Steve Swanson

This weekend, June 27th & 28th, thousands of homes for sale across the state of Washington are going to be open for viewing as part of the State Wide Open House Weekend being organized by Realtors throughout the state.

As the Seattle area Real Estate market seems to be heating up, especially with the lowered prices, attractive interest rates, and now the $8,000 first time home buyer tax credit, the idea behind the open house weekend is to create greater visibility for the many homes for sale.

I'll be participating by holding an open house at my Juanita Country Club Condo listing in Kirkland this Sunday, June 28th from 1-4pm. http://12424.hellorealestate.net

I hate misleading advertising. I really do. And I don't think I'm alone in that. I'm also not that keen on hypocrisy. And trying to figure out mixed messages has never been my idea of fun.

I'm really not a negative person. Rarely. But right now I am a little upset.

Lately, in driving around and previewing homes with clients, we see these riders that say "$8,000 Tax Credit Available", or "You may qualify for $8,000 Home Buyer Credit". And today, as I'm driving home from the office, on the radio I hear a Realtor ad talking about how "it's time to take advantage of the $8,000 Home Buyer Credit before it expires."

As Realtors, didn't we have to take an ethics class? How ethical is it that real estate companies and even the Realtor Association is putting out these teaser ads which I'm finding I have to explain as not being completely true.

It's Not a Home Buyer Tax credit. It's a First Time Home Buyer Tax Credit. Would it be that hard to add two truthful words to these ads?

It may seem minor on the face of it. But it's not a minor thing when your creditability with a client is diminished by misleading ads that really appear to be just an attempt to get anybody breathing through the door. As Realtors we have enough perception of sleeze and greed to fend off, surely it's not a smart move to validate this with anything less than completely honest advertising.

Just reading where a Georgia Senator has introduced legislation that increases the home buyer tax credit from $8000 to $15,000 and extends it to anyone buying a home, not just first time home buyers. Whether the credit is increased or not, the idea of allowing credit for anyone buying a home until the credit expires is something that would help stimulate more home sales, helping both buyers and sellers who have been stuck waiting for a buyer. This is a story to follow as curious to see where it goes. http://tinyurl.com/l44vjj

Previous posts have detailed the Washington State Legislature's efforts to get the Fed's $8,000 first time home buyer credit available for use as a home buyer's down payment at closing. Washington's Governor Gregoire has signed the legislation that allows the Washington State Housing Finance Commission to make the funds available, however the program's implementation has stalled at the IRS office.

A recent notice from Washington REALTORS® states they are working on alternatives to make this program available by the end of June.

Washington REALTORS® have provided the money to guarantee the program and all that is left is some sort of mechanism to ensure that when the borrower receives the $8,000 from the IRS, those funds are dedicated to pay off the bridge loan.

In the meantime, what can you do Now to prepare?

Attend a Free Homebuyer Education Class: First Time Home Buyers can attend a Washington State Housing Finance Commission Sponsored Home Buyer Education Seminar; this 5-hour seminar is a requirement for receiving a loan from the Commission.

Once the Washington State Tax Credit Advance Loan Program does become available, as it is a loan, completing the Commission Sponsored First Time Home Buyer Education Seminar will be required. Once you have your certificate, you will then be eligible to participate in the down payment advance program.

Steve Swanson is an instructor of First Time Home Buyer Seminars sponsored by the WSHFC. Register online for his next class at www.helloRealEstate.net

For a list of all the upcoming classes in the State of Washington sponsored by The Washington State Housing Finance Commission, visit www.WSHFC.org

Like a ten year old on a road trip, people are wondering if real estate prices have hit the bottom... are we there yet? It goes beyond the usual "how's the real estate market?" More than ever, it's: Is this a good time to buy? How do you buy a foreclosure? Is it hard to get a mortgage? Are homes selling ... How long would it take to sell my home? What if we buy and prices continue to go down? Are interest rates going to increase?

It does seem that prices in the Seattle Bellevue Redmond real estate market are starting to level off. While this is not true in the counties of Pierce, Thurston and areas in Snohomish County... King County and specifically Seattle and the Eastside have seen increases in home sales and a stabilization of pricing. This is especially true for King County condos and homes under $400,000. Many first time home buyers and those who have been waiting on the sidelines are jumping in and taking action as they find more affordable pricing and terrific interest rates. Even if prices slide a bit more, all it takes is an interest rate bump and buying power can diminish.

Though it is a buyer's market, it is only a buyer's market if you buy.

If you are in the market to buy, Now is a great opportunity. Home sellers are still anxious as their home prices have fallen and many homes continue to sit waiting for a buyer. Home foreclosures and short-sales have increased. Interest rates are incredibly low. There are also many First Time Homebuyer products available. And the Housing Stimulus Bill provides a First-time Home Buyer credit of $8,000. These facts, along with lower prices and tax advantages, even if the market hasn't hit bottom, a buyer could loose money by waiting to purchase.

But the main point in home ownership is not even the economics. While it is a fact that buying and holding real estate has been a great wealth generator, there is still ‘no place like home.' Home is where families create memories. Our home is our sanctuary.

Even with investment considerations, the main reason to purchase a house or condo is to live there.