Seattle Area Housing Update: Pending Sales drop 12%

KIRKLAND, Wash. (April 6, 2011) – Last month‟s pending sales fell below year-ago totals in Western Washington, but brokers say the market is faring quite well, considering last year‟s activity was boosted by federal tax credits.The latest report from Northwest Multiple Listing Service shows 7,570 pending sales of single family homes and condominiums during March. That‟s down about 12 percent from a year ago when members reported 8,605 pending transactions (mutually accepted offers) across the 21 counties in the Northwest MLS service area.

"The market is doing surprisingly well without a stimulus," observed Northwest MLS director OB Jacobi, president of Windermere Real Estate Company. "Considering that this time last year there was a rush of…

2063 Views, 0 Comments

Should You Pay Off Your Mortgage or Invest?

Clients often ask if they should pay off their mortgage with their savings or take that nest egg and put it to work in the market. My answer: It depends, but in today's interest rate and market environment, I would likely suggest investing.

Yes, your house is an appreciating asset, but it is not appreciating as quickly as it once did, which may be true for a long time. The credit markets are generally dried up and it takes free flowing credit for the real estate market to boom, a phenomenon that may not happen again in our lifetimes.

Let's examine the question more closely assuming the following:

--You have a $500,000 home.

--Interest rate on your mortgage is 5 percent.

--Return on investment is 8…

2547 Views, 0 Comments

The Selling of Scarry Manor (Combining my two loves of Real estate and Scary Movies!)

As if the real estate market weren't bad enough, try being a realtor having to sell a haunted house. That's the problem facing one hapless real estate agent in the new horror comedy The Selling of Scarry Manor.

3105 Views, 0 Comments

New King County Regulations for On Site Sewage Systems

FEATURED ARTICLE (Provided by Dave Francis of Shannon Escrow)
 

 Feb 2011. King County Regulations on OSS and Brokers Responsibilities Underwent Some Change

Last week, one of our senior closers approached me with a situation that caused some delay in closing a purchase transaction. The problem stemmed from a Feb. 2011 change in reporting on OSS (on site sewage) in which a real estate broker had omitted details on the property of an on site sewer (septic tank).  The transaction went sailing along until a look at the title report revealed the presence of a septic system. Our closer scrambled to get the needed documentation, inspection reports, and notice 22-U for the buyers, but King County announced it had changed its reporting requirements to…

12149 Views, 2 Comments

US Pending Homes Sales In February Are Up? What Does This Mean?

More people signed contracts to buy homes in February, but sales were uneven across country.  Pending home sales increased in February, but not without notable regional variations, according to the National Association of Realtors. More Americans signed purchase and sale contracts to buy a home in February, but overall sales were uneven across the country, and not enough to signal a rebound in the housing market.  Purchase and sale agreements for homes rose 2.1 percent last month to a reading of 90.8, according to the National Association of Realtors' pending home sales index released Monday. Sales rose in every region but in the Northeast.

Signings were 19.6 percent above June's index reading, the low point since the housing bust. However, the index…

3324 Views, 0 Comments

Pursuing The American Dream, By Renting

by Marilyn Geewax

The start of spring usually brings a surge in existing-home sales and housing starts.

But this year, warming temperatures may not be enough to pull the real estate market out of a deep freeze. New homes sales plunged 16.9 percent last month, while the median price slid nearly 14 percent to $202,100, the lowest level since December 2003, according to the Commerce Department.

And a Census Bureau report showed housing starts plunged more than 22 percent in February — the second worst reading since World War II.

Rather than buy homes, growing numbers of Americans are renting apartments and houses. The Census Bureau says the national rental vacancy rate for the fourth quarter of 2010 was 9.4 percent, a significant…

3657 Views, 0 Comments

Rates are still great! Sitting nicely between 52 week Highs and Lows

2874 Views, 0 Comments

Freddie and Fannie Changes Summary

        “The White Paper” Reforming America’s Housing Finance Market – A report to Congress.  http://www.treasury.gov/initiatives/Documents/Reforming%20America%27s%20Housing%20Finance%20Market.pdf

This is a 31 page document from The Department of the Treasury and HUD that was given to Congress in February.  I have included the link above if you want to take the time to read it. If you don’t, the basics are:

1. Over the next few years Freddie and Fannie will play a reduced role in the Nation’s housing market with the majority of the effect being felt in 5 to 7 years. 
2. Fannie, Freddie and HUD will continue to play a role in providing financing to low-to-moderate income borrowers.  FHA will return to its traditional role as a targeted lender of…

2776 Views, 0 Comments

BofA Pilots Program to Lower Mortgages

Arizona, Nevada, and California are among the states that have proposed using federal aid money to have Bank of America lower the amount struggling borrowers owe on their mortgages.

Bank of America Corp. will begin the mortgage principal reduction program for customers in Arizona, as part of a pilot program in using the federal aid dollars from the Hardest Hit Fund. The Hardest Hit Fund is an Obama administration program designed to provide extra aid to states that face high unemployment and sour real estate markets. Individual states can determine how to use the federal money. Arizona received $125.1 million in aid.

Bank of America customers in Arizona who are struggling to make their mortgage may be eligible to have the amount owed on their mortgage…

2549 Views, 0 Comments

Rancho Carrillo Homes in Carlsbad - Great Real Estate Values

92010 - Rancho Carrillo Homes in Carlsbad, CA

Homes in Rancho Carrillo are sometimes overlooked when it comes to hunting for great Carlsbad Real Estate deals. You can search all active Rancho Carrillo Homes here.  This includes Rancho Carrillo are townhomes, homes in gated communities, estates, short sales and bank owned homes in the Rancho Carrillo area.

The Rancho Carrillo Community in Carlsbad is one of the older "new master planned communities" in North San Diego County. Rancho Carrillo real estate is located in the heart of Carlsbad, surrounded by many fine Carlsbad neighborhoods including Bressi Ranch, La Costa Greens, Old La Costa Homes, Shadowridge Homes in Vista, Old Creek Ranch, San Elijo Hills to the East and La Costa Ridge.

Rancho…

2302 Views, 0 Comments