Affordable Housing Plan

The city of Seattle has proposed a tax exemption for developers if they set aside a certain percentage of units in their developments for lower income families. This plan is to encourage lower wage-earners to live in the city versus moving to a cheaper location. All of the details of the proposed plan are in this article from The Ballard News Tribune.

Read the full article here.

Seattle home prices fall 1%

The Puget Sound Business Journal reports that Seattle home prices fell 1% in February and are down 2.7% for the year. While this is movement, it's not the drastic price drops many buyers are waiting for. As I've said before, expect prices in the Seattle area to remain fairly steady. If you are mentally and financially ready to buy a home...don't miss out on a great opportunity for minimal fluctuations in price.

Read the full article here.

Have $2.5 million laying around?

The "Sleepless in Seattle" houseboat on Lake Union is for sale. It can be yours for the mere price of $2,500,000! This home was used in the filming of the famous movie starring Tom Hanks. It is one of the larger homes on the lake and has incredible views from most places in the house. I toured through it yesterday and feel it needs some updating on the interior. I'm very interested to see how fast it sells and for what price.

Read the full article here.

Dog Friendly Parks in Seattle

Okay, dog-lovers! Here is a link to some of the more popular "off-leash" areas in Seattle. I'll add the link to the right-hand column so it's easy to find later on.

Click here to see list of Seattle area dog parks!

National Pulse

This Seattle PI article explores the possibility of a bottom for the housing slump. It has a great explanation for how we got to this point and how the real estate cycle works. Enjoy!

Read the full article here.

Urban Growth Plan

I found this article fascinating! The Puget Sound Regional Council recently updated their plan to steer urban growth to major Puget Sound cities. The plan, called Vision 2040, is designed to slow urban sprawl and concentrate future population growth and, "speed up downtown renewal." According to the article,

The plan would locate one-third of those new residents in the region's five largest cities: Seattle, Bellevue, Everett, Tacoma and Bremerton. Smaller cities would take 41 percent of the growth, and areas outside cities 28 percent.

News like this suggests that property in the city will only grow more scarce and more valuable at the same time. If you're looking for a solid and trustworthy investment, Seattle real estate deserves a hard look.

Read the full article here.

Rent High for Seattle Apartments...

This Seattle PI article discusses the impact of the current housing market on the rental market. Vacancy has crept up a bit this Spring but is still at a historically low level. The average price of rent is at an all time high for the Seattle area.

Read the full article here.

National Market Watch for March

Here's a Seattle Times article reporting on the national market for the month of March.

While the national housing market continues to correct itself from the frenzy of the boom, King County is faring considerably better. Like any commodities market, the real estate market is cyclical. Homeowners and potential buyers should look at this just as if they had shares of stock that were in a down period. If history is our guide, we know eventually the market will begin to rise again.

Read the full article here.

Pricing your Home

This is a list from the Washington Post on tips for pricing your home when selling:

• Don't base the price on what you paid or what your neighbor got a few years ago.
• Do examine the prices of homes for sale in your neighborhood, as well as the prices of comparable homes that have sold in the past three to six months.
• Don't pick an agent simply because he or she suggested the highest list price.
• Do pick an agent who offers a thoughtful explanation for the price he or she is suggesting.
• Don't go overboard with remodeling. Rarely can you recoup the cost.
• Do make minor improvements so your home is in as good as, or better, shape than the competition.
• Don't set your price based on emotional attachments and cherished memories.
• Do ask your agent to reassess the competitive landscape every few weeks to make sure your asking price is in sync with the market.
• Don't be stubborn. If weeks go by without any offers, the price most likely does not reflect the value of the home. It's time to consider cutting the price.
• Do be patient. You might have to wait longer for buyers to pull their money together now that lenders have toughened their standards.
— The Washington Post

Please feel free to contact me if you have any questions or want further advice on prepping your home for sale in today's market.

Growth in Ballard

A Seattle PI article about the changes seen over the years in Ballard. The neighborhood once known for being home to the blue-collar industrial working-class is slowly turning into a hip place to live. Recent developments and new retail shops have transformed Ballard into one of the hottest neighborhoods to live...and many people don't like it!

Read the full article here.

Updates to the Development Code

Here's an article from the West Seattle Herald that discusses some new updates to the city's zoning and development code. The city of Seattle forecasts 100,000 new residents in the next two decades. So one way they are planning on accommodating these future Seattlites is by allowing areas that are currently zoned multi-family to have an additional 5 feet in height of the structure built on the site.

This may not sound like much...but in a city that has no room to sprawl, every inch upward counts!

Read the full article here.

Problems for WaMu

This story will continue to develop and will affect the mortgage and real estate industry to some degree. WaMu is more or less scrapping their residential loan program. No longer will they loan money for mortgage brokers to make loans. It is unclear if a person can walk into a bank and acquire a loan directly from WaMu...though signs point to "no."

The following article from the Seattle Times outlines how WaMu fell and what went wrong.

Read the full article here.

Development in Greenwood

This is an older article that I feel compelled to post. It discusses a new mixed-use development near 85th in the Greenwood neighborhood of Seattle. It's projects like these that raise property values and make neighborhoods more desirable.

If you've considered living in Greenwood, it would be a good idea to buy before the project finishes and the neighborhood gains popularity.

Read the full article here.

Market Update for March

While the Seattle resale market is a bit softer than a year ago (prices down 2.2%), prices held steady from February.

A woman quoted in the article seems to capture the feeling of many prospective buyers. She said, "We're not in a rush, but if something good comes along we're prepared to get it. We're just going to see if something falls in our laps."

Nobody knows how long this current market will last...but it is much more conducive to buyers than the last few years. So if you're on the fence, don't wait so long that you miss your chance at a good buy without too much competition from multiple offers.

Read the full article here.

A Room with a View

For any current or prospective condo dwellers, this article discusses the premium price put on units and properties with a view. Whether it's a view of the city, mountains or water...everyone wants a great view and some are willing to pay for it!

Read the full article here.

A Fee for Grocery Bags?

This story isn't directly real estate related but might possibly affect shoppers within the city limits of Seattle.

City officials announced a proposal yesterday that would charge a $0.20 "green fee" per bag used at any store. That means a shopper must carry a reusable tote whenever they do their shopping or be forced to pay the extra fee.

Whether you live in Seattle or not, I would love to hear opinions on this idea. Is it a reasonable measure to combat extra waste? Or just plain ridiculous?

Read the full article here.

Fannie draws a line at 580

Fannie Mae announced it would now require a credit score of at least 580 for them to acquire a loan on an individual basis. Most of you know the credit score is an indicator of how likely a borrower is to pay back the loan.

Fannie Mae is in the business of buying loans from banks and other lenders. Usually, the loans they buy are in large groups to minimize the risk of default. In other words, it's less risky for them to buy several loans at a time and have one default...rather than buy one and rely on that borrower to pay back. This new credit score limit seems to be in relation to individually purchased loans.

All in all, this could affect some potential borrowers because their mortgage wouldn't be marketable to the largest U.S. home funding company.

Read the full article here.