With all the talk about the 99% and the 1%, have you wondered where the dividing line is in your city?  According to the New York Times, to be a 1%'er in Seattle requires earnings of $408,000 per year.  Highest 1% income...Stamford, CN at $908,000.  Lowest?  Jamestown, NY at $176,000.

January 24, 2012

Google earth is a great tool for real estate and I just discovered a utility I was unaware of.  When you fly to your location, one of the tool bar icons allows you see a historical view of the property.  There were actually 5 images of my own home from 1990 to 2011.  If you would like to use this tool, just click on the icon with the green "go back" arrow, just left of the sun icon.  A fun way to see property or areas in a whole new light. Google calls it HIstorical Imagery with a Time Slider bar.

January 20, 2012

http://www.provenwinners.com/blog/northwest/winter-interest-pacific-northwest#.Tw8J9mq5PpQ.facebook

January 12, 2012

WASHINGTON (AP) - Fixed mortgage rates fell once again to a record low, offering a great opportunity for those who can afford to buy or refinance homes. Freddie Mac said Thursday the average rate on the 30-year fixed mortgage fell to 3.89 percent. That's below the previous record of 3.91 percent reached three weeks ago. Records for mortgage rates date back to the 1950s.

The average on the 15-year fixed mortgage ticked down to 3.16 percent. That's down from a record 3.21 percent three weeks ago.

Mortgage rates are lower because they track the yield on the 10-year Treasury note, which fell below 2 percent. They could fall even lower this year if the Fed launches another round of bond purchases, as some economists expect.

January 12, 2012

Steve Tedrow of Windermere Mortgage tells me that the opportunities for Jumbo loans (Over$417,000) are greatly improved.  Steve has 7 investors currently funding these loans.  That number was virtually zero just a few years back.  He even has sources for Piggy-Back Seconds, which can allow borrowers to obtain a lower interest rate for a portion of their borrowed funds.  Good credit (720+ for best rates) is a must and scores below 700 may be hard to work with.  Contact Steve at 425-576-5461 for further details and tell him Betsy sent you.

January 11, 201

Check out Seattle/King County's GreenHomeAdvisor.org  This site will help you save energy and money.  Good for you, good for the environment.  The site includes information about energy efficiency, home energy audits, rebates & incentives and energy smart homes.

January 10, 2012

In 2012, Windermere celebrates 40 years of providing great surroundings and support to their agents, which results in the best service around to our Selling and Buying Clients.  Just for  fun, here are a few things that have changed in the last 40 years of real estate.

Average home price in the Puget Sound Area      1972    $22,680      TODAY $387,100

Average Interest Rate                                                         7.4%                       4%

Dow Jones Ind Average                                                       960                        12,099

Average US Home Size                                                      1400sf                      2700sf

Pages in a Purchase and Sales Contract                           1                                25

Population of Washington State                                          530,000                    6,700,000

Number of Windermere Offices                                            1                               300

Lots of changes, but Windermere's commitment to customer service and satisfaction stays the same!

January 9, 2012

2011 home sales finished the year much stronger than they started, with Q4 Pending Sales (sold, not yet closed) up 21% over 2010; according to the NWMLS. December pending sales were up 20 percent over 2010. 

December 2011's pending sales exceeded the number of new listings for the second month in a row.  The last time sales were greater than listings was in the boom year of 2006.

For the third straight month, closed prices were down, year over year.  Experts believe a great factor in this decrease is the downward pressure from short sales and foreclosed homes.

In general, lower inventory and low interest rates may combine to push up demand and eventually, prices.

January 5, 2012

Ten activities suggested for winterizing your home.  These ten things are relatively easy and inexpensive to do and can prevent headaches for you over the next several months.

1) Smoke Detectors.  Check location and battery function.  I'm embarassed to say it took me months of living in my current home to realize there was only one smoke detector!

2) Carbon Monoxide Detectors.  Easy plug-in units are available at home improvement stores and can provide peace of mind.

3) Service your furnace.  Last time I did this, I found out I had a cracked heat exchanger, which can leak carbon monoxide. (see #2)

4) Upgrade your thermostat to a pragrammable unit-great for energy use management.

5) Trim trees and landscaping touching house or roof.  Remove dead branches.

6) Clean gutters and downspouts-avoid the waterfall effect!

7) Repair caulk as necessary around windows.  Even newer window caulking won't last forever.

8) Drain sprinklers, insulate pipes as necessary.

9) Check drainage grade and runoff paths around your property.  Make sure water has an easy path downhill and away from your foundation.

10) Check settings on exterior light timers.  The days are actually getting longer!

January 3, 2012

Via MSN-The average rate for a 30-year fixed-rate mortgage has dropped to a record low 3.91 percent, mortgage giant Freddie Mac said Thursday.

That's down from last week's 3.94 percent, which matched the previous record low set in the fall, which was the lowest since records began being kept in the 1950s. The rate for a 15-year fixed rate mortgage was steady at 3.21 percent, also a record.

Seems like interest rates were 13.25 when I bought my first house in 1984...

December 22, 2011

Here is excellent information on the rights of tenants whose landlord is involved in foreclosure. The link goes to a worthwhile article from MSN about  a new law which  went into effect in 2009 to protect tenants. 

http://realestate.msn.com/if-your-landlord-is-facing-foreclosure-stay-put

December 21, 2011

On this day in 1803, France transferred New Orleans to the U.S, via the Louisiana Purchase.  Total price, only $15,000,000.  You may enjoy reading the Wikipedia link and learning how Haiti's slave revolt was related to France's willingness to sell.

http://en.wikipedia.org/wiki/Louisiana_Purchase

December 20, 2011

The following are the top 10 states with the highest foreclosure rates in the country in November, according to RealtyTrac data. 

1. Nevada: 1 in every 175 home received a foreclosure filing in November
2. California: 1 in every 211 homes
3. Arizona: 1 in every 256 homes
4. Utah: 1 in every 290 (This state saw a 74 percent increase in November from October in foreclosure activity.)
5. Georgia: 1 in every 330 homes
6. Michigan: 1 in every 330 homes
7. Florida: 1 in every 358 homes
8. Illinois: 1 in every 427 homes
9. Ohio: 1 in every 500 homes
10. South Carolina: 1 in every 517 (This is the first time South Carolina has made it into the top 10 for foreclosure activity since RealtyTrac began tracking in 2005.)

I wonder how the numbers look if you add in foreclosures that have already occurred over the last 5 years?

December 15, 2011

Not all remodeling projects give a full return on price when you sell your home.  When my clients ask me about their potential return, I provide them with statistics and remind them that remodeling is also to be enjoyed while you are in the home.  If you can afford a $100,000 project you will enjoy for the next ten years, it can still make sense, even if you won't receive a full dollar return on your investment when you sell.

Here's MSN's list of worst remodel returns.

http://realestate.msn.com/6-worst-home-fixes-for-the-money

December 14, 2011

VIA WSDOT-

"Beginning Sunday, December 11, a new ramp meter will regulate traffic on the HOV lane entrance to westbound SR 520 at 84th Avenue Northeast. That means HOV drivers will have to wait for a green light to enter westbound SR 520 just as single occupant vehicles do now in the general purpose lane.  Detector loops are being placed in the transit lane on Saturday, which will keep the ramp meter signals red when they detect an approaching bus. After the bus passes the ramp meter signal will turn green, allowing ramp traffic to enter the highway. Remember to look to the left as you pull away from the ramp meter and make sure the lane is clear before you enter. Once you reach highway speed you can merge out of the bus lane into the general purpose lanes, as you normally would.

Construction of the lid at the 84th Avenue Northeast bridge required a recent traffic shift that combined into the same lane westbound SR 520 transit traffic with traffic entering the highway from 84th Avenue. The new ramp meter and loop detector system will help improve the merge for both transit and passenger vehicles.

This work is all part of a $306 million project to add HOV and transit capacity, build lids at three crossings and make other safety improvements to SR 520 between the floating bridge and 108th Avenue Northeast. Project completion is scheduled for the end of 2013."

December 12, 2011

Looking to recycle items other than what your local trash service will take?  Check out Earth911.com.  The site allows you to search by item type and where you live.  They even take old carpet padding!

December 5, 2011

13500 Bel-Red Road in Bellevue is the location for the Habitat for Humanity/East King County store, which opened August of this year.  I stopped in last week and found a carpet scrap for my college boys to use in their home.  Good condition, fun print and only $60 for a 10 x 15 foot rug!  Check it out.

November 25, 2011

Declining prices and record-low interest rates have created the most affordable housing in King County in the last 17 years.  This is based on the Washington Center for Real Estate Research, located at WSU.  Could this be the time to purchase an investment property, maybe a home for your children to grow into?

November 11, 2011

By Derek Kravitz

•  WASHINGTON — The average rate on the 30-year fixed mortgage fell below 4 percent for just the second time in history.