What is your home worth in today’s market? Click the following link to find out. This is a quick and easy way to find out what your home is worth. You do not need to be ready to sell your current home. Fill out the information on my website and get your free Home Valuation.
Real Estate Information: Real Estate Stats Year to Date
Here is some interesting information for those of you who are following the Real Estate Market in the Burien, WA area.
2016 Average sales price YTD………………..$377,720
Same time last year average sales price……$312,210
Current Active Listings…………………………………..90
Same time last year active listings…………………..142
Months of inventory this year…………………………0.72
The real estate market is still facing a shortage of active listings for sale. We are in what is considered a sellers market. In a balanced market there is 5-6 months of active listings for sale. Hence we have prices paid for homes going up and a lot of frustrated buyers who can’t find a home to purchase.
Mortgage Monday: New Rates
I apologize to all my readers that I have been missing in action. I have been reinventing my real estate business so that I can offer you superior customer service in the greater Seattle area. Whether you are buying or selling, you can expect from me the best customer service you could ever receive when it comes to your real estate needs.
Whether it is getting your home priced right in today’s market to sell quickly, marketing your home online, keeping you informed of all aspects of the selling process, to getting your home through escrow and getting the sale finalized, I am there every step of the way.
For home buyers, you can expect that I will help you get the best price for the home you want to buy without having you pay above market value. Keeping you informed of every step in the home buying process. From mutual acceptance to final closing. I will be there for you during the home inspection, and even during your signing of closing documents, to the final closing when you get the keys to your new home.
Here is some rate information you may find helpful.
30 year conventional loan rate is 3.75%. 15 year conventional loan rate is 3.00%. 30 year FHA loan rate is 3.625%. Jumbo loan rate for loans >$540,000 is 3.50%
Talk to your loan officer to find out what rate you can get today or even tomorrow. Hurry while rates are still low.
NHF Platinum Program
National Homebuyers Fund Platinum Program is a great program to help home buyers with down payment or closing costs. It provides eligible families and individuals with grant funds that never have to be repaid to assist in the purchase of a house, condominium or a planned-unit development.
The grant is up to 5% of the first mortgage loan amount. There is no first-time homebuyer requirement. Eligible for FHA, VA, USDA and conventional first mortgages. The grant is to be used for the purchase of a primary residence.
There are restrictions that apply to this loan. To see if you qualify please contact:
Chris Dutton, Mortgage Loan Officer, NMLS #1184568.
Northwest Mortgage Alliance, LLC – Consumer Loan License #CL – 41535, Company NMLS #41535, West Seattle NMLS #41700. 4700 42nd Ave. SW #600, Seattle, WA 98116. Equal Housing Lender.
What’s New With Mortgages?
Effective October 3, 2015 there is a new law going into effect that will greatly impact not only the real estate industry, but also the mortgage industry. And right along with it, the home buyer.
It is the most significant overhaul to the way lending for home loans is done in the past 30 years. This new approach hopefully will prevent predatory lending while ensuring that buyers truly understand what they are getting themselves into.
Known as the TILA-RESPA Integrated Disclosures (or TRID for short), this new law integrates a three-day waiting period to the loan approval process. This will also be included into the closing timeline for a home purchase. Any time anything changes to the terms of the loan, such as APR or closing papers that are being delivered, a three-day waiting period begins. If there are any last-minute concessions, addendums, or lender errors, these could delay the closing by 72 hours.
This new change will make it even more important for a home buyer to get pre-approved for a home loan before they start looking for a home. An approval letter showing that a buyer is qualified for a purchase of a home will not be issued until three days after the initial loan application. There is a timeline that lenders must follow as to when they are allowed to ask for supporting documents such as income, assets, and bank statements.
All of these changes were made with the intent of making the borrower more informed about their loan and to protect their rights as consumers. It should also make it easier for the consumer to compare loans offered by lenders and make better decisions for the purchase of their new home.
Purchase applications suggest rising new home sales. “On the strength of an improving labor market and low interest rates, January new home sales were up nearly 30 percent from December,” said Lynn Fisher, MBA’s Vice President of Research and Economics. The Mortgage Bankers Association (MBA) said that based on this volume, which is not seasonally adjusted, it estimates that new home sales were running at a seasonally adjusted annual rate of 530,000 units. On an unadjusted basis MBA estimates that 39,000 new homes sold in January, up 39.3 percent from 28,000 new home sales in December. Full Story… http://www.mortgagenewsdaily.com/02122015_mba_new_home_sales.asp
How Accurate is Zillow?
In the Business section of the Seattle Times for February 8, 2015, I read a very interesting article written by Kenneth R. Harney. He examined the accuracy of Zillow Zestimates on homes in several areas of the U.S.
When I talk to someone about real estate, I hear, “Zillow says my house is worth….” in almost every conversation. It is about time someone other than myself speaks out about this “bane of the real estate market.” Kenneth R. Harney did so.
“In New York County the median error rate is 19.9%. In Brooklyn it is 12.9%. Here in King County the error rate is 7.1%.”
Some real estate agents have examined the selling price of homes and the Zillow estimate and found startling results. In Charlottesville, Virginia, they found that of 21 homes sold, 17 were sold for more than the estimates by Zillow. Two houses sold for 61% below the Zillow estimate. In Carlsbad, California, a real estate agent found that 70% of the time, properties sold for more than the estimate by Zillow, with the largest disparity as high as $70,000.
To get a good estimate of the value of your home you should rely on your local real estate professional or an appraiser.
If you are interested in knowing what your home is worth in today’s real estate market, contact me for a free market analysis of your home. My information can be found on the contact page of this web site.
How Hard Is It to Get a Home Loan?
There is a lot of disinformation among some of my friends and neighbors about how difficult it is to get a home loan, or for that matter, a home equity loan.
I do not know where all this disinformation is coming from, but I will try to dispel some of the untruths.
The standards for qualifying for a home loan have gone back to the standards prior to the housing bubble bursting. Remember those times? You didn’t need to prove your income and almost any credit rating would get you a loan. We found out what a problem those standards made for the financial health of the home loan market, didn’t we? To avoid the problems created by those standards, the banks went back to the old way of loaning money for houses. Now you have to prove how much you make and have a credit score of at least 620.
Word got out very quickly after the new (old) standards were announced that the reason for the shift was that banks had no money to loan. Fannie Mae and Freddy Mac were in upheaval and on the brink of bankruptcy. The Federal Government took them over and started buying housing loans again. Money started flowing back into the housing market.
However, a lot of people did not qualify for home loans. If you think about it, you will see that a lot of people were given loans who could not pay them back, hence all the defaults of the loans that put Fannie Mae and Freddy Mac into bankruptcy.
If you loan money to people who cannot pay it back you are asking for trouble. Don’t get me wrong, there were a lot a of people who could pay their loans back, but lost their incomes and with it the ability to repay the loan. But there were a lot of people who entered the housing market who did not make enough money to repay the loan that unscrupulous lenders loaned to them. The lender wasn’t worried, because Fannie Mae and Freddy Mac were there to bail them out by buying those bad loans and taking the risk away from the lender.
Now the standards for a home buying loan are back to where they should have always been. If you want to buy a home, you will need to get your finances in order and improve your credit score. Every loan officer out there will be a good resource for you to get your ducks in a row so that you can qualify for a home loan.
Start with a budget and live within your means. Don’t rely on your credit cards to help you buy the things you want. Pay your balance off every month you use your credit card. Pay your bills on time. These suggestions will help you on your way to getting a home loan to help you buy your dream home.
When you have qualified for a home loan so that you can buy a home, call me at 253-229-5399 and I can help you find your dream home.
Homebuilder Confidence in U.S. Climbs to Five-Year High in May
Confidence among U.S. homebuilders jumped more than anticipated in May, reaching a five-year high that signals an improving outlook for construction.
Are Bad Assumptions Sidelining Homebuyers?
Do mortgage lenders and real estate agents need to form a "truth squad" to combat misconceptions about homeownership? Freddie Mac's vice president and Head of Single Family Sales thinks so. Christina Boyle, writing in the company's Executive Perspectives blog says consumer assumptions and bad information may be partially to blame for a lagging housing market recovery
Construction Forecast: Commercial Property Activity Projected to Rise 17% in 2014
A leading indicator of future nonresidential construction spending hit a seven-month high in September, lending weight to construction forecasts calling for a greater-than-expected 17% boost in commercial construction next year.
Floral Business Opportunity.
I have a thriving Floral Business Opportunity for sale in Des Moines, WA. It is a well established business with several floral contracts in the book for later this year.
Owner will be willing to train the right person. Please bring your offer as the owner will entertain all reasonable offers.
Can be found on the NWMLS #625770
Title Order Scam.
A friend of mine recently received a letter from a company stating that she needed a copy of the title to here home. The Government recommends that the home owner should have a copy and for a fee they would be happy to provide them with a copy. In the State of Washington you receive a copy of the deed to your home after the mortgage is paid off.
You will have received at the time of the sale of your home a copy of the recording of the deed of trust to you, the new home owner. Do not send these people any money. I have attached a copy of the letter for you to read.
If you will notice, it does tell you that “Many Government Records Are Available Free Or At A Nominal Cost”. Please do not send them any money. Contact me if you would like to find out more about whether or not you actually need a copy of your Deed of Trust for your home.
Mortgage Rates Hit Record Lows Again
Freddie Mac's mortgage rates report put the capper on another week that's been heavy with housing data, at a time when a pressing, perpetually posed question has been: "Has the housing market finally bottomed?"