Food for Thought About Interest Rates!

More information for Buyers who have been thinking about moving off the fence. Marc Roth, Business Week, has an interesting article about the future of interest rates. In his world, that future is not good. We'll have to see what happens but in my world, this means these interest rates today should be drawing more buyers in.

http://www.businessweek.com/lifestyle/content/dec2009/bw2009127_753974.htm

Seasonal Activity Increases Along with Snow Flurries

My personal listings are seeing increased activity in the past few months, and depending on your price point, the cash buyers are starting to make their moves. I've had 2 cash offers on homes priced $250,000 and below this past month.

Interesting, yes? Please call me at 425-356-9177 if you're interested in looking at a house or property!

Interest Rates at Historic Lows

It is time for Buyers to seriously consider stepping up and buying a house RIGHT NOW! Rates are low, prices are low, opportunities for Buyers abound. Read the following article and if you know of anyone thinking about buying real estate right now, please send them my way. I promise to take outstanding care of them.



From the Seattle Times, a great article.

http://seattletimes.nwsource.com/html/businesstechnology/2010476627_apusmortgagerates.html""

And here's more information about the Tax Credit!

More, More, More! Great little video clip!

New Tax Credit Rules-First Timers & Moveuppers!

Yes, you read that right.......the new revised and extended tax credit includes not only $8,000 for first time home-buyers (those who haven't owned a home in three years) and for those who have owned a home and who have lived there for five years. Check this information out...hope it's helpful!

Food Drive Total for Our Office

We are not so patiently waiting for our chance to make history........winning the Realtor Food Drive yet again! We brought in the equivalent 23,166 in pounds of food........More later!

Really Cool Video for First Time Buyer Finance Options!

Great Little Video about Closing Costs for New Buyers

Snohomish County Realtor Food Drive!

Well, while this announcement might be a wee bit premature, and I hope I don't end up with egg on my face, but it looks like Windermere Real Estate/JS -in little old downtown Marysville, will have won the 8th straight Snohomish County Realtor's Food Drive. All food and $$$ went to the Marysville Food Bank. They sure can use it! And if you feel that you ever want to drop your canned goods or sealed goods off at my office at 801 State Avenue, Marysville, I will personally deliver those goods to the Food Bank. Yeay! In all of our turmoil, I'm very proud of being associated with such a hard working group of people here at Windermere. We ALWAYS give to our community. If you were at Hagen's last week on 88th, you saw me twice providing generous grocery shoppers with information about the Food Drive and collecting their cash and food. I'll have the totals posted soon.

Seattle # 2 in Yahoo-Money Poised for Housing Recovery

Okay, our area has fared better than many nationwide...and now Yahoo Finance has an article stating they believe Seattle is # 2 in the nation as poised for a housing recovery. Check out this article! Time always tells the story...we will just have to wait and see!

http://customsites.yahoo.com/financiallyfit/finance/article-108002-2984-2-5-cities-positioned-for-a-housing-recovery

Professional Courtesy and Communication

I believe if you treat people the way you want to be treated, it will be reciprocated. That, however, is not always true. When you look for a realtor to assist you to sell or buy real estate, you might consider the length of time it takes them to return your calls or e-mails, and their knowledge of the market conditions. If they do not return your calls now, how can you expect them to respond to you under contract conditions and time frames? One of my biggest pet peeves is working with real estate agents..or anyone for that matter..who is not responsive and will not return calls.

Okay, my rant for the day is over!

New Used Book Store in Marysville

From time to time, my friends and clients will start a business and I want to trumpet their fabulous ideas! The Cartwrights, Adam and Sierra, have started a new used book store in Marysville, adjacent to and just south of Cristiano's Restaurant in the Safeway Plaza on the corner of Grove and Old Highway 99. They have great looking space, a kids area, Open Mic night, local artists and great books! 425-232-2164!

I don't want people to starve!

The 2009 Snohomish County Realtor Food Drive has begun. Please bring your food items and/or cash into our office and help us win the Food Drive for the 5th Straight Year! Just bring in your stuff, if you need me to pick it up, let me know. We are in some seriously tough times in our Country right now. My best college friend told me she reckoned noone would starve and let's make sure that she was telling the truth! Let's Not Let Anyone Starve! Our address is 801 State Avenue, Marysville. Tell the people at the front desk that you're bringing the food for the Food Drive!

Potential Change in FHA Regulations!

Hello Buyers-if you think having to save for 3.5% for a Federally Insured FHA loan is tough, there is currently a bill in Congress that will require a 5% down payment for FHA. This means to me that you should run not walk to purchase a home as quickly as you can qualify and find one, aside from the $8000 tax credit, to save yourself not only a little money but get a fabulous 30 year fixed interest rate.

Is NOW the time to Invest in Real Estate?

MSN Money says it is. Interest rates are still at historical lows or thereabouts, and you should read this article.

http://articles.moneycentral.msn.com/Investing/RealEstate/its-time-to-invest-in-real-estate.aspx

A Short Video regarding the $8,000 Tax Credit!

This is a GREAT VIDEO (short) of the $8,000 Tax Credit and should be watched by anyone looking for a home and wondering if they qualify. Washington Realtors have produced this video and the video will guide you to their link for more information.

http://www.youtube.com/watch?v=qIVb2ordwNQ

Remember, I work from mid-Skagit County South to Seattle, East to Start up, MOnroe, Bellevue, Eastside and Darrington, and have even sold homes in Kitsap County. If you know of anyone thinking about buying a home right now, I can assist them to locate a fabulous lender as well as locate, secure, and navigate the deep channels of home buying.....call me at 425-356-9177.

IRS Rules for Debt Forgiveness on a Short Sale

This article will apply to you if you have sold a home as a short sale, meaning you owed more than what your home was worth at the time of sale. In years past, the difference could have been considered as taxable income. Now there is some tax relief for those individuals as outlined in the linked section to the IRS rules. Check it out for more specific information.

http://www.irs.gov/individuals/article/0,,id=179414,00.html

New Data on Housing Market Indicates we're Bouncing on the Bottom

Depending on your neighborhood, you may have noticed home sales improving and you've certainly read about those facts. We're still a ways from the absolute bottom and stabilization in my opinion. Despite the fact that home sales have increased in the 2nd Q of 2009, still, we're waiting to see that kind of improvement in homes priced over $300,000 in Everett North to Skagit. In a normal housing market, you'd have move up buyers by the scad loads from selling their lower end homes, but due to short sales and foreclosures, the typical move up buyer can't move up. However, there is more good news every day. Check out this AP Article about the Nationwide Trend.

http://www.foxnews.com/story/0,2933,536124,00.html

IRS Rules for First Time Buyer Credit

The IRS has these rules posted on their website, but I thought the new buyers out there would want to see them! Check this link out.

http://www.irs.gov/newsroom/article/0,,id=206293,00.html

And these are the rules for that Tax Credit Borrowing Situation!

http://moneyfeatures.blogs.money.cnn.com/2009/06/02/fha-backs-away-from-no-down-payment-loans/

Here is how HUD decided those funds could be used. The problem as they see it and it is understandable, is that they want buyers to have a financial stake in their property. Follow the the link for specifics.............

$8,000 Tax Credit Could be Used for Down Payment...In Advance!

Check out Saturday's article in the Seattle Times regarding FHA's recent approval of the u se of the $8,000 Tax Credit as a loan against the tax credit on your tax return for first time buyers. First time buyers is defined, in this instance, as buyers who haven't owned a home in 3 years.

http://seattletimes.nwsource.com/html/realestate/2009279540_taxcredit30.html

State To Provide $8000 towards first time Buyer Down Payment Through 12/31/09!

Hooray, the Washington State Legislature has passed a budget amendment that has been sent to the Guv for signature. This amendment would allow first time buyers to "borrow" their downpayment of up to $8000 from the State of Wa, then pay the State back from their Tax Credit of $8,000 offered up by the Feds! Something that works for the everyday guys and gals who are working their tooshies off to save save save!

Full article here: http://www.seattlepi.com/printer2/index.asp?ploc=t&refer=http://www.seattlepi.com/local/405640_homecredit28.html

Sales are Starting to Increase!

Holy smokes, the last time I posted was darned near a month ago. Yes, I'm still working hard! The market is starting to see changes....pending sales are starting to occur...in N Snohomish County homes priced under $300,000 are selling, especially if they are priced right and presented well. It's a tough market for pricing due to the bank owned or pre-foreclosure sales right now. There are some good Buyer programs coming out and interest rates are lower. The following link talks about the increased market statistics in the Puget Sound area. See what you think!

http://www.nwmls.com/discover/index.cfm?SectionGroupsID=25&SectionListsID=25&PageID=4993

And if you know of anyone thinking about buying, this is shaping up to be a great time to buy!

Excise Tax no longer Due on Short Sale Differences

This is really fabulous news. The Washington Association of Realtors worked with Washington State to change the law that had been requiring that people who had to sell their homes for less than market value pay excise tax of 1.78% on the difference. So, if your home was sold for $50,000 less than it was worth, you would have owed an additional $890 to the State. This just added insult to injury and more money from the pockets of those Short Sale sellers. The wrong has been righted. Check out this report:

http://blogs.thenewstribune.com/business/2009/01/12/realtors_state_agree_on_short_sales_taxa

Housing Recovery Plan for Struggling Homeowners

President Obama and Congress have put together a plan to keep struggling homeowner's in their homes under certain conditions. The purpose of this plan is to allow note holders of existing mortgages re-finance the existing mortgages to levels that the home owners can afford. The position statement ( I'll call it that for lack of a better description) does provide you with pretty good information. You can call your lender for more specific information.

http://www.treas.gov/press/releases/reports/housing_fact_sheet.pdf

Check out the link.

Housing Starts Up-Hope Sings!

Okay, maybe hope doesn't sing. This is a market rife with opportunity for Buyers and Buyers haven't been able to truly maximize their potential for years and years and certainly not for such an extended time. This is the time. Interest rates today for a 30 year fixed loan are at historical lows...under 5%. There are first time buyer programs in the pipeline and the good news regarding New Construction Housing starts being up in volume similar to 1990 is very good news indeed.

Check out the link here: http://www.washingtontimes.com/news/2009/mar/17/markets-rally-upbeat-housing-news/

Feds Announce New Housing Plan to Reduce Number of Foreclosures

In many ways, this plan will help many struggling homeowners. This plan would allow your loan investor or servicer to negotiate with you to reduce your loan payment to 31% of your total monthly income. This 31% includes principal, interest, property taxes and insurance. They can negotiate your interest down to 2% even if you're topsy turvy in your home value to what you owe. They can also stretch your mortgage timeframe out to 40 years. This could very well make a difference to millions of people. Check this link out!

http://www.msnbc.msn.com/id/29512402/

The $8,000 First Time Buyer Tax Credit You've Heard All About

And now here it is! This is the link that will tell you who is eligible. This credit does not have to be paid back and you have until 12/31/09 to purchase a house to become eligible for the credit!

http://www.federalhousingtaxcredit.com/2009/glance.php

Per the Federal Housing Tax Credit web site!

And the Newest Link to this Housing Tax Credit is:

http://www.federalhousingtaxcredit.com/

Ways to Live Green

You've probably all read this....heard this.....seen this on TV. Ways to live green....At our house we have a programmable thermostat and use it, recycle faithfully, are starting to compost this year, will grow our own garden, are judicious in our use of our vehicles, turn our lights off (everyone of us is good at this but one...and we won't mention names). But check this out...and there is an additional web site you can check out for more good ideas!

http://www.nwmls.com/discover/index.cfm?SectionGroupsID=25&SectionListsID=25&PageID=4875

This was posted in the NW Reporter this month, linked to the NW Multiple Web Site.

MSN Announces Great Time To Buy

There are lots of articles available for your viewing pleasure lately. Let's face it, the media does just so love to sensationalize the vast majority of information floating around out there. I've chosen to pick and choose what I post here. The market is what it is and will turn around. This also happened to almost this extent in our area from 1990 - 1991 and almost 1992. It was tough then for Sellers to see the market go from huge price increases to price falls. It is tough now. But for Buyers...we're in an opportunity not seen for a long, long time! And in case you're wondering if it is tme for you to get off that fence and ride.....here's an interesting article. This indicates that real estate is still a fabulous investment. See what you think!

http://realestate.msn.com/article.aspx?cp-documentid=17856930

NW Report News Says 2009 Year of Our Stabilization

Who can predict the future? Not I. But I do agree that it seems as though this is the year we will stabilize our housing prices. I've read three articles this past week-1 from Standard and Poor (previously reported), 1 from Moody Report, and this NW Reporter Article I'm attaching that seem to indicate that they expect Q3 2009 to be the turnaround spot. 2 of the 3 articles say they expect prices to go down in this area another 8 - 14.9%. While that is not great news, this particular article also says that new home inventory is down by about 20% over last year. This is a correction that needed to happen. Now where is that stimulus package when you want it NOW!

http://www.nwmls.com/discover/index.cfm?SectionGroupsID=25&SectionListsID=25&PageID=4870

Standard and Poor Report Neutral Close to the Bottom Housing Market in 2009

This is an interesting article on msn.com about predictions for the housing market situation in 2009. It indicates projections that would mean we'll be "bumping along the bottom" in the next 6 - 9 months (consistent, I must say, with my earlier thoughts) with better news in 2010. Here's the link, see what you think!

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=BWK&date=20090202&id=9568091

Interesting Economic Blog

This is an interesting blog for you to read. Please review it and tell me what you think. The author has been highly touted as an expert in the economy and includes a variety of topics regarding the economy, including the national housing picture.

http://globaleconomicanalysis.blogspot.com/2009/01/obama-announces-new-rules-to-address.html

TAX CREDIT FOR FIRST TIME BUYERS

The Government created a tax credit of $7500 for first time Buyers. This Tax credit expires in 6/30/09 unless extended. The fabulous rationale for said credit is that first time buyers will be more motivated to become eligible for this to buy a home. And there couldn't be a better time. IN the next 9 months, I fully expect our market to begin the stabilization period. We do not know what interest rates will do in the future but right now, today, they're hovering around 5% for buyers with credit scores that are the best. Please check out this link to fully understand the $7500 tax credit. Oh, by the way, FHA does allow you to receive gift money for the down payment of a home from your relatives. Their down payment requirements for FHA is approximately 3.5%. Check this link out regarding the tax credits:

http://www.realtor.org/GAPublic.nsf/files/chart_homebuyer_tax_credit_.pdf/$FILE/chart_homebuyer_tax_credit_.pdf

Washington Association of Realtors Assists in Excise Tax Issue

Normally, you would not see a post from me regarding Association of Realtors' actions with the legislature, however this one particular action and several others that they are taking will only benefit homeowners. We are seeing many home owners in positions where they must move, have personal problems, and cannot sell their homes for what they owe. Therefore, they must get permission from their mortgage holder (s) to agree to what is called a "short sale". You've read about this, I'm sure. This is when the Seller's lender forgives some of their debt. I had just received word from an escrow company that the Department of Revenue of Washington State had decided to TAX those same homeowners on the difference between what they owed to the mortgage company and what they actually did get from the sell of their home. That difference would be taxed 1.78%. So if I owed $200,000 on my home but only could get $150,000 on the sale of my home and the lender forgave me that debt, the State of Washington planned to charge an additional $890 worth of tax on that difference to the already upside down home owner. The Washington Association of Realtors met with the Department of Revenue folks this past week and got their decision reversed. This is great news for Home Owners! The link to the letter can be seen here:
http://www.warealtor.org/press/Short-Sales-Letter-to-Stakeholders-1-13-09.pdf

Kudos to the leaders of my Realtor's Organization. They're also working with the National Assocation of Realtors & our State Legislature to encourage permanent tax credits for purchasing homes in 2009, reducing the interest rate on mortgages further, and increasing FHA limits permanently in areas like ours, where prices are still higher than the national average & it is very difficult, expensive and challenging to get jumbo loan financing.

Housing & Market Stability Expected in 2009-So Says Top Federal Reserve Official!

Despite some reports to the contrary, this article discusses the viewpoint expressed by one of the top and leading economic members of of the Federal Reserve Board. It discusses the discouraging news from 2008 but suggests that there are many signs that housing & the overall economy will get back on track in the latter half of 2009. Read on for more information!

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=OBR&date=20090108&id=9499795

Hope your New Year was awesome and that 2009 will bring every success you could want!

Industry New-More on Interest Rates

The following article came out last week and will have a continued impact, per the article, on keeping interest rates down in the near future. Review and tell me what you think!

http://www.marketwatch.com/news/story/Fed-says-start-buying-mortgage/story.aspx?guid=%7BE5545C3D%2D387B%2D4891%2D8226%2D3FB7A8CAC28C%7D&dist=hplatest