Real Estate Information

The members of the Snohomish County-Camano Association of REALTORS® are committed to giving back to the communities in which they live, raise their families and derive their incomes. We provide community service, both individually and as a group, donating money talent and time to many worthy causes. The philosophy of our Association is that as members of this community, and as real estate professionals we are on the front lines to provide affordable housing. Since there is a lack of affordable housing for those above the poverty level, there certainly is an even greater need for those under the poverty level.

The Snohomish County REALTOR® Homeless Endowment Fund was established in 1991. The fund provides rental security deposits and emergency housing vouchers to individuals and families in need of housing. Many families or individuals qualify for a rental, but need assistance with the security deposit so they can get into their new home, and who otherwise might be homeless.

The Volunteers of America Western Washington screen the tenants, set up a no interest loan and repayment plan, provide casework services and counseling. The Association, upon receiving a signed note, writes the check directly to the landlord. The tenant repays the loan on a payment plan which takes into consideration their particular financial situation. Since the fund started operating in September 1991, we have raised over $550,000 and assisted over 4000 families.

This year's event will be a little bit different   The 2009 Homeless Endowment Fund Gala will be held at the Everett Train Station. It will be an elegent evening which will include; A High End Silent Auction Lip Reader Palm Reader Magician Live Band Gourmet Hors D'ourves 2 Local Wineries A Local Brewery Opportunity to win a one carat Diamond!

While the Homeless Endowment Fund Auction has been an SCCAR tradition for the past 18 years, this is the first ever SCCAR Homeless Endowment Fund Gala. Because this is a more intimate, upscale event space is limited. Make sure you reserve your tickets as soon as possible.

As Past President 2007 of this Association, I can tell you we are so proud to assist the Volunteers of America Western Washington in a worthy cause.

Great news today. The IRS has revised it's Form 5405 that allows a first time homebuyer to get a tax credit for $8,000. The most important change is they can claim it on their 2008 TAXES!

That's correct, if you purchased a home in 2009 you can check a box that states you are collecting the $8,000 credit on your 2008 taxes and get the money immediately.  If you have already filed your return for 2008, you can use this form to amend your return and re-submit. You will get your tax rebate in a few weeks.

The caveat, you must not have owned a home in the last three years and need to buy a home between now and December 1, 2009.

This is great news, buyers. Get that cash that you need NOW instead of waiting.

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

Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.

For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit. This important change gives qualifying homebuyers cash they do not have to pay back.

The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.

This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

For All Your Real Estate Needs contact: Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO, ACRE, RE/MAX Northwest Realtors, Mill Creek WA -425-308-3669 or visit my web site

 In the world of real estate, there can be an overwhelming amount of items on the agenda. Having the assistance of those in the industry can be a big part in accumulating the right information to making the crucial decision. The path to home ownership is a great accomplishment that will also make for additional responsibilities. Many homes will also require repairs or remodeling. Washington and Snohomish residents seeking to buy or remodel a home built prior to 1980 should be aware the potential for asbestos laden materials remains a possibility.

This by no means should make you incredibly frightened because exposure to asbestos can be easily avoidable by undertaking simple measures. There are now many eco-sustainable options that make the use of asbestos obsolete. Located on the Pacific Northwestern part of the United States, industries such as chemical plants, paper mills, shipyards and oil refineries heavily used asbestos due to its intrinsic flame resistant and durable qualities.

It should be known that not all asbestos is considered harmful. In most situations, asbestos that is in good condition should be left un-disturbed. If its damaged fibers become airborne, long term exposure can cause pleural mesothelioma, a rare but severe lung ailment. Although significant progress has been made with mesothelioma treatments, many variables affect a patients prognosis. These include age of diagnosis, latency period and cigarette smoking.

If you locate any suspected asbestos, most experts advise to leave it alone. A home inspector can determine the validity of toxicity present. In most cases, the best action is no action in regards to asbestos. However, if removal is necessary, it must be performed by a licensed abatement contractor who is trained and licensed to deal with hazardous materials.

Fueling many aspects of life in Washington, environmental sustainability is on the minds of citizens of Snohomish County. Citizen based environmental advocacy organizations such as Environment Washington push independent research and a tough minded approach to tackle Washington's special interest groups.

With a constant progression in technology and green ways of construction, these methods will produce a healthy lifestyle and save you money. One the removal is complete, green insulation options should be given serious consideration, such as: cellulose, cotton fiber and lcynene. Statistics show that the lcynene foam, for example, can cut energy costs by about 25 percent annually, according to studies done by manufacturers. The implementation of healthy construction materials is also allowing less waste going to the nation's already crowded landfills.

 For more information contact:

Jesse Herman
Mesothelioma Cancer Center
jesse@asbestos.com

Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit.” Loans above this limit are known as jumbo loans.

The national conforming loan limit for mortgages that finance single-family one-unit properties increased from $33,000 in the early 1970s to $417,000 for 2006-2008, with limits 50 percent higher for four statutorily-designated high cost areas: Alaska,  Hawaii, Guam, and the U.S. Virgin Islands. In 2008, legislation was passed that temporarily increased the one-unit limit to up to $729,750 in certain high-cost areas in the continental United States. That legislation, the Economic Stimulus Act of 2008 (ESA), applied to loans originated between July 1, 2007 and December 31, 2008.

Loan limits for mortgages originated in 2009 are set under the provisions of the American Recovery and Reinvestment Act of 2009.  Under that legislation, loan limits for 2009-originated loans are set at the higher of the 2008 limits and those that were originally announced for 2009 under the terms of the Housing and Economic Recovery Act of 2008.    It appears that rates for Snohomish county will be increased. Please check back for updated information as it happens.
 

Here is a chart of what we currently have:

                              1 unit          2 units     3 units     4 units

Clark County WA           $ 418,750       $ 536,050    $ 648,000    $ 805,300  

Jefferson County WA    $ 437,500       $ 560,050    $ 677,000    $ 841,350  

King County WA            $ 567,500       $ 726,500    $ 878,150    $ 1,091,350  

Kitsap County WA         $ 475,000       $ 608,100    $ 735,050    $ 913,450  

Pierce County WA         $ 567,500       $ 726,500     $ 878,150   $ 1,091,350  

San Juan County WA    $ 593,750      $ 760,100     $ 918,800    $ 1,141,850  

Skamania County WA    $ 418,750     $ 536,050     $ 648,000     $ 805,300  

Snohomish County WA $ 567,500     $ 726,500    $ 878,150     $ 1,091,350  

Although home loan rates are very attractive now, the picture could be quite different as some inflationary factors will likely come to light heading into summer. 

Oil prices may be on the rise as we approach the summer driving season, some of the economic stimulus might begin to take hold, corporate cost-cutting measures could start to bear fruit, and, perhaps most importantly, the Fed will no longer be a buyer of mortgage bonds. 

These are all ingredients in a recipe that could very easily result in significantly higher interest rates this summer. If you have been thinking about acting on a home loan, this may be the best time.

Homes are on sale, sellers are motivated and interest rates are at historic lows...but things may not stay that way, which means it makes sense to get moving on that home purchase or refinance you've been contemplating. 

But if you are among one of the smart individuals who are going ahead and taking advantage of the low home loan rates to be had right now, there are a few things to be aware of.

With interest rates at record lows, lenders have seen a sharp increase in loan applications - just at the time many lenders have cut headcount to save money in a challenging economy.  This means that time frames needed for underwriting, approvals and closing have become longer than normal.

Consider loan locks to ensure that your loan file has time to be processed, underwritten, approved and closed in time to protect the rate lock in this volatile climate.

Respond quickly to requests for information or documentation. The faster the file is submitted and approved, the better off you are to keep your rate protected.

Finally, be aware that it may be a smart idea to pay points to gain the best interest rate.  Ken has a special program that he can address with you.  Using seller paid costs to lower your rate a quarter or half percent can lower your payment by a couple of hundred dollars.

After a RE/MAX office meeting last week, word out of our Seattle office is that the Seattle market is "heating up", multiple offers are being seen and inventory is being eaten up. 

 Typically, that activity moves North up to Snohomish County within a couple of months.

While I was showing homes to buyers this past week I noticed an increase in showings as agents were standing in line to show properties I was in.

Once the inventory is diminished we should see the prices increase and sellers will be less willing to negotiate.

The time to act is now before the market takes an upswing.

For ALL your real estate needs, call Karen Schweinfurth 425-308-3669 and visit my web site at www.karensvillas.com

Here are some commonly overlooked tax deductions.  As always, please check with your tax professional:

$250 of education expense of college tuition

Student loan interest paid by mom and dad

Out-of-Pocket Charitable Contributions

Moving expenses to take first job

Military Reservist travel expenses

Child care credit

State tax on income respect of a descendent

State tax you paid last Spring

Refinancing Points

Reinvested dividends

Jury pay paid to employer

Pay off debt with a home quity loan rather than credit cards

Contribute old clothes, furniture and other items to charity

You can write off mileage you incur for charitable organizations

"Bunch" deductions together to overcome "floors" or minimums

Remember that job searching expenses are deductible

Keep track of investment expenses

Remember business supplie or business-related gifts

Tax planning advice is deductible

Special medical equipment or treatments are deductible

Self-employed owners may be able to deduct the costs of hiring their children as workers

This year when sending out your Christmas/Holiday cards please send one to this address:

A Recovering American Soldier, c/o Walter Reed Army Medical Center, 6900 Georgia Ave. NW, Washington, D. C. 20307-5001

If we pass this along, think of how many cards these special people that have done so much for this country would get.

Send an email to your clients, post it on your blogs, tell everyone. This is what the holiday season is about, giving thanks, remembering and honoring all.

I recently lost my 23 year old nephew to a horrific accident two weeks ago which took me to my home in Erie, Pa. After spending two weeks there helping the family, this event has certainly changed my life and the lives of my children.

We are celebrating the holidays together remembering, sharing a meal and being thankful for all we have. We have decided to not buy gifts for each other but give to the needy this year so I will be preparing a meal for the mission and women's shelter and delivering gifts and clothes.

Remember, it's about others that have less then us. Happy Holidays to you and yours.