Great news and big news for the residents of Washington State regarding home ownership, buying and selling.
The Senate Ways and Means Committee last night unanimously approved a measure designed to help first-time homebuyers come up with a down-payment. The committee adopted the measure as an amendment to the proposed Senate biennial operating budget.
The proposal would make the $8000 federal tax credit for first-time home buyers available at the closing of a home sale instead of when a buyer files a tax return. Homebuyers would repay the $8000 after filing for and receiving a tax refund. The amendment creates a Tax Credit Advance Loan Program and authorizes the State Treasurer to deposit $25 million in a financial institution giving it the ability to open a line of credit to the State Housing Finance Commission to provide the down payment loans. The deposit would not deplete state funds, but would provide liquidity for the financial Institution to lend its own funds.
The program is the first of its kind in the nation and would work as follows:
•· The State Treasurer's Office would make an off-setting deposit in an FDIC-insured short-term
account with a selected financial institution. The investment would earn a low interest rate to
stay fully insured under federal guidelines.
•· Realtors and other stakeholders back the loans with funds to provide security against losses.
•· The financial institution provides the Washington State Housing Finance Commission a line of
credit to advance up to $8000 to qualified first-time home buyers for a down-payment.
•· Buyers repay the advance loan after filing for and receiving the tax credit.
The amendment is the result of the efforts of the Washington REALTORS®, Washington State Treasurer's office, and Washington State Housing Finance Commission. State Treasurer James McIntire wrote the budget proviso and is helping to advance the measure through the state legislature.
State Sen. Steve Hobbs (D-Lake Stevens), who offered the amendment, said that using the $8,000 tax credit to help first-time homebuyers make down payments could help jump-start the economy. Hobbs noted that home purchases have a significant impact on the retail and banking sectors of the economy and on state and local coffers. "In this recession we need to find new and innovative ways to stimulate the economy. This proviso will slow the decline of our housing market and stimulate the economy," Hobbs told the Senate Ways and Means Committee.
"Down-payment assistance to our first-time home buyers is the key we need to unlock economic activity throughout the state," said Greg Wright, President of the Washington Realtors. "This tax credit is new money that we can put to work now to help the housing market and ignite economic action statewide." According to a study by the Washington Research Council, each home sale by a first-time buyer generates $11,100 in state and local tax revenue. Every 1,000 home sales generate $126 million in general economic activity, supporting 711 jobs.
The goal of the program is to get the money to buyers efficiently and return the federal refund quickly so that the HFC can turn it around to provide more assistance. The funds may revolve as many as three times before the tax credit expires, reaching up to 9000 first-time homebuyers. These "bridge loans" would expire at the same time as the federal tax credit, on November 30, 2009. All of the bridge loan funds return to the state system by early 2010 to use for capital projects in 2010-11.
"With homes at affordable prices and interest rates at historic lows the $8,000 tax credit opens a window of opportunity that may never be seen again," said Wright, a Chelan Realtor. "The Senate's budget helps bring that opportunity to families throughout our state."
Lack of a down-payment is the only barrier to home ownership for up to 50 percent of first-time home buyers, according to J. Lennox Scott, Chairman and CEO of John L. Scott Real Estate. A recent study by the Federal Reserve Board showed that home ownership for people 35 years and younger increased by as much as 43 percent when a primary mortgage was combined with a down-payment assistance loan.
"First-time homebuyers are the most critical to the recovery of the housing market and our overall economy, because their purchases set off a chain reaction of buying and selling," Scott explained. "The first step toward stimulating the state housing market is making the federal tax credit available at the closing table and increasing down-payment assistance."
The Snohomish County Camano Association of Realtors is planning a county-wide open house this weekend, April 18 and 19. This worked so well last year, we had over 400 houses open and an increase in pending sales in August over the year before, they decided to do it again after surveying their members.
There will be special advertising in the Everett Herald, for all REALTOR® listings. REALTOR® balloons, buyer handouts will be available explaining financing and most especially information on the $8000 tax stimulus for first time home buyers (defined as anybody who has not owned a home in the past three years.) Particularly, there will be information for buyers who have already filed their tax return for 2008, so they can amend that return for the tax rebate this year.
Given the lowest interest rates in 50+ years, a tax rebate of $8000 and plenty of inventory to choose from buyers are at an advantage.
So Washington buyers, get ready for a great weekend of shopping. Look for the real estate signs with the REALTOR® balloons and get educated on our market. You don't want to miss this event.
Feel free to visit my website to learn more or call Karen Schweinfurth, 425-308-3669 for more information.
Karen Schweinfurth, ABR, CRS, SRES, e-PRO, RE/MAX Northwest Realtors, Mill Creek, Washington
Cmdr. Robert Bodvake stood on deck of the USS Momsen at Everett Naval Station and barked his first order to the deployed group "No Running". Strange you say, well he was speaking to a group of children age 6 to 12 who has either one or both parents in the military. They were on a "one day deployment of the USS Momsen".
The program, sponsored by the base's Fleet and Family Service Center and Child and Youth Programs help kids in military families understand their parents' roles in servng their country.
Navy firefighters manned a learn-by-doing station and children got to use the extinguisher to put out flames coming from a grill-like device. A nine year old was climbing the many stairs aboard the ship and exclaimed "I get seasick". Some completed a half mile run and some were working with the military dog handler.
Capping the ship's tour was a mock homecoming. The children lined the deck waving to their parents pretending to be heading back to port.
"Camp Deployment" is in it's second year and helps families understand what happens when their loved one sail off. Also the children see they aren't the only ones missing a parent that deploys. A sort of camaraderie.
The Everett Naval Station, the Jewel of the Military, proudly is home to the USS Abraham Lincoln and the USS Shoup.
It is the modern adaptation of acient shelter used by the Nomads. The circular structure of a yurt has a wood frame, rafters, a framed door and an insulated long-lasting fabric cover. Most of the Yurts have bunks and futons, a deck and furniture.
You know, my idea of camping was always the Holiday Inn (back in the day). I didn't really like the "tent thing" or sleeping bag idea. However, you could probably convince me to spend the nite in a Yurt, considering it was the "fancy one with bedding, tea and coffee service, linens and a deck.
These have been placed in a local park to help boost the economy, located on a river. Well, folks, Yurt Away and have fun.
Beginning, Wednesday April 1 - 30 begins the 26th Annual Tulip Festival in Skagit County, WA, just a short ride from Everett.
In addition to the hundreds of acres of tulips and spring bulbs there are other attractions.
Take a boat tour through the turbulent waters ofDeception Pass, see Orcas Island. Visit the many restaurants in the area, especially visit LaConner, a little waterside village with darling shops, fun bars and fabulous waterfront restaurants.
Here are some of the activities that you and the family can enjoy. The best part is seeing all the tulip fields from the highway, just acres and acres of color. The cool March was perfect for these blooming beauties to pop sometime in April. During the first few days of the festival there are "early tulips" and, of course, the daffodils for your viewing pleasure. Before you plan a trip, check out the Bloom Map to make sure all the darlings are at full bloom.
So come on, and "Tiptoe Through The Tulips" and have fun doing it.
 |
|
|
I am your Snohomish County REALTOR® with 25 years of experience, integrity and service. My combination of high tech and professionalism are what you are looking for. You deserve the best, call Karen.
Designations received in the industry through the National Association of Realtors.
Karen is an advocate of CMN (Children’s Miracle Network). Children’s Hospital and Regional Medical Center in Seattle is the direct beneficiary of her work. She is Chairman of the RE/MAX CMN Charity auction and has been for the past four years raising over $180,000. She is also a member of the Children’s Hospital and Regional Medical Center Corporate Leadership Committee. Karen donates a portion of each commission check to CMN thru the RE/MAX Miracle Home Program. 
Karen Co-Authored the book, “How To Make Your Realtor Get You The Best Deal” Washington State Edition. Contact her for your free copy. Please visit her website for comprehensive real estate information at http://www.karensvillas.com.
Visit her blog at http://snohomishcountyrealestateblog.blogspot.com. Trust a professional, trust Karen 425-308-3669 or 866-558-HOME.
MAKE YOUR NEXT HOME A "VILLA"
I pride myself on achieving the following designations:
ABR - Accredited Buyer Representative - this is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER'S AGENT Council (REBAC) of the National Association of Realtors who meet the specified educational and practical experience criteria.
CRS - Certified Residential Specialist. The CRS is known for advanced study in listing, selling, investment, taxes and a proven record of experience in applied residential marketing.
SRES - Seniors Real Estate Specialist - This certification gives us the opportunity to assist the senior buyer in matters of real estate, taxation and investments. A proven record of working with seniors is a pre-requsite of this designation.
Accredited Consultant in Real Estate
REALTOR® - A real estate agent is a REALTOR® when they become a member of the NATIONAL ASSOCIATION OF REALTORS®. The Voice for Real Estate, NAR is the world's largest professional association. The term REALTOR® is a registered membership mark that identifies their members and subscribes to its strict Code of Ethics.
Visit my web site at http://www.karensvillas.com to learn more about me.
SERVING: Everett, Mukilteo, Mill Creek, Lake Stevens, Marysville, Stanwood, Camano Island, Bothell, Lynnwood, Edmonds.
Karen has amazing marketing skills. I can't think of anyone but Karen who deserves the "Realtor of the Year". She is a remarkable person! Her knowledge of real estate was beyond my expectations and she listens and pays attention to detail. She is tops in courtesy and professionalism.
"Teresa Brenner"
Karen shines in her honesty and knowledge of the marketplace. We believe that Karen is the most professional agent I have ever worked with.
"Gil and Sharrie Duncan" - The Boeing Company
I want to thank Karen for her donation to Children's Hospital. When my son was 14 month old he was rushed to Children's. Not knowing what was wrong with him the staff at Children's found out what was wrong and saved his life. My son is now 19 and I know he wouldn't have made it without Children's Hospital. Thank you Karen for everything you have done for us. Your the best agent there is. We couldn't have done it without you.
"Ed and Jennifer Kraft"
As we head in a new direction I thought it appropriate to drop you a letter and let you know how much Barb and I appreciated the significant role, you, Karen played in the sale of our home. Having spent the past 23 years in the Human Resources discipline, I have had the opportunity to work with many real estate professionals. However, I can say without hesitation none finer than you, Karen.
One of the most critical decisions in business is selecting the right individual to do the job. Karen took the time to understand our objectives and had our interests first and foremost throught the selling process. Karen exemplifies all of the attributes sellers should be looking for when selling their home. She was, best of all, proactive in her communications, always keeping us apprised of her activities.
One final thing that impressed me most about Karen was her commitment to furthering her credentials. The fact that she donates a portion of her commission backChildren's Hospital also tells me a lot about her character, she believes in giving something in return. Karen is an excellent negotiator, her knowledge of real estate made me thankful that she was representing us. In closing let me say that I would witout hesitation, recommend Karen to anyone either seeking to purchase or sell their home. She is an outstanding agent.
"Barb and Drew Mac Afee"
Karen is the best. Her knowledge and expert attention to detail is what we wanted.
"Conrad and Carole Tovar" Tovar Properties
Karen had a clear idea of what we wanted and didn't waste our time showing us houses. This is our second purchase thru Karen. We won't use anyone else. She's the best and we've referred her to friends.
"Pete and Sue Castaneda"
We were in the military in Florida. Karen handled all the details for us. We just showed up and got the key. We appreciate her knowledge and dedication to us.
"Roy and Kristi Brubaker"
Karen's professionalish, positive attitued and excellent communication skills made this a great experience for me.
"Jason Rowsell"
Karen represented us on the sale of our home and the purchase of our next home. Her attention to detail and communications skills were tops. I would recommend her to anyone and will use her for future opportunities for us.
"Dr. Christopher Jean, D.D.S. and Dr. Stacey Lin, D.D.S."
Karen always kept us updated about what was happening. Karen is one really dedicated and knowldegeable agent. Karen, thank you for designating our home as a Miracle Home for Children's Hospital. That happens to be my favorite charity.
"John and Nancy Beeson"
We employed our realtor, Karen Schweinfurth, after interviewing three other agents. We are experienced home sellers and buyers and insist on interviewing whenever we are in the market to either sell or buy a home. For us, the interview process is extra work, but helps us to determine how well the Realtor will work with and for us.
In our case we decided on Karen for several reasons; we felt that Karen's enthusiasm and sales ability would be assets in the selling of our home. Also, Karen made us feel certain that the sale would go smoothly and professionally. We would employ Karen again and recommend her to anyone interested in purchasing or selling.
"Sarah and Peter Murray"
Karen's honesty and her committment to selling our home were her most outstanding features. She worked very hard to make selling our home a positive experience. After she sold our home my parents listed two homes with her. Thank you Karen for making selling our home happen quickly and pleasantly.
"Jim and Tami Henderson"
Mom, thanks for helping me find my first home and all you have done for me. I now fully understand how labor intensive your job is and appreciate your hard work.
"Your Son Jeff"
Karen, thanks for assisting my friend list his home and find a new one. You are a "Phenom" as in phenominal! We really appreciate you.
"John Carlson"
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
