Real Estate Information

As President 2007 of the Snohomish County Camano Association of Realtors I am proud to make this announcement thanks to the efforts of Senator Patty Murray (D) Washington.

As a State Board member of Washington Realtors I lobbied Senator Murray in Washington, D. C. in April at the National Association of Realtors HIll Day. FHA Reform was our TOP PRIORITY.

More low-income families will be able to buy homes under new legislation approved by the U.S. Senate today.

The bill lowers the down-payment requirement for a Federal Housing Administration mortgage from 3 to 1.5 percent, and increases the mortgage limit from $362,000 to $417,000. The bill now moves to a conference committee where the House and Senate will iron out differences in their versions of the measure.

"This exciting legislation comes at a time when rising home prices have pushed home ownership out of the reach of too many middle-income families," said Yakima Realtor Dennis Rose, the 2007 president of the Washington Realtors. "We appreciate the work Sen. Patty Murray has invested in this important policy because we understand what a huge impact it will have on working families."

Sen. Murray chairs the Senate Subcommittee on Transportation and Housing and Urban Development & Related Agencies. In April Sen. Murray brought together representatives of the Washington Realtors, the State Labor Council, Cascade Land Conservancy, Washington Mutual, Puget Sound Educational Services District, Sound Transit and others to discuss the effects of rising housing costs in the region. The senator since has worked for the passage of legislation to make secured home loans more accessible to low- and middle-income families.

The Washington Realtors' 2008 president, Jan Ellingson, said that although the legislation is partly intended to address the problem of sub-prime mortgages, in Washington the federal legislation will have a stronger impact in communities that have seen home prices rise in double digits over the last several years.

"Foreclosures in this state are less than one percent of all mortgages - about the same level as ten years ago," noted Ellingson, a Mt. Vernon Realtor.  "But over the last five or six years home prices across the state have risen more than 65 percent, pushing home ownership out of the reach of too many hard-working families. This bill recognizes the reality of home appreciation in strong markets like ours."

In the third quarter of 2007 home prices were higher than the previous year in 37 out of 39 Washington state counties. Eleven counties experienced double-digit price increases over last year. Over the same period, home price appreciation in Wenatchee led the nation, with similarly hot markets in Seattle and Spokane.

The House passed its version of FHA reform in Sept. The Senate today approved the reform bill 93 to 1.

 For more helpful information regarding Snohomish County WA real estate, please feel free to visit KarensVillas.com or call me at 425-308-3669.  To begin searching for Snohomish County WA homes, please use my complimentary MLS search.

Best wishes for a safe and happy holiday season!

As President 2007 of the Snohomish County Camano Association of Realtors I am proud to make this announcement thanks to the efforts of Senator Patty Murray (D) Washington.

More low-income families will be able to buy homes under new legislation approved by the U.S. Senate today.

The bill lowers the down-payment requirement for a Federal Housing Administration mortgage from 3 to 1.5 percent, and increases the mortgage limit from $362,000 to $417,000. The bill now moves to a conference committee where the House and Senate will iron out differences in their versions of the measure.

"This exciting legislation comes at a time when rising home prices have pushed home ownership out of the reach of too many middle-income families," said Yakima Realtor Dennis Rose, the 2007 president of the Washington Realtors. "We appreciate the work Sen. Patty Murray has invested in this important policy because we understand what a huge impact it will have on working families."

Sen. Murray chairs the Senate Subcommittee on Transportation and Housing and Urban Development & Related Agencies. In April Sen. Murray brought together representatives of the Washington Realtors, the State Labor Council, Cascade Land Conservancy, Washington Mutual, Puget Sound Educational Services District, Sound Transit and others to discuss the effects of rising housing costs in the region. The senator since has worked for the passage of legislation to make secured home loans more accessible to low- and middle-income families.

The Washington Realtors' 2008 president, Jan Ellingson, said that although the legislation is partly intended to address the problem of sub-prime mortgages, in Washington the federal legislation will have a stronger impact in communities that have seen home prices rise in double digits over the last several years.

"Foreclosures in this state are less than one percent of all mortgages - about the same level as ten years ago," noted Ellingson, a Mt. Vernon Realtor.  "But over the last five or six years home prices across the state have risen more than 65 percent, pushing home ownership out of the reach of too many hard-working families. This bill recognizes the reality of home appreciation in strong markets like ours."

In the third quarter of 2007 home prices were higher than the previous year in 37 out of 39 Washington state counties. Eleven counties experienced double-digit price increases over last year. Over the same period, home price appreciation in Wenatchee led the nation, with similarly hot markets in Seattle and Spokane.

The House passed its version of FHA reform in Sept. The Senate today approved the reform bill 93 to 1.

As we discussed last month, the rate of foreclosure is rising at breakneck speed all across America.  A few weeks ago I provided a link to an article full of great advice on how to avoid foreclosure.  This week I want to look at the issue from another angle – from the perspective of those looking to capitalize on the trend by investing in foreclosures and – they hope – selling them for a hefty profit.

While this seems like a great idea on the surface, considering the abundance of foreclosed-upon homes that are becoming available, potential investors should use caution and take the time to investigate what they may be getting themselves into when purchasing property at auction or from a bank.

As this article on RealEstateJournal.com details, there are caveats to investing in foreclosures.  If you are thinking of investing in a property with the hopes of flipping it for a quick re-sale, you should first consult an experienced Realtor to get a clear picture of the current real estate market in your area.  If homes are not moving off the market quickly, you could end up with a property that won’t sell and ends up costing you in the long run.  Also, some homes may come with major structural damage, hidden liens, or utility bills that need to be paid.  Since these properties generally cannot be inspected prior to purchase, it is important to decide in advance how much you are willing to invest in improvements over and above the purchase price of the property.

If you are interested in investing in Snohomish County WA real estate, please visit KarensVillas.com or call me at 425-308-3669.  You can also begin searching for Snohomish County WA homes here.

Nobody Know Washington Real Estate like a Washington REALTOR® (edit/delete)

Know The Facts - The foreclosure rates today are the same as they were 10 years ago.  Fewer than one percent of mortgages end in default in Washington state. As of mid-June, sub-prime, adjustable-rate loans represented 20 percent of loans nationally but just 6 percent of home loans in Washington.

You Ask Why - Home appreciation in Washington continues to be strong. Home prices have increased an average of 8% since the same time last year.  Interest rates continue to be low.  Our home market isn't keeping pace with the growth of the state's population, expected to increase 1.8 percent per year.  The state's population will increase by nearly one million over the present decade and reach 6.8 million by 2010 (Washington State Office of Financial Management).  The key to stability in real estate is balance - we currently have about a five month supply of standing inventory).  Six months is average.  We are not in a market where multiple offers pushes a home's value above what the market is going for - we are in a normal market.

The National Association of Realtors is working on FHA reform to modernize its effectiveness. 

We are working with our County and City officials to adopt policies that increase housing availability and more importantly, affordability.  We are making better use of our land by developing "up", i.e. Everett's downtown core is removating old buildings and/or building new buildings to create multi-use projects to include residential, apartments and retail all in one. The Everett Riverfront Project is one and the new Marina project is another.

As Washington REALTORS® our top priority is building communities that have a strong economy, attractive home choices, great schools and parks, safe neighborhoods and good transportation choices.*Washington Realtors Brochure.

As a Washington REALTOR® I am proud to be working and living in my State and honored to be President of the Snohomish County Camano Association of Realtors. Together we ARE WORKING FOR YOU.

http://www.karensvillas.com

http://www.washingtonmlssearch.net

karen@karensvillas.com

To learn more about this property or other Snohomish County WA real estate, please call me at 425-308-3669 or visit KarensVillas.com.  You may also email me at Karen@KarensVillas.com. 

To learn more about this home or other Snohomish County WA real estate, please call me at 425-308-3669 or visit KarensVillas.com.  You may also email me at Karen@KarensVillas.com. 

November was the National Association of Realtor’s Education Month. You have probably seen these letters – or as we in the industry like to call them, “alphabet soup” -after our names; however, what they stand for is EXCELLENCE in the industry. Fewer than 5% of all Realtors hold at least three of these designations. These are the coveted designations that I hold:

•  ABR – Accredited Buyer Representative
• CRS – Certified Residential Specialist
• e-PRO – Internet Certification by the National Association of Realtors®
• SRES-Senior Real Estate Specialist designation for agents specializing in properties for senior citizens.
• ACRE™ - Accredited Consulting in Real Estate
• CyberStars® - Allen F. Hainge CyberStars® meet high standards of professionalism, technology use, and client service. There are 1.5 million real estate agents but only 200 CyberStars. Each CyberStar is a proven leader in their market.
• RE/MAX Hall of Fame – Having earned over $1,000,000 in commissions in a seven year continuous period

You probably won’t recall what these all stand for the next time you see them on a Realtor’s business card, but all you really need to remember is that they mean the Realtor who bears these credentials is trained, experienced, and dedicated to standards of excellence.

To experience my commitment to service first-hand, please visit KarensVillas.com, or call me at 425-308-3669.  To begin searching for Snohomish County WA real estate, please use my complimentary MLS search.