| Subcribe via RSS

February 2009 Seattle Market Updates

March 24th, 2009 | No Comments | Posted in Buyer's Corner, Seattle Area Market Updates, Seller's Forum

FebruaryIn King County,  number of sales increased by 8% over January showing a seasonal rise, and also favorable market changes with some tax help for first time homebuyers.

From February ’08 to February ’09 average prices are down 9%.

Not surprisingly, the most active price range for resale homes is $300,000-$350,000.  Second most active is $350,000 to $400,000.

The most active price range for new construction homes is $600,000 to $750,000, and the second most active is $750,000 to $1,000,000.

In Snohomish county, the number of sales rose 68% from January ’09.

The average price of a residence is 15% lower than February ’08.

The most active price range for resale homes is $300,000 to $350,000.  Second most active price range is $225,000 to $250,000.

In the new construction arena, the most active price range is $300,000 to $350,000.  In second place, $400,000 to $450,000.

Please remember that these numbers are county wide trends, and that real estate pricing is very localized and can also be affected by the owner’s situation.  Please call us for a closer look at properties that interest you.

Lynette Hensley

Here are the February 2009 Real Estate Market updates for King, Snohomish Counties:
King County

Snohomish County

And statistics by neighborhood:
King County Neighborhoods

Snohomish County Neighborhoods

Compiled by our title partner, from MLS statistics.

Lynette Hensley, Associate Broker, Realtor
Back to our website

Tags:

Government Help Site & Call In Number for Mortgage Holders

March 19th, 2009 | No Comments | Posted in Mortgage News, Real Estate Q&A

On March 19th the U.S. Treasury Department’s Making Home Affordable program went live. The program’s purpose is to help homeowners refinance or modify their Fannie Mae or Freddie Mac held mortgages. This is part of the Obama plan to keep homeowners in their homes and prevent foreclosures.

For more information, visit the Web site at makinghomeaffordable.gov as or call the telephone hotline number at (888) 995-4673.

Source: Indianapolis Star (03/19/09)

Lynette Hensley
Associate Broker

Tags: , , ,

A Seattle Street Car Experience

March 18th, 2009 | No Comments | Posted in Around Town


Ever since the end of 2007,  you could ride the South Lake Union Street Car!  South Lake Union has a 1.3 mile line, a beginning of the city’s commitment to light rail and public transit.  With over a 500,000 riders thus far, it has exceeded ridership expectations.

Ride the rail, and you will see real time arrival message boards, solar ticket vending machines, and human activated doors.  Visit the web at seattlestreetcar.org to find out the arrival times, and hook up your cell phone or PDA to the schedule so that you can be on the move and on time for the trolley.

South Lake Union, is in rapid development due to Amazon’s planned move to the area, the strength of the biotech industry in the area and new condos built to house the folks that will want to live nearby, and the trolley is contributing to the fun and ambiance of this wonderful area of town.

Lynette Hensley
Associate Broker

Tags: , , ,

Can you represent us when purchasing a foreclosure?

March 12th, 2009 | No Comments | Posted in Around Town, Buyer's Corner

Question from a client:

I’ve had my eye on this house [Address].  It goes on Auction on [Date], 2009. Is it possible to buy it before that, and will the bank let us look around in it?  It is owned by [Trustee Name].
Thanks,  Client

Unfortunately, we would not be able to represent you for the purchase of a foreclosure.  It’s really a different animal than our business model covers. But I did a little digging for you, and thought you might be interested in knowing the following:
This house is not owned by [Trustee Service], but is still owned by the owner, with a lien on it at [Lender] for $[Loan].  The foreclosure process does not allow a sale or even access at this point.  This is the period of time during which the current owner, should he find the money to come current with the credit union, could redeem the house and get it back.  By law he must be given that time.  If there is a second mortgage, that could prevent a sale from proceeding. Many factors can delay or cancel an auction. Foreclosure is highly regulated by state law, and they must follow the time lines set out in the laws.  There is no short cutting that process once it’s handed over to a trustee.
Here are the risks.  There may be tax liens, utility liens, mechanics liens, or damage that you can’t know about till after the sale.  Buying a foreclosure is speculation.  Some folks win. Some lose.  People who are losing their homes often don’t take real good care of the home or their financial situation, leaving a title mess as well as a physical mess for the next guy.
So there is not any access to the house.  The only way to buy this property is to be present on the courthouse steps on the sale date and hope that it isn’t delayed and that someone else doesn’t beat you out.  You must have cash or it’s equivalent as the price is due and payable immediately.  (There are some short term loans at high interest rates that are used for the purpose, but you do not hold those loans long–you refinance ASAP.)  Foreclosure sales can be postponed for lots of reasons.
Caveat emptor (“let the buyer beware”) is the watchword where foreclosure purchases are concerned.
Hopefully I’ve answered your question–
I don’t recommend foreclosure auctions to many people.
They are for die hard investors with cash money to burn, in my opinion.
We can help you with bank owned properties or ANY property listed in the MLS, Short Sales, or Pre-foreclosures as long as they are listed in the MLS.  We can also work on For Sale By Owner homes in any of the above states as long as the owner will work with buyer agents.
For more detailed information about the foreclosure process: Link to a site that outlines the foreclosure process in WA State

Lynette Hensley
Associate Broker

Tags: , ,

U.S. Sets Big Incentives to Head Off Foreclosures

March 5th, 2009 | No Comments | Posted in Mortgage News, Real Estate Q&A
From the New York Times
Business
U.S. Sets Big Incentives to Head Off Foreclosures
By EDMUND L. ANDREWS
Published: March 5, 2009
The Obama administration began an ambitious effort to help troubled homeowners, offering lenders and borrowers big incentives.
http://www.nytimes.com/2009/03/05/business/05housing.html
Lynette Hensley
Associate Broker
Tags: , ,