ComeBuyAHouse.com

Get your landscape ready for Autumn

Here is a link to the Lowe’s Newsletter–it’s got great info for getting your yard ready for Autumn.

September Newsletter–Lowes

Fed cuts short term interest rate by .5%

The Fed cut the short term interest rate by .5% today in a move to improve the housing market. The stock market responded with immediate gains of about 1.5%, showing a hopeful outlook for recovery and a soft landing for the wider economy.

From CNN Money, “The federal funds rate, an overnight lending rate that banks charge each other, is important since it influences the amount of interest consumers must pay for various types of debt, such as credit cards, home equity lines of credit and auto loans. The rate cut should help some beleaguered home borrowers who are set to see monthly payments on adjustable rate mortgages rise later this year.”

The immediate response among the lenders that I work with? Rates dropped in many conforming loan products. This should allow people who need to refinance to do so with a very attractive rate, and move into a long term product, especially for those who want to stay in their homes for the long haul.

How Walkable is your Neighborhood?

What is Walk Score? 
Walk Score shows you a map of what’s nearby and calculates a Walk Score for any property. Buying a house in a walkable neighborhood is good for your health and good for the environment.  The walk score of the Space Needle, for example is 89.  Bill Gates’ house walk score is 6.  Our house is 65.  The higher the score, the more walkable the location.  How does the site calculate walkability?
 How It Works
Walk Score calculates the walkability of an address by locating nearby stores, restaurants, schools, parks, etc. Your Walk Score is a number between 0 and 100. The walkability of an address depends on how far you are comfortable walking—after all, everything is within walking distance if you have the time. Here are general guidelines for interpreting your score:

· 90 – 100 = Walkers’ Paradise: Most errands can be accomplished on foot and many people get by without owning a car.
· 70 – 90 = Very Walkable: It’s possible to get by without owning a car.
· 50 – 70 = Some Walkable Locations: Some stores and amenities are within walking distance, but many everyday trips still require a bike, public transportation, or car.
· 25 – 50 = Not Walkable: Only a few destinations are within easy walking range. For most errands, driving or public transportation is a must.
· 0 – 25 = Driving Only: Virtually no neighborhood destinations within walking range. You can walk from your house to your car!

 Check it out via our website:  www.ComeBuyAHouse.com

Ways to Use the Free Search on our Website

 Whether you are buying or selling a home or just want to know what the current values are in your neighborhood, you will find our Free MLS Search and email reports to be a useful tool.  
The main use of our search is for buyers who can preview the market or actively search for their next dream home.  Yet that’s not the only purpose.  If you are preparing to sell you can see what neighborhood prices are, which homes are in competition, and how they are being marketed.  This information along with your ComeBuyAHouse.com team’s current knowledge of the market will be useful as you place your home for sale.    
Homeowners who want to stay put and just want to be in the know, can simply track the current neighborhood values accurately using MLS listing data.  
Sign up on our website anytime!   ComeBuyAHouse.com

Mortgage Developments

 This past couple of months found a number of lenders closing their doors, and others including the largest lender in the nation, Countrywide, in tight circumstances.  Those that are still with us have made huge changes in the loan programs they are offering.  Gone are the days of low interest stated income, stated asset, 100% financing, or loans that are likely to lead to borrower default. 
This is a good thing

Better quality mortgage products equals a better financial outlook for each of you, our clients, assuring the future affordability of your homes.
I always watch daily  interest rates on conservative products—30 year fixed, for example has been hovering around 6.25-6.5%.  A very good rate.  If you are a W-2 worker, with good credit and reasonable income, assets and even a small down payment, you are the kind of borrower that lenders really want right now, and they show it by offering low rates to you.  If you are about ready to refinance, this would be a great one to consider.
Already, our lenders are releasing modified versions of some of the more versatile loans like the Option Arm, and Jumbo Loans with Stated Income. 
Reverse Mortgage:  a better tool than you might think
As the nation ages and baby boomers reach that magic age of 62, more and more of us will be interested in a product known as a reverse mortgage.   I am certified in reverse mortgage origination. 
In a nutshell, a reverse mortgage is a cash flow/income tool. Unlike ordinary home equity loans, a reverse mortgage does not require repayment as long as the borrower lives in the home. Lenders recover their principal, plus interest, when the home is sold or refinanced by the heirs. The remaining value of the home goes to the homeowner or to his or her survivors. If the sales proceeds are insufficient to pay the amount owed, HUD will pay the lender the amount of the shortfall.
To know more about this product or to consult with Lynette regarding mortgage financing, please call or email us.

Great News for Seattle Area Values

 It is a bit of a buyer’s market in many areas, and some good deals are to be had!
In general, houses for sale are spending longer times on the market than in recent years, and some areas are showing signs of prices coming down. Buyers: sellers who need to sell quickly are selling low. Sellers: Fear not, you can add value to your property and negotiate in creative and
tangible ways.  
The mortgage market and interest rates are contributing factors to this market change.  (Please see the next article for mortgage market info.)
Still the house value trend in Seattle is good news. According to the Seattle Times, in the 2nd quarter of 2007, Washington State led the nation with 5 cities in the top 20 for appreciation, with the Seattle/Bellevue/Everett areas up 9.89%,
“Washington State led the nation with the number of cities in the top 20 for appreciation with five. In order, there are: Wenatchee (up 23.54 percent), Longview (up 13.6 percent), Seattle/Bellevue/Everett (up 9.89 percent), Tacoma (up 9.34 percent) and Spokane (up 9.3 percent). And, the state had no cities in the bottom 20, which were located primarily in California and Florida.”  Seattle Times
The rest of the Seattle Times article includes national information.  If you would like to have the entire article in print or via email, please send an email request to us at ComeBuyAHouse [at] gmail.com
——-Lynette and Larry