Real Estate Information

Good news, the Puget Sound Market is improving. Read the story reported in the Everett Herald here.

We are finding that the $8,000 first time home buyer tax credit is stimulating the market.

Purchase now before the expiration of the tax credit - your purchase must close by November 30, 2009 to qualify.

If you need to search for properties visit: www.karensvillas.com.

Or if you would like to be included in my Home Buyers Scouting Report System, please email me at karen@karensvillas.com.  This service is for people who are wanting to see ALL the new available listings from ALL the real estate companies. You get online access 24 hours a day to a private website that includes prictures, prices, addresses and directions to every property--all for free! You even get "Quick Alerts" on every new property that comes up for sale without having to talk to a  lot of different agents. It puts YOU in control." You can save your favorite listings to your notebook, change your personal search criteria and request updates on photos and are notified of price reductions.

Sign up now for this FREE great service.

Looking for your favorite sweet corn, or those glorious beefsteak tomatoes? Look no further. 

Here is an inter-active map that shows all of the local farmers markets, showing days open, time, location and driving directions.

Let's support our local farmers. Enjoy our beautiful summer weather and our great surroundings.

For all your real estate needs, contact: Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO, RE/MAX Northwest Realtors, 425-308-3669 or visit my web site for more helpful information.

1.  Softened Prices Increase Home Affordability 

The most current survey, the Housing Affordability Index, from the National     Association of Realtors® shows housing is more affordable now than it has been in the last 70 years.

2.  Low Interes Rates

With interest rates lower than they have been in years it's a great time to lock in long-term fixed rates.  You will have the peace of mind knowing that you have made a wise financial decision taking advantage of historically low rates.  Once rates rise, you could potentially disqualify yourself from the home buying process.

3.  Large Inventory to Choose From

This is a "Buyer's Market". Combine low interest rates, plenty of inventory, and negotiable prices you will be able to select a home that exceeds your expectations.

4.  An $8000 Tax Credit Bonus

If you are a first time homebuyer (have not owned a home for the previous three years) and are making a purchase prior to December 1, 2009, you will receive a tax credit of up to $8000.  This tax credit is refundable....meaning if you had a tax liability of $2000 and received an $8000 tax credit, you will receive a $6000 check from the IRS.  It makes great sense to buy now and utilize this money for your closing costs.

5.  Mortgages May Cost More in the Future

Due to the mortgage meltdown, and risky loans that were provided, there could be potentially higher costs added to your mortgage, i.e. higher mortgage insurance premiums, and more closing costs making it difficult for you to qualify. Buy now while loan costs are still affordable.

6.  If you're Pre-Approved to Buy, Act Now

If you are employed, have an acceptable credit socre and have cash in the bank for a down payment, now is the time to buy.  Once you make loan application the key is to keeping your credit clean, now is not the time for big ticket purchases. Follow the advice of your mortgage lender until closing day.

7.  Home Ownership Creates Long-Term Financial Stability

Historically Americans who purchase their own homes create long-term wealth than those that don't.  Remember the word "long term wealth", appreciation and the compounding affect of building equity will make you more wealthy in years to come.

Buying your first home is a major step, be sure to contact your local REALTOR® for all the best advice and guidance you can receive. We are trained and educated and prepared to help you through this wonderful adventure.  Your REALTOR® will be with you every step of the way.

For more information contact: Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO, RE/MAX Northwest Realtors - 425-308-3669 or karen@karensvillas.com.

For lending information contact:  Ken Allen, MetLife Home Loans - 425-670-2418 or ken@kenallen.com.

Visit my website for more helpful information at www.karensvillas.com

     PRESS RELEASE FROM WASHINGTON REALTORS

            OLYMPIA, Wash. – The state Legislature has approved a strategy to help first-time home buyers come up with a down payment on a new home. The Legislature authorized a public/private partnership to provide for a “Tax Credit Advance Loan Program” in an amendment to the state’s general operating budget, which now awaits the governor’s signature. The Tax Credit Advance Loan Program, the first of its kind in the nation, is the result of a partnership of the Washington Realtors, Washington State Treasurer’s office, and Washington State Housing Finance Commission.

The approved budget brings the program one step closer for first-time home buyers, who would be able to use the recently approved federal tax credit at the close of a home sale for a down payment or closing costs.

 "If this down payment program can be put in place, it will remove one of the biggest roadblocks to home ownership for first-time home buyers," said Greg Wright (Chelan), Washington REALTORS® President. "Down payment loans would open the door of home ownership to thousands of hardworking families that have had their part of the American Dream delayed. Combined with lower home prices, some of the lowest interest rates in history and the wider variety of homes available, this is a win for families in Washington and a key to our economic recovery.”

 The program authorizes the state treasurer to deposit $25 million in a financial institution, which would then open a line of credit for the Washington State Housing Finance Commission (HFC).  The HFC would use that credit line to pay for down payment loans to first-time buyers. Buyers repay the advance loan after filing for and receiving the tax credit.  Washington Realtors are partners in the program and will provide up to $400,000 for deposit in the program account. The HFC would draw from those funds in the unlikely event of default by the borrower. Borrower eligibility, loan underwriting standards and other outstanding issues will be finalized when the budget is approved by the governor.

By putting the tax credit into the hands of first-time home buyers when they need it most, the program also would jump-start the state economy.  According to a recent Washington Research Council study, every 1,000 home sales to first-time buyers generate 711 jobs and pumps $112.4 million into the economy.  Every first-time home sale generates $11,100 in state and local tax revenue.  

After the buyers return their federal refund the HFC can turn funds around and provide assistance to other buyers. The Tax Credit Advance Loan Program would leverage the state investment by revolving the funds as many as three times before the tax credit expires, reaching up to 9000 first-time homebuyers. The availability of these loans would expire at the same time as the federal tax credit, on November 30, 2009. 

      “The $8,000 tax credit opens a window of opportunity that may never be seen again," said Wright. "The state’s budget and this new partnership could help bring the opportunity for home ownership to families throughout our state who have been waiting to buy. For half of first-time home buyers, a down payment is all they need.”      

State partnership finds way to turn federal tax credit into down-payment assistance.

OLYMPIA, Wash. - The Senate Ways and Means Committee last night unanimously approved a measure designed to help first-time homebuyers come up with a down-payment.  The committee adopted the measure as an amendment to the proposed Senate biennial operating budget.

The proposal would make the $8000 federal tax credit for first-time home buyers available at the closing of a home sale instead of when a buyer files a tax return. Homebuyers would repay the $8000 after filing for and receiving a tax refund. The amendment creates a Tax Credit Advance Loan Program and authorizes the State Treasurer to deposit $25 million in a financial institution giving it the ability to open a line of credit to the State Housing Finance Commission to provide the down payment loans. The deposit would not deplete state funds, but would provide liquidity for the financial Institution to lend its own funds. 

The program is the first of its kind in the nation and would work as follows:

·        The State Treasurer’s Office would make an off-setting deposit in an FDIC-insured short-term
 account with a selected financial institution. The investment would earn a low interest rate to 
 stay fully insured under federal guidelines.

·         Realtors and other stakeholders back the loans with funds to provide security against losses.

·        The financial institution provides the Washington State Housing Finance Commission a line of
 credit to advance up to $8000 to qualified first-time home buyers for a down-payment.

·         Buyers repay the advance loan after filing for and receiving the tax credit.

            The amendment is the result of the efforts of the Washington REALTORS®, Washington State Treasurer’s office, and Washington State Housing Finance Commission. State Treasurer James McIntire wrote the budget proviso and is helping to advance the measure through the state legislature. 

State Sen. Steve Hobbs (D-Lake Stevens), who offered the amendment, said that using the $8,000 tax credit to help first-time homebuyers make down payments could help jump-start the economy. Hobbs noted that home purchases have a significant impact on the retail and banking sectors of the economy and on state and local coffers. “In this recession we need to find new and innovative ways to stimulate the economy. This proviso will slow the decline of our housing market and stimulate the economy,” Hobbs told the Senate Ways and Means Committee.

"Down-payment assistance to our first-time home buyers is the key we need to unlock economic activity throughout the state," said Greg Wright, President of the Washington Realtors. "This tax credit is new money that we can put to work now to help the housing market and ignite economic action statewide." According to a study by the Washington Research Council, each home sale by a first-time buyer generates $11,100 in state and local tax revenue. Every 1,000 home sales generate $126 million in general economic activity, supporting 711 jobs.

           The goal of the program is to get the money to buyers efficiently and return the federal refund quickly so that the HFC can turn it around to provide more assistance.  The funds may revolve as many as three times before the tax credit expires, reaching up to 9000 first-time homebuyers.  These “bridge loans” would expire at the same time as the federal tax credit, on November 30, 2009.  All of the bridge loan funds return to the state system by early 2010 to use for capital projects in 2010-11.

            "With homes at affordable prices and interest rates at historic lows the $8,000 tax credit opens a window of opportunity that may never be seen again," said Wright, a Chelan Realtor. "The Senate’s budget helps bring that opportunity to families throughout our state.”

            Lack of a down-payment is the only barrier to home ownership for up to 50 percent of first-time home buyers, according to J. Lennox Scott, Chairman and CEO of John L. Scott Real Estate.  A recent study by the Federal Reserve Board showed that home ownership for people 35 years and younger increased by as much as 43 percent when a primary mortgage was combined with a down-payment assistance loan.

            "First-time homebuyers are the most critical to the recovery of the housing market and our overall economy, because their purchases set off a chain reaction of buying and selling," Scott explained.  "The first step toward stimulating the state housing market is making the federal tax credit available at the closing table and increasing down-payment assistance."

There will be special advertising in the Everett Herald, for all REALTOR® listings.  REALTOR® balloons, buyer handouts will be available explaining financing and most especially information on the $8000 tax stimulus for first time home buyers (defined as anybody who has not owned a home in the past three years.)  Particularly, there will be information for buyers who have  already filed their tax return for 2008, so they can amend that return for the tax rebate this year.

Given the lowest interest rates in 50+ years, a tax rebate of $8000 and plenty of inventory to choose from buyers are at an advantage. 

So Washington buyers, get ready for a great weekend of shopping. Look for the real estate signs with the REALTOR® balloons and get educated on our market. You don't want to miss this event.

Feel free to visit my website to learn more or call Karen Schweinfurth, 425-308-3669 for more information.

Karen Schweinfurth, ABR, CRS, SRES, e-PRO, RE/MAX Northwest Realtors, Mill Creek, Washington

The program, sponsored by the base's Fleet and Family Service Center and Child and Youth Programs help kids in military families understand their parents' roles in servng their country.

Navy firefighters manned a learn-by-doing station and children got to use the extinguisher to put out flames coming from a grill-like device.  A nine year old was climbing the many stairs aboard the ship and exclaimed "I get seasick". Some completed a half mile run and some were working with the military dog handler.

Capping the ship's tour was a mock homecoming.  The children lined the deck waving to their parents pretending to be heading back to port.

"Camp Deployment" is in it's second year and helps families understand what happens when their loved one sail off.  Also the children see they aren't the only ones missing a parent that deploys. A sort of camaraderie.

The Everett Naval Station, the Jewel of the Military, proudly is home to the USS Abraham Lincoln and the USS Shoup.

Beginning, Wednesday April 1 - 30 begins the 26th Annual Tulip Festival in Skagit County, WA, just a short ride from Everett.

In addition to the hundreds of acres of tulips and spring bulbs there are other attractions.

Take a boat tour through the turbulent waters ofDeception Pass, see Orcas Island. Visit the many restaurants in the area, especially visit LaConner, a little waterside village with darling shops, fun bars and fabulous waterfront restaurants.

Here are some of the activities that you and the family can enjoy. The best part is seeing all the tulip fields from the highway, just acres and acres of color. The cool March was perfect for these blooming beauties to pop sometime in April. During the first few days of the festival there are "early tulips" and, of course, the daffodils for your viewing pleasure. Before you plan a trip, check out the Bloom Map to make sure all the darlings are at full bloom.

So come on, and "Tiptoe Through The Tulips" and have fun doing it.

The Snohomish County Camano Association of Realtors® held it's Annual Installation and Awards Banquet recently at Floral Hall in Everett, WA.

It was time to install new offices and recognize Realtor® members for their contributions to the Realtor Association over their tenure.

Beth Cooper was installed as our new President.  The Board of Directors was also duly installed.

I was humbled to receive the "REALTOR® of the Year 2008" Award from last year's winner, Paul Chrysler. It certainly is an honor to follow in the footsteps of the previous winners.

Hope you find these tips helpful.

Sign up at emergencyemail.org to be notified by phone, email or text when dangerous weather is approaching.

Emergency Kit Must Haves: One gallon of water, per person per day, canned food items and kids' favorite nonperishable treats, manual can opener, battery powered radio or tv, flashlight and extra batteries, whistle to signal for help, change of clothing for each person, several blankets or sleeping bags, toilet paper, personal hygiene items and garbage bags for disposal, first aid kit and supply of prescription medications, matches in a waterproof container, a tool kit, local maps, cash or traveler's checks

Critical Data: Keep these documents safe and accessible in a waterproof container in your emergency kit or burn copies onto a CD:  wills, insurance policies, mmortgage/property deeds, bank account and credit card numbers, passports, military records, social security cards, birth, marriage certificates.

Don't forget about your animals:  Divvy up duties, who will crate the cat or grab the dog, write out your plan and stick it inside the parntry so you'll know where to look. Give an extra set of keys to a friend who will rescue your pet in case you are not home on evacuation day.  Have your vet insert a microchip under your pet's skin.

Keep your emergency bag in a handy place where it can easily be accessed. Check it twice a year--when you set your clocks back and ahead.

Above all keep calm and keep the family and pets together.