Nicole Weidauer

Hello Readers,

By now you might have noticed that I am a Shoreline area specialist. I am a proud resident and whiz of everything Shoreline, including real estate.

I want to put this out there to invite residents and those wanting to become residents to inquire about anything that is on your mind relating to real estate. I gladly welcome your questions and input.

Be sure to also check out my Localism blog about Shoreline and other real estate related topics at.

Thank you for your continued readership and support!

206.661.7256 Keller Williams Realty North Seattle 360.990.4083

I just scored a killer deal for a buyer. Take a look at this beauty-

Seattle's FIRST and ONLY Waterfront Townhomes!
Shoreline, WA - Leave the city behind... Stunning views and easy access to Echo Lake! Quality new construction townhomes with first class features and amenities. You'll be dazzled by the uniqueness of this serene enclave in North Seattle. With easy access to I-5 and Hwy 99, you can enjoy the best of both worlds with a 15 minute or less drive to downtown Seattle!

Highlights

· Oversized Attached Garages

· Lake Access and VIEWS!

· Beech Hardwood Floors

· Stained Alder Cabinets

· Designer Carpet and Fixtures

· Easy to Maintain Surfaces

· Whirlpool Gold Series Stainless Steel Appliances

· Indoor Sprinkler Systems

· Genie Pro Max Garage Door Opening System

· Custom Tile Work Throughout

· Cozy Fireplaces

· Most Units with Decks!

These townhomes have everything you'd want in a home; luxurious materials and finishes, they are away from the busy street and in a nice tranquil setting, views of the beautiful Echo Lake, etc.. My buyer was drawn back to these homes after every tour we went on.

He clearly wanted to be in this community and certainly to have the best view of the lake. We put in an offer and got nearly 10% off the asking price!

These deals are out there and some sellers (especially professional sellers like a builder) are serious about selling so they know that prices have to drop!

Get into the action and take part in the market correction. You won't see prices like these as soon as the market shifts back up. Take advantage of this golden opportunity laid before us!

Just like we need a fact checker for the presidential debates between McCain and Obama, we also need a fact checker for our media in regards to the real estate industry news they give out.

Is it wise to base important financial decisions on what you hear in the news? Not if you want to make informed and profitable decisions. You need to talk to an expert in the field who knows the reality of the situation and how to benefit.

Case in point:

The nightly news says: You need 20 % down payment and a 730 credit score to get a loan. And that there is not really very much money to borrow anyways.

The Facts say:

There are actually many loan programs available. Some are available for less than 20% down, 10% down, and even still a few zero down programs. You just have to talk with a trusted lending professional to figure out what works and makes sense for you and your situation.

It is undeniably a great time to buy a home and if you are a responsible citizen with a good job, you can still get a great loan.

You could wait for the market to drop lower, and it might, but there are no guarantees that you will also get as low of a mortgage rate as you can today. This is a golden opportunity. Don't let fear and skewed information stop you from what is best for you and your family.

Did you know that pending sales are up 4.1%? This is the highest increase in pending sales in over 19 months! (http://wwww.nwrealestate.com/nwrpub/common/news.cfm) I have not seen that in the news. Maybe there is other news we are not getting!

Feel free to call if you would like more information about mortgages or the reality of your local real estate market.

When they called today's real estate market a "shifting market," they were right on target. It keeps shifting, and shifting, and shifting ... Every time we turn on the news there's a new development that affects our economy and therefore the ability of buyers to "buy" and the sellers to "sell." But here is some good news for Seattle area would-be home buyers and sellers. Pending sales rose 4.1 percent from a year ago. (http://www.nwrealestate.com/nwrpub/common/news.cfm)

Mike Welty of Liberty Financial Group in Bellevue said, "Forget the news. Mortgage loans are readily available, at excellent rates and you can still get 97 percent loan to value". "There is a lot of flexibility in programs, qualification and opportunity," he emphasized, while acknowledging (with a chuckle), "Underwriting is tougher - you need a down payment and you need a job!"

Northwest MLS reported tightening inventory with a double-digit drop in the number of new listings added during September compared to 12 months ago, and total inventory at month end that matched year-ago numbers.

NWMLS director Mike Skahen said, "I'm convinced that as the national financial crisis subsides and with Seattle's good economy, buyers who have been waiting for the bottom will return and wish they had bought now." Commenting on the relatively low sales numbers over the past year, he remarked, "There must be substantial pent-up demand. Increases in pending sales are a "good indication that our market is adjusting to current buyer attitude and demand."

"While things in the real estate world may not be perfect right now, things are, and will continue to get better and better. The medicine tastes terrible but the cure will be worth it," NWMLS director Dick Beeson believes. We're moving toward a market place with fewer properties for sale -- and fewer and fewer choices for buyers. What a time to buy, low rates, low prices, low costs, and decreasing inventory -- all ready for those smart buyers who act now," he noted.

So we have seen it, ladies and gentleman. Homes are selling and will continue to sell. Absorption of our inventory is going to continue and before you know it we are going to be back into a normal market, or even a sellers market again! The moment a seller doesn't have to take a hit on their listing price or give $10,000 in concessions, they won't. Right now is a great opportunity to get into the real estate game while there are still great deals to be had. The Puget Sound remains a great place to own property and there are opportunities to buy low and ride the rising prices that are around the corner in a year or two. Take advantage of this very opportune time!

In cities like Atlanta, Boston, Dallas, Denver, and Minneapolis, people are already starting to see home prices show positive or flat return. 'So, have we hit bottom yet?' Not according to the chairman of the index committee at S&P. The S&P/Case-Shiller's 20-city housing index showed a 16.3% drop from last year. "However, the pace of monthly declines is slowing, a possible silver lining" (http://money.cnn.com/2008/09/30/real_estate/Prices_plunge.ap/index.htm).

" 'While there is no national turnaround in residential real estate prices, it is possible that we are seeing some regions struggling to come back, which has resulted in some moderation in price declines at the national level.' David Blitzer, Chairman of the Index Committee at Standard & Poor's, said in a statement" (http://www.frontdoor.com/news/article/2323).

But because real estate is local, the rate of decline varies from market to market. For instance in the North Seattle area, sold home prices have dropped 15.5% and 7% in the Ballard/Green Lake areas, from the same time last year. (Stats from the NW Multiple Listing Service- http://www.nwmls.com/discover/library/statistics/getRpt.cfm?obj=countydetail/King)

Due to the seizing of control of Fannie & Freddie by the U.S. government and the other financial unrest taking place right now, lending standards have become more strict. The same banks that are hurting right now don't want to be put in any more hot water than they already are. They want to protect their money so they are denying applicants for even minor blemishes to their credit score or financial history. James Lockhart, head of the government housing agency, suggested "that mortgage finance companies Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500) could loosen lending standards to help more home-buyers qualify for a loan and stabilize the market." "I expect any changes to reflect both safe and sound business strategy and attentiveness to the [companies'] mission." Lockhart also said that the move by the government to take control of the mortgage giants was necessary to ensure the stability of our mortgage markets and mortgage rates, that he says would have gone higher and higher. Those rates have crept up since the control was passed over, but will hopefully stay low till the end of fall. (http://money.cnn.com/2008/09/23/real_estate/homeprice_plunge.ap/index.htm)

What I'm gathering from these articles is that home prices are down or steady and that mortgage rates are low but are beginning to rise. This tells me is that now is as good a time as ever to get into real estate. Those of you who are financially able and have been sitting on the sidelines, this is a call for your action.

If you are waiting for the market to hit bottom before you buy, my only advice to you is 'good luck'! Those people who happen to buy property at the bottom of the market experienced sheer luck. There is no way to 'time the market'.

The government doesn't know when this market will shift. I may not know when this market will shift, but neither do you! I am in the market every day looking at properties and I will be the first one to tell you when I see a good deal on our hands. Don't wait- get into action and buy while the time is right!