Crunch time for 1st-time buyers...

We've reached the midway point in September and any potential 1st-time home buyer must get a home under contract soon or risk the possibility of not qualifying for the $8k tax credit. Average time to close a home from accepted offer to closing the transaction is about 45 days. Making an offer today and not experiencing any bumps in the road would mean closing at the end of October. Since today's lending market is the equivalent of a gravel forest service road, buyers are almost certainly going to experience at least a few minor bumps or delays. It's imperative to give yourself a cushion to close before 11/30/09.

Here's a Seattle Times article that discusses the countdown toward the deadline.

1st Time Buyer Alert!

Less than $200k for a cute townhome!

Extend and expand the 1st time buyer credit?

Rumblings about a possible extension on the 1st-time buyer tax credit have been growing lately. Let's hope the government abides by the old philosophy of, "If it ain't broke, don't fix it."

Unless of course they want to give all buyers even more money!

Here's a recent article from the Seattle Times about efforts to extend the credit and even raise the dollar amount.

Oh, Market...Where art thou?

So is the market really improving here in Seattle? Take a look for yourself. Decreasing active listings and rising pendings and solds suggest we're at a better place than last fall and winter.

Is your neighbor ugly?

Perhaps more importantly...is your neighbor's house ugly? If you're contemplating selling your own home, the appearance of the surrounding homes in your neighborhood can make a huge difference. A street lined with cute homes and manicured lawns is obviously more appealing than an adorable house in the midst of weeds and peeling paint on other properties.

This article from the Seattle Times looks at what you can do to encourage your neighbors to keep things looking presentable. In some cases, you may have to do the work!

Read the full article here.

A new twist on an old idea?

A local developer is building a brand new rooming house in Capitol Hill. The Seattle times writes, "The rooms are small — about the size of a parking space — but the project's developers say they fit the budget and lifestyle of young adults who might be working as baristas or $12-an-hour clerks in big-box stores."

Personally, I lived in some form of a rooming house for 6 years of college and graduate school...but I knew all of my roommates! Not sure if I could handle close quarters with strangers. Let's hope they all do their dishes...

While not my cup of tea, it is an interesting idea to provide affordable housing here in the city. Check out the Seattle Times article below to read more.

Read the full article here.

King County property taxes

Appealing King County property taxes has become a popular topic of discussion. In fact, the number of homeowners appealing property taxes in King as well as other counties have increased dramatically.

The reason for this is the sharp decline in market value for homes and the delay in how properties are assessed for taxable value. In short, comparable homes sold in 2008 are used to determine property values on January 1st, 2009 for taxes payable in 2010. So those who bought at the height in 2007 or early 2008 caused assessed values for many people to increase. Despite the actual market value decreasing 15% or more.

Below is a great article on the issue and some helpful hints on how to appeal your King or Snohomish County property taxes. If you would like up to date comparables for your house in order to appeal your assessed value...just shoot me an email and I can send them over.

Read the full article here.