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Karen Schweinfurth

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Displaying blog entries 71-80 of 107

Market Conditions in the Seattle Area

Wednesday, November 19, 2008
by Karen Schweinfurth

Real-estate markets most likely to rebound

If you're a homeowner seeing property values plummet, look to the commercial real-estate market for solace. It might tell you which areas will recover fastest — and which will likely remain weak.

The Urban Land Institute recently asked 700 real-estate professionals to name the best (and worst) places to invest in commercial real estate in the coming year. Those surveyed included private developers, real-estate agents and real-estate investment trust executives. Their answers also apply to the residential market, since the single-family-home sector typically follows the economy. As wages go up and there are more jobs, more people can buy homes, pushing prices up.

The best cities in which to invest are those that are considered gateways to international investment, have vital downtowns where people can forgo cars and don't have a glut of condos or office space.

These traits landed Seattle the No. 1 spot on the list. No city scored above a 6.15 on a scale of one to nine (one being an abysmal place to invest and nine being excellent).

Seattle is "a diversified market, has a good base of business and is becoming a 24-hour city," says Stephen Blank, senior resident fellow, finance, at the Urban Land Institute. "It's going to be in a good position to come back."

The city is suffering from the loss of Washington Mutual and the downsizing of Starbucks, but Boeing and Microsoft are still strong. Apartment vacancies are low and there aren't too many new buildings going up, meaning the market won't be oversupplied. The same is true of retail space.

San Francisco comes in second, with a 6.12. The “City by the Bay” learned from the 2001 tech crash not to overbuild. There is a reasonable supply of office and apartment space, which should limit vacancies. San Francisco's port is also expected to help the city during the downturn as Americans continue to rely on Asian imports.

Washington, D.C., New York and Los Angeles round out the top five.

Of course, there's no guarantee that an improved commercial market will lead to an improved home market. However, investors have a better chance of seeing home prices rise in fundamentally strong markets like Seattle than in struggling cities like Detroit.

It landed at the bottom of the list, scoring a 2.24. Detroit has been reliant on the car industry, which is rapidly shrinking. Other businesses are unlikely to fill the void in the next few years, which means the city will be hit hard by further economic struggles.

New Orleans also lands near the bottom with a score of 3.33. The city has been losing businesses to Houston, Dallas and Atlanta since Hurricane Katrina hit in 2005.

The other cities at the bottom of the list — Columbus, Ohio; Milwaukee, Wis.; and Cleveland — suffer from dying industries and lack of tourist appeal.

Recent attempts to turn downtown Milwaukee into a thriving 24-hour city haven't been enough to protect it from the coming downturn. Increasingly picky investors are expected to favor higher-quality port cities over Midwest towns.

And while Columbus has the potential to become a major shipping hub for goods traveling cross-country, that revitalization may have to wait for a stronger economy and a government focused on improving the nation's roads. For now, prospects are dim.

Top 5 cities most likely to rebound

1. Seattle

2. San Francisco

3. Washington, D.C.

4. New York

5. Los Angeles

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New Housing Stimulus Package

Thursday, October 30, 2008
by Karen Schweinfurth
NAR Urges Congress to Consider New Housing Stimulus Package

The following is information provided by Jerry Giovaniello, the National Association of Realtors Senior Vice-President, Government Affiars regarding what your Realtor Association is doing to stimulate the housing market:



As we race toward the finish line of the 2008 election, NAR is continuing to press Congress to act on a new stimulus package to help stabilize the housing market and give a boost to the sagging economy.

NAR has presented a four point stimulus plan to Congress for consideration either after the election or in the early days of the new 111th Congress. The current economic crisis is, at its core, the result of problems in the nation's housing and mortgage markets. This circumstance, along with the fact that housing has always lifted our economy out of downturns, makes it imperative that efforts be taken immediately to foster a housing recovery, so that a recovery of the overall economy can occur.

NAR's plan includes features such as consumer-driven provisions that eliminate repayment of the first-time homebuyer tax credit and expands it to all homebuyers, makes higher mortgage loan limits permanent, focuses the economic stabilization efforts once again on the housing and mortgage markets as opposed to providing banks with capital with no strings attached and prohibits banks from entering into real estate.

NAR strongly believes that inclusion of these priorities in a stimulus package is imperative to move our nation out of this economic crisis:

  1. Remove the requirement in the current law that first-time homebuyers repay the $7,500 tax credit, and expand the tax credit to apply not only to first-time buyers but also to all buyers of a primary residence. This will help address inventory issues in many markets.
  2. Revise the FHA, Fannie Mae and Freddie Mac loan limit increases to reflect the higher temporary level enacted in February. Although subsequent legislation made loan limit increases permanent, the permanent loan limits were reduced from the February levels. This has broad implication for homebuyers in high cost areas.
  3. Urge the government to use a portion of the allotted $700 billion that was provided to purchase mortgage-backed securities from banks to provide price stabilization for housing. The Treasury department should be required to use the newly enacted Troubled Assets Relief Program to push banks to:
    • Extend credit down to Main Street, making credit more available to consumers and small businesses;
    • Expedite the process for short sales;
    • Expedite the resolution of banksâ?? real estate owned (REOs) properties.

  4. Make permanent the prohibition against banks entering real estate brokerage and management, further protecting consumers and the economy.

NAR has presented this plan to Congress and will continue to strongly pursue a special session of Congress to enact this vital housing stimulus legislation package after the national election. Housing has always help lift the economy out of downturns. It is imperative to get the housing market moving forward as quickly as possible. Congress must take immediate and specific actions to boost the confidence of potential homebuyers in the housing market and make it easier for qualified buyers to get safe and affordable mortgage loans.

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A New Kind of Identity Theft - Protect Yourself

Monday, October 06, 2008
by Karen Schweinfurth

With identity theft on the rise these days, most of us are already taking steps to protect ourselves. But did you know that there’s now a growing form of identity theft known as “medical identity theft” that can not only devastate victims’ finances, but also compromise their health, too. According to Joy Pritts, JD, author of Your Medical Record Rights, here’s what you need to know.

What is Medical Identity Theft?

Medical identity theft occurs when criminals access victims’ medical records. Since medical records contain a person’s social security number and credit card information (if bills have been paid via credit card), criminals can open accounts and make fraudulent charges. However, criminals also gain access to victims’ health insurance policy information and medical histories, and they can create forged health insurance cards to sell to people who are uninsured and need expensive medical treatment. A person who buys a fake health insurance ID card would then seek treatment using the victim’s name and policy number, and then disappear, leaving the victim with the bills to pay.

Why Should You Be Concerned?

Victims of medical identity theft not only have to repair their credit and convince credit agencies and service providers that bills are fraudulent, they also have to correct inaccurate medical information that becomes part of their health records. Victims could be denied life insurance or individual health insurance if their record shows treatments that they did not have. In addition, victims could receive treatments or medicines that could be harmful to them on the basis of inaccurate content in their medical records.

Steps to Take if You Suspect a Medical Identity Theft

  1. Read all bills and “Explanation of Benefits” statements from your insurance company to verify they are for treatment you received.
  2. If a bill or statement refers to treatment you did not receive, contact the employee in charge of investigating fraud at your insurance company and at the medical facility involved and explain the situation. Follow up with a letter sent via registered mail with return receipt once again explaining the situation, asking for any bills to be voided, and asking that your medical record be amended to state that you did not have this health problem or receive this treatment.
  3. Report the identity theft to the police department and state’s attorney general’s office.
  4. Contact the health care providers you use, explain the situation, ask if the erroneous information has been added to the providers’ records, and if so, ask them to correct the records.
  5. Report the fraud to the major credit bureaus and set up fraud alerts. Also, request free copies of your credit reports to make sure no new fraudulent accounts have been opened.
  6. Review your medical records every few years to make sure there are no errors.

To learn more about your medical record rights, visit http://ihcrp.georgetown.edu/privacy/records.html.

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Autumn Tips

Saturday, October 04, 2008
by Karen Schweinfurth

FALL MAINTENANCE TASKS

Outside

* Replace weather striping and caulking around doors and windows

* Clean and remove screens

* Drain outside faucets

* Remove leaves from gutters

Inside

* Test your smoke alarm and carbon monoxide detector

*Change batteries in both (twice a year)

*Service heating system and change filters

*Clean refrigerator coils

*Check fire extinguishers

 

OCTOBER HOME DECORATING TIPS

*Hollow out apples or mini pumpkins and us as votive candle holders

* Create centerpieces by filling vases with dried flowers, leaves and empty branches

* Serve fresh veggies using a hollowed out pumpkin as a bowl

 

OCTOBER RECIPE

Roasted Pumpkin Seeds

To roast pumpkin seeds, do not wash them first - it removes all the natural favors. Remove the seeds from the strings and place a single layer on a cookie sheet. Add salt to taste and bake at 250 degrees about 15-30 minutes.

For sweet and spicy seeds - mix 5T sugar; 1/4 t. corse sale, 1/4 t. ground cumin, 1/4 t. ground cinnamon, 1/4 t. ground ginger and a pinch of cayenne pepper.

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Credit Score Update

Tuesday, September 30, 2008
by Karen Schweinfurth

Too many consumers still don't get it when it comes to credit scores.  And what you don't know about credit scores can hurt you when it's time to buy a home -- especially in a tight credit market.  Only 28% of consumers are aware they need at least a 700 credit score to qualify for a low-rate mortgage.  Three of every four consumers incorrectly believe that credit scores are influenced by income.  And even more, 79% erroneously believe that credit scores can be obtained for free once a year.  (They are probably thinking about their credit report, instead).  Those are amonth the findings of a new report, "Consumer Understanding of Credit Scores Inproves but Remains Poor" commissioned by the Consumer Federation of America. 

First your credit socre is a number assigned to your creditworthiness.  Your credit score indicates how well or how poorly you'll repay a debt.  The higher the number, the more likely you'll repay on time.  Your bill paying information on credit reports provides the basis for your credit score.  Consumers who take the time to obtain their credit score, for only about $15 under most crcumstances, are more likely to have a better understanding of the scores.  That includes knowledge that mortgage lenders rely heavily upon credit scores to approve or reject home loan applications.

Informed consumers also know they can generally raise their credit score by consistently paying bills on time every time; by paying off debt and closing those paid off accounts; by not coming close to maxing out credit cards and by regularly checking their credit reports to make sure they are accurate.  Your credit report is free from AnnualCreditReport.com.  For more information about your credit score to to MyFICO.com.  The study also found that consumers could save $28 billion a year in lower finance charges if they improved their credit scores by 30 points.

For all your real estate needs, visit my web site.

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Steps Consumers Can Take To Protect Themselves from the "Hurricane of Wall Street"

Tuesday, September 16, 2008
by Karen Schweinfurth

This information comes as a courtesy from my lender, Ken Allen, Branch Manager with MetLife Home Loans.  You can reach him at 425-6702418 or ken@kenallen.com.

With Wall Street engulfed in the biggest financial crisis in a generation, there are a few things that consumers can do to protect themselves from this perilous storm,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.

#1 – Make Sure Your Investments Are Protected Through the SIPC

The Securities Investor Protection Corporation (SIPC) was created in 1970 as a non-profit, non-government organization funded by its members: broker-dealers that trade in stocks, bonds, mutual funds and other investments in the financial markets. The primary role of the SIPC is to return funds and investments to investors if the broker-dealer holding these assets becomes insolvent. “The SIPC does not cover you if the value of your investments goes down,” said Nicholas. “The SIPC makes sure that you recover the assets in your investment accounts if your stock brokerage firm or the financial institution where you hold your investment account goes bankrupt. For example, if you have an account at Lehman Brothers or any other financial institution that goes bankrupt, the SIPC will make sure that you recover the assets you hold in the investment account. However, if the stocks or other investments that you hold in your investment accounts have lost value due to a decline in stock prices or market conditions, the SIPC will not reimburse you for the lost value of your investments.”

SIPC coverage is limited to $500,000 per customer, including up to $100,000 for cash. “This does not mean that you will only recover $500,000 worth of your account,” said Nicholas. “Under virtually all circumstances, you will recover the full amount as part of the unwinding and liquidation of the brokerage firm.” If sufficient funds are not available in the firm’s customer accounts to satisfy all the claims, the reserve funds of the SIPC are used to supplement the distribution, up to a ceiling of $500,000 per customer, including a maximum of $100,000 for cash claims. Additional funds may be available to satisfy the remainder of customer claims after the cost of liquidating the brokerage firm is taken into account. According to the SIPC web site, it typically takes one to three months for investors to recover their property from an account at a failed brokerage firm.

SIPC covers stocks, bonds, mutual funds and other securities registered with the Securities and Exchange Commission (SEC), which is the government agency that oversees the SIPC. The SIPC does not cover unregistered investments such as commodity futures contracts or commodity options. In response to the impending collapse of Lehman Brothers yesterday, the SEC issued a press release specifically indicating that it is taking actions to ensure that those who

have accounts at Lehman Brothers will recover the assets in their accounts in the event that Lehman becomes insolvent.

#2 – Make Sure All Your Bank Accounts Are Covered with FDIC Insurance

The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency that was created in 1933 to insure bank depositors and protect them against the failure of their bank. The current limit on FDIC insurance is $100,000 for bank accounts and $250,000 for retirement accounts. “You should make sure that all deposits over the limit are held in separate accounts owned by different individuals or entities,” said Nicholas. “This means that if you are married with two children, you can have one account in your name, one account in the name of your spouse and one account each in the names of your two children, all with the maximum of $100,000 in deposits, and you would still be fully insured for the full $400,000.”

Additionally, if you have a corporation or limited liability company (LLC), your business can also have an account at that same bank and it will also be insured up to the $100,000 limit. The only caveat is that the company must be engaged in an "independent activity," meaning that the entity is operated primarily for some purpose other than to simply increase your insurance coverage. When two or more insured banks merge, the deposits from the assumed bank continue to be insured separately for at least six months after the merger. This grace period gives you the opportunity to restructure your accounts, if necessary.

If your deposits at one bank exceed the FDIC limits, it’s advisable to move the money and open up some new accounts at other banks that are not affiliated with one another and that are not owned by the same parent company. Additionally, you may consider asking your bank if they participate in the CDARS® network. CDARS® stands for Certificate of Deposit Account Registry Service®, and it is offered by nearly 2,500 financial institutions across the country. When you place a large deposit with a financial institution that is part of the CDARS network, the financial institution uses CDARS to place your funds into certificates of deposit issued by other banks in the network. This occurs in increments of less than $100,000 to ensure that both principal and interest are eligible for full FDIC insurance.

#3 – Max Out Your Home Equity Line of Credit Before Your Lender Cuts Off the Limit

“Lenders have been arbitrarily reducing credit limits on home equity lines of credit,” said Nicholas. “If you still have credit available on your home equity line, it could be very beneficial for you to draw out the money now before the lender reduces your limit. In this environment, it’s probably a safer bet to have the cash sitting in your FDIC-insured bank account in case you lose your job or in case you need the funds for any other reason.”

#4 – Stop Making Extra Mortgage Payments and Take Out a Mortgage Even If You Don’t Need One

“Cash is king in a liquidity crunch,” said Nicholas. “The worst thing you can do in this environment is dump more of your cash into your home equity because you may not be able to get access to it if you run into financial difficulties, if the housing market continues to decline, or if the credit crunch gets worse. Although it sounds counter-intuitive, you should have as big a mortgage as possible – even if you don’t need it - and leave as much cash as possible in a safe, liquid place that is readily available to you. This empowers you to weather the storm and also have your funds available to take advantage of bargain opportunities that are becoming available because others have not followed this advice. In this environment, the one with the most cash wins.”

Ken is a CMP, Certified Mortgage Professional.

About CMPS Institute: CMPS is a training, examination, certification and ongoing membership program for financial professionals who provide mortgage and real estate equity advice. Recognized for its preeminence within the industry, the CMPS curriculum represents the core knowledge expected of residential mortgage advisors regardless of the diversity of specializations within the industry. Over 5,500 financial professionals have gone through the program since its launch in 2005.

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Fannie Mae and Freddie Mac Take Over - What it Means to You

Wednesday, September 10, 2008
by Karen Schweinfurth

Here is a brief video prepared by my lender, Ken Allen, with MetLife Home Loans, regarding the government take-over of Fannie Mae and Freddie Mac lending institutions.

Click here to hear the good news about the market.  Then click on the White Arrow to run.

Hopefully this will encourage the buyers that are "waiting for rates to drop" begin their home search process with confidence.

For your real estate needs, please visit my web site where you can prepare your own market analysis, look for ALL listings, ask for a professional CMA  and get valuable information regarding the buying and selling  process.

You can reach Ken at 425-670-2418 or ken@kenallen.com for all your financial needs.

Make it a great day where ever you are.

Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO

425-308-3669

karen@karensvillas.com

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Accredited Buyer's Representative (ABR Designation)

Wednesday, September 10, 2008
by Karen Schweinfurth
How I Work as an Accredited Buyer's Representative

Many of you think that when we find your dream property, write an offer and get it accepted, our job is done. Far from that point.....our job is just beginning.

In addition to helping you find your dream home through the listings we have sent you, making appointments to show you these listings, we are always working FOR you.

When we first met we gave you a copy of the "Laws of Real Estate Agency" that describes your legal rights in dealing with a real estate broker or salesperson in Washington State.  It describes the duties of a licensee, a seller's agent, a buyer's agent, a dual agent, compensation, vicarious liability, imputed knowledge and notice and interpretation. You also received my buyer book that contains information on your purchase process and an introduction to my team of professionals; my transaction coordinator, my lender, my title company representative, my escrow officer, and my inspectors.

As a buyer's agent we are to: Be loyal to the buyer  by taking no action that is adverse or detrimental or the buyer's interest in a transaction; to timely disclose to the buyer any conflicts of interest, to advise you to seek expert advice on matters relating to the transaction that are beyond our expertise, not to disclose confidential information from or about the buyer, except under subpoena or court order, even after termination of the agency relationship and make a good faith and continuous effort to find a property for you, the buyer, except that a buyer's agent is not obligated to: seek additional properties to purchase while the buyer is a party to an existing contract to purchase, or show properties as to which there is no written agreement to pay compensation to the buyer's agent.

We then begin the process of negotiating the contract in your best interest. Once we reach mutual acceptance, we send the contract to our assistant who will set you up on an internet web-based program so that we can communicate through emails what is happening on your transaction. You have 24/7 access to this file. We contact the selling agent, lender, title company, escrow company and they all become a party to this transaction.

We set up your inspection by coordinating that with your inspector and the seller. We negotiate after the inspection is completed and make sure all parties are aware of what's happening.

We follow up regularly with the lender to make sure they are on track with ordering the appraisal, getting paperwork to the underwriter and getting final loan approval.

We provide you with utility information and advise you when to contact the companies to get local utilities in your name.

We then make sure that the lender gets their paperwork to the escrow officer in a timely manner so that they can schedule your signing appointment. Remember, we talked about this, this is where you sign closing papers, deposit your funds to close. The paperwork is then sent back to the lender for a 24 hour review. Once the lender releases the package for recording, we follow up with the escrow office to make sure they are going to the court house to record your documents. Once that happens and we receive recording numbers, the escrow officer releases the fund and you CLOSE. You then are awarded keys according to the terms of the purchase and sale agreement.

We meet with you and hand over keys. You have your beautiful home, finally. We then follow up with post closing instructions to make sure there are no details left to discuss.

Phew, you say, you didn't realize we did all that. Yes, we do, and with zest, as you see provide you with the American Dream - home ownership and if we can do that successfully, our job is well done.

Congratulations, on your purchase. You'll be receiving a welcome home gift from my team. We wish you many years of happiness. "Oh, by the way, if you know of a friend or family member that could use our services, we'd be happy to speak to them and offer them the same level of service we gave you." Good Luck in your new home!

For Buyer Agency in Washington State contact:

Karen Villa Schweinfurth, ABR, CRS, SRES, ePRO, ACRE

Accredited Buyer's Reprsentative, Certified Residential Specialst, Seniors Real Estate Specialist, e-PRO Internet Certified, Accredited Consultant in Real Estate

Your Snohomish County Expert

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Exquisite Two Story on Park Like One Acre in Granite Falls

Saturday, August 09, 2008
by Karen Schweinfurth
Now priced at $499,000 - seller just reduced price by $20,000 and says sell now!

Located in Granite Falls minutes to highways and shopping in Crystal Ridge Estates.

Exceptional quality is found in this four bedroom two story built in 2001.  Start with a tree-lined driveway leading you to extra parking plus a three car garage.  The landscapping and a sidewalk follows all around the home.

The grounds are imeccable from raised beds, mature plants, fruit trees and even a fabulous garden. And don't forget a complete sprinkler system keeps everything fresh and green and blooming.

The entry is graced with hardwood floors with walnut insert that extends thru hall, half-bath, kitchen and eating nook.  16 foot vaulted ceilings grace the living room. The wall between the living room and dining room offers art nooks and a ledge/shelf. The dining room is oversized for even your largest table and hutch.

The chef's kitchen has an unusual angled island with sink that opens to the dining nook and family room. Upgraded appliances and granite counter tops add to the drama in this room. There is a built in desk area as well.

The family room has a gas fireplace with wood mantle and faces the oasis of the yard.

There is a door leading to the patio and yard area off the nook.

You will luxuriate yourself when entering the master suite complete with gas fireplace and window seat. The 5 piece master bath is oversized and offers a soaking tub, shower, two sinks and separate water closet.

There is a bedroom/den on the main floor making it easy for your guests when entertaining.

This is a unique home in a peaceful setting close to freeways and shoppping. Come and indulge yourself.

Visit MY WEB SITE for pictures and information. 

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The Ultimate Home

Saturday, August 02, 2008
by Karen Schweinfurth

If you are looking for luxury, something over the top, something different, go no further. This five bedroom home (the fifth bedroom is large enought to be a bonus room complete with closet)  is built on 1.30 acres with a view of the Sound, Mountains and sunsets.

Every attention to detail was thought of. From the enclosed pine soffits with lights, mountain ledge stone on the front, African Acacia wood floors on entire first level, 23 ft. ceiling in entry with a ceiling to floor rock sandstone  fireplace.  The spiral staircase is punctuted with wood trim and rod iron railings.  Nine foot garage doors will hold your boat or RV. There is a security system and a 97% efficient heat pump with A/C. An abundance of crown moulding and custom cabinets are showcased throught the home.  The den has built in cherry custom cabinets that fill the full wall.

The heart of the home, the kitchen, has a Wolfe range, sub zero frigerator, an 8 ft island with bar and wine rack, custom cherry cabinets, glass doors and a walk in pantry with etched glass door. There are double french doors that lead to the 700 sq. foot deck with lights.

The master has a Juliet balcony, fireplace, wet bar and refrigerator. The master bath boasts three sinks, jetted tub, dual shower heads and heated tile floors.

This is a show piece, come and indulge yourself. Call Karen at 425-308-3669 for your private showing.

 

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Displaying blog entries 71-80 of 107