Michelle Blue

Great news if you are a Veteran!

On October 10th, 2008, the President signed Public Law 110-389, the Veterans' Benefit Improvement Act of 2008. This law allows for $0 down payment loans in qualified counties to go up to $567,500 in King, Pierce & Snohomish counties - on loans closed through December 31st, 2011.

What a fabulous time to buy - excellent loans are available, inventory is high and prices have come down - if you have been renting or thinking about moving up - now is the time to buy!

Call me if you want my help.

By Michelle Blue
Your Guide to Woodinville Real Estate, Neighborhoods, & Community!
www.MichelleBlue.com

This quote comes from Warren Buffet in a recent Op-Ed piece in the October 17th New York Times Post.

In the article Warren discusses the stock market and the history of booms and depressions and the value to be had if you invest in the recovery.

He is referring to the stock market and makes a clear statement - we should buy American and he is. I agree - we should buy American.

The same logic applies to real estate.

It is clear that short term purchase and sales can be risky - no one can truly predict the short term, so if you want to buy a home for just a year - you may want to rent instead.

However, fears regarding the long term value (5+ years) of real estate are not based upon the actual facts. The local economy has been strong and has a diverse foundation in the service industry, technology, export and so we aren't tied to a single sector in the economy that might have troubles at any point in time. We continue to have a limited amount of land to build on and we are still significantly lower priced then other major urban areas.

Buying a home to live in - continues to be an investment that:(a) provides you shelter and a lifestyle, (b) is a forced savings plan (assuming you stay current on your principle + interest payments), (c) provides you with tax advantages, and (d) will grow in value over the long run (rent payments will never grow in value for you - just your landlord).

Buying a property as an investment - continues to be: (a) one of the few investments where appreciation is tied to the total investment value, not the amount of cash that you invest, and (b) an investment that can generate passive income in addition to longterm appreciation.

Doing nothing and just sitting on cash is a terrible long-term strategy, since it is the one asset that is sure to lose value over time due to inflation.

By Michelle Blue
Your Guide to Woodinville Real Estate, Neighborhoods & Community

The Northshore School District is transitioning to having everything on-line instead of relying on "student mail" to get information home to parents.

Not only is this a great way to save the district money - it enables you to always get the information you need - when you need it. Bravo!

What information is out there?
There is a wealth of information out there for you if you take the time to explore the Northshore School District Website. Here are a few examples:

• Community Extracurricular Activities for your Student (this replaces all those fliers that used to come home for activities not sponsored by the school but available to area students)
  
• Community Education & Parental Education to help you volunteer and/or help your student one-on-one (Parent education, volunteer training, student enrichment, elementary music, etc.)
  
• School Websites & PTA/PTSA sites - Elementaries and Jr/Sr High Schools
  
  On the school websites and the PTA/PTSA websites - most of them will provide you with a link so you can subscribe to your student's school newsletters.
  
• Student Progress Reports - located on each school website (check your child's grades so you aren't surprised when the report card comes home)
  
• Northshore School District Connections - Monthly eNewsletter - you can subscribe to this if you want.
  
• Northshore PTA Council (all schools) www.northshoreptsacouncil.com
  
• Washington State PTA Website and eMagazine - The Child Advocate

Cheers!

by Michelle Blue
Your Guide to Woodinville Real Estate, Neighborhoods & Community!
www.WoodinvilleGuide.com

We all know that it is a buyer's market and that inventory is high.  The homes that are selling are the ones that are priced aggressively and are move-in ready - buyers can be selective. 

But what about the homes that aren't selling?  The best deals aren't the foreclosure homes, they are the homes that have been sitting on the market for awhile, especially if they are there because they aren't "move-in ready".

You know the ones - they need to be painted, they need new carpet, they need updated counter tops, etc.. The basic house house is good - but it needs a little bit of work.  These homes would have sold right away 2 years ago - because people wanted homes that just needed cosmetic work - so they could turn around and sell it for more.  But investors looking to flip a house - well they aren't doing that in this market because it is too risky.  Average buyers, don't want to deal with a remodel - so if you aren't afraid of going through a remodel, or can have the remodel done before you move in, you can get a really good deal and remodel the home to your own taste.  

PROBLEM? 
You don't have an extra $35K that you can use for remodeling in addition to your down payment

ANSWER! FHA Streamlined K loan

The Streamlined K is a GREAT Tool for the purchase of homes needing minor remodeling or repairs.  The Streamlined K allows the buyer to obtain one loan to repair and purchase a home! There is no minimum repair cost threshold and the maximum amount is $35,000.

So what are eligible repairs?

• Roofs, gutters & downspouts
• Heaters & air conditioners
• Plumbing and electrical system upgrades
• New flooring
• Minor remodeling - such as kitchens (not involving structural repairs)
• Exterior and interior painting
• Weatherization: including storm windows and doors, insulation, weather stripping and regular window and door replacement.
• Appliances: including frestanding ranges, refrigerators, washers, dryers, and microwaves.
• Accessibility improvements for persons with disabilities
• Lead-based paint stabilization for abatement
• Repair/replace/add exterior decks, patios, porches
• Basement finishing and remodeling (not involving structural repairs)
• Basement waterproofing
• Septic system and/or well repair or replacement

So what repairs can't be done under this loan?

• Major rehabilitation or remodeling, such as the relocation of walls
• Roof Replacements

For more information please see the "Streamlined 203(K) Limited Repair Program" on the HUD website.

by Michelle Blue
Your Guide to Woodinville Real Estate, Neighborhoods, & Community
www.WoodinvilleGuide.com

Now is your chance to hear what is going on locally and have your voice heard at the county level!

Sims to host joint forum for King County
Unincorporated Area Councils

King County Executive Ron Sims will host a joint forum to meet with the six King County Unincorporated Area Councils (UACs).  The public is encouraged to join Executive Sims, other elected officials, King County department directors, and residents and members of the UACs as they discuss various issues facing their communities. 

The Upper Bear Creek Community Council is co-hosting the event.

The forum will take place:
Tuesday, October 28, 2008
6:30 p.m.-9:00 p.m.

(Social Hour:  6:30 p.m. - 7:00 p.m. (Displays, brochures and other information about King County services will be available))

Avondale Bible Church Hall
17010 Avondale Rd. NE
Woodinville, WA

The purpose of the annual forum is to meet with the residents in the unincorporated areas to discuss King County issues.  Each of the six UACs will be invited to make presentations on the issues of greatest concern to their communities.

The six King County UACs include the Four Creeks Unincorporated Area Council, Greater Maple Valley Area Council, North Highline Unincorporated Area Council, Upper Bear Creek Community Council, Vashon-Maury Island Community Council and West Hill Community Council.

All interested persons are welcome to attend