Sequim, WA

Sequim and Port Angeles home sales activity for the first three months of this year compared to last year is instructive. Here we have a graph of the number of single family homes listed for sale in the local MLS and expired or withdrawn in the first three months for 2008 and 2009 (only the Olympic Listing Service has all MLS listings for our area, the NWMLS only includes some of our local listings, so be sure you are searching with the OLS MLS).

That we have so many listings that have not sold, but have been removed from the market should be no surprise when we look at this graph showing how the actual sales of single family homes in the first three months of this year compares to the first three months of 2008.

Results from my informal 2009 Sequim Home Show survey. 23 People were surveyed.

1. How do you feel about the new President (Positive or negative)?

13 responded positive. 7 responded negative and 3 neutral.

2. On a scale of 1-10 how do you feel about the economy with 10 being good?

-5,2.5. , 2, 2, 1, 2, 1, 6, 8, -1, 4, 3, 1, 2, 3, 4, 4, 3, 3, 5, 1, 4, 4.

3. Will you be making a big purchase in the next 12 months?

16 Responded No, 7 responded Yes. 3 said they were planning on purchasing a home, 2 said furniture for the house, and 1 said a car.

4. Will you be doing any traveling this year?

18 people said Yes, 5 said No. Out of the 18 eight said they would be traveling domestically and six said they would be traveling abroad.

5. Are you retired?

10 responded Yes.

6. Are you self employed?

8 responded Yes.

7. What is your current interest rate?

6%, 0%, 4.5%, 0%, 5.5%, R, R, 0%, 0%, 5.6%, 0%, 5%, 0%, 5.5%, 7%, 0%, 0%. 0% equals they owned their home free and clear, R means they rent.

Please continue the survey in your comment or just leave a comment.

There is a lot of hype surrounding this. However, I don't think it will be all roses for good responsible borrowers.
These new loans will have to be FHA. How else are they going to insure them and the lenders who originate them? That means funding fees and monthly MI. Just to get down to 4% ??

What about the loan modifications? Will that be something a broker will be able to do? OR Are they going to rely on the lenders just like the failed HOPE program?

Solution: Get Fannie and Freddie to play nice and move in a positive direction. They can remove all adverse market overlays, ltv restrictions, etc.. Bring back verbal verification for solid borrowers, and some SIVA loans for certain Borrowers. Take away hits for investment properties. Now I am talking about balance here. I am not suggesting that they open these programs to everyone.

Where are those 80/20's so that the MI companies can jump off a cliff?

Will conventional get a piece of the action here? Are they awaiting the subsidy and jacking up rates in the mean time to get more government cheese when it comes?

Please comment.

Want to go Green? Don't worry you will be able to get financing.

All lender agencies - Fannie Mae, Freddie Mac, and FHA - will have no problem funding a mortgage for a Green Built Home. Sometimes there might be incentives for such a home; however I haven't seen any of them.

The Energy Efficient Mortgage is where you get an energy audit of the home. Then based on the recommendations of the audit you can increase your mortgage to pay for improvements without it disqualifying due to higher income to debt ratios. By saving money on the utilities the borrower will then be free to pay for a slightly higher mortgage.

Another way to look at a Green Mortgage would be to look at where the monthly payments are going. Are they going to a corporately responsible company? Or is the mortgage being sold overseas to an oil barren? Does the company value human rights or is the other half of the company engaged in cheap Mexico labor?

Knowing that the home loan is going to a reputable company that values human rights, corporate ethics, and doesn't engage in polluting industries is a huge step forward to a greener mortgage.

Are there special programs that will help someone interested in improving the green quality of an existing "normal" home?

Several programs do exist where the borrower, either through a purchase or refinance, can improve the energy efficiency of the home and more.

1.Purchases -
a. Both USDA and FHA have purchase programs that will allow the borrower to purchase a home and make certain repairs or upgrades to the property. All within one loan!

b.Example repairs are as follows but not limited to: Weatherization, Insulation, Waterproofing, Mold removal, and Septic system and/or Well repair or replacement.

c.Some programs also allow for adding on an addition and finishing out a basement.

2.Refinances -
Conventional, FHA, or USDA loans can be refinanced into a rehab or repair program to upgrade or repair the home.

To lean more about home repair and rehab loans CLICK HERE for a free informational PDF.

Want to help Sequim and Port Angeles grow in the right direction? Ever wonder what you can do to make a valuable contribution toward that end? Are you passionate about some issues but not others? Do you want to make your opinion count with hundreds or thousands of other Sequim and Port Angeles residents?

Complete this survey and we'll enter you in our monthly drawing for the $100 cash giveaway! (Sequim & Port Angeles Residents Only, see survey for details)

This survey seeks insight into what drew you to move here, what you love most about living here, and what you would change. You'll have simple multiple choice and a couple of essay questions you can choose to answer or not. Tell the truth about how you feel, and identify yourself or remain anonymous. It's up to you.

Now you can help by taking this easy online survey, and the results will be made available to you and shared with decision makers who will hear your voice. The survey consists of 28 easy questions and you can probably take it in 5 to 10 minutes.

Take the Sequim and Port Angeles Community Survey

Results can be emailed to you and will be subsequently compiled here for analysis. This is another community service from your friends right here at Sequim and Port Angeles News Online.