Sammamish, WA

This updated rambler is set back on a quiet street in Timberline - one of the top neighborhoods in Sammamish! The open floorplan is 1340 s.f. and features 3 bedrooms, 1.75 baths on a 9,371 s.f lot! Many recent updates include - carpet, paint, six panel doors & white molding! The covered porch greats you… wood floors in the foyer welcomes you in. The living room is large and features a brick wrapped fireplace with gas insert and big windows overlooking the yard. Spacious kitchen with ample cabinet and countertop space. Adjacent dining area is light & bright and has vaulted ceilings and a slider opening to the deck - perfect for entertaining or BBQing. The master bedroom has “his & hers” closets. The master bath is completely remodeled in “top of the line” style with heated tile floors, double shower, new vanity & granite counters. Two additional bedrooms are very spacious. The full bath in the hall bath is oversized with a new floor. Large, entertainment sized deck looks out to the wall of green in the VERY private rear yard. Terraced beds and a large lawn make for a wonderful retreat - perfect for relaxing, gardening or play! Big laundry room w/sink & storage. Attached two car garage. Outstanding Lake Washington schools - Blackwell Elementary, Inglewood Jr High & Eastlake High.

 

Here is my nod to the opportunity for buyers in today's marketplace. I have decided that I don't want to participate in the conversation that is always being had. Is now the best time to buy, where do you see home values, etc. I know that for many out there it has become a conversation that they just can't stop having. Here is my official stance:

If it's the right time to buy or sell a home you want someone you can trust to help you through the process.

True home prices are still falling. When will we hit the bottom, I just can't say. Should I really be admitting that I don't know something. I believe that it's fair to say nobody knows when the market will turn around. The only way we will know is when we are looking in the rear view mirror. Along the lines of market commentary I will post a copy of a email that I received from Gerald & Linda Carruthers Home Loan Specialists from Countrywide Home Loans

An Opportunity of a Lifetime
Warren Buffet says, "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful." While Mr. Buffet was writing about buying stocks, the same can be said for housing today.
Housing issues have permeated the economy both locally and nationally. This week, one index that tracks housing prices, S&P/Case-Shiller Home Price Indices, indicated home values fell the most since 1968, declining 18.5% in December from the year before.
Looked at from a different perspective, this means home prices have fallen to levels not seen in six to twelve years, depending on individual markets. Following the Case-Schiller report was the report from the National Association of Realtors (NAR) recently. The NAR reported that home prices for the month of January fell by 14.8%.
The bright spot though in contrast was that the number of homes sold in December increased. Home buyers from coast-to-coast have been buying distressed properties at the rate of 45% of total sales.
Recognizing that now is the time to buy, everyone - from those looking to purchase their first home to seasoned real estate investors - is buying homes today. Bruce Norris, the head of an investment group in Southern California, expects to buy at least 100 homes this year as, "This is the buying opportunity of our lifetime."

Fundamentals Point to Strength
The basic fundamentals of the housing market point to higher prices ahead. Almost half of the properties being sold today are existing homes that are either owned by banks or homes on which banks are accepting short sales, allowing them to be sold for less than what is owed.
New homes or homes under construction are near all-time lows. The country's demographics point to more potential buyers coming into the housing market than projected inventory in coming years. This all points to higher prices on the horizon as demand will be greater than supply. This is supported by the fact that the inventory of unsold homes fell 2.7% in January.

Why Buy Now?
Three very important reasons to buy now are:

· Interest rates are near all time lows;

· Home prices have declined to levels not seen in years; and

• Qualified first-time home buyers are now eligible for up to an$8,000 tax credit.

Lower Prices Don't Always Equate to Lower Payments
One final point to consider. Even if you believe that home prices will continue to decline, it's very difficult to believe that interest rates will remain at these low levels. Did you know that even if home prices were to decline 10% but also during that time, interest rates available for home loans were to increase by 1.00%, your monthly principal and interest payment would actually be higher? It's true. So, if you are thinking of buying or the end of your lease is near, get busy and get in the game. To quote Mr. Buffet again, "If you wait for the robins, spring will be over."

I am not advocating that it is the best time to buy. As a matter of principle, I don't want to go there. There are personal factors that may effect your decision one way or the other, how is your job, do you have enough reserves built up, have you saved you down payment, are you planing a move in the next 3 years. This is why it is so important you to consult a trusted adviser to determine what your priorities are.

If your ready to make that move and have questions give me a call I am happy to help!

Dan Edwards - 206-818-8816 dedwards@northstone.net

Many of my home sellers have asked me what expenses will be incurred in the sale of their property. I can answer that question pretty quickly. Commission, Excise tax (1.78% in Washington State,) Title and half of Escrow fee. All of this seems pretty clear but I always notice a bit of confusion appear at the mention of Title Insurance. I explain that this is required to ensure you have right and ability to sell the home. Again I am met with confusion. I asked Lisa Privette my Title Rep for Commonwealth to give me some examples that I can share with you more about how and why title insurance is necessary. Here is a quick story of how no two title companies are the same

"Recently, we had a situation where the buyers went in to sign in escrow and discovered that a judgment had been put on the title a month prior. In order to close, everything on the title must be cleared. The buyer was unable to gain control of the property on that day. This was caused by the seller's agent not choosing Commonwealth for title. Originally title was opened by another title company but when it comes to closing the transaction Commonwealth was title company working the escrow. We had not received notice of the judgment. If the title had started through us, this would not have happened. We have what is known as a "fall-out" plant. What that means is that once title is opened with us, we continue to research it until it is closed. The title may be clear when it is first opened but if something shows up on the title, Commonwealth will find the new judgment or lien and notify the agent immediately. The agent then works with the seller to clear that off so they can have a smooth closing. The lesson to be learned here is that it is very important to make sure you know that the title company you are working with is a "fall-out" plant and continues researching your title. It is important to talk to your agent to ensure that they are looking out for you and being consistent with their title company. I may determine if you are able to either give or get keys on your scheduled closing date." - Lisa Privette

I have a great relationship with Commonwealth, they are professionals at all they do. All my sellers enjoy the security of knowing they will be able to get their moneys worth when it comes to the cost of purchasing a title insurance policy.

Opportunity Knocks

It seems that there may be a little something extra in my stocking this year, as the good news starts to show. Last Sunday's Seattle Times started my Christmas cheer by declaring that, "Opportunity Knocks!" With plenty of inventory and mortgage rates low Ron Lieber summates "Five or ten years from now.....we will look in the rearview mirror and realize that we missed a golden age for first time home buyers." The sugar plums are dancing in my head! I have always felt that buying a home shouldn't be attached to market ups and downs. The buying process is one that is about the home, not the investment potential.

However, with all that is happened this year, the Seattle area real estate future looks great. This was echoed in Forbes.com recent article titled "America's Best Long-Term Real Estate Bets". It discusses how more stringent building restrictions and better growth management plans prevents the market for overbuilding in boom times. I am not a betting man, and I like the term "long-term". I believe it is important for buyers to have a plan, save for a down payment, and don't buy a home that will stretch your budget. In addition, In Rhonda recent post at the MortgagePorter.com Rhonda outlines the feds actions and how they will effect long term interest rates. Right now we are seeing 4.875% rates on 30 year fixed! Ho Ho Ho!

This 1.9 million dollar home was built in 1989, and the furnishings were somewhat dated. The homeowners had it on the market in 2003 for eight months with no offers being made. Upon listing it again four years later, Debra Rowley staged this home by removing most of existing furniture, and reviving the rooms with contemporary pieces. A full price offer was made at the first open house, showing that the bones of a house can be excellent, but tired furniture distracts people's awareness of the initial beauty of its structure. Staging works!