10:30:00.000-08:00

Alhough the S&P 500 was down 3.6% in January 2010, it gained 15.1% for the whole year. In January 2009 it was down 8.4%, but rallied to gain 26.5% for the year.
The total U.S. stock market capitalization was $15.5 Trillion at the end of 2010, up $2.2 Trillion for the year.

15 Municipalities filed for bankruptcy protection in the last 2 years – A warning for holders of Muni bonds.

Financial analyst Meredith Whitney predicted on “60 minutes” that we could see 50-100 municipal bond defaults in the next 12 months.

Total U.S. spending on defense for fiscal 2011 is estimated to be $750 billion which is 19.6% of total government spending.

29.8% of home mortgages modified by lenders in the 3rd quarter of 2009 were 90 days or more delinquent 1 year later.

The Seahawks went 7-9, were outscored by 97 points during the regular season, had no Pro Bowl selections, but beat the defending Super Bowl champs in the playoffs.

On the mortgage front...

2011-01-18T10:28:00.000-08:00

Mortgage rates continue in the high 4’s for well-qualified buyers as we start the week. Rates have been pressured up recently due to lackluster Treasury sales and improving economic news.
Home sale activity has dropped off a bit but FHA, VA and USDA Rural Housing programs continue to offer very flexible underwriting. Very few buyers are waiting for prices to come down.

A mortgage friend says that 2011 is going to be better than forecast as consumer confidence returns and housing bottoms out in the 2nd or 3rd quarter nationally.

Four Reasons to Consider an Exchange

2011-01-06T10:00:00.000-08:00

Your 1031 Exchange Guy

Notes from Leonard Spoto:
One of the main goals of investing is to buy low and sell high. Often however, investors miss the opportunity to sell at the peak of the market, yet decide to unload an asset for other strategic purposes. At Asset Exchange Company we have worked with clients who have sold real estate for many reasons during different phases of the economic cycle. Some of the reasons our clients have chosen to sell and exchange include:

Shelter Cash Flow – One of the significant tax advantages to owning real estate is depreciation. However, if you’ve owned property for a long time, you may no longer be benefiting from depreciation. In fact, it may be advantageous to sell a fully depreciated property and acquire a new (larger) property to obtain a new depreciation schedule hence sheltering more (or all) of your rental income from taxes. For additional information about the benefits of depreciation, click here.

Harvest Dormant Equity – Many investors have considerable equity built up in their properties. Often, this equity, if leveraged more efficiently, can produce greater returns. For example, a rental home worth $1MM, owned free and clear, may rent for $3,000 per month, yielding a return of 3.6%. Exchanging out of the property and acquiring an apartment building or a small commercial property, for example, may yield between 6-8% on the same amount of equity, effectively doubling the return.

Asset Class and Geographic Diversification – Wall Street has been advocating the benefits of diversification for many years. A diversified portfolio allows an investor to reduce the volatility of a portfolio and either increase return for a given risk or decrease risk for a given return. It may be prudent for you to consider a diversified portfolio strategy for your real estate investments. Real estate investors generally achieve a diversified portfolio by acquiring real estate in different geographic areas, by acquiring different types of real estate, or both. If you own all of your investment real estate in a flood plain, or on a fault line, it may be time to diversify.

Relief of Management Burdens – Tired of dealing with toilets, tenants and trash? It may be time to exchange into an easier to manage property. Triple Net Leased investments or Tenant In Common investments may allow you to own institutional grade property that is professionally managed, providing the same benefits you currently receive without the management hassles. Commercial properties may also be much easier to manage than Section 8 apartment buildings. If you are looking to reduce your management burden, it may be time to consider a 1031 Exchange.
If you have any questions on this article, please feel free to contact Leonard Spoto anytime at 877-471-1031 or visit their website at http://www.ax1031.com/

Facts for today

2011-01-06T09:54:00.000-08:00

The S&P 500 gained 15.1% in 2010.

What your broker won’t tell you: If you missed the 3 best percentage gain days last year, your S&P 500 return falls from 15.1% to 3.4%. However, if you missed the 3 worst percentage loss days, your return rises to 28.1%.
Oil finished 2009 at $79.36 per barrel and rose to $91.38 by year end 2010.
The S&P 500 is up 93.1% from its bear market low on 3/9/09 through the end of 2010.

Finance & Mortgate updates

2010-12-20T14:13:00.001-08:00

Mortgage rates eased off a bit from their climb last week and have settled in the upper 4’s. Risks favor locking up front if possible.

VA high balance loan limits have increased to $500,000 for Snohomish, Pierce and King Counties. It’s a great program for veterans purchasing more expensive properties since most zero down conventional loans have disappeared.
FHA and VA both have programs for borrowers to refinance without an appraisal.

Tid Bits for the week

2010-12-20T14:12:00.000-08:00

An American born today has a life expectancy of 78.3 years.

In 1989, 60 million Americans owned a home. In 2009, 75 million families did.
24 million of those 75 million Americans own their house free and clear.
1 out of every 6 Americans is employed by the government – at the federal, state or local level.
52 million of the 140 million federal income tax returns filed in 2008 paid zero federal income tax.
37% of the 6.8 billion people in the world live in either China or India

Mortgage Rates Are All in Your Head

2010-12-06T12:13:00.000-08:00

By: Diana Olick
CNBC Real Estate Reporter
It's like home buyers today are suffering from post-traumatic stress disorder.

The housing crash, foreclosure crisis and banking scandals have all combined to make buyers more sensitive than ever before.

That's why the slightest fluctuation in mortgage interest rates have huge emotional power today. "I think some people get a little fearful of what the higher payment might mean to them but they don’t' realize how minimal the difference might be," notes Eric Gates, President of Apex Home Loans in Rockville, MD.

In fact, Gates did a little math for me on the change in your monthly payment at different interest rates, if you buy a $200,000 home (just above the national median) with 20 percent down.

Read more of this story...

Interest Rates up last week

2010-12-06T12:05:00.000-08:00

Interest rates rose significantly last week with 30 year fixed rates in the mid-4’s now. That’s still a really good rate but risks favor locking right now.

Quick facts:
An average of 2992 homes per day have been foreclosed on in the U.S. in 2010.
The top 10% of taxpayers paid 70% of all federal income tax in 2008. In 1980, they paid 49% of all federal income taxes.
The total cost of the TARP program has been revised down from $700 billion to $25 billion - just 3.6% of the original estimate.

Quick Facts for the week

2010-12-02T13:37:00.000-08:00

Democrats have held the House for 58 of the last 75 years. Republicans have held the house just 23% of the time since 1937.

800,000 Americans will lose unemployment benefits this week. Another 1.2 million will lose benefits by the end of the year.

Private employers have added jobs for 10 straight months.

47% of Americans believe 2011 will be a better year for them financially than 2010.

Florida homeowners going through foreclosure have stayed in their homes for 22 months on average before being evicted.

Tim Tebow’s team lost only 7 games during his 4 years at Florida. His Broncos have lost 7 games already this year.

Some facts....

2010-11-02T07:43:00.000-07:00

Total assets held in retirement accounts peaked at $8.7 Trillion 3 years ago, dropped to $5.9 Trillion, and has recovered to $7.9 Trillion now.

The smallest percentage of House of Representative members who sought reelection and won was 94% in 2006.

Only 1 out of every 441 deaths in the U.S. in 2009 resulted in federal estate taxes.

Some IMPORTANT Facts & Trivia

2010-10-20T08:39:00.001-07:00

The Fed is considering a second wave of stimulus via QE 2 (Quantitative Easing). This could push rates down even lower!

The suspension of foreclosures by many banks may postpone a market bottoming but could also help keep some inventory off the market and support prices in the interim.

FHA loans continue to be popular allowing credit scores down to 600.

A Few things to think about....

In 2008, the top 1% of earners paid 38% of all federal income tax. In 1980, the top 1% paid 19% of all federal income taxes.

In 2008, the top 5% of earners paid 59% of all federal income tax. In 1980, the top 5% paid 37% of all federal income taxes.

Of the 140 million tax returns filed for 2008 income, 52 million (37%) paid zero federal income tax.

3 out of 10 American households owns no life insurance on any family member.

FHA changes effective after 10/4/2010

2010-09-02T15:48:00.000-07:00

FHA is changing the up front and annual mortgage insurance premiums.
Effective with FHA case numbers assigned on or after October 4, 2010:

1) The UFMIP (up front mortgage insurance premium) will be reduced from 2.25% to 1%.
2) The annual mortgage insurance premium will increase from .55% to .90% on loans over 95% loan to value.

Implications for borrowers:
1) Monthly payments will be higher by about 4%. On a $300,000 purchase price, borrowers will pay about $66 more per month.
2)For qualification purposes, a borrower will qualify for about $13,000 less in this price range.
4) Borrowers need not close by October 4th, but need to have a signed purchase and sale agreement so an the lender can order a FHA Case # by October 3rd.

What could the $66 per month mean....the $66 could pay the garbage bill for 3 months, the gas bill in the summer, fill the tank on the average car once, cover ½ of a haircut at Gene Juarez, buy 19 loaves of bread, or buy 22 Grand Slam’s at Denny’s.

First-Time Homebuyers Qualify for New Homes with FHA Financing

2010-06-06T17:27:00.000-07:00

EINPresswire.com/ Ryland Homes effectively uses the FHA program to help homebuyers achieve their dreams of home ownership.

Ryland Homes, one of the longest operating Southern California homebuilders, has used the FHA program to help homebuyers achieve their dreams of buying a new home.

First-time homebuyers are qualifying for a greater number of new home loans through FHA financing. As a government-insured loan program, FHA financing reduces financial risk and increases the likelihood that a first-time homebuyer will secure a mortgage.

Many first-time homebuyers are having difficulty meeting hefty down payment and stringent credit score policies. FHA financing eases the burden of traditional lending standards to provide more opportunity for eager buyers.
"The first and foremost challenge a first-time homebuyer faces is qualifying for a loan. Saving money, boosting credit and collecting the documentation can be a daunting request", says Heather Stevenson vice president of Sales and Marketing for Ryland Homes' Southern California homebuilders division.

Stevenson states, "The buyer only needs 3.5% down as opposed to 20% for a conventional loan. The credit score required for FHA financing is 620 as opposed to 680 with conventional."

In addition to lower down payments and credit score flexibility, the FHA loan also offers more competitive interest rates as a result of the government-backed program. Lenders will often accommodate the needs of first-time homebuyers with an FHA loan over that of a conventional loan, which presents more risk and accountability.

FHA loans are guaranteed by the Federal Housing Authority in an effort to reduce the risk to lenders and increase borrowing power to qualified applicants.

Interested parties can learn more about the FHA financing program and how to apply by visiting the FHA website.

BofA expands Countrywide loan modifications

2010-03-25T08:42:00.000-07:00

Bank of America will offer "earned principal forgiveness" to about 45,000 severely underwater homeowners who purchased homes with subprime and adjustable-rate mortgages offered by Countywide Financial Corp. and its subsidiaries.

Read entire story at

www.money.cnn.com/news/newsfeeds/articles/reuters/MTFH47691_2010-03-24_19-30-12_N24165532.htm

Some Facts for Today!

2010-02-22T13:40:00.000-08:00

The five largest U.S. healthcare companies had combined profits of $12.2 billion in 2009, up from $7.8 billion in 2008.

The Fed had profits of $45 billion in 2009, mostly from interest income.

Only 3.4% of eligible homeowners have received a permanent modification through the “Making Home Affordable Program”.

At $14.5 trillion in size, the U.S. economy represents 24% of the global economy.

U.S. credit card balances grew at a 10.5% annual rate from 1983 to 2008 reaching $957billion. From 2008 to 2009, the balances declined at a rate of 9.5% to settle at $866billion.

Today is the 30th anniversary of the “Miracle on Ice” when the U.S. Olympic hockey team defeated the Soviet Union in the semi-final. They went on to beat Finland for the Gold Medal. Just 3 days before the Olympics began the Russians had crushed the U.S. team 10-3 in a pre-games match.

FHA Policy Changes

2010-01-21T09:27:00.000-08:00

FHA Announces Policy Changes to Address Risk and Strengthen Finances

Federal Housing Administration (FHA) Commissioner David Stevens announced a set of policy changes designed to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities. These changes are the latest in a series of changes enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.

Announced FHA Policy Changes:

1. Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private Lending.
· The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
· If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
· This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing.
· The initial up-front increase is included in a Mortgagee Letter to be released January 21st, and will go into effect in the spring.
2. Update the combination of FICO scores and down payments for new borrowers.
· New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
· This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
· This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
3. Reduce allowable seller concessions from 6% to 3%.
· The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
· This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
4. Increase enforcement on FHA lenders
· Publicly report lender performance rankings to complement currently available Neighborhood Watch data - Will be available on the HUD website on February 1, 2010.
* This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
· Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
* Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
* This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.
· Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process.
* Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.
· HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:
* Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite.
* Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches.

In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.

Flat Fee MLS Listing : What price to list at?

2010-01-13T10:34:00.000-08:00

If you need help with pricing your home, email me your property information and I will send you the market data from the Multple Listing Service to help you price your home right.

stacie@list4flatfee.com

Include property address, beds/baths, lot size and age of home. I will email you the market data within 24 hours.

Feel free to call me if you have questions about listing in the MLS for a fixed fee of $285.

1-877-364-LIST (5478)
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Buying, selling, investing, improving real estate among 2010 resolutions

2010-01-11T19:56:00.000-08:00

Real estate is high on the resolutions list of many Americans, according to a survey by Move.com.

Nearly 18 percent of Americans want to become first-time home buyers. Move.com found these prospective owners are looking to take advantage of affordable housing prices along with the recent extension and expansion of the home buyer's tax credit.

A total of 15.7 percent of home buyers listed purchasing an investment property as their top resolution, with men (18.9 percent) significantly more likely than women (12.6 percent) to say that they will be searching for an investment property. The survey also revealed gaps between men and women with regard to plans to save money for a new home in 2010. Thirty-seven percent of men said it will be a top priority while only 27.9 percent of women agreed.

Home improvement is a priority for 37.7 percent of survey respondents, while nearly one in 10 (9.1 percent) say their major goal for 2010 is to fix their credit so they can buy a home.

Among other survey findings:

15.4% of the survey's respondents said saving money to buy a home is their top priority.
6.8% want to refinance their mortgage or modify a loan.
5.2% plan to sell their homes next year.
3.2% plan to talk to a lender about what they can afford.
5% want to learn more about the real-estate market in their community.

Move.com, an MSN Real Estate partner, averages more than 9 million visitors each month to its Move Network of real estate websites, which include REALTOR.com®, Move.com®, Moving.com™ and SeniorHousingNet.com™

Short Sales Video

2010-01-10T10:57:00.000-08:00

To find out about what a short sale is, before listing and after listing your property. Know the short sale process, how it works and how the lender, buyer, seller and real estate agent plays a role in the short sale.

http://www.warealtor.org/short-sales/

Behind in your payment? You need to read this!

2010-01-09T15:30:00.000-08:00

If you’re a homeowner who is behind in your mortgage payments, in the foreclosure process, or is current on your payments but are about to default as a result of a recently experienced hardship, you may be able to modify your loan to a lower rate through the Home Affordable Modification Program.

A Home Affordable Modification can help you by bringing your monthly mortgage payment to no less than 31 percent of your gross (before tax) monthly household income by:

Reducing your interest rate, and if necessary
Extending your loan term (i.e., from 30 years to 40 years), and possibly
Forbearing (deferring) a portion of the principal amount you owe until the loan is paid off, and waiving the interest on the deferred amount

READ MORE....

Mortgage Rates Start the New Year Slightly Lower Than They Ended the Old Year

2010-01-09T15:27:00.000-08:00

McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.09 percent with an average 0.7 point for the week ending January 7, 2009, down from last week when it averaged 5.14 percent. Last year at this time, the 30-year FRM averaged 5.01 percent. Read more...

More Seattle neighborhoods considered affordable

2010-01-09T15:18:00.000-08:00

King county housing slump has made six geographical neighborhoods affordable to for those earning the county's median household income....read more...

NWMLS Sales Stats

2010-01-09T15:11:00.000-08:00

Recap of 2009 NWMLS Sales/Listings Stats

Western Washington pending home sales mark best December since 2006

2010-01-09T14:17:00.000-08:00

Review the NWMLS sales reports:

NWMLS Statistical Recap 2009

Flat Fee MLS $aves you thousands!

2009-07-14T03:39:00.000-07:00

List for a flat listing fee of only $285! Our price has been reduced to become more affordable and includes an MLS listing for one year. When you list in the MLS with List4FlatFee.com you get a listing with 15 photos in the Multiple Listing Service, a listing on Realtor.com with 4 photos, unlimited, free changes to the listing, a for sale sign and disclosure forms as required by state and federal law.

I have also added reduced MLS listing prices for sellers listing more than one property and a reduced price for clients that have used the services before.

Visit www.List4FlatFee.com for more information or call me anytime at 1-877-364-5478.

Real Estate Outlook: Positive Signs Reported Again

2009-07-14T03:35:00.000-07:00

With the stock market still jumpy and investors worried that the global recession may not be ending soon enough, it may seem a little surprising to see strong positive signs in the home real estate market.

But that's what's been happening.
Pending home sales rose sharply, by nearly 7 percent, in the latest month measured by the National Association of Realtors. Pending sales are those where the contracts are signed, but the deals haven't gone to settlement yet. Pending sales were up in all four major regions of the country -- and that caught the attention of some key industry economists.
Read entire story...

HUD Secretary Expects FHA Allowances on Tax Credits to Accelerate Housing Recovery

2009-06-16T18:02:00.000-07:00

Speaking at the National Association of Home Builders Spring Board of Directors meeting in late May, U.S. Housing and Urban Development Secretary Shaun Donovan announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said the action will help stabilize the nation's housing market by stimulating home sales across the country.
The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS.
The May 29 announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their downpayments. Home buyers using FHA-approved lenders can apply the tax credit to their downpayment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.
"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation's housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."
Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum downpayment, but, under the terms of the recent announcement, lenders can now monetize the tax credit for use as additional downpayment, or for other closing costs, which can help achieve a lower interest rate.
Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower's own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment.
The FHA action permits the first-time homebuyer's anticipated tax credit under the Recovery Act to be applied toward the family's home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.
According to estimates by the National Association of Home Builders, the Administration's homebuyer tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first-time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first-time buyer purchased their home. Given FHA's current market share, it's estimated that thousands of families will be able to purchase a home by allowing the anticipated tax credit to be applied toward their purchase together with an FHA-insured mortgage.
In a statement announcing the FHA action, HUD reminded homebuyers to beware of mortgage scams and urged careful comparison of benefits and costs when seeking out tax credit monetization services. “Programs will vary from organization to organization and borrowers should consider whether the services make sense for them, as well as what company offers the most suitable and affordable option,” according to HUD.
For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA will use this information to track the business closely and will refer any questionable practices to appropriate regulatory agencies.
To read the FHA's new mortgagee letter, visit www.hud.gov.

Senate Adds Homebuyer Tax Credit to Stimulus Bill

2009-02-05T15:29:00.000-08:00

WASHINGTON — The Senate on Wednesday voted to expand the economic stimulus package with a tax credit for homebuyers of up to $15,000, a provision championed by Republicans as addressing a root cause of the recession. The vote to add the tax credit, at a cost of about $18.5 billion, came as Senate leaders seemed to be nearing completion of negotiations. The majority leader, Senator Harry Reid of Nevada, suggested that a final vote on the stimulus plan could come on Thursday. Moderate lawmakers in both parties are pushing to reduce the overall cost of the measure and to focus it more tightly on provisions that will quickly spur spending and create jobs. The vote came as President Obama met with centrist lawmakers to address concerns about the package. Read entire article...

Mortgage Update as of Feb. 2nd 2009

2009-02-02T11:20:00.000-08:00

Mortgage rates have continued to rise with conventional 30 year fixed rate mortgages for well-qualified borrowers in the 5.25% range.

That’s still a really good interest rate even if it’s off the recent lows. Massive selling of Treasuries and the Fed buying only higher-yielding mortgage backed securities has dampened hopes of seeing rates drop to the mid-4’s.

Inflation is virtually non-existent so the focus has now turned toward the dreaded concept of deflation. Why fear deflation? Deflation kills the economy because there is no incentive to spend since people believe prices will be cheaper in the future. So in turn, this leads to slow product sales and more job losses and a devastating spiral. Americans have boosted their savings rates out of fear and this feeds the cycle as well.

The key to recovery is consumer confidence which will improve once there is stability in the job market. Congress is also seeking to pressure banks who received the TARP money to stop hording it and lend it out as they are supposed to. So tight credit markets persist but they are starting to soften.

I’ve mentioned it before, but mortgage money is really not that hard to get still. If a buyer’s credit is not stellar, they can still use the FHA loan program. I’m getting loans approved with low-600 FICO scores consistently.

It’s a great time to buy. Wouldn’t you buy right now? Please give me a ring if I can help you in anyway.

Thanks for your support. Dan

Daniel Martin, Mortgage Planner
425-870-HOME Cell
Fax 425-355-4600

Mortgage rates holding steady

2009-01-29T16:42:00.000-08:00

Interest rates on 30-year fixed-rate mortgages were essentially flat this week, falling two-hundredths of a percent from a week ago to 5.1 percent with an average 0.7 point, Freddie Mac said today.
Rates on 30-year fixed-rate mortgages -- which averaged 5.68 percent a year ago -- dipped below 5 percent in December to hit a 50-year low. Low rates, combined with double-digit year-over-year home-price declines, helped boost sales of resale homes by 7 percent during December, said Freddie Mac chief economist Frank Nothaft.
The Standard & Poor's/Case-Shiller 20-city composite index registered an 18 percent annual decline through November (see story). The National Association of Realtors this week reported that national home prices were down 15 percent in December from a year ago, and that the supply of existing homes for sale fell 11.7 percent, to 3.68 million. That represents a 9.3-month supply of inventory, down from 11.2 months in November.
Read more...

KING COUNTY NOW REQUIRES Septic Systems to be Inspected at the Time of Sale

2009-01-19T06:13:00.000-08:00

January 16, 2009, NWMLS has posted the following:

In King County, the seller of any single or multi-family residential property served by an on-site septic system is now required to have a monitoring and performance inspection prior to transfer of title. King County will require the inspection and report to be completed by a King County licensed On-Site System Maintainer (OSM). A copy of the inspection report must be submitted to the Health Department and the buyer prior to transfer of title. The new requirement is set forth in King County Board of Health Code Section 13.60.030.

To obtain more information, including a copy of the inspection form and a list of licensed OSMs, call King County’s Operation & Maintenance Program Manager, Michelle Britt at (206) 205-8962 or visit http://www.kingcounty.gov/healthservices/health/ehs/wastewater.aspx.

Pricing and Selling Tips

2008-12-31T14:39:00.000-08:00

PRICING: Remember that it doesn't really matter how much money you think your home is worth. Nor does it matter what your agent thinks or ten other agents just like her. The person whose opinion matters is the buyer who makes an offer. Pricing homes is part art and part science. It involves comparing similar properties, making adjustments for the differences among them, tracking market movements and taking stock of present inventory, all in an attempt to come up with a range of value, an educated opinion. This method is the same way an appraiser evaluates a home. And no two appraisals are ever exactly the same; however, they are generally close to each other. In other words, there is no hard and fast price tag to slap on your home. It's only an educated guess and the market will dictate the price. There will be more inventory available so you must know that inventory and compare it to yours. The buyers will be looking at more homes during this time, because there are more choices.

PREPARE YOUR HOME: Here are my three main rules to follow before LISTING your home, especially in the high inventory months (make a list of "to do's" before starting). 1) DE-CLUTTER, 1) REPAIR THEN 3) CLEAN: Remove everything that is cluttering the home, even items in cupboards, closets and garages. Rent a storage unit, box up anything that you won't be using within the next 3 months (photo albums, extra dishes, books, clothes, decorations, even move out old vehicles, etc.) Now, make a list of any repairs that need to be addressed, i.e. roof, gutters, plumbing, caulking around showers, tubs, toilets, etc. Service the furnace, pump the septic. Now, clean the home from one end to the other. This includes washing dirty walls, painting or do touch ups, repair any damaged walls, wash/clean appliances so they are sparkling. If you have carpets, have them professionally cleaned. If you aren't good at staging your home, call a friend or family member that is. Get together with them and start moving furniture! Don't forget the yard and exterior of your home when preparing your property for sale. This is your street appeal, and if it isn't' inviting, tidy and attractive, you can cut out 1/2 the potential buyers! First impressions are lasting impressions!

I own and operate my own real estate company in Hawaii, Washington and Arizona and I would be happy to share my selling advice or answer any questions you may have! I can be reached at 1-877-364-LIST. Remember, I only charge $299 to list properties in the Multiple Listing Service, visit http://www.list4flatfee.com/

Why is January the best time to list my home?

2008-12-28T14:51:00.000-08:00

Why is January the best time to list your home? Its a simple little thing called "supply and demand". When I first got into real estate, the months of May through September seemed to be my busiest time. However, after reviewing my sales, the listings that I had during January and February sold faster and for more money than those listings during the spring/summer. I thought it was busier in the summer, but that was because my buyers had more inventory to look at, so instead of looking at 2-3 homes, we would view 10-12.

There is less inventory available for buyers to view in January, which means less competition for the seller, thus less choices for the buyer . The buyer must choose what is on the market during a given period.

Its a fact that Buyers don't stop searching for a home during January, especially if they are working with an agent. They continue to look online, view new listings their agent sends and continue to get excited about their first home ownership, a larger home, downsizing or whatever their motivation may be. That motivation doesn't disappear because of the month. Additionally, buyers are always nervous about losing out on good mortgage rates, and right now they are the lowest in 50 years!

Think about it this way. You are on vacation in a very small town and there is one grocery store, and nothing else for 100 miles (we have all been there). You go into the store to buy some milk, and its $6.00 for 1/2 gallon! Do you buy the milk? Yes, because there is no other choices available to you. You pay the price because there are no other stores to shop.
Demand (Milk) goes UP when Supply(shopping stores) goes DOWN.

If you are planning on selling a property, or have in the past, do you remember thinking "I will list it in April when the weather is nice"? Guess what? You aren't alone - so do all the other sellers. This is why in April there is a huge increase in inventory and sales seem to increase. However, when the inventory increases, inevitably you will see a higher number of sales but if you compare inventory to sales, you will notice that the sales ratio is higher during the low inventory months. This is because there is usually the same amount of buyers, but less to choose from, and just like the milk story above, the buyer buys what is available to them.

From the desk of Dan Martin...

2008-12-05T11:12:00.000-08:00

Mortgage rates have held steady most of the week with 30 year fixed rate conventional loans in the 5.125 -5.25% range for extremely well-qualified borrowers. FHA/VA rates range near 5.50% depending on loan type, property, and FICO score.

You may have heard people talking about rates going to 4.5% soon. It would be nice, but I think people are confusing a couple different news stories…..

Bill Gross, managing director of the PIMCO bond funds family has recommended that people wait to refinance as he thinks rates will hit the mid-4’s. Unfortunately, Bill is wrong frequently. He predicted the DOW would plunge to 5000 a few years ago and instead it soared to 14,000. In addition, his bond funds have had terrible returns the last few years.

The Treasury is considering a program to buy more securities from Fannie Mae and Freddie Mac in hopes of forcing mortgage rates down to as low as 4.5%. The increased demand for mortgage backed securities would prompt mortgage rates to drop, analysts say.

I’m hopeful this will happen, but it’s not quite here yet. I’ve received many calls about refinancing this last week. Property value has become an issue so I’m diligently researching that prior to ordering appraisals. If you know someone considering a refinance, please pass my name on to them. I’ll do a thorough analysis and give them a solid recommendation.

California has experienced a first-time buyer boom because of the low rates and big house price discounts. I’m encouraged that we’ll see that in our area soon.

Have a great weekend and feel free to call anytime. Thanks, Dan

Visit Dan's website

Daniel Martin, Mortgage Planner
425-870-HOME Cell
Fax 425-355-4600

A Brief History of Voting Rights In America

2008-11-04T07:28:00.000-08:00

How much do you appreciate your right to vote? Is it something you cherish or do you take it for granted? Consider this fact: throughout American history, many average citizens like you and me fought and, in some cases, even died for the right to vote. The government denied these individuals this privilege of American citizenship based on such minor factors as race and gender. This right that seems so commonplace today formed the ultimate aim of a noble quest for many women and African-Americans during the nineteenth and early to mid-twentieth centuries. For young adults under the age of 21 in the Vietnam era, it became a symbol of their validation as important, contributing members of society whose political opinions were as respected as their ability to don a military uniform and go fight a war in an exotic, distant land. When you consider the long struggle for suffrage that many groups in America underwent, it is impossible not to see the right to vote as the precious gift that it is.
At its inception, the Women's Suffrage Movement was linked with the abolitionist and African-American Civil Rights Movement. Suffragettes waged a relentless joint campaign for both an end to slavery and extended rights for women and African-Americans. As a matter of fact, the first Women's Rights Convention in 1848 was held mainly as a result of female delegates being denied admission to an abolitionist convention. The meeting, presided over by Elizabeth Cady Stanton and Lucretia Mott, was held in Seneca Falls, New York. It produced a written set of principles on women's rights called the Declaration of Sentiments, which closely resembled Thomas Jefferson's Declaration of Independence in its style and structure. It was the first time that women publicly demanded the right to vote.
In 1866, the American Equal Rights Association was founded with Mott as president to secure civil rights for all Americans regardless of race, color, or gender. However, after the Civil War the suffragettes and the African-American Civil Rights Movement seemed to part ways when the new 14th Amendment granted suffrage only to former male slaves. While most suffragettes agreed with the amendment, Stanton and her colleague, Susan B. Anthony, were deeply disappointed that it did not include a provision for female voting rights.
Read more...

Sellers need to be realistic when selling

2008-11-01T09:58:00.000-07:00

Active inventory has grown considerably in the last 12 months. So, to be successful, Sellers need to be realistic and can beat competing properties with better property condition, CAREFUL PRICING, good marketing, and flexible terms. Pro-Active Sellers are getting their properties appraised, inspected and surveyed in advance to encourage knowledgeable offers from realistic Buyer. Doing this can prevent unanticipated escrow fallout.

Unrealistic Sellers continue to follow the market down and miss CURRENT opportunities that later become woefully apparent. Sellers who don't need to sell (just "fishing?") should stay off the market, and clear the marketplace for those who REALLY want or need to sell.

Meanwhile, Buyers waiting for the "bottom" may also miss unique properties or opportunities as market forces, qualification requirements and rates may fluctuate. Remember, bird in the hand is worth two in the bush.

Continued low interest rates provide plenty of options for Buyers. Buyers should get pre-approved so they can shop in confidence-no last minute disappointments due to non-funding loans.

More short sales and foreclosures are happening in the marketplace, however, they can be less of a bargain than they seem, requiring more hurdles to leap and more time to close. So BUYERS need to be prepared.

If you need a market analysis on your property, email me your property address and information and I will send to you comparable sold, pending and active listings (competition) to equip you with the data needed to make a decision on a sellable listing price. Visit my website at http://www.list4flatfee.com/ or email me at staciecw@gmail.com. I would be happy to help!

Owe more than you can sell for? Try a Short Sale

2008-10-27T08:06:00.000-07:00

For all the homeowners who are upside down and can no longer make their mortgage payment (because of either a job loss, divorce, or an option ARM that’s resetting higher), up to now the only option was, well, letting the bank foreclose. That’s not a good option since a foreclosure sticks on your credit record for at least 10 years. But some experts are now advocating a “short sale.” This is a case of a distinction with a difference: If your bank agrees to a short sale, you then hire an agent to find a buyer for the house, you sell the house for a loss, and with the bank’s blessing, they agree to eat the loss (although they could still demand the homeowner make some kind of payment or share the loss).

The experts say you’ll probably need to find a real estate agent willing to work for a smaller commission (which makes the bank a little more willing to absorb the loss), and you’ll also need to scale back your own spending. Putting expensive jewelry on your credit card will make a bank less inclined to do you any favors on the sale of your home. And be prepared that if your bank does absorb the loss, the IRS might treat that as taxable income and you’ll have to come up with the cash to cover the taxes. Read entire article...

Buyer Rebate - I will give you 50% of my commission!

2008-09-18T16:44:00.001-07:00

I offer a buyer rebate when I represent a Buyer in a purchase of a property.

How does it work? Simple!

When you are ready to start looking for a home, go to my website, http://www.list4flatfee.com/ and Search Properties to find homes to view. Call me, Stacie Whitfield at 1-877-364-5478 to obtain the listing agent's name and number to schedule a showing. Remeber to tell the agent that you are represented by Stacie Whitfield with Whitfield Real Estate.

Once you find a home you want to buy, then I will write the offer for you, open escrow, work with your lender, etc. Once the property closes, I send you a check within seven days of closing for 1/2 of the commission. For example, if the home sale is $400,000 and the seller is offering a 3% buyer's agent commission, then your buyer rebate would be $6000!

Call me for more information!

Stocks surge on report of creation of government entity for bad debt

2008-09-18T16:44:00.000-07:00

NEW YORK — Wall Street had a stunning late-session turnaround today, shooting higher and hurtling the Dow Jones industrial average up more than 400 points after a report that the federal government may create an entity that will take over banks' bad debt.
The Dow closed up 410.03 points, or 3.9 percent at 11,019.69, after having been down 150 points at midday. Today's gain reversed most of yesterday's 450-point decline. Microsoft, one of the 30 Dow stocks, gained 69 cents to $25.26 today. Boeing, also a Dow stock, advanced $1.11 to $58.11.
Broader stock indicators also jumped. The Standard & Poor's 500 index rose 50.12, or 4.3 percent, to 1,206.51, and the Nasdaq composite index advanced 100.25, or 4.8 percent, to 2,199.10.
Shares of Seattle-based Washington Mutual, the nation's largest thrift, closed up 98 cents, or 48.8 percent, at $2.99
A report on CNBC said Treasury Secretary Henry Paulson is considering the formation of an entity like the Resolution Trust Corp. (RTC) that was set up after the failure of savings and loan banks in the 1980s.
Read Entire Story...

Don't be timid when cutting home price

2008-09-15T11:37:00.000-07:00

The price cut on a home will be most effective if it makes buyers feel as if they're outsmarting the pack. And make sure your cut gets noticed.

Cutting the price to get your home sold isn't quite as simple as it seems.
When to cut? How much to cut? One big reduction or gradual discounts? Price high and negotiate down? Price low to draw competitive bids?
To get some fresh ideas, I spoke with two professors at the University of Pennsylvania's Wharton School. John Zhang is a marketing professor who teaches a class on pricing and Todd Sinai is an associate professor of real estate. Zhang offered some insights about how retailers, who live and die by the proper use of markdowns, use them to make buyers open their wallets.
People look for two things when shopping, Zhang said: They value the product itself, but they want to feel good about the transaction. If you buy the same product as your friend, for example, but you pay $100 less than she did, you feel like you scored. It's not just about the quality of the product or the amount of money you spent, it's about the thrill of the deal.
"It makes you feel good about it, makes you feel smart about it," Zhang said. The price cut on a home will be most effective if it makes buyers feel as if they're outsmarting the pack. And make sure your cut gets noticed. Read entire story...

'Frannie' bailout makes money cheaper, not easier

2008-09-08T18:27:00.000-07:00

The government takeover of mortgage financiers Fannie Mae and Freddie Mac could mean lower interest rates for many borrowers but is unlikely to solve one of the biggest problems of the credit crunch: the shrinking number of people who can get a loan in the first place.
Fannie and Freddie will be permitted to expand their direct investments in mortgage-backed securities from $1.5 trillion to $1.7 trillion over the next year. With the government standing behind their debts, investors are also expected to be more willing to buy mortgage-backed securities guaranteed by Fannie and Freddie. That could push the rate for a 30-year fixed-rate conforming mortgage down from 6.35 percent last week to "well below" 6 percent, according to Mark Zandi, chief economist at Moody's Economy.com.

Read entire story...

Whats a HELOC?

2008-08-21T11:57:00.000-07:00

There are two types of home equity borrowing: home equity lines of credit and home equity loans.

A HELOC, or Home Equity Line of Credit, is the right to borrow money from a lender up to a certain amount of money. The “line” is a credit line guaranteed by your house, meaning that if you can’t live up to the terms of the line, then the lender has a right (after a few nasty letters) to foreclose on your house. Typically HELOCs (pronounced HEE-lock) have floating interest rates that can change periodically.
For example, a borrower might obtain a $75,000 HELOC at “prime plus one.” This means that the interest rate is one percentage point higher than the Prime Rate. If Prime is 5.5%, then the HELOC is 6.5%. Remember: The rate is tied to the Prime and could change as much as at every billing date. (The change can be dramatic; e.g., in April of 2007, the Prime Rate was 8.25 percent, whereas in June of 2003, it was 4.25 percent.) Many HELOCs today have a fixed rate feature sometimes called a "Fixed Rate Partition" that allows the borrower to lock a portion of the loan amount at a fixed rate for a period of time. This feature varies greatly between different lenders.

Read More...

Which States Top the Nation in Closing Costs?

2008-08-19T06:41:00.000-07:00

NEW YORK, - A new study released by Bankrate, Inc. shows that the cost of getting a mortgage continues to rise despite a soft housing market.
The 2007 average closing cost of $2,736 has gone up to an average of $3,118 in 2008, a 14% increase. In the study's geographical breakdown, New York City leads the nation at an average fee of $4,016, with Texas, Buffalo, Miami and Oklahoma rounding out the top five. North Carolina is the least expensive area with an average fee of $2650, replacing Indiana (now #45 with an average fee of $2878) at the bottom of the list.

Read Entire Story...

Selling your Home Vacant or Furnished?

2008-08-18T13:57:00.000-07:00

There is a consistent debate among home sellers and realtors alike as to which scenario Vacant or Furnished will bring you higher priced offers? This question is often overlooked by sellers due to the inconvenience of putting off the physical move till after a home sells. After all, individuals want to get their lives back to “normal” as quickly and “conveniently” as possible, especially if children are involved.

Are you marketing to the broadest spectrum of buyers? You do not know what kind of buyer will come to your house. Will they be, a.) Creative visionary? b) Can’t visualize what I can’t see? Bottom line is most are the latter, and you need to be prepared for all types. Most home buyers can’t envision what they can’t see. It is true; there are buyers that can see through the “vacancy”, and see the possibilities your house has to offer, but do you want to limit yourself to that small group of potential buyers, especially in such a competitive market place?

Read entire story...

How Does a Fed Cut Affect Home Mortgage Rates?

2008-08-16T12:51:00.000-07:00

You hear quite a bit lately that “the Fed is cutting the interest rate.” Maybe you’ve been considering a refinance, and you’re waiting to move forward till the Fed takes action again. But be smart about waiting and watching. A Fed cut doesn’t directly affect long term rates (for instance a 30 year mortgage mortgage), but it does impact long term mortgage rates. The problem is the impact might not have the result you’ve been waiting for.

Read entire article...

Vancouver remains the fastest-growing large city

2008-08-01T12:32:00.000-07:00

According to the latest Census Bureau estimates, Vancouver remains the fastest-growing large city in Washington since the turn of the century.

Tacoma (196,520) and Vancouver remained the four largest cities in the state. Vancouver grew 11.5 percent from 2000 to July 1, 2007, adding 16,592 residents to reach a population of 161,436. Vancouver ranks 67th among the fastest growing city in the United States of more than 100,000 people over the period. Bellevue was second in growth rate, up 7.8 percent or 8,790 residents by adding 3,161 people. Since 2000, Seattle has added the most people, 30,835, a growth rate of 5.5 percent. The state’s largest cities, after the five cities of more than 100,000 residents, were: Everett, Spokane Valley, Federal Way, Kent, Yakima and Bellingham. New York remained the nation’s most populous city, with 8.3 million residents.
The U.S. Senate passed a bipartisan mortgage rescue bill in July that allows the Federal Housing Administration to refinance trouble mortgages – even those that are under water – as long as banks agree to take a loss. The program would allow the FHA to help as many as 400,000 home owners. The bill now goes to a bipartisan committee in the House for revision. The measure also includes higher limits for FHA loans and creates a new regulator for Fannie Mae and Freddie Mac. It also would provide $14.5 billion in housing tax breaks, including a credit of up to $8,000 for first-time homebuyers.

Washington’s unemployment rate rose to 5.5 percent in June

2008-07-10T12:39:00.000-07:00

Washington’s unemployment rate rose to 5.5 percent in June, up from 5.3 percent in May, because the state was unable to accommodate high school and college graduates entering the job market, according to the Seattle Post-Intelligencer. The total number of jobs in Washington grew by 32,800 from June last year, but about 188,000 people are classified as unemployed and looking for work according to the state Employment Security Department.

The national unemployment rate in June was also 5.5 percent. Unemployment in the Seattle-Bellevue-Everett area fell from a revised 4 percent in May to 3.9 percent in June.

Homes Sold in 13 of 19 Counties During December

2008-01-19T10:43:00.000-08:00

KIRKLAND, Wash. (Jan. 7, 2008) – December brought few surprises in housing activity around Western Washington, with above-normal precipitation and floods contributing to the expected seasonal slowdown, according to officials from Northwest Multiple Listing Service.
As December came to its soggy close (marked by a month with 25 days of precipitation for Seattle), brokers had an optimistic outlook, citing pent-up demand, positive job growth, stable prices, brisk activity at open houses, and other indications of an improving market.
"Traffic at open houses between Christmas and New Year's was the heaviest we've seen in a long time," reported NWMLS director Dick Beeson, broker/owner of Windermere/Commencement Associates in Tacoma. "Buyers were very upbeat and ready to act," he added.
Brokers reported 3,950 pending sales (offers made and accepted but not yet closed) system-wide during December, lagging November's total of 5,194 transactions. When compared to the same month a year ago, the number of pending sales dropped by about 31 percent (5,744 versus 3,950).
Prices overall were comparable to twelve months ago, with 13 of the 19 counties in the MLS market area reporting increases (including seven counties with double-digit gains). During the month, there were 4,634 closed sales of single family homes and condominiums with an area-wide median selling price of $313,325. That's down slightly (0.53 percent) from the year-ago median sales price of $315,000.
Comparing counties in the Northwest MLS market area, the median sales price ranged from a low of $146,500 in Grant County to a high of $594,500 in San Juan County. For the four-county Puget Sound region, the median sales price for last month's closed sales of single family homes and condominiums was $342,000.
For single family homes (excluding condominiums), prices slipped less than a percentage point, from the year-ago figure of $330,000 to last month's price of $326,950 (down 0.92 percent). In King County, the median sales price of $435,000 matched November.
For 2007, the median price for all homes and condos sold and closed by members of Northwest MLS was $325,000, a gain of 5.8 percent compared to closed sales for 2006.
Condominium prices continued trending upward, registering a 5.4 percent increase from year-ago figures. Area-wide, last month's condos had a median sales price of $252,900, which compares to a year-ago figure of $240,000. In King County, which accounted for 65 percent of the volume, the median sales price for December's closed sales of condominiums was $290,000, up more than 7.4 percent from a year ago when the median price was $269,950.
"The market conditions are positioned for increased sales activity," said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. "Interest rates are down, sellers have adjusted their prices, apartments are full, job growth is strong, and there is a pent-up demand of buyers coming into the market," he added.
MLS members added 5,543 new listings to the inventory during December, slightly more than a year ago when they added 5,357 new listings. With those additions, the number of active listings of single family homes and condos at month end totaled 38,440. That's down from November's inventory of 44,399 active listings, but up almost 36 percent from a year ago when there were 28,307 residences offered for sale.
"I believe the bottom has arrived in the Puget Sound market place and from here on prices will stay level or advance slightly in 2008," Beeson remarked, adding, "My agents tell me their recent conversations with buyers indicate pent-up demand that should start showing up in the marketplace this month and next."
Beeson acknowledged uncertainty about new federal programs on subprime loans and foreclosures could restrain activity. Despite that caveat, he expects improving numbers this year over last. Sellers are finally "getting it" and pricing their properties closer to where they should be. "Nothing substitutes for correct pricing and excellent condition for obtaining the best offer in the least amount of time," he remarked, adding, "With interest rates remaining low, we could see some instant success with sales."
For the first week of January, the 30-year fixed rate mortgage rate was 6.14 percent, according to the Bankrate.com national survey of large lenders. One year ago, the mortgage index was 6.24 percent.
"Given the positive job growth, strong regional economic outlook and the fact that buildable land is still scarce, the return of a reasonably hot market is likely, making this an optimum time to buy," said Ron Sparks, a vice president at Coldwell Banker Bain in Bellevue.
Citing a report about declining home sales from a May 2001 Seattle daily newspaper, Sparks quoted a question posed to readers: "Does it signal the end of a four year boom market that's seen the average price of King County single family homes climb to a breath-taking $310,000?" With the average price of a single family home that sold last month in King County nearly $535,000 (median price = $435,000), "We know the answer," Sparks commented.

List for $399 in the MLS - Great FSBO Program

2008-01-06T14:51:00.000-08:00

List your property in the multiple listing service, anywhere in Washington, for a flat fee of $399 and pay no listing office commission. For more information, visit the website http://www.list4flatfee.com/. The "List on MLS" program saves seller's thousands of dollars.