All Entries in the "Buying" Category

SOHO Condominiums in Kirkland – Not Your Granny’s Condo

To many people, especially from the NYC area, the name “Soho” refers to a funky, creative, youth oriented area of NYC south of Houston Street. The same feel holds true for the SOHO Condominium complex in Kirkland. Unlike the almost standardized granite/stainless/beige motif of many newer construction complexes in downtown Kirkland, SOHO is a totally unique structure with a cutting edge feel.

Bellevue Loan Officer Sentenced to 7 Years for Mortgage Fraud

Bellevue loan officer Christopher Brooks, whose own attorney said he could be a “poster child” for the nation’s mortgage mess, was sentenced Friday to seven years in federal prison and ordered to pay nearly $2.5 million in restitution for running what prosecutors say was one of the largest home-mortgage-fraud cases brought so far in Western [...]

Lennox Scott Says: It’s Time To Make Your Move!

With the news that interest rates on a 30-year fixed *conforming loan have dropped below 5%, J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, feels compelled to alert consumers to the fact that now is an opportune time for them to make their move on a home purchase or refinance.
“Even with [...]

Creative Thinking to Make Deals

In today’s market, clients and real estate agents must be creative.  To bring the parties together and reach mutual acceptance, the parties must think outside the box.
In the strong sellers’ market of 2005-6, financing the transactions was relatively simple:  the buyer got a loan or paid cash.  In that strong sellers’ market with low inventory [...]

I Love my Job… But Sometimes I Hate My Industry

Don’t get me wrong: I love my job. I love helping people find their dream home, even (especially!) when it takes a lot of searching to get there. I love, love, LOVE marketing homes. And to top it all off, I get to constantly meet new and interesting people and be involved in a very important, very exciting time in their lives. It’s a pretty cool gig, I shouldn’t complain.

Federal Reserve announces it will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises and mortgage-backed securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae

The Federal Reserve announced on Tuesday that it will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises (GSEs)–Fannie Mae, Freddie Mac, and the Federal Home Loan Banks–and mortgage-backed securities (MBS) backed by Fannie Mae, Freddie Mac, and Ginnie Mae. Spreads of rates on GSE debt and on GSE-guaranteed mortgages have widened appreciably of late.

Selling Your Home for the Holidays

If you want to sell (or buy) a home, conventional wisdom dictates that you should wait until the holiday season is over. It’s generally assumed that people are too busy shopping for gifts and won’t shop for real estate. However, while home sales usually slow down between November and January, they certainly do not stop!

Rates Up or Down After the Election

One mortgage advertiser puts forth that this is a good time to refinance the present mortgage. There was mention that after every presidential election, rates went up. Really? So with a presidential election about to be decided the time was ripe to make that call and get the new loan at lower rates. After the election might be too late.

First-Time Buyer Tax Credit Provisions

Are you or someone you know a first-time homebuyer? Thanks to this year’s Housing and Economic Recovery Act, when you purchase a home you may qualify to receive a tax credit of up to $7500. The credit expires in June 2009; another reason why right now is the best time to be a buyer!

Hardest And Easiest Places To Sell A Home – Forbes

As the dismal U.S. housing market slides further downhill–home prices in July posted a 16.3% annual drop–some sellers are unloading their homes to bargain-hunters. But in cities like Seattle, Jacksonville, Fla., and St. Louis–the hardest major cities in which to sell a home–even sellers who have substantially lowered their prices aren’t finding it easy to move their houses.

Is Now a Good Time to Buy?

The average buyer probably doesn’t have the cash to gamble on real estate–and shouldn’t, at least for now. Income growth has stalled for the vast majority of Americans for the past eight years, and home equity has been vanishing rapidly since the peak of the boom in 2005. (Last month, median existing home prices nationwide fell 6%, to $221,900.) The roiling stock market is hardly a comfort either, as everyone who has peeked at a 401k statement over the past week knows.

First-Time Buyer Tax Credit – Now is a great time to be a home buyer

The Housing and Economic Recovery Act of 2008 may allow first time homebuyers to receive a tax credit of up to $7,500. The credit expires in June 2009. The amount of credit is 10% of the cost of the home, not to exceed $7,500. This credit is refundable and will reduce your income tax liablility for the year of purchase when claimed on your tax return.

The Affordability Index

This is a rather strange indicator of how affordable the homes are in a given area—strange primarily because it makes assumptions that may or may not be true. Generally, the index notes the amount of income needed to purchase an area’s median-priced home in a transaction with a 20% down payment and an institutional mortgage loan for the balance of the purchase price.

When To Buy in a Buyer’s Market

In a buyers’ market, sales are obviously slower than in a sellers’ market. What constitutes a buyers’ market, after all? An abundance or over-abundance of homes on the market for sale.

Mortgage bailout: Cheaper lending, more taxpayer risk

The federal takeover of Fannie mae and Freddie Mac should make it easier for borrowers to get mortgages and should bring down the interest rates they pay. But taxpayers are on the hook for future defaults…Real Full Article
http://seattletimes.nwsource.com/html/realestate/2008176162_fanniefreddieqa14.html?syndication=rss

NEW Real Estate Bubble! Incentives Suck?

Incentives offered by builders/sellers create an inflated pricing level that will contribute to the sustained decline of real estate values and consumer confidence.

I hate giving bad news, but I’m compelled to officially make that prediction. I’m not Chicken Little and I hope I’m wrong, but it’s hard to deny the details of our current market situation.

A Strategic Time To Buy

We’ve all seen the news reports about the real estate market slow down. Those reports have motivated many home buyers to wait until they are certain that the market has reached the bottom, so they can get the best deal.

Your Equity in a Second Home

One of the things we are reminded when the real estate market surprises us with a serious slowdown is that it is very good to have a reasonable amount of equity in a home, especially if we’re never certain when we may want or need to sell it.

Buying Home vs. Dorm for Students

An increasing number of parents of college-bound offspring are purchasing a condo or small house in the area of the college for their student’s residence while attending the college or university. In some cases, it appears to be more cost-effective than paying for room and board in a dorm.

Navigating New Construction

It’s amazing to see all the new construction or conversion condominium projects either underway, being planned or recently completed in downtown Bellevue!