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May 30th, 2008
Where Housing is Headed
NWE: We try to look at analysis with a critical eye -- where the data originates is critical. Still, we find this chart in line with our own knowledge and experience.
Wall Street Journal's chart on housing market conditions in 28 major metro areas shows Seattle "strong". [ Full Article ]
May 13th, 2008
The Housing Crisis Is Over?
NWE: Great chart showing housing starts since 1972
Is it time to start house hunting? Cyril Moulle-Bertaux opined that April 2008 marked the bottom of the U.S. housing market. [ Full Article ]
May 4th, 2008
Best Cities for Home Sellers
NWE: Seattle still in top 10 cities nationwide, according to Forbes Magazine
To find the other cities on our list, we looked at the country's 40 largest metro areas and assessed how friendly conditions are expected to be for sellers this year. Each city was ranked by its 2007 unsold vacancy rate, calculated by the U.S. Census American Housing Survey, and how much the market had tightened or loosened when compared with 2006 conditions. [ Full Article ]
April 20th, 2008
Homeowners who just walk away
NWE: There ARE better ways to handle this difficult situation: please seek help before walking away.
The mortgage industry calls it "jingle mail" -- keys that arrive in envelopes from homeowners who've decided they'd rather walk away than fight to make impossible payments. [ Full Article ]
April 10th, 2008
Washington Mutual Raising $7 Billion
NWE: With Wamu closing all remaining standalone home loan centers, check with your mortgage broker NOW. If your loan product is with WAMU, make sure you are locked and your loan secure for funding.
Washington Mutual Inc. secured $7 billion in new capital Tuesday, an injection that is aimed at reviving the company despite ballooning loan losses but which may also push it to rethink its strategy, slim down and revamp the management. The country's largest savings and loan has been badly hurt by rising delinquencies and defaults on mortgages, and efforts last year to rehabilitate its finances fell short despite assurances from management that slashing its dividend, raising nearly $3 billion in a stock sale and leaving the subprime mortgage business would be sufficient. [ Full Article ]
April 6th, 2008
Calculating cost of homeownership
NWE: This is a short and sweet article showing the importance of planning finances for homeownership. Don't forget to add in a maintenance fund.
Homeownership involves a lot more than just paying the mortgage on time. It also means spending money to keep the house in good shape. How can someone determine the cost of maintaining a house? [ Full Article ]
March 10th, 2008
How's the economy in your hometown?
NWE: Great chart and article on economic trends by state.
Despite the recent onslaught of negative news, it remains unclear whether the current state of affairs meets the economists' definition of a recession: a widespread decline in economic activity lasting more than just a few months. As in politics, all economics is local. [ Full Article ]
March 4th, 2008
Fed proposals to curb loan servicing abuses are weak
This is Part 3 of a three-part series.
The proposals are weak, but they are a good first step. Proposal one would require that servicers credit payments on the day a payment is received.Proposal two would require servicers to provide accurate payoff statements within a reasonable time to borrowers who intend to pay off their loan. Both are fair, clear and not onerous for the lender. [ Full Article ]
March 1st, 2008
Flaws in proposed rules on underwriting
This is Part 1 of a three-part series.
Underwriting rules determine whether a particular borrower is eligible for a particular loan. The major rules are the minimum down payment, minimum credit score, maximum ratio of housing expense to income and required mode of documenting income and assets. [ Full Article ]
March 1st, 2008
Fed plan may fall short in ending broker abuse
This is Part 2 of a three-part series.
Mortgage brokers abuse borrowers when they get a rebate from the lender for delivering a high-interest-rate loan without the borrower's knowledge. I developed the Upfront Mortgage Broker program largely to deal with this problem. [ Full Article ]
February 9th, 2008
Congress seals the deal on rebates
NWE: The next step is the White House and it appears they are going to act swiftly. Please keep in mind that it will still be 3-6 months before we see this enacted, but it's good news nonetheless.
Both chambers pass final $170 billion plan aimed at boosting the economy. Next stop: White House. Swift action expected. [ Full Article ]
February 4th, 2008
Fannie and Freddie to the Rescue?
NWE: This article does a good job explaining the current mortgage remedies being discussed.
Policymakers want to give the mortgage lenders access to the jumbo loan market, in an effort to free up credit and stimulate home sales. Hoping to speed delivery of its $150 billion pick-me-up for the U.S. economy, the Bush Administration reluctantly agreed to temporarily increase the size of the mortgages Fannie Mae (FNM) and Freddie Mac (FRE) can purchase, from $417,000 to nearly double that. [ Full Article ]
January 25th, 2008
Proposed Mortgage Plan Could Aid Markets
NWE: Read about the proposed changes expected from congress.
A component of the government's tentative economic stimulus package announced Thursday would give an immediate lift to buyers and sellers in higher-priced housing markets. The package agreed upon by Democratic and Republican members of the House would allow government-sponsored Fannie Mae and Freddie Mac to buy mortgages up to 75 percent more expensive than the current $417,000 limit. [ Full Article ]
January 19th, 2008
Don’t Cry for Me, America
NWE: Read this Paul Krugman editorial to understand another perspective to the credit crunch in the US.
For reasons I’ll explain later, it’s unlikely that America will experience a recession as severe as that in, say, Argentina. But the origins of our problem are pretty much the same. And understanding those origins also helps us understand where U.S. economic policy went wrong. [ Full Article ]
December 22nd, 2007
Buying a house on the courthouse steps can be cheaper, but also riskier
NWE: Action buying is not for the faint of heart - it is complex and risky. But, so is general home-buying; you need an expert advocate.
Houses sold at auctions in King County (in downtown Seattle and at a site in Bellevue) have increased about 29 percent this year compared with 2006, (from 529 to 680), according to Dean Street & Associates, a real-estate firm in Bellevue specializing in foreclosures. [ Full Article ]
December 8th, 2007
Be the first to hop on Seattle's modern street car on December 12!
NWE: Seattle moving forward -- join the fun.
Come celebrate the grand opening of Seattle’s first modern streetcar! Festivities begin at 11:30 a.m. on Wednesday, December 12, with music, refreshments, and opening remarks by Mayor Nickels. The mayor will then lead the streetcar inaugural run and “break” the ribbons, followed by the official start of passenger service. Streetcar rides will continue to be free for the rest of December, conveniently connecting downtown, the Denny Triangle, and South Lake Union. [ Full Article ]
December 1st, 2007
Real Estate: Last of the red-hot markets
NWE: A great time to buy in the Northwest is now.
Why is housing in some cities still booming? The answers may help you navigate your own market. [ Full Article ]
November 17th, 2007
The housing boom? It's over, Realtors told
NWE: The title of this article be may off-putting, but within the body of the story, once again we see how real estate is a local market.
Seattle may be joining such cities as New York and San Francisco as "superstar cities" whose desirability attracts affluent newcomers who bring the buying power to continue pumping up housing prices. [ Full Article ]
November 8th, 2007
Homeowners Feel the Pinch of Lost Equity
NWE: Although Seattle's real estate market is faring better than most of the nation, the need for prudent use of home equity still applies. Consider use of home equity carefully.
From 2004 through 2006, Americans pulled about $840 billion a year out of residential real estate, via sales, home equity lines of credit and refinanced mortgages, according to data presented in an updated working paper by James Kennedy, an economist, and Alan Greenspan, the former Federal Reserve chairman. These so-called home equity withdrawals financed as much as $310 billion a year in personal consumption from 2004 to 2006, according to the data. [ Full Article ]
November 6th, 2007
Property taxes due this week
NWE: If your taxes are not collected as part of your mortgage payment, this is an important reminder.
It's semiannual property-tax time again. If you pay your own taxes, you have until midnight Wednesday to get your payment postmarked and avoid delinquency charges. [ Full Article ]
October 23rd, 2007
Builders nurture customers during slowdown
NWE: The benefits of builders in the Northwest planning ahead -- less speculation building means inventory is driven by real buyer demand.
Tough times can be good times for the agile. With the downshift in the housing market and the recent credit squeeze, companies in the building industry are already laying plans to keep growing in the tougher months ahead. [ Full Article ]
October 4th, 2007
America's Most Stable Housing Markets - Forbes reports
NWE: Seattle tops the list on America's most stable real estate markets
Nationwide, home prices are falling, sales are sluggish and the number of foreclosures is mounting. Ask any economist and you'll hear that things are bad, and likely to get worse. Unless you live in Seattle, where the market is slowing but fundamentals remain strong. [ Full Article ]
September 29th, 2007
Families should look at house investments
NWE: Syndicated columnist Jack Guttenberg offers advice on intrafamily investments. With home prices as they are in Seattle, families often want to assist younger buyers. Find out how.
Gifts of equity in families are common. Parents may provide a down payment on their child's first home. Many parents, however, can't afford a sizable gift — among other things, they may be concerned about the adequacy of their assets for retirement. Yet they might welcome an opportunity to help their children if it took the form of a reasonably safe investment yielding an adequate rate of return. [ Full Article ]
September 23rd, 2007
Seattle considered a bellwether
NWE: Seattle is a leader in green building -- will it become the future building code? What benefits are there to consumers?
Green may sound good, but will consumers pay more for a house even if it saves money over the long run? And what's the right balance of voluntary compliance and regulation to achieve green? After 30 years in the construction industry, Roy Hanchett says he can see into its future. And the future is green. [ Full Article ]
September 4th, 2007
Plan For Mortgage Rate Increases
NWE: In a short departure from a news article, we post this important advice from WA Department of Financial Institutions. Homeowners with ARM mortgages, please take note!
DFI is urging homeowners with adjustable rate mortgages to plan now for potential interest rate increases by the end of the year. Nontraditional mortgage loans, including many adjustable rate and subprime loans, frequently feature a periodic adjustment resulting in significant payment increases. [ Full Article ]
August 29th, 2007
U.S. home prices post record decline; Seattle bucks trend
NWE: National economics does influence local economies. However, real estate is a local issue with other dynamics factoring in as well.
U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since Standard & Poor's began its nationwide housing index in 1987, the research group said today. A separate index that covers 20 U.S. cities fell 3.5 percent in June from a year earlier, but a small group of cities in that index — including Seattle — actually bucked the trend and posted price increases in June. [ Full Article ]
August 17th, 2007
Big Changes and Big Loan for Lender
NWE: Events in the financial market can greatly effect buyers and sellers alike. NWE can offer advice based on real time issues, but it behooves consumers have a basic understanding of recent events.
Shut out of the short-term debt market by an expanding credit crisis, Countrywide Financial, the nation’s largest mortgage lender, turned yesterday to 40 of the biggest banks, borrowing $11.5 billion as it tried to shore up its cash. The move sent ripples through the stock market — the Standard & Poor’s 500-stock index fell as much as 2.6 percent before recovering and ending the day slightly up — and it raised the chance that even the bluest of blue-chip mortgage companies could fail if investors and lenders lost confidence in them. [ Full Article ]
August 5th, 2007
Simple rules are the best way to protect borrowers
NWE: Borrowers are well served to use lenders who are referred by reliable sources. At NWE, we also help you scrutinize this aspect of your transaction.
According to the National Mortgage News of July 9, "Several Democratic senators want to impose a fiduciary duty on mortgage brokers so they are obliged to serve the best interests of the borrower and can be held accountable for violations of that trust. I assume you support this effort?" I do. Brokers operating now as independent contractors can earn as much on transactions as they can induce borrowers to pay and have no obligation to deliver the mortgages best suited to borrowers' needs. [ Full Article ]
July 27th, 2007
Analysts Say Mortgage Woes May Worsen
NWE: Our advice is one of thoughtful and careful borrowing. Yes, owning a home is still a sound investment. However, maximum borrowing is not wise in this or many other investments.
Here's a scary thought about the latest bad news on housing: A surprising increase in late loan payments and defaults among home owners with good credit is so far coming from traditional woes, like divorces, job losses and unexpected medical bills. The next and biggest wave of problem loans could come as monthly payments soar for both prime and subprime borrowers who took out adjustable-rate loans with little or no documentation, or who used so-called piggyback loans on top of their first mortgages to make up for small down payments, analysts said. [ Full Article ]
July 17th, 2007
Appraiser coercion fuels mortgage fraud
NWE: Read why it is important to use a reputable lender.
It's called "hitting the number" - or inflating a home's value - and real estate appraisers who don't do it often enough can find it hard to make a living. [ Full Article ]
July 8th, 2007
First-time buyers find ray of hope in condos
NWE: Affordability is the main reason 1st-time buyers enter the market in condos. However, there are other considerations to take into account. Be informed.
It's no secret that first-time buyers of moderate means have long seen condominiums as their steppingstone to buying a house — perhaps their only chance at ownership. But never has it been as true as it is now. [ Full Article ]
July 3rd, 2007
New Scheme Preys on Desperate Homeowners
NWE: Losing one's home through fraud is a tragedy that can be prevented. Read this article to understand how this crime is executed. You may be able to help someone you know avoid becoming a victim.
With the housing market in decline, financial predators are finding yet another way to take advantage of people who fall behind on their payments. The schemes take various forms and often involve promises to distressed homeowners of cash upfront, free monthly rent and a chance to retain their houses in the long run. But in the process, someone else takes over the deed, borrows as much as possible against the value of the house and pockets the cash. And, almost always, the homeowners still end up losing their homes. [ Full Article ]
June 15th, 2007
Rising Rates Squeeze Consumers and Companies
NWE: Rising interest rates do not necessarily spell gloom and doom. However, it does mean one must make careful financing choices. Northwest Elegance hopes that is always the case with our clients.
The unusually low interest rates of the last three years have been an enormous boon to almost every corner of the American economy. They have provided consumers with dirt-cheap mortgages that fed the real estate boom. They have supplied easy credit to companies and investment firms, propelling stocks and corporate profits to record highs and fueling a buyout binge. Now that party may be coming to an end. [ Full Article ]
June 8th, 2007
What gives? Local home-sales market is softening, but prices keep rising
NWE: "All Real Estate is Local." Changing an old adage applies here. Read why you need a Realtor to assist in your home market search.
When home sales are transitioning from hot to less than rip roaring, the market sends out mixed, sometimes seemingly illogical, signals. That's exactly what happened last month in every Puget Sound county. [ Full Article ]
May 16th, 2007
Natl Assoc of Realtors Responds to 60 Minutes
NWE: 60 Minutes missed the mark in its representation of Realtors. Read NAR's answer.
In the world of political campaigns, it's a standard ploy to set the stage with an empty chair when one candidate refuses to debate his opponents. The CBS show 60 Minutes gave the NATIONAL ASSOCIATION OF REALTORS® the empty chair treatment in a May 13 segment that examined the impact of online brokerages on the real estate industry [ Full Article ]
May 7th, 2007
Objects Of Appreciation: Some Spots Buck The Housing Slump
NWE: Understand the factors that make the Seattle market unique in a time of widespread housing slumps around the nation.
Cranes dot the skyline. Going up: luxury condo towers selling for as much as $800 a square foot. It's not Las Vegas, Phoenix or Miami circa 2005. It's downtown Seattle and nearby downtown Bellevue — in the present day. [ Full Article ]
April 30th, 2007
Seattle housing prices strong -- for now
NWE: Understand the important differences between the Seattle market and other US areas. Buyers are likely to find Seattle still competitive and prices strong.
Lucie Turcotte knew her move from Minneapolis would come with higher home prices, but she was surprised that Seattle houses were selling days after going on the market and for more than the asking price. [ Full Article ]
April 21st, 2007
Choose a loan that fits you best financially
NWE: We have a group of trusted lenders who do more that make a loan: expect a good loan officer to find the best loan for your financial goals!
All debt is not created equal. While financial advisers urge consumers to avoid carrying credit-card balances from month to month and to go easy on other forms of debt, they usually make an exception for a mortgage used to buy your home. [ Full Article ]
April 12th, 2007
After a 2-month lull, home prices take off
NWE: Considering waiting for the Seattle market to slow down? It may be wiser to get in the market now and begin growing equity instead,
After stalling for two months, home prices in King and Snohomish counties perked up last month, disappointing potential buyers who thought slowing price appreciation had presented an opportunity [ Full Article ]
April 6th, 2007
IRS Code 121 -- Excluding Gain on the Sale of a Home
NWE: Not exactly a news item, but a timely tax tip. Did you know there are exceptions to the 2 year rule for excluding gains? You may be intitled to a partial exclusion.
You may qualify to exclude from your income all or part of any gain from the sale of your main home. This means that, if you qualify, you will not have to pay tax on the gain up to the limit described under Maximum Exclusion, next. To qualify, you must meet the ownership and use tests described later. [ Full Article ]
March 17th, 2007
Do subprime woes affect Seattle market?
NWE: There has been much in the news about Subprime mortgages and how they are affecting markets. Read here why the impact on Seattle may be less than other areas.
Local real-estate experts keep saying Seattle's housing market will stay strong because the local economy is strong. But I think all the subprime loans going bad will mean a lot more houses on the market and prices here will sink. Why don't you report that? [ Full Article ]
March 11th, 2007
Crisis Looms in Market for Mortgages
NWE: Broad availability of home loans is a positive thing for consumers. However, it does not mean that all who can obtain a loan, should. Read the repercussions in the mortgage-trading market.
On March 1, a Wall Street analyst at Bear Stearns wrote an upbeat report on a company that specializes in making mortgages to cash-poor homebuyers. The company, New Century Financial, had already disclosed that a growing number of borrowers were defaulting, and its stock, at around $15, had lost half its value in three weeks. [ Full Article ]
February 28th, 2007
Freddie Mac plans to clamp down on some risky loans
NWE: Financial risks for mortgage investors begins with the risk to borrowers.
Freddie Mac, the second-biggest buyer of U.S. mortgages, plans to toughen its standards and stop buying certain types of risky loans that have been linked to a high number of defaults. [ Full Article ]
February 25th, 2007
No Social Security number, no mortgage? Bill says
NWE: Legislation intended to curb undocumented residents homebuying may result in US citizen difficulties buying abroad.
New legislation on Capitol Hill seeks to curb an increasingly popular mortgage concept: providing home loans to applicants using their Individual Taxpayer Identification Number (ITIN), in lieu of a Social Security number. The Internal Revenue Service (IRS) issues ITINs to assist immigrant workers who do not qualify for a Social Security number but must report their income and pay federal taxes. [ Full Article ]
February 14th, 2007
Buyer should beware of builder-lender ties
NWE: Buyers should know that we can help them find a competitive loan to what a builder will offer.
Finding the right home-mortgage loan provider is complicated enough, but when you buy a house from a builder who has an in-house lender, the complications multiply. [ Full Article ]
February 3rd, 2007
Sneak Peek: New Offerings
What's New in Home Design
It's that time of year again, when thousands of builders, architects and remodelers converge at the annual International Builders Show to eye new products for the home. This year, the event will take place in Orlando, Fla., from Feb. 7 to 10. [ Full Article ]
January 21st, 2007
New study shows which words sell, and which don't
From the LA Times
Words matter. Wars have started over them. Civilizations have collapsed because of them. And it appears the speed with which a house sells might be determined by them. As listings grow old on the vine in this flush-with-inventory market and frustrated sellers reach for the slightest edge, the findings of several academics might offer guidance. [ Full Article ]
January 13th, 2007
Predatory servicing deserves a cleanup
Recent years have seen a flurry of proposals and legislation directed toward predatory mortgage lending. The focus, however, has been almost entirely on loan originations. [ Full Article ]
January 11th, 2007
What's in, what's out with home buyers
What home buyers want in 2007
This list of home-buyer preferences for 2007 was compiled by Mark Nash, Chicago author of five books on real estate. The list of what's in and what's out is based on a survey of 923 real estate agents, managing brokers and association executives who responded to a survey request in Agent to Agent ezine, which is published by Nash. His ezine is distributed monthly to real estate professionals in all 50 states and Canada. [ Full Article ]
January 8th, 2007
FHA usually better deal for subprime borrower
The profile of an FHA buyer
Q: What type of borrower finds it advantageous to take an FHA loan? [ Full Article ]
January 4th, 2007
Looking ahead: The sky isn't falling for the Puget Sound market
The Seattle Times
One of this year's biggest residential real-estate topics was the anticipated slowdown in sales and appreciation. Would the Puget Sound market tank? Would prices deflate? Neither of those things occurred locally, although other parts of the country have seen moderate-to-severe downturns this year. [ Full Article ]
December 11th, 2006
Hotel-condo sales living up to hype -- so far
Puget Sound Business Journal
The concept has been such a hit with consumers that local developers plan to roll out even more hotel-condo projects in the hopes of cashing in on the trend before demand peters out. [ Full Article ]
December 11th, 2006
Does Zillow hit the mark? We put "Zestimates" to the test
The Seattle Times
Zillow has estimated the values of more than 67 million homes nationwide. It bases its numbers on information contained in public documents, such as county assessor records, but does not make visits to homes and doesn't know what they look like inside. [ Full Article ]
November 26th, 2006
How to Check Your Credit Before
The Wall Street Journal Online
A credit report is a sort of fiscal fitness statement of your credit habits. It names your credit accounts, identifies them by type and tracks balances, credit limits, payments, available credit, open-or-closed status and other information that reveals how well or how poorly you pay each account. The report also documents credit requests and notices of liens, judgments and other "derogatory" remarks, remarks from the consumer, and other information. [ Full Article ]
November 21st, 2006
Sellers still unrealistic about asking prices
Why first purchase offer may be the best
Sellers who aren't happy with the first offer they receive are often inclined to refuse it and wait to see if something better comes along. However, some sellers are finding out the hard way that the first offer was their best offer. [ Full Article ]
November 12th, 2006
Economist Tells Builders to "Keep Things in Perspective"
"Up" is the direction for housing, according to Economist Stanley Duobinis, Ph.D. the president of Crystal Ball Economics, refuted media reports of "collapsing home prices," 2004 and 2005 were exceptional years for home sales. [ Full Article ]
November 6th, 2006
Bubble-proof Cities
Income trends and development restrictions have made each of these top cities safe bets for investors.
These superstar cities outperform the rest of the nation over time. The newest graduate to join this elite class of super-expensive cities, Seattle is the least likely to hold its place. [ Full Article ]
November 6th, 2006
Nonprofit files complaint with FTC about Zillow
Puget Sound Business Journal
A nonprofit that tries to spur private capital investment in low-income areas has filed a complaint against real estate Web site Zillow Inc. with the Federal Trade Commission. [ Full Article ]
October 19th, 2006
Where Boomers Are Buying and What They Want in a Home
The Wall Street Journal
The country's more than 77 million baby boomers represent more than a quarter of the U.S. population and have a substantial build up of spending power. As more of them move toward retirement age, businesses are paying attention to what this generation's real estate needs are. And if they learn anything about the boomer consumers, it's to not classify them as over the hill. [ Full Article ]
October 9th, 2006
Local housing market keeps slowing
At the beginning of the year, local housing experts predicted the Puget Sound area's super-heated real-estate market would slow. What they couldn't predict was exactly when or how much. It's now, and the drop-off has been marked. Bill Riss, Coldwell Banker Bain's CEO, said we are starting to see signs of a slower market. A real-estate veteran who has been through many housing cycles, Riss says he's not upset by the cooling because "there's nothing to push it dramatically down." [ Full Article ]
September 29th, 2006
Home prices' long rise: Is the end near?
Princeton economist Paul Krugman, writing in The New York Times, said: "The long-feared housing bust has arrived." Nationally speaking, anyway. If history is any indication, King County may escape it, according to a Seattle Times analysis of single-family-home prices. [ Full Article ]
September 28th, 2006
Bankrate: Mortgage Rates Tumble to 7-Month Low
The average 30-year fixed mortgage rate is now 6.29 percent, the lowest since March 1. [ Full Article ]
September 19th, 2006
Area home prices nearly flatten, still up since last year
The Puget Sound housing market is still stronger than most of the rest of the country, but signs of slowing are clear. [ Full Article ]
August 31st, 2006
Preoffer home inspection can be key
House hunter Vicky Tsai has paid for two inspections of homes she didn't buy [ Full Article ]
August 9th, 2006
Homes taking a bit longer to sell, but prices still up
The Seattle Times
Home sellers spoiled by three years of record or near-record sales may have to lower their expectations. If the Puget Sound area's July home-sales numbers, released yesterday by the Northwest Multiple Listing Service (MLS), are any indication, homes might sit on the market longer. [ Full Article ]
August 1st, 2006
Condos appreciate strongly; studios lead
Since 2000, King County condominiums have outperformed single-family houses two out of five years. And even when they haven't, their appreciation has been strong. In 2005, for example, the county's single-family houses appreciated 16.3 percent per square foot. Condos climbed a healthy 13.5 percent. [ Full Article ]
July 6th, 2006
Home listings, prices keep rising
Puget Sound Business Journal
The number of homes listed for sale in the Puget Sound area in June has swelled since the same month last year. But that's not slowing down the rise in the prices that homes are selling for, according to the June report of the Northwest Multiple Listing Service (NWMLS). [ Full Article ]
June 29th, 2006
Myth of the Discounters
An independent study by Texas A&M University revealed there is little, if any, savings for sellers who utilize discounters or limited service companies. The study of 55,000 residential transactions found that discount companies sold their listings for 1.7% less than full-service companies and took 17.1% longer to sell. [ Full Article ]
June 21st, 2006
Seattle Shows Housing Strength
Employment Outlook Gives Strength
Seattle is "one coastal market that remains strong," according to a report in The Wall Street Journal. [ Full Article ]
June 6th, 2006
Shortage of local homes for sale in some areas; prices keep climbing
Puget Sound-area homebuyers are finding the ease of their house-hunting search varies widely depending on where they want to live. But while there are some big differences in inventory levels, prices are still rising across-the-board. [ Full Article ]
June 3rd, 2006
Bill offers better deal for first-time homebuyer
An unusual Capitol Hill alliance of liberal Democrats, conservative Republicans, commercial banks, real-estate brokers, ethnic-group lobbies, homebuilders and mortgage brokers is pushing for legislation that could give thousands of first-time homebuyers a better deal than they get in the mortgage market today. [ Full Article ]
May 27th, 2006
Longer mortgages leave borrowers chipping away for 50 years
Those struggling to afford a home may be wondering how long their mortgage payments can be stretched out. The answer: half a century. [ Full Article ]
May 23rd, 2006
Average King County home sale price in May -- $463,817
Buyers looking for homes near the job centers of Seattle and Bellevue won't find as many houses for sale compared with the outlying areas, according to the latest report from the Northwest Multiple Listing Service (NWMLS). [ Full Article ]
May 18th, 2006
Next hot market...think Washington
Above average job and population growth are driving strong home-price gains.
As forecasts for housing price growth have cooled for most of the country, they are calling for booming values in the state of Washington. [ Full Article ]
May 16th, 2006
Home prices fall in some U.S. cities, but not here
Home prices in the first quarter fell in several U.S. cities for the first time in at least 15 years, more proof that the Federal Reserve is winning its campaign to cool off the housing market, a trade group report says. But, 60 metropolitan areas, including Seattle-Tacoma-Bellevue, saw double-digit appreciation. The median price of an existing single-family home in the Seattle area jumped 16.4 percent, to $338,600, from the first quarter of 2005. [ Full Article ]
April 30th, 2006
Act fast: In many Seattle neighborhoods, few homes are for sale
For more than a year, local real-estate pros have lamented the lack of affordably priced homes for sale. But what does that really mean to Seattle buyers? [ Full Article ]
April 7th, 2006
$405,000 Median house price in King County
March home-sales numbers were released Thursday by the Northwest Multiple Listing Service. They show the median closed price of King County single-family homes has shot up almost 12 percent in the past year, reaching $405,000 last month (and up from $392,950 in February). [ Full Article ]
April 2nd, 2006
Green Leaders
Seattle's Eco-building Movement
Quietly, one building and one builder at a time, the Seattle area has emerged as a national leader in the "green-building" movement that promotes sustainable-construction practices. [ Full Article ]
April 2nd, 2006
Should You Start Out with a HIGH Listing Price?
Because of the change in real estate market conditions, more sellers are competing for fewer buyers. So once again, it seemed important to challenge a long-standing "myth" of real estate. [ Full Article ]
March 15th, 2006
Agencies Adopt New Credit Scoring System
The nation's three major consumer credit bureaus have created a new credit scoring system designed to make it easier for financial institutions to evaluate loan applications and to give consumers a better way of measuring their financial health. [ Full Article ]
March 11th, 2006
Some Finding Perils in Online Real Estate
For the last few years, real estate transactions over the Internet — where buyers need never set eyes on the property they purchase — have become increasingly common. [S]uch online sites have become perfect places for unscrupulous sellers who have bought dilapidated houses at, say, foreclosure auctions, to resell, or flip, them quickly for inflated prices. [ Full Article ]
March 9th, 2006
Lower-income loans are out there for first-time home buyers
Seattle PI report on WA programs
Many lower- to middle-income earners have no idea about the numerous programs available to help potential home buyers in their salary range. [ Full Article ]
March 9th, 2006
Should You Start Out with a HIGH Listing Price?
The myth of the pricing
Because of the change in real estate market conditions, more sellers are competing for fewer buyers. So once again, it seemed important to challenge a long-standing "myth" of real estate. "The initial listing price isn't that important because the price can always be adjusted down later." Many homeowners believe this. It is a myth. [ Full Article ]
March 4th, 2006
All your home's a stage
The idea of home staging is to create neutral spaces to appeal to the broadest home-buying audience — ideally resulting in a faster sale and a higher selling price. While home staging has been around for a few decades, it's only recently become more popular in the Northwest. In the Puget Sound area, it's estimated that 6 percent to 20 percent of homes on the market are professionally staged. [ Full Article ]
March 3rd, 2006
Hold Emotions at Bay During Real Estate Transaction
Realty Times
Buying or selling a house -- or at least the decision to do so -- is fraught with emotional bombshells. [ Full Article ]
February 24th, 2006
Rising debt offsets home-equity gains
The Washington Post
U.S. families' wealth stagnated during the economy's recession and recovery from 2001 through 2004, as lackluster wage growth, sagging stock prices and rising debt levels offset the gains from higher home values, the Federal Reserve reported Thursday in its latest Survey of Consumer Finances. Wealth, or net worth, measures the value of a household's assets minus its debts — such as mortgages, car loans, student loans and credit-card balances. And debt climbed steadily during the survey period, as the Fed slashed interest rates to stimulate borrowing and spending in rocky economic times. [ Full Article ]
February 19th, 2006
Don't lose sleep over uncertain future
Seattle Times
Q: A recent article suggests that new Federal Reserve Board Chairman Ben Bernanke faces quite a challenge: "a housing-bubble-triggered consumer recession and deflation, exacerbated by foreign flight from the dollar and bonds." How should that affect my investment decisions? [ Full Article ]
February 18th, 2006
An off-the-shelf, off-the-wall remodeling job
Economists warn that the airplane-hangar-size mega-retailers known as "big-box" stores eventually could spell the end of the mom-and-pop business. Sociologists worry that they're killing the notion of the public square. Homeowner associations complain that they create traffic nightmares. [ Full Article ]
February 13th, 2006
Investors signal sea change in multifamily market
Puget Sound Business Journal (Seattle)
Seattle's multifamily market came of age in 2005. Not just because of the number of major sales -- which were about triple what we see in a typical year. Or because of the sale prices -- which hit record highs. But because our region's fast and sharp market recovery caused investors around the country and internationally to look at Seattle in a new light. [ Full Article ]
February 11th, 2006
Basic choices when dealing with ceiling
Q: My home was built in 1955. I have asbestos "popcorn" ceilings in the two original bedrooms (I had it tested at a lab). It is not falling down or crumbling. One room has already been painted over and the other has not. My ceiling tiles may also contain asbestos and are original to the home and in good shape. What is best to do? Spray-paint over it, have it professionally removed or do it myself? [ Full Article ]
February 5th, 2006
Hot home markets to cool down...how will your home fare?
Price forecasts for 379 metro areas for 2006.
If you've recently gambled that Las Vegas housing prices would continue to rise this year, you may be on the losing side of the bet. However, check out the chart for Seattle's prediction. [ Full Article ]
January 23rd, 2006
Doubling of downtown's population foreseen
Puget Sound Business Journal (Seattle)
With thousands of new condominiums being built or slated to come on line in downtown Seattle in the next few years, there are plenty of baby boomers, empty nesters, young single professionals and couples standing in line to plop down big money to live in the city's urban center. [ Full Article ]
January 18th, 2006
Must-have home features of 2006
Dropped ceilings, awnings, wallpaper fail to make the cut
Nearly three decades ago, hardwood floors were the absolute rage. They were the first home features highlighted by real estate salespersons and the most popular "standard" item builders would include in mid-level construction packages. [ Full Article ]
January 14th, 2006
How to handle a roof leak, indoors and out
The Associated Press
While we might be warm and comfortable inside the house, the condition of the roof outside might not be sufficient to hold back storms. Here are a few tips that could save you some grief — and maybe a little money. [ Full Article ]
January 9th, 2006
How green is your building?
Controversy exists over rating system for LEED-certified buildings
Although the concept of green building appears to be catching on among commercial developers, debate remains over whether the system for tagging buildings as "green" provides a true standard of environmental sensitivity for builders. [ Full Article ]
January 7th, 2006
Buying your student's new nest
Seattle Times
Increasingly, students and their parents at WSU and colleges across the country are looking at dorm costs and saying it doesn't compute. Not when buying a house or condo comes with tax advantages and the possibility of making a profit once the Cougar, Husky, Duck or other critter graduates and the property sells. [ Full Article ]
January 2nd, 2006
Real estate predictions: Gazing into 2006
Seattle Times
Residential real estate was front-page news in 2005, with stories of rapid price increases, bidding wars and speculation about a "bubble" deflating prices in some areas. What will 2006 bring? Seattle-area real-estate insiders weigh in. [ Full Article ]
December 28th, 2005
Sell That House
Forbes' Scott Reeves reports
The smell of fresh paint may be the best way to sell your house quickly, because nothing says clean and well-maintained better. Make this your New Year's resolution: repaint rooms as needed. After a thorough cleaning and general spruce up, turn on the lights. For many, a bright house is an inviting house--and that can lead to a quicker sale. [ Full Article ]
December 26th, 2005
Faulty siding affects offer
Seattle Times Home Forum
For those new to this topic, LP refers to Louisiana Pacific Inner-Seal siding, a composite wood material put together under pressure. A decade ago this product was new; within a few years thousands of homeowners noticed their siding failing as the bonding agent that held it together failed. [ Full Article ]
December 19th, 2005
Do yourself a favor: Get the home inspection
The real-estate agent told her that the sellers would not accept an offer requiring a home inspection, but Lewis went ahead with the $437,750 purchase anyway. She was worried that she would lose the house otherwise. "I didn't buy it with my head," Lewis said. "I bought it from my heart." The sale closed in July. This month, she had her first chance to get a full analysis from a home inspector, Arthur Lazerow, the president of Alban Home Inspection Service in Frederick, Md. As she walked the property with Lazerow, who pointed out one problem after another, Lewis found out the cost of deferring the inspection until after the sale. [ Full Article ]
December 12th, 2005
Can't afford a house? Then buy a whole duplex
Puget Sound Business Journal (Seattle)
It's becoming a common tactic. Deterred by soaring home prices, a growing number of young buyers are turning to duplexes and other multifamily buildings [ Full Article ]
December 8th, 2005
Beware Interest-Only
News from Forbes
For years, it was a perk for the rich, but 2005 saw an explosion of sales to ordinary folks of a product known as interest-only mortgage loans. And now, the lenders themselves are starting to get worried while mortgage brokers continue to push these products for all they're worth. [ Full Article ]
December 2nd, 2005
Home sellers reap top dollar during the holidays
Short supply of buyers changes game plan
ADVANTAGES FOR HOME SELLERS DURING THIS SLOW SEASON. Unmotivated home sellers often take their residences off the market during the holidays because (1) they don't want to be interrupted by buyers and (2) they know this is perceived as not the best time of the year to sell and receive top dollar. [ Full Article ]
November 24th, 2005
Residents look for home for the golden years
Retirement communities 101
Many older residents know — or learn — that grappling with housing during the retirement years involves different financial, geographical and social considerations. [ Full Article ]
November 24th, 2005
Agendas may trip up consumer-friendly credit law
Nation's Housing
What could be one of the most helpful, pro-consumer reforms in years for home-mortgage applicants has been bottled up at the Federal Trade Commission and the Federal Reserve for well over a year. [ Full Article ]
November 24th, 2005
Post-Bubble Real Estate Plays
Forbes
Real estate remains an investment category with more emotional baggage than most. We have intimate daily contact with our own real estate, and it can be hard to separate what that means to us from what is happening in the vast and varied real estate marketplace. [ Full Article ]
November 18th, 2005
Pros and cons of 'flipping' real estate
Process not as easy as many think
Every property is a "flipper" or a "keeper." If you are not familiar with those real estate terms, a "flipper" is a property that is bought for a quick resale profit, usually in less than six months. But a "keeper" is a property held for at least a year, often for many years. [ Full Article ]
November 18th, 2005
Home sales shifting into buyer's market
Realtors spend more time explaining price changes
As signs of a real estate slowdown mount, more agents are having to break the bad news to sellers: Just because your neighbor's house sold for a king's ransom a few months ago, doesn't mean your home will fetch the same princely sum today. [ Full Article ]
November 14th, 2005
Best ways to learn real estate's market value
Buyers use Internet, agents to their advantage
The Internet is a boon to home buyers. Instead of personally visiting listing after listing, you can shortcut the home search process by previewing listings online in the comfort of your own home. The Internet is not as useful, however, when it comes time to decide how much you should pay for a home you'd like to buy. [ Full Article ]
November 11th, 2005
Home additions that stand the test of time
Tips on blending the old with the new
It's human nature to crave the fresh, the new and the fashionable -- and that goes for remodeling as much as anything else. ---- Given the ever-shifting sands of architectural taste, the only kind of addition that'll be permanently in fashion is one that respects the original architecture. [ Full Article ]
November 9th, 2005
How does FICO score impact real estate refinance?
Keeping on top of your credit is more important than you think
Are you still steaming because an inaccurate credit report has sent your FICO score spiraling downward, causing major problems with your efforts to refinance your home? Join the club [ Full Article ]
November 6th, 2005
Interest Rate Report - November
Rates on the Rise
Mortgage interest rates have begun a long predicted rise. We are now at a mid-stage teetering point (as of Nov. 3) Mortgage rates will level off very close to this level or continue to climb. [ Full Article ]
November 2nd, 2005
Times have changed for real estate
Guest perspective: Increasingly difficult to protect consumers from unintended outcomes
Editor's note: Joy Canova, a Realtor with Coldwell Banker Bain Associates in Seattle, wrote the following in response to an Oct. 26 article, "Times change, real estate commission stays the same," reporting on a public workshop held in Washington, D.C., on Oct. 25, to explore competition in the real estate industry. [ Full Article ]
October 31st, 2005
Financial markets size up new Fed chief
Interest rates, inflation become hot button
Ben Bernanke. The bond market gave its highest praise: it did nothing – although the only nasty line about Bernanke came out of the bond market (of course). "Greenspan was a maestro; this guy is a music teacher." Stocks soared 160 Dow points, indicating relief of fear of a Bush crony, but temporarily forgetting that any non-crony is going to whack the economy. [ Full Article ]
October 28th, 2005
Six home buyer mistakes to avoid
Why are buyer's agents, contingencies so important?
Late October and early November are the tail end of the second-best home sales season (the most active selling season is spring when the largest numbers of buyers are in the market). Smart home buyers are realizing this may be the best time to buy before mortgage interest rates go higher. At this season of the year, these savvy home buyers understand they can negotiate hard because home sellers and their realty agents know after Thanksgiving is the worst time of year to sell a home (but that is also the absolute best time to buy a home if you can avoid the distractions of holiday events and purchase from a highly motivated seller). [ Full Article ]
October 26th, 2005
Buyer should inspect the area, as well as the house
Q: I know that homebuyers often buy subject to an inspection. Recently I heard that some also are making it subject to a "neighborhood review." What exactly is this? Who performs it? What are they looking for? And how much does it cost? A: Unlike a home inspection, where you hire an inspector to check for physical defects, a neighborhood review costs nothing because you do it yourself. So its thoroughness depends on how much effort you want to expend. [ Full Article ]
October 22nd, 2005
Study Belies Bubble
Misconceptions about real estate market explored
The study, Assessing High Housing Prices: Bubbles, Fundamentals and Misperceptions, finds no evidence that buyers are bidding up the price of houses based on unrealistic expectations of future price increases. [ Full Article ]
October 15th, 2005
Autumn to-do list: 3 chores and a road trip
Now, quick, before it gets too wet, dark and discouraging, is the time to tidy the garden for winter. There are a few jobs that are best to finish before winter sets in, both for plant health and so you can bear looking out the window for the next few months. It helps to organize autumn garden work into stages. [ Full Article ]
October 11th, 2005
Taxes on recreation property can change
Question: My husband and I would like to purchase some real estate for tax write-off purposes. Should we purchase a small condo locally, or acreage east of the mountains, which we would use for recreation? We'd really like to purchase property in Eastern Washington, but we were told by a friend that unless the property was our primary residence, we could not take tax deductions. Is this correct, and if so, how would this affect a rental condominium? [ Full Article ]
October 7th, 2005
Home prices -- and competition -- strong
Median price in King County hits $381,250, and one area broker sees no leveling off
New residents and younger adults remaining and buying in the Seattle region kept the real estate market strong in September, as the median sales price of a single-family house in King County grew to $381,250, the Northwest Multiple Listing Service reported Thursday. [ Full Article ]
October 5th, 2005
More complete credit reporting should help consumers
More than 150 independent credit-reporting companies across the country will soon begin to offer mortgage lenders, brokers and other creditors a way to more accurately evaluate your full credit profile. That will include all or most of your bill-paying performances that never appear in your national credit files and never are incorporated into your FICO scores [ Full Article ]
September 26th, 2005
Greenspan says home prices may fall, but shouldn't plummet
While the high-flying housing market still holds risks, especially for the financially stretched, most homeowners are in a fairly good position to weather a shock if prices drop. [ Full Article ]
September 19th, 2005
Coldwell Banker goes where the buyers are: Online
In today's housing market, pity the poor buyers. Not only are they up against historically high price increases - and let's not forget bidding wars - but residential agents are "slow" to respond to buyers seeking information online. [ Full Article ]
September 19th, 2005
Apartment rents rising
Apartment rents in the Seattle area are expected to rise 1.6 percent this year and the average rent is expected to reach $818 a month, according to a study. [ Full Article ]
September 12th, 2005
Area home sales keep on cookin'
In Snohomish County, a typical house now costs more than $300,000. On Mercer Island, it's more than $800,000. [ Full Article ]
September 5th, 2005
Thinking of selling? Now is the time to make those pesky repairs you've been putting off.
Make your home more appealing to prospective buyers without spending a lot. [ Full Article ]
August 29th, 2005
How much does your home cost?
Home Price Comparison Index
Coldwell Banker's annual Home Price Comparison Index (HPCI) shows just how huge the affordability gap can be, comparing selling prices of similar homes in similar neighborhoods in more than 300 markets. [ Full Article ]
August 28th, 2005
Using your senses when buying Real Estate
It's vital to use at least three of your five senses — sight, hearing and smell — when you are home shopping. [ Full Article ]
August 16th, 2005
America's Riskiest Real Estate
Report: Watch out Bostonians; rest easy Seattleites
Some of the nation's frothiest housing markets are at growing risk of price declines, according to the most recent survey from PMI Mortgage Insurance Corporation. The PMI Risk Index is based on economic activity and other conditions that PMI thinks are predictive of home-price declines over the next two years. The metro area that had the biggest increase in risk is Riverside-San Bernadino, east of Los Angeles, which rose 8.3 points to 42.2 percent. So where are homeowners all but guaranteed to not go through a bubble burst? They can breathe easiest, according to the PMI listing, in Pittsburgh (5.6 percent), Memphis (5.8 percent), and Indianapolis (5.9 percent). Among western cities, Seattle scored the safest, at 6.4 percent. [ Full Article ]
August 15th, 2005
Seattle-area home prices won't be coming down anytime soon, experts say
After a year of blistering home sales that saw appreciation climb to highs not seen since 1999, Charles Swanson can only shake his head. "House prices are so expensive now that it really does not make sense," said Swanson, a North Seattle homeowner. "I keep saying the bubble is going to burst when there is too much inventory, and prices will get back to realistic. But it never seems to happen." And it won't any time soon, predicts Lawrence Yun, senior economist with the National Association of Realtors. [ Full Article ]
August 12th, 2005
Winning the Mortgage Gamble Can be Tricky
So you're ready to buy a home. Let's focus on first things first: Be sure that you have a good overview of your financial health — and don't think of your mortgage separately. "It should be a part of a larger financial plan," says Doug Duncan, chief economist at the Mortgage Bankers Association. "You should have a household balance sheet and income statement of what things you own, their value, and what things you owe." Then pull your credit report and "understand what you look like in terms of your past performance in managing credit," he says, because a lender will be looking at the same thing. "Have an idea of how much you make and where it all goes," Duncan says. "When you know how much you can afford, you can decide how to finance it." Only then will it be time to mortgage shop. [ Full Article ]
July 30th, 2005
Seattle Market
Distorted prices — or room to grow?
Seattle's home-sales market is a little like red wine. Whether it's considered healthful or not depends on which expert is doing the talking. Most recently, it's been Forbes.com, which just rated Seattle the "most overpriced" place in the country — for the second year in a row, no less — beating out such high-priced contenders as San Francisco (ranked seventh) and Los Angeles (ninth). This follows an assessment by nationally regarded real-estate economist Lawrence Yun that Seattle, with a median home price of $372,000, is actually underpriced among West Coast cities. [ Full Article ]
May 15th, 2005
Seattle Times Real Estate
Interest-only Adjustable-rate Home Loans Stir Concerns
An increased use in interest-only, adjustable-rate mortgages necessitates words of caution for first-time homebuyers. [ Full Article ]
May 15th, 2005
Sales Show Older Homes are Gaining Value Faster
Discover how the buying trends in the Seattle region are reflected in appreciation rates for resale homes versus new construction. Compare the benefits of each in respect to value per square footage. [ Full Article ]
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