Eastside Real Estate Working-for-you!

Friday's Did You Know? Snohomish River Basin

This time of the year, one of my favorite things to do is watch the Salmon returning home.  In honor of the season and the magnificent salmon, this Friday's Did You Know is about the Eastsides Snoqualmie River, part of the Snohomish River basin.  Here are some facts that you may find interesting:

Did you know?

• The Snoqualmie watershed encompasses nearly 700 square miles, and is a major part of the Snohomish River basin that includes the Skykomish river and all of its tributaries.

• The watershed supports wild populations of native Coho, Chinook, Chum and Pink salmon as well as Steelhead, Cutthroat, Rainbow and Bull Trout.

• Tributaries to the Snoqualmie River produce as many adult Coho Salmon as all Oregon Coast streams combined!

If you live on the Eastside and have never taken the time to watch the salmon run, get out and explore.  The natural resources that are all around us are one of the many things that make living in Seattle's Eastside fantastic!

Here is a map of the Snohomish River basin.

And yes, that is a picture of me with a Chum Salmon I caught on the Skykomish river!

Extreme Make Over: Home Edition" comes to Kirkland

  ABC's popular show, Extreme Make Over: Home Edition has selected the Chapin family in Kirkland for their next project.  They were notified by the traditional bus to the front door and whisked away while the dynamic ABC crew make over their home.

The City of Kirkland is assisting in the project.  Spectator areas have been developed and instructions can be found on the City of Kirkland's website.

Congratulations to the Chapin family!

New Bothell Listing! Beautiful Home in the Ravenswood community of Bothell (Thrashers Corner)

Bothell Listing
Buchan built home in desireable Ravenswood community near Thrashers Corner!
20129 25th DR S.E. Bothell Wa 98012

Bothell Listing!  This Buchan constructed home is located in the highly desirable Ravenswood community. The outstanding floor-plan has elegant formal living rooms and comfortable living areas with classic Buchan detailing. The gourmet kitchen has a gas cooking island, Maple cabinetry, and French doors opening to a back-yard deck.  Next to the living room , another set of French doors allows access to a beautiful den/office.  Upstairs holds the master suite that includes a 5 piece bath, vaulted ceilings and transom windows that allow a ton of natural light. Additional bedrooms are generous in size and an oversized bonus room will have you swimming in extra space!

Greg Perry | Windermere Real Estate/NE | 425-829-7012     20129 25th DR SE, Bothell, WA Gorgeous Buchan home located in the Thrasher's Corner area of Bothell. 3 Bdrm Single Family House offered at $589,000             Year Built 2001 Sq Footage 2,570 Bedrooms 3 Bathrooms 2 full, 1 partial Floors 2 Parking 2 Car garage Lot Size 6,970 sqft HOA/Maint $20 per month   see additional photos below     PROPERTY FEATURES Central heat Fireplace High/Vaulted ceiling Walk-in closet Hardwood floor Family room Living room Bonus/Rec room Office/Den Dining room Dishwasher Refrigerator Stove/Oven Microwave Granite countertop Attic Washer Dryer Laundry area - inside Balcony, Deck, or Patio Yard     OTHER SPECIAL FEATURES Natural Gas Fenced Back-yard Sprinkler system Cable TV     ADDITIONAL PHOTOS   Seller contact info:   Greg Perry Windermere Real Estate/NE 425-829-7012 For sale by agent/broker Equal Opportunity Housing Posted: Sep 25, 2007, 12:26pm PDT

What is the NY Times saying about Washington state real estate?

On Saturday, this Reuter's article was picked up in the NY Times.  I'ts title is No Housing Woes In Booming Washington State.  While California and many areas in the the US is suffering in a housing crisis, Washington state is flourishing with strong job growth.

Here is the link to the article: No Housing Woes In Booming Washington State

It goes on to say Paul Allen's Vulcan Inc. sees few obstacles to turning Seattle's South Lake Union area into a thriving residential neighborhood, given Washinton State's economic strength.

Vulcan expects (through their market research) that 135,000 people will move into the Seattle market over the next five years.

Here are more experts from the article:

"While growing payrolls keep Washington's housing market intact, they are also swelling state coffers."

"ChangMook Sohn, chief economist for Washington's Economic and Revenue Forecast Council, projects $281.5 million more than initially expected for the state's 2005-2007 and 2007-2009 budget periods -- raising the state surplus to more than $1.5 billion -- thanks to continued strength in housing from strong payroll growth across the state."

"This is the third year of achieving about 3 percent job increases," Sohn said, adding that Seattle-area payrolls are growing at a torrid annual rate of 3.8 percent.

"Washington's broad economic strength is underscored by housing markets across the state, said Keitaro Matsuda, an economist with Union Bank of California. He noted that Wenatchee, Washington, notched the nation's best annual home-price appreciation in the second quarter among local markets -- up 23.5 percent -- and four other Washington markets, including Seattle and Spokane, made the top 20 list."

"When you look at its numbers, there aren't too many things that are going wrong with Washington's economy," Matsuda said.

A Real Estate Transaction: Your team and how they help you

It is vitally important to pick quality team members before entering into a real estate transaction.  What is the most important criteria when interviewing real estate agents and loan officers?  Make sure they are full time professionals within the industry!

A real estate transaction is complicated.  When communication is good and every team member completes their task, everything is smooth.  If a team member drops the ball, the other team members end up picking up the slack, and problems are much more likely to occur.

Here is an overview of a typical real estate transaction showing what each team members is responsible for and accomplishes within the transaction:

KEY:

$ = Loan Officer

! = Real Estate Agent

/\ = Escrow

1.     $ - Pre-qualification issued and loan programs are tailored to fit your needs
2.     ! - Interview with your agent.  Discuss your goals and dreams
3.     ! - Properties previewed and selected
4.     ! - Offer presented
5.      ! - Mutual acceptance occurs when contract is ratified
6.      /\ - Escrow opened, check deposited and preliminary report ordered
7.      $ - Loan application taken
8.      ! - Inspections ordered
9.      $ - Credit report ordered
10.    $ - Appraisal ordered
11.   (ALL) - Contract reviewed and contingency dates noted
12.     $ - Preliminary report reviewed and sent to lender and RE agent
13.     ! - Disclosure package provided to buyer for review
14.     (ALL) - Preliminary report reviewed by all parties
15.     $ - Loan program selected
16.     ! - Inspection reports reviewed
17.     ! - Loan contingencies removed/Deposit increased if required
18.     /\ - Receipt of increased funds
19.     $ - Final accumulation of documents for loan approval
20.     /\ - Escrow officer clears appropriate title report items and reviews any additional conditions
21.     ! - Loan Package is submitted to underwriting
22.     ! - Selection of hazard insurance company/agent
23.     $ - Loan approval
24.     $ - Loan documents ordered
25.     /\ - Loan documents delivered to Escrow
26.     /\ - Hazard insurance ordered
27.     ! - Closing date is confirmed.  Final dollar balance to be deposited into escrow is determined
28.     ! - Real Estate agent provides final instructions to escrow
29.     $ - Loan closing conditions reviewed with escrow officer
30.     /\ - Escrow instructions drawn
31.     /\ - Escrow instructions and loan documents are signed (by buyer)
32.     /\ - Signed loan documents returned to lender with hazard insurance policy
33.     ! - Final walk through inspection
34.     $ - Funding package reviewed
35.     $ - loan funds issued
36.     /\ - Final funds from buyer deposited into escrow
37.     (ALL) - Team decides what final actions are required prior to close of escrow.
38.     /\ - Documents recorded with county recorder
39.     /\ - Escrow closed, Final accounting, checks written and forwarded, closing statements issued
40.     /\ - Escrow notifies all parties upon closing.
41.     ! - Keys released to new owner

Monday's Inspiration. Resolve

"There is no chance, no destiny, no fate that can circumvent, or hinder, or control, the firm resolve of a determined soul."
                                          Ella Wheeler Wilcox

For about the last 20 years or so, I have displayed a series of 6 quotes that have hung in my various offices.  I refer to these quotes as my 6 friends.   I love to occasionally visit my friends.  They always welcome me and help give me that little shot of inspiration that they know I need.

Here's the first of those friends that I'd like to introduce to you.  I call this friend "Resolve".

The "New" FHA?

By Greg Perry
Kirkland Realtor

We can't escape news from the mortgage front these days.  The sub-prime mortgage market meltdown, the loss of Alt A loans and the general tightening of underwriting guidelines have reduced the available Buyer pool available for homes.  Worse, many homeowners across the country are having difficulty and even worse, facing foreclosure as teaser rate adjustable rate mortgages are resetting.   

There has been a lot of news lately about FHA loans coming to the rescue.  The Bush administration has created a product called FHASecure, which they hope will bail out up to 240,000 homeowners across the country facing foreclosure.  Congress has a bill , HR 1852, designed to "modernize" FHA loans.  Some of what we'll see are a raising of the loan limits (for the Eastside areas from $362,000 to $417,000 or above) and other changes to make these loans more desirable.

I write for the Seattle PI Real Estate Professionals blog.  Yesterday I posted an article that created a good discussion on FHA loans and the changes.  The day before, Beau Betts, another PI blog contributor posted an article about the new FHASecure product.  To see the articles and the subsequent conversations, click these links:.

Bush says no to raising FHA loan limits past $417,000

http://blog.seattlepi.nwsource.com/realestate/archives/121977.asp

To read the Bush Administration Policy Statement on HR1852 Click Here

For more information, Click Here

Market Price vs. Market Value

Market Price vs. Market Value is the third installment in our series of posts around real estate value.

Market Value:

In real estate, any given piece of property can have different kinds of value at the same time.  For instance, we can have assessed value (used for tax purposes), insured value, salvage value, mortgage value, book value, and depreciated value.

The definition of market value of real estate is:

Price:  The most probable price a property will bring.  It is not the average or highest price.

Terms: Payment must be mad in cash or its equivalent.

Relationship of the Parties: Buyer and Seller must be unrelated and acting without undue pressure.

Market Time: A reasonable length of time must be allowed for the property to be exposed in the open market.

Knowledge: Both Buyer and Seller must be well informed of the property's use and potential, including its assets and defects.      

Market Price:

Usually when we hear a buyer say that they purchased a property well under the market value, if the above factors are taken into account, then the market value equals market price.

Generally however, the market value is an estimate of value based on an analysis of comparable sales and other market data.  Market price is the mark of what the property actually sold for.  Another way of saying is that the market price is the sales price. 

Again market price is the sales price.

Market value is an opinion and an estimate of what the market price is anticipated to be.

Click here to see:  The 10 principles of value
Click here to see: The Definition of value

By Greg Perry
Kirkland Realtor

Monday's Inspiration -- God Bless America

"It is in the quiet crucible of your personal, private sufferings that your noblest dreams are born, and God's greatest gifts are given for compensation for what you've been through."

These were the words shared with us by Wintley Phipps at Brian Buffini's Mastermind Summit, that I attended in August.  One of the songs he shared with us at the event was God Bless America.  I found the performance on you-tube and thought I would share it with you.

August 2007 -- Eastside Real Estate Market Statistics

For the Single Family Homes (not condos) in Eastside NWMLS areas of 500-600,  median prices again logged a increase of close to 10%.  Overall inventory numbers were fairly flat against last month (July) raising only 85 total for the entire area.  2 areas, Redmond (550) and Sammamish (540) actually lost inventory from the month before.  Pending sales were down in all areas except for Redmond (550).

For the complete breakdown of the LISTING INVENTORY, PENDING SALES  and MEDIAN PRICES, follow this link to an article that I wrote on the Seattle PI Professionals blog.

http://blog.seattlepi.nwsource.com/realestate/archives/121756.asp

By Greg Perry
Kirkland Realtor
Kirkland, WA