More than 15 states are projected to experience housing inflation or appreciation during the year, according to Housing Predictor, which releases an annual report of its choices for best and worst housing markets.
The top five housing markets are:
1. Portland, Maine
2. Kansas City, Kan.
3. Tri-Cities, Wash.
4. Omaha, Neb.
5. Fargo, N.D.
While I enjoy having a Home Owner Association and all they do for my neighborhood I really don’t like dealing with them. I’m a pretty normal person, with normal taste in paint color. We keep our yard nice and clean because it’s a reflection of us, not because we have to. I dislike having to get approval on the paint color of our house or to build a new deck cause I feel like it’s my house, I should be able to do what I want. But then again, that’s because I’m normal.
So I was not happy when we received a notice that we had moss in our driveway, because we didn’t. I had to request a hearing, get on the monthly agenda at the board meeting, take pictures of our driveway showing no moss, and attend this meeting to simply ask was there a mistake? We had no moss but our neighbor across the street did. Well after an hour and a half at the board meeting I still didn’t know what would happen with our violation. They vote on the violations at the end of the meeting, whenever that is. I had to leave but they told me they would let me know if I had to pay a fine or not. Great.
While I agree I am no more important than anyone else in our neighborhood and I need to follow the rules like everyone else, this just seemed to be a waste of my time. But since I didn’t want to pay the fine, I had to go through the motions to get it cleared up.
So the point of all this, if you are looking at a home that has a homeowners association talk with the neighbors and see how particular they are. Most of the time they are fine and they do great things for the neighborhood, until you have to deal with them!
The really big McMansions are quickly becoming the housing equivalent of “harvest gold” or “avocado green” appliances as more Americans are going for smaller residential footprints, according to a new Relocation.com consumer lifestyle survey.
Nearly half the respondents of the survey said their ideal home size would range from 1,000-1,999 square feet. Nearly three of every ten buyers (29 percent) prefer homes that are 2,000 to 2,999 square feet. Only 2 percent reported a home would have to be larger than 5,000 square feet to match their ideal residence.
Five years ago, the average home’s size was 2,400 square feet — about 400 square feet larger than what is desired today — according to the National Association of Homebuilders (NAHB). Relocation.com conducted the survey to gauge lifestyle factors that drive moving and relocation decisions in the U.S. Read more
Rates Are Going To Rise – Should You Refinance Now?
So here’s the question. You want to lower your mortgage interest rate to lower your monthly payment. Who doesn’t right? But should you do it now with rates so low, or wait to see if they are going to go even lower?
Refinancing can save you a ton of money, but you need the straight scoop before moving forward so you can make the best decision. Let’s face it, I’d love to help you sell your present home and find one that more closely matches your current needs.
However, for many of my clients, selling may not be the best option at this time. True to form, we are here to serve as a resource any way we can . . even if that means helping you stay in your present home.
Home refinancing is a great option for people looking to lower their monthly payments, get money for home improvements, consolidate debt from high-interest credit cards, switch from an ARM to a fixed-rate mortgage, or even avoid foreclosure.
Low rates may be ending soon
Interest rates are still at historic lows, but the end may be in the near future. That’s why now is the best time to investigate your options, whether it’s selling or refinancing while you can still save a pile of dough.
3 things:
Understand lender fees and points – Discuss and ask questions regarding lender fees and points on your new loan. Really check for surprises, such as last-minute closing costs or higher than expected interest rates.
Don’t get busted paying off early – Depending on the contract details, some mortgages have penalties for prepayment. Tip: in some cases, even if you have a penalty, it might still make sense to refinance based on the amount of money you’ll save.
Get a few quotes – Normally, I recommend placing as much or more importance on the person servicing your loan as their rates. However, shopping around for quotes from a variety of companies is a smart idea because each one will offer you something different. Comparing quotes and contract details helps you pick the best refi offer for your situation.
Let me know if you need the name of a good mortgage rep, or need a hand making sense of your refi quotes. Call me at 425-330-0663.
Ever thought of owning a truly unique piece of Washington real estate? The idea of a Seattle “track home” in a big development not doing it for you? Well the idea of welcoming dinner guests across a drawbridge may be romantic, but if your home is a European castle, the maintenance costs can be daunting.
Finding a castle anywhere is tough not to mention in Washington. In the 16th century there were around 7,000 castles in Scotland alone. The numbers of castles suitable for restoration have dwindled to a few thousand in Europe.
While there is no list of vacant castles Europe-wide, individual realtors such as Knight Frank offer listings. Currently on the market, Knight Frank is offering several castles, including the €1.9 million Castello di Brancialino in Tuscany, Italy. The oldest part of the Castello was built 1,000 years ago and the site includes a 12th-century church.
Malcolm Goodbody heard that a 15th-century Castle in County Galway, Ireland, was up for sale, he knew he had to have it. Read more . .
In 1950 you could buy a House: $14,500 and a new Ford car between $1,339-$2,262. What’s that have to do with the rest of this post?
Nothing really other than the fact that waiting can cost a lot of money. – When people decide to buy a home, monthly payments are usually an important factor. Underwriters look for borrowers to allocate no more than about 30% of their gross monthly income for a house payment. Said differently, this means if your monthly income is $4,000, you should keep your house payment under $1,200 a month.
What’s in your wallet . . or, How much can you afford? – How much house is usually comes down to home price, interest rate and down payment. The most important variable today and the one most at risk are rates. Home loan rates are still at historically low levels. But they can’t stay this low forever. Many experts feel home loan rates should really be higher than their current levels, due to some of the stimulus that has benefitted Mortgage Bonds. Right now homebuyers can get more for their money than they realize, but if rates go up even a little bit they could miss out.
Here’s a simple formula to make the point! – In simple terms, every 1% increase in loan rates reduces your buying power by 10% in home price. This means that if you qualify for a home priced at $200,000 today and home loan rates increase 1%, the amount you could qualify for would be reduced to approximately $180,000 to maintain the same payment.
If you’ve even thought of moving to a home that better meets your current needs, or if you are looking to buy your first home, don’t wait, don’t let this time pass you by. I’m seeing home prices starting to level out and even increase in many areas, but homes are still at incredibly affordable levels. By making a move now before home prices or rates increase, you can get more for your money and still get the payment comfortable to you.
As always, I’d be happy to answer any questions and help evaluate any scenarios that would help with your decision-making. Just call or email me today.
How many of these traits does your Realtor exhibit?
Experience matters. .
Let me tell you
How it will be.
There’s one for you,
Nineteen for me,
‘Cause I’m the taxman.
Yeah, I’m the taxman.
You guessed it – Lyrics to “Taxman” by the Beatles. Great song and I’m sure the boys were not thinking about tax issues relating to buying and selling real estate when they wrote the song (or maybe they were) hmmm.
We I always consider tax issues when it comes to real estate and I encourage my clients to do the same. Here are five questions you should ask about a property:
1. What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information.
2. How often are properties reassessed, and when was the last reassessment done? In general, taxes jump most significantly when a property is reassessed.
3. Will the sale of the property trigger a tax increase? The assessed value of the property may increase based on the amount you pay for the property. And in some areas, such as California, taxes may be frozen until resale.
4. Is the amount of taxes paid comparable to other properties in the area? If not, it might be possible to appeal the tax assessment and lower the rate.
5. Does the current tax bill reflect any special exemptions that I might not qualify for? For example, many tax districts offer reductions to those 65 or over.
Call me for more details about the “taxman” when it comes to real estate!
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