Don Kenney, Associate Broker
Windermere Real Estate/Northwest, Inc.
2636 NW Market Street Seattle, WA 98107 | Direct: 206-910-0732 | Office: 206-789-7700 | Email: dkenney@windermere.com
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Tax Credit Buzz
Posted on February 9, 2009
Congress has placed into the huge stimulus package being considered a $15,000 tax credit for people who buy principal residences in 2009. Previously the credit was for first-time buyers, capped at $7,500 and had to be repaid over time. See the Seattle P-I article from Feb 4 for further details. Reportedly, this $15,000 tax credit could be taken over two years and would add some nice incentive to buyers on top of low interest rate and current buyer's market in Seattle and nationwide.
In other news, spring must be just around the corner, last night's snow notwithstanding!
Post a Comment : Author: Don Kenney
A Word for Buyers
Posted on February 2, 2009
Be sure to keep in close touch with your lender in the next several months. There are changes coming to lending standards and practices that may affect your purchasing power in the future. Case in point, this Wall Street Journal article on a new system of setting FICO scores: http://online.wsj.com/article/SB123319739410727467.html
Also coming soon is a new Fannie Mae & Freddie Mac program of "risk-based pricing" for loans, which will rely in part on a matrix of credit score and loan-to-value ratios to determine the price of mortgage products for individual borrowers.
Even if you are a couple of months away from making a purchase, communicate with your lender contact on a regular basis so that you are informed to future changes like these.
Post a Comment : Author: Don Kenney
A Word for Sellers
Posted on February 2, 2009
Anecdotal evidence suggests that there may be a small surge of properties hitting the market in Seattle this spring. In several zip codes, December showed a drop-off of listed homes not related to sales taking place (the pace of sales in December was sluggish). This could be attributed to listing contracts expiring or being cancelled with the aim of "trying again in the Spring".
If true, this could mean that sellers may want to shoot for listing their homes earlier in the season -- late February or early March -- to precede any surge of homes coming on the market. The downside to this is that you won't have the benefit of blooming flowers and trees to complement your home. The upside is that you may be on the market with fewer properties competing for buyers in a buyers' market.
Post a Comment : Author: Don Kenney
The winter market = opportunity!
Posted on November 18, 2008
For buyers: fewer people are looking for homes in the winter months, meaning buyers may have less competition for the very desirable properties that routinely come on the market. Moving in the winter may also be cheaper, as moving companies can offer lower prices to off-set a seasonally slow work schedule.
For sellers: though the conventional wisdom is to take a house off the market during the winter, doing just the opposite may yield nice results. As homes start coming off the market (as is happening right now), there are fewer listings competing for buyers' attention. Winter buyers are typically more serious, so it will take fewer showings to make a sale.
Post a Comment : Author: Don Kenney
New Loan Limits = A Boon for Buyers
Posted on November 11, 2008
Exciting news from our local mortgage consultants: Effective December 1, 2008, new Fannie Mae/Freddie Mac conforming loan limits are changing and will likely be more favorable for buyers in the next year. This bump up should allow buyers more flexibility and affordability in a buyers' market. Currently, rates are hovering around 6% and homeowners are often eager to work with qualified buyers to sell property during the slower winter months.
One other piece of good news to counter the highly-negative media coverage of real estate: a recent article in Smart Money pointed to some positive signs in real estate and listed Seattle as one of the cities in the best shape for a rebound. It is interesting reading and offers some encouragement: http://www.smartmoney.com/personal-finance/real-estate/Now-for-the-Good-News-on-Home-Prices/
If you have more detailed questions about mortgage qualification or current programs, I would encourage you to contact these brokers, who have done nice work for many people:
Dave Craig, Windermere Mortgage Services
206-706-1300
Post a Comment : Author: Don Kenney
A Silver Lining
Posted on October 20, 2008
Amidst the uncertainty swirling around the general economy and local real estate market, some positives are being lost in the media noise. I have had numerous people ask me lately whether buyers can even get a loan these days. The answer is a resounding "Yes!". While some banks were caught up in the subprime mortgage problem, many others such as Homestreet Bank chose to be more conservative in their lending and find themselves in a strong position in the current market.
Here are some positives for buyers to know:
1) FHA loans are more prominent these days and available to buyers with good credit and some down payment.
2) Even with the recent volatility in loan interest rates, they are still near historic loans from a long-term perspective.
3) Current market inventory is high and there is a ripe buyer's market in play. There are some truly good deals out there that many of us haven't seen in years.
With the current media frenzy of bad news, it is important to keep some of these "silver lining" notes in mind.
Post a Comment : Author: Don Kenney
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