After a mutually accepted purchase and sale, the buyers, if written into their contract, have an opportunity to conduct and independent review of the property – the home inspection. In short, a home inspection is designed to give the buyer an unbiased review of the property’s condition. Another reason for the home inspection is to determine if any of the home’s issues will trigger conditions of financing from the lender.
Rumors of HUD’s changes have come true and with these changes come more challenges for everyone purchasing a HUD home. With HUD transactions, its typically HUD’s way or the highway, with no deviation.
- HUD requires all purchase offers to be submitted online.
- After an offer is accepted, HUD requires a signed copy of their contract returned within 48hrs.
- HUD requires an earnest money check, in the form of a money order of a specific amount based purchase price, to be included with the returned contract.
- HUD still requires extension fees, which aren’t refunded if its the buyers fault, on any extension.
- HUD homes continue to be a financing challenging (pet peeve) due to repairs not being addressed by the seller, despite how small they are.
Time is most precious commodity yet so scarce that it’s irreplaceable. Living the life you’ve been missing takes many forms: downsizing to gain freedom, having a larger home for more space, and creating wealth using real estate as the financial vehicle for investments. Like any investment, the goal is creating more wealth in order to obtain more of that precious commodity, time.
Searching for a HUD home can be a daunting task especially if a person or their agent don’t understand HUD’s process. Searching an MLS for HUD homes can lead to let down and disappointment because the official place wasn’t highly known to most. Traditionally, brokers would visit their MLS to search and determine a property’s status. However, with HUD homes the MLS may not always have the latest information.
One constant that we can take to the bank is: life changes. Personally, my life looks quite different when compared to the life I was living in my early twenties. Instead of planning Friday’s escapades, I am busy planning a retirement, events with the little ones, family, friends and working hard building a career. Life goals change, as well as priorities, and all that influences decision that impact our living situation.
There are many myths and false statements traveling around the web and even late infomercials for that matter. The buy homes at the court house, tax foreclosures and bank owned properties for pennies on the dollar entice people to purchase these get rich real estate schemes. Being in the industry, and selling a fair amount of home, I can honestly say, real estate purchases and investing is never as easy as someone says.
I just received highly pertinent information to anyone who is considering purchasing a HUD Home. In an effort to save money and streamline processes, HUD proposed changes will cause problems if the buyer, buyer’s real estate broker, and buyer’s lender don’t fully understand the changes. At this time these are just proposed changes yet they could go into effect, if approved, as early as February 2013.
Fixing and flipping Snohomish County homes has changed only due to low inventory levels but the principals of fixing and flipping strategy has remained the same. What is fixing and flipping? It’s the real estate strategy of purchasing a home at a discounted rated, typically due to the property’s poor condition, fixing and repairing the home to bring it up to fanciable standards, and then reselling the property for a profit. Investors, general contractors, and restoration businesses see the area of fixing and flipping quiet profitable as the cash investment can yield higher short term returns when compared to other investment vehicles.
When dealing with bank owned homes, we typically represent buyers and not carry the listings – except for some local banks – and it can be challenging for buyers and brokers to deal with decisions outside our control. As recent as this week, I was working with a Navy Chief who wanted to purchase a home in Lake Stevens. Everything was going great; the home inspection was complete and the appraisal had been ordered and this is where the problems arose.
As time passes and our life goals change, the once ideal home is no longer meeting the needs of today. Homes with acreage, detached shops, and open space with gardens become more difficult to keep in their grandeur. For many reasons, whether it be health, desire to travel, or just downsize, people decide to sell their current residence and plan the next chapter in their lives.
Over the weekend I received an email, not out of the ordinary, from a lady wanting to double check the status of a home. In the email, the prospective tenant asked if this home really for rent or is it for sale. Here is the actual email I received:
Buying a home, whether it is a first home or a home in a long line of purchases, there are things to consider as a home purchase is typically the most important decision people will make. The meme pokes fun at the process as buyers may feel real estate brokers are going to try and “sell” the first home shown, not usually the case. Buying a home is complex process and from both the buyer’s and the real estate broker’s perspectives and every transaction presents unique and sometimes challenging situations.
Once a property has been chosen as the one it is time to put a purchase and sale offer together. I’ve written about the purchase and sale items in the past so this post will focus on what to consider when determining an offer’s details.
Acceptable Offering Price
As we have all gotten used to being in drastically one sided market, low ball offers and fishing strategies where seen quite often. Sometimes low ball strategies worked yet most of the time they didn’t and negotiations settled at fair market price. Think about what type of price you want to offer and be ready for the out come. If a low ball offer is the case just be prepared to receive no response or very little movement from the seller.
Finding your perfect home is not always an easy process. With the surplus of homes for sale in most cities, buyers may find there are many properties – both new and old – that meet their search criteria. Choosing whether to renovate an old house or buy a new one can be a tricky decision for some.
Should I Renovate an Old House or Buy a New House?
When deciding on which type of house is right for you, it’s important to take into consideration the following factors:
Style – For many, the allure of an older home is its character and uniqueness. Many of the homes being built today are tract houses that lack personality and quality of construction. An older home will have the charm that many buyers are looking for, rather than being a “cookie cutter” model that someone else has. However, they require a lot of TLC that many buyers aren’t cut out for. Knowing whether to choose an old house or buy a new one largely depends on your style preferences. Do you prefer clean lines, open concepts and a modern look, or are you into a more traditional floor plan with closed rooms, built-ins and nooks?
If you currently own a piece of real estate, despite your age, then it is a good idea to have a will in place. A will is the legal document in which dictates how a person’s assets will be distributed to the deceased’s heirs. Whether or not a will is in place the deceased’s assets will be in probate.
What is Probate?
Probate is the legal process of administering the estate of a deceased person by resolving all claims and distributing the deceased person’s property under the valid will. A probate court (surrogate court) decides the validity of a testator’s will. A probate interprets the instructions of the deceased, decides the executor as the personal representative of the estate, and adjudicates the interests of heirs and other parties who may have claims against the estate. – Wikipedia.org
What Happens if I Die While in Default?
My ex husband passed away in WA State without a will and his 1st and 2nd mortgages are in default. He has only one daughter and she has found out that there is more owed against the home than what it is worth and he also has thousands of dollars in collections. The home was his only asset. What is her responsibility. She doesn’t want to spend the money on an attorney and would like to just move on.
Ikea and ideabox debut their compartment style home, dubbed the aktiv, at the Portland home show. Building on a array of Ikea’s components which have all been preinstalled in the kitchen, closets, bathroom, bedroom, and finished with flooring; the aktiv is a move-in ready system.
Swedish inspired, wide open living, functional, no wasted space, and full of personality!
At first glance, the aktiv’s innovative and forward thinking design could pave the way for new building and construction techniques yet one thing I can’t get my mind around is financing. According to ideabox’s website, the cost of the aktiv starts at $86,500 for 745 sq/ft 1 bedroom/1bathroom home – that’s $116.10 per sq/ft. Not terribly priced yet when considering it does not come with land the price per sq/ft will be drastically increased. We list and sell manufactured homes that are on leased land, example: home in a park, and on real property, example: home on real property, and there are very few financial vehicles that accommodate manufactured homes. The designers may argue the comparison between the aktiv and a manufactured home, however, it is not difficult see the similarities.
Moving can be an extra stressful event for members of the Armed Services. For most members of the Navy, attending boot camp usually involves leaving your hometown. As soon as that’s over, A-school begins in another location far from home. Once you’ve finished you’re a-schooling — usually a 10-week ordeal — it’s time to ship out. This leaves very little time to arrange for a stable living situation for the your family. If you’re looking to make a move but find yourself constrained by the unique time constraints that the Navy presents, here are a few tips.
The Navy Family Support Household Goods team can help with moving costs for families who are moving because of orders. The division will pay for moving up to a certain weight so be sure you stay within the designated weight limit. Weight limits are based on rank and dependent status. Careful that you do not exceed the weight limit or cheat on the form. The Navy has a team of auditors who review every move and they will find any inconsistencies or weight excesses and you will end up being billed for the move if you exceed the weight limit.
Despite the discussion of recovery and being at the real estate bottom, many homeowners are still faced with the tough decision: Short Sale or Foreclosure? People facing a short sale or foreclosure have a lot of choices to make and depending on those choices the impacts can be greater and last longer. Here 8 different financial areas impacted by a short sale and foreclosure.
On the surface the residential home inspection may seem like a insignificant item that could be done without yet when buying a home it is a critical step. What appears to be a little elbow grease work can really mean remolding an entire bathroom or a roof replacement. The more knowledge about a property the a better decision can be made to either purchase or not to purchase.
So what is a Residential Home Inspection?
A home inspection is an independent property review by a licensed home inspector whom the buyers have hired (a home inspection is different from a residential home appraisal yet there are similarities) to give them a written unbiased property condition report. A qualified home inspector will be able to breakdown everything good, bad, and ugly about the property. Identifying the problem areas are their expertise. Inspectors are impartial, have no emotional attachment and are not blinded by the curb appeal of a particular home. Home inspectors look at the foundation, siding, roof, drainage, hot water tanks, plumbing, wiring and much more then supply all that information in a written report containing pictures to the interested parties.
Real estate is full of jargon and terminology that can confuse anyone learning the process to either buy or sell a home. In law world, terminology gets a cool name like legalese but in real estate its just plain ol’ jargon. El Boring but that is what we have to deal with. Nothing fancy or cool; just plain. Terms like escrow, title, docs, 442, 1031 exchange, purchase and sale, bidding process, REO, short sale, and pre-qualifcation are just a few of the terms in an average transaction.
Real Estate Jargon & Terminology
Final building inspection form and is common with a new construction home but a 442 can be requested if a home has had work done to it.
If there is money made from the sale of a property then the taxes owed on that money made can be deferred by the IRS till a future date. Keeps more money in your pocket in the short term.
Additional documents that go into a real estate contract.
The Snohomish County real estate market has an abundant of bank owned properties comprising 41% of current inventory levels. A small portion, in the grand scheme of things, are HUD homes. Like bank owned properties, the question, “is the home still available?”, always arises and rightfully so. Logic says, if the property is listed on a public MLS property search then the property should be available, right? Nope, uhuh, sorry! In this blog post, I will show how to do a quick real estate search too immediately know if a HUD home is Active and available. There is nothing worst than finding the home you love only to blindsided by unavailability.
What Are HUD Homes?
HUD homes are homes sold by the U.S. Department of Housing and Urban Development, a government agency. HUD homes are either sold to owner occupants or investors. Usually, there is a waiting period for investors because HUD would rather have their homes become owner occupied instead of investment properties.
Selling a home For Sale by Owner (FSBO) is easy enough: Advertise, procure buyer, write a contract, collect payment for the property, and transfer title. As a real estate broker that is pretty much it, unless something crazy arises.
8 Questions a FSBO Should Ask Themselves
1.Do you have experience in writing a purchase contract on a residential sale?
2. Have you selected an escrow company, title company, and an attorney to serve as the neutral 3rd party in your transaction?
3. Have you considered what time contingencies you will provide the potential buyer for: a) Loan Approval b) Home Inspection c) Mold or Termite Inspection?
Recently, it seems I have been speaking to families and close friends who are contemplating giving their home back to the bank because they are still unemployed, facing a loss of employment, hours have been cut at work, and/or other hardships are taking a serious financial toll. With County wide unemployment rate still extremely high, and the State is no different, it is no surprise that walking away from a home seems like the only option too a huge problem. Creditor phone calls, threatening letters, and notes posted on the front door just accentuate the feelings of hopelessness that surround being behind in mortgage payments.
In a recent comment from SCUBA Diver, on All About Washington State Foreclosures post, he said “I am considering sending GMAC a “jingle letter” with my house keys and simply walk away”. Approaching retirement, SCUBA Diver just can’t afford the increase in monthly payments and knowing that his home is worthless than he owes, walking away appears to be the only solution. But what can happen if you do just walk away from a home? Does a bank just say “thanks for the keys” or could there be other repercussions?
Purchasing a home in 2011 is different in many aspects than it was in 2003 when inventory was comprised of mostly equity based homes. Like the four seasons, the real estate market has changed to encompass distressed and bank/institution owned properties. This shift has resulted in a variety of purchasing methods and it can be a struggle to understand the method to their madness when negotiating. This blog post will share some of the items encountered when purchasing short sales, bank owned properties, Fannie Mae, and HUD Homes.
Buying Short Sale Homes
With a short sale there are typically three parties involved: buyer, seller, and a 1st lien holder (could be more if the owners took out a 2nd or 3rd mortgage on the property). The first step is negotiating the purchase and sale with the seller since the seller still has legal title to sell the property. After that negotiation the purchase and sale is then presented to the lien holder for approval, counter, or disapproval. Most sellers ask for 90 days to try an obtain lien holder approval. That is the frustrating part for buyers as there is usually no news until there is approval and such. The waiting time can be longer if there are more lien holders on the property. It appears that home on Federal has 3 lien holders which would make it a challenging short sale but things could have changed and it’s just the public records are behind.
Here is a excellent infographic from the Mint.com on Selling a Home with a Rent or Sell comparison.
It is said, that everyday is full of experiences and there is an opportunity to learn something. I fully agree and this weekend a potential home buyer and I encountered one of these experiences. The concern was around the role of real estate agency, commissions, and negotiations. Since these particular buyers had concerns I am sure others do as well.
Historically, real estate agency has always been in favor of the seller even if the buyer had their own agent to represent them. To better explain the old agency law let’s take a look at a short example.
Big Bank Bob hired Secret Agent Johnson to represent him in the sale of his property at 1234 Fast Lane Drive. Buyer Extraordinaire hired Agent B. Good to represent them in the purchase of 1234 Fast Land Drive. On the surface, it appeared Agent B. Good was representing Buyer Extraordinaire but that was not the case. Even though the buyer had hired their own representative, Agent B. Good, that agent was still representing the seller as the law was written. To clear the confusion in the law, in the late 80’s the law was revised to distinguish between seller and buyer representation. Now, buyers are fully represented by their enlisted agent and the buyer’s agent owes no fiduciary duties to the seller.
In a day and age where real estate purchases are price driven; it is important to not to forget items that greatly improve first impressions. Here are 47 items a real estate seller can do to gain a competitive advantage over comparable properties.
Throughout the Home
1. Open the draperies, pull up the shades, and let in the sunlight.
2. Create a positive mood. Turn on all lights, day or night, and install higher wattage light bulbs to show your home brightly.
3. Remove clutter from each room to visually enlarge them.
4. If you have a fireplace, highlight it in your decorating.
5. Keep your home dusted and vacuumed at all times.
6. Replace the carpet if it does not clean up well.
7. Have a family “game plan” to get the home in order quickly if necessary.
8. Air out your home for one-half hour before showing, if possible.
9. Lightly spray the house with air freshener so that it has a chance to diffuse before the buyer arrives.
10. Put family photos in storage.
11. Improve traffic flow through every room by removing unnecessary furniture.
12. Create the feeling of a spacious entry area by using decorative accents and removing unnecessary furniture.
13. Putty over and paint any nail holes or other mishaps in the walls.
14. Paint all interior walls a neutral color to brighten the home and make it look bigger.
15. Repair or replace any loose or damaged wallpaper.
16. Clean all lights bulbs and fixtures to brighten the home.
17. Wash all windows inside and out.
18. Use plants in transitional areas of your house.
19. Make the most of your attic’s potential.
20. Remove and/or hide excess extension cords and exposed wires.
21. Open doors to areas you want potential buyers to see such as walk-in closets, pantries, attics, etc.
22. Remove all smoke and pet odors.
23. Repair or replace banisters and handrails.
The other day I was talking to a friend about a particular home that will soon be listed in east Marysville. Like many people, my friend has very tight criteria before he “takes the risk” of home ownership. Okay, no problem right? A few bedrooms, bathroom, a bit of open space – that premonition will be 95% wrong for most buyers. More like: single family home with a shop required, minimum 3 bedrooms, 2 full bathrooms, on at least 1 acre, and has to be near town for schools, shopping, and commuting.
Most real estate agents will probably tell you that homes with those attributes are not as plentiful as one would think – they tend to list and sell very quickly. Sure, a buyer can go farther from the city, buy property zoned R5 with a manufactured home, and save thousands. But in the current buyer’s market why would a buyer settle for a manufactured home when single families are syndicating daily to the market? Buyers won’t make the concession.
After chatting with the listing agent about the home’s features: 60×30 shop, 2 acres, 2,000 sq/ft home all near town. I had call and tell my friend about the opportunity to make his financial move. We jawed for a bit, he was building excitement about the home, and then the risk factor hit him. Let’s call the friend Harry Homebuyer.
As April 30, 2010 draws ever closer, many families across Snohomish County are scrambling to find a home, obtain mutual acceptance, and have the property record on or before June 30, 2010. This is not the case if you are in the Navy or another branch of the military.
Under the Worker, Home Ownership, and Business Assistance Act of 2009, which was extended November 6, 2009, eligible Navy families can wait till April 30, 2011 to become under contract on a property. That is great news for Navy personnel who is serving outside the outside the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
Yesterday, I attended a bank owned workshop presented by a top REO agent from San Diego with some REO colleagues of mine. As a REALTOR® who represents buyers on bank owned properties there have been many times where I have been more than frustrated with the banks. This workshop help shed some light on the process for submitting purchase and sale agreements and what to expect through the process but I doubt it will elevate buyer frustrations.
Things to Know When Buying Bank Owned Homes
– Pre-Approval Process
– As-Is Clause
– Highest & Best Offer
– Communication & Response Times
Recently, I have been more involved with people looking to purchase vacant land in Snohomish County for recreational uses or for a custom home.
As residents of Snohomish County know, the topography allows for a variety of different types of settings – river and lake front, mountain and territorial views, old growth forests and protected growth areas are just some attributes buyers are looking for. Each of these property types pose unique challenges.
Bank owned and short sales properties dominate the Snohomish County real estate market and it’s no surprise that many buyers are actively searching for these types of properties. But are these properties the bargain of the century or are they more trouble than they’re worth?
Being an active agent, I can contest to both scenarios being true. Great homes with no home inspection issues and excellent buys that require sweat equity. In 2009, one of my clients purchased a short sale and by doing so he received an excellent deal on a home in Mill Creek. This home is situated in a established neighborhood with few fixer uppers left – this home seemed to be the troubled home on the block. On the flip side, a few other 2009 clients purchased bank owned homes in Marysville that where just a few years old and required little to no work.
It has been said that necessity is the mother of all inventions and it seems the real estate industry is finding itself coming up with new ideas. A few years back, prior to the real estate collapse, consumers didn’t have the means to quickly identify properties as short sales, bank owned, or what can be considered a standard seller.
Before getting into the new changes it is probably worth reviewing a little history preceding the changes. The problem arose when excited buyers would inquire on a home to why the listing price was so much lower than competing homes. Feeling like they found the buy of the century and anxious to write a Purchase and Sale, buyers were quickly discouraged upon finding out the property was in a short sale situation.
To help stimulate the economy and help recent home buyers, the government has instituted the first time home buyer tax credit under the Housing and Economic Recovery Act of 2008. The first time home buyer tax credit allows for recent home purchasers to claim a maximum tax credit in the form of a interest free loan and/or a permanent loan from the government, depending on when the home purchased.
The first home buyer tax credit applies to a home purchased between the dates of April 8, 2008 and December 31, 2008. If a home buyer purchased a home within that range they are eligible for a $7,500 maximum tax credit which can be claimed on a 2008 return. This allows for people to receive more money back on a return or have money applied to taxes owed. But this is not a free and clear plan to get $7,500 government dollars.
In 2009, Snohomish County seen a surge in the real estate market place with sales increasing and in some cases home sold prices rising. I use the term home sold prices versus increasing value because the prices where inadvertently driven up due the home buyer tax credit stimulus. The demand for homes has increased due to a high sense of urgency of the November 30th tax credit deadline and not due to healthy economy.
Now home buyers across the nation are probably asking themselves the questions: Will the home buyer tax credit be extended? Will the home buyer tax credit be increased? Will the home buyer tax credit back fire on the economy if it is kept or let go?
If you have purchased a home in the past then you are probably familiar with the residential purchase and sale agreement but if you haven’t then the forms are going to be a new experience. In the state of Washington, real estate brokerage firms belong to a multiple listing service (MLS) which either provides state approved forms or a brokerage will elect to have their own company forms approved by the state. At Barnett Associates Real Estate, LLC, we use the Northwest Multiple Listings Service’s state approved forms.
In the State of Washington, real estate agents are allowed to practice limited law; in that they are allowed to negotiated and engage parties in a binding contract to purchase residential property (condos, commercial and vacant land are also included). The implications of entering a contract are important to both parties and understanding the purchase and sale form will help alleviate questions and concerns regarding the home buying process. Below is image of page 1 of the Residential Real Estate Purchase & Sale Agreement. Page 1 is where all the terms are outlined and how the negotiation process begins.
As the Snohomish County real estate market continues to correct itself, more and more homes will be sold as short sales, foreclosures and as bank owned properties. So what are the differences of these types of properties.
What is a Short Sale?
Lets look an example: Homeowner A has a $300,000 mortgage and is forced to sell the property as a way to avoid foreclosure. Faced with selling, A contacts his REALTOR® and schedules a listing appointment. Mr./Mrs. REALTOR® conducts a Comparative Market Analysis (CMA) and determines a list price. A agrees to list the property for $265,000. This is a short sale; when the property is selling for less than the homeowner’s mortgaged amount.
Short sale properties can be more challenging than traditional transactions because all aspects of the Purchase & Sale have to be approved by the lien holder. Adding an additional party to the transaction also slows down the communication process and sometimes the lien holders take twice as long to respond, even on the minor questions.
Recently, I have been thinking about what the “perfect” home is. The difficulty of determining is that important features of a home vary greatly from one person or family to the next. Various locations, tastes, commuting distances, views or no views, water front or no water are just some of the factors that determine the best fit for a person and/or a family.
Recently I have had the opportunity to explore the term unique with clients. The first question was: What does unique mean to this couple? Unique can encompass so many aspects of a home. The architecture could be unique, the view could be unique, and the topography could be unique.
The home buying process is much more than finding a house and arranging financing. I have been guilty myself of not fully explaining the steps a buyer will encounter and previous posts have only over viewed the home search, selling, home inspections and appraisals but never constructed a sequence of events.
Home buyers are people who have experienced a change in their life and now the current living situation is inadequate. A new job, families having children, children leaving the house, retirees (Baby Boomers) and a host of other influences to determine when is the right time. But now that housing is in your mind you’ll want to start off with two items; interviewing loan officers and real estate agents.
In the 1990s, Snohomish County builders started to construct what have been labeled “air space” condos. Builders are opting to build air space condos just outside the city limits. Why? Because the County zoning are different that the cities. The County allows for more density than the city which has gained acclaim from builders and harsh opinions from residents. The two sides of the argument: good for urban density and poor integration of current neighborhoods.
Simple, fix problems before they become nightmares. Every homeowner, buyer and/or seller at one time or another has had to face a home inspection. The wide range of defects that can be uncovered during a home inspection can be a major deal breaker. Buyers are looking for homes that do not require a full remodel after closing. They are looking for homes that have been well maintained and are worth the money being spent on it especially in the current economical times.
As the summer heats up, it is an excellent time to get outside and visit some homes around Snohomish County. The list below contains all the open houses for the coming weekend, Friday July 18th through Sunday July 20th, in the $250,000 to $350,000 price range as of 7/15/2008 (more may be scheduled as the weekend gets closer). Pictures are available and to access them simply copy MLS # and paste it into the MLS Search at the top of the page.
Summer seems to have finally arrived in the Pacific Northwest. The warmer weather means families will be spending more time outside working on their tans but for people living in the Snohomish County flood plain the warmer weather is not as welcomed. As the temperatures rise all week long, residents bordering the Snohomish, Skykomish, Pilchuck and the Stillaguamish Rivers will be keeping a watchful eye on their rivers.
In today’s real estate climate it is imperative to properly understand the valuation process a property goes through. Home valuation tools are readily available to every internet user and usually all that is required is a username and password and some advertising. But the process by which a home is valued is much more than a mathematical algorithm. Home valuation tools are good for a rough estimate and lack the human professional element of understanding “other” factors that comprise a complete appraisal.
According to the Insurance Information Institute, “homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it”.
The winter of 2007-2008 has been excellent for winter adventurers with one of the best snow packs in recent years. The amount of snow accumulated was felt state wide with the week long storms that deliver heavy snow falls. Washington residents noticed the snow fall with the multiple temporary pass closures scattered throughout the winter months. But as the winter season comes to a close and snow equipment is packed up until next year, Snohomish County home owners are preparing for the much anticipated warmer temperatures ahead.
Looking for a new home or investment property is no laughing matter and can be quite an undertaking with the search going long into the nights. Traditionally buyers had to contact their REALTOR® and provide search criteria and then wait for their REALTOR® to provide the search results. In the Twenty-first century things have all changed and buyers virtually have the same unrestricted access to the housing information.
Recently a situation arose where two Snohomish County homes, does not sound to unusual, were located next door to each other competing in the same pricing point. This is a situation that many sellers are going to face as they look to sell their home in 2008 since standing inventory was at 7,331 the end of January 2008, an increase of 9.5% from December 2007.
As the media is all doom and gloom about the real estate market others are seeing it in a different light. Harbour Homes is finishing the second phase to the Rock Creek subdivision in the Getchell Hill Neighborhood in east Marysville. Located off 83rd The Ridge at Rock Creek is in excellent proximity to Highway 9 and Highway 528, making the commute a breeze. [Read more...]
The past several years there has been an infatuation with getting rich by “flipping” houses. We saw many television reality shows showing how to fix up a home and sell it to turn a profit. Now that the market has changed in many states, many novice “flippers” got themselves in hot water because they took out mortgages that they really couldn’t afford because in a sense they gambled on being able to sell the property quickly. Some think that now is a bad time to invest in real estate because of decreasing value in property. I totally disagree. People are always going to sell and purchase homes. We’ve been through this kind of market before. Now is actually the best time, especially this next spring, to invest in real estate if you can afford to do so. [Read more...]
Despite sluggish 3rd quarter lot sales there still is new construction available in Snohomish County. Polygon Homes is currently building two new developments in the City of Lake Stevens, Crosswater and The Pointe. The two communities vary in housing design and range from 2 – 4 bedrooms designs. [Read more...]