GOOD TIME TO BUY FOR MANY, SAYS DFI DIRECTOR

Scott Jarvis, Director of WA State Financial Institutions sets the record straight on the Puget Sound real estate market…

http://warealtor.org/channels/good-time-to-buy.pdf

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Blog Probes Real Estate Models

www.REALonomics.net is a blog that is asking serious questions about where the real estate industry is going. More specifically, REALonomics poses challenges to the broker/owners to adopt models that will allow their organizations to become more transparent.

REALonomics.net advocates that the industry open up the property information portals to consumers and upgrade its approach to how it is interacting with the consumer by implementing more social networking such as www.CityBlogUSA.com, a community blogging network for every city in the USA.

Visit www.REALonomics.net.

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Federal Way Condominium in Gated Community of Colonial Forest

Thinking of simplifying your life? 

A condominium has no yard to maintain, the gated entry provides an element of security by controlling access into the neighborhood and the exterior of your home is cared for by the Homeowner’s Association.  Located across the street from Bally’s Fitness & Tennis Club, walking distance to King County Regional Library, grocery stores, banks, etc.  Bus line at 1st  Avenue just outsite the gate.  Convenient to most everything and bargain priced at $199,950.  In 2007 this same condo style in Colonial Forest sold for $225,000 so the value is tremendous!

Contact Lori DeVore or see this home’s web page at www.johnlscott.com/63419

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Real Estate Articles from Inman News

http://www.inman.com/inmanstories.aspx?ID=65907

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Watch for the ‘Optimum Buy Zone’

By Lori DeVore, Federal Way real estate agent

Now that we are at the start of the new calendar year, this is an opportune time to reflect back on 2007, as well as look forward to the coming year.

Despite the turbulence of the past few months, people are still buying and selling homes, and real estate remains one of the best investments an individual or family can make.

2007 started out with predicted slowing from the peak sales of the previous two years. Sales were down, but our local markets were stronger than most and we were beginning to experience more balance between buyers and sellers. That all changed on Aug. 3, when the mortgage markets erupted. The tightening of credit standards and decrease in mortgage products reduced the pool of qualified buyers. Compounding this was the reaction by the media, which caused fear in many buyers who subsequently decided to wait to see what the market would bare. As a result, inventory levels increased, interest rates rose and real estate sales suffered the effects.

With the market adjustment, Realtors are encouraging their seller-clients to respond accordingly by pricing more aggressively and focusing more on the presentation of their home. As seller reality of the housing market adjusts, home sales are subsequently expected to increase. As for buyers, they now have a unique opportunity to take the necessary time they need to find the best home at the best price. A great selection of housing combined with aggressive pricing and low interest rates is providing buyers with one of the best buying opportunities we’ve seen in years.

Recently, a huge win for housing saw the U.S. Senate pass legislation that aims to draw people away from subprime loans, which offer low “teaser” rates that can jump as high as 11 percent. It has been estimated that by summer 2010, about 600,000 people nationwide with such loans are expected to lose their homes because they will not be able to make the higher monthly payments. Through this legislation, hundreds of thousands of minority and moderate-income home buyers will become eligible for low-rate, low-down-payment mortgages insured by the federal government. This activity is expected to have a positive impact on the housing market and the overall economy.

Heading into 2008, interest rates are back down to where they were prior to the mortgage market turbulence. There is increased confidence in the housing economy, and Realtors are helping their clients buy and sell smart within the current market conditions. The coming year marks the start of the optimum “buy zone phase” of the next real estate cycle, which is expected to result in an up-tick in sales starting with those markets that are closest to the major job centers.

We are blessed to live in a city where homeownership is alive and well, and as we head into 2008, we do so with a positive outlook and strong momentum. I wish you all a happy and prosperous New Year.

Federal Way resident Lori DeVore is a Realtor with John L. Scott Real Estate. Learn more at www.loridevore.com.

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Washington Realtors praise Congressional action to expand access to home loans

http://www.warealtor.org/Press/FHA_reform.pdf

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Housing Activity Still Slower Than Year Ago, But Showing Some Signs of Reviving

News from NW Multiple Listing Service

FOR IMMEDIATE RELEASE: November 6, 2007

October 2007 Recaps
October 2007 King County Breakouts
October 2007 Snohomish Breakouts

KIRKLAND, Wash. (Nov. 6, 2007) – Pending sales perked up around Western Washington in October, reversing four months of month-to-month declines, according to new figures from Northwest Multiple Listing Service (NWMLS). The report also shows some slowing in both listing activity and price appreciation.

Brokers reported 6,127 pending sales (offers made and accepted, but not yet closed) across the 19 counties served by Northwest MLS. That total includes 379 more transactions than September (a 6.6 percent gain), but still lagged activity of a year ago. Compared to the same month a year ago, October’s pending sales were down about 28 percent.

MLS members added 11,785 new listings to inventory – the fewest number since February when they added 11,333 new listings. With those additions, there were 47,381 active listings of single family homes and condominiums in the MLS system, about 31 percent more than a year ago.

The current selection includes 40,252 single family homes with an area-wide median asking price of $375,000 and 7,129 condominiums, listed at a median price of $289,900.

Prices for sales that were completed during October were essentially unchanged from a year ago, but closer examination shows wide variation among the 19 counties. Seven counties had slight drops (most less than 2 percent) and five counties had double-digit price gains compared to 12 months ago. For the four-county Puget Sound region, prices for last month’s closed sales of single family homes and condominiums combined rose about 1.3 percent from a year ago, increasing to $344,250 from $339,950.

NWMLS director Joe Spencer, president of John L. Scott, Inc. described current conditions as the “Buy Zone” and “the perfect buyer’s market.” Looking at the housing market graphically over the past 25 years, it’s evident there are periods when conditions make it the perfect time to buy a home, he explained. “The numbers show the housing market typically has a six to seven year boom, followed by a two year decline. This decline represents an ideal opportunity to buy because homes can be purchased at a premium value – and that’s exactly what we’re experiencing in the Puget Sound region,” Spencer stated. Combine this with low interest rates and a healthy supply of homes to choose from and you have yourself the perfect buyer’s market,” he added.

Mike Welty of Liberty Financial Group in Bellevue said he is seeing the return of the jumbo product, better pricing and greater flexibility. (In general, jumbo loans are for $417,000 or more.) Rates are still very good, he noted, even as the industry has returned to more prudent underwriting and scrutiny. “Equity, income and good credit are still necessary to get the most favorable terms for a mortgage,” Welty added. Acknowledging some industry associates are complaining about the lack of available mortgage products, he said “We have greater flexibility and a broader range of mortgage products” than he has seen in his first 20 years in the business. “A qualified buyer can get a great deal today,” he emphasized.

Despite slower activity, brokers remain optimistic, citing steady population growth, job creation and a demand for median-priced homes near job centers that outstrips supplies as factors that are contributing to the area’s relatively strong and stable real estate market.

“The market is stabilizing in South Sound and buyer confidence is shoring up,” said NWMLS director Dick Beeson, broker/owner of Windermere Real Estate/Commencement Associates in Tacoma. He reports brisk traffic at open houses as more buyers are realizing the bottom of the market may be here and not likely to continue much longer.

NWMLS figures show pending sales in Pierce County increased 8.2 percent last month compared to September. During the same timeframe, the selection shrunk, with 242 fewer listings offered for sale (a drop of about 2.8 percent) at month-end compared to September. “Buyers need to take advantage of the market right now,” Beeson suggests, adding he believes it is poised for a rebound.

Mike Skahen, owner/broker of Lake & Co. Real Estate in Seattle, also detected improving activity. “The past couple of months we’ve noticed a definite slowing in buyer activity,” he observed, attributing the slowdown to negative press, fallout from the subprime mortgage crisis and difficulty in obtaining jumbo loans. However, he remarked, “In just the past two weeks there’s been a noticeable increase in sales and several listings that have been on the market for months have sold, so I think buyers are realizing they’ve waited long enough and are trying to take advantage of negotiable sellers and buy before the holidays.”

Skahen, a member of the NWMLS board of directors, also noted people need to buy and sell houses due to life changes so they can only wait so long. “The current sales statistics really reflect a return to a more normal market,” he commented, adding, ” Seattle’s economy is too strong for this [slowdown] to last long.”

Another MLS director, Kathy Estey, echoed that optimism. “This is a time of opportunity. There is an abundant selection so instead of having to ‘settle’ for a home buyers can actually find homes that meet most of their requirements,” she believes.

Estey, the broker at the Bellevue Downtown office of John L. Scott Real Estate, also urged sellers to seriously consider the first offer they receive, suggesting waiting may only result in lower offers. “Testing” the market may not be a viable option with so many competing homes on the market, she said. Only serious, motivated sellers should put their homes on the market, according to Estey who suggests those who aren’t serious could risk economic damage by being rejected by the marketplace and creating a negative stigma for their home.

Northwest Multiple Listing Service, based in Kirkland, is the largest full-service MLS in the Northwest. The MLS is owned by its member brokers and currently encompasses nearly 2,100 companies with more than 26,000 sales associates. Together, they serve 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.

Statistical Summary by Counties: Market Activity Summary for October 2007

4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(totals include King, Snohomish, Pierce & Kitsap counties)

©Copyright Northwest Multiple Listing Service, ALL RIGHTS RESERVED. This material may not be published, broadcast, rewritten or redistributed without prior permission.

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No housing woes in booming Washington state

Reuters
Thursday September 20, 11:10 am ET
By Jim Christie

SAN FRANCISCO (Reuters) - While California suffers in the housing crisis, the economy of nearby Washington state is flourishing with strong job growth and some of the highest appreciation in home prices in the nation.

The outlook for Washington’s economy is bright because so many people are moving there in response to help-wanted advertisements. Seattle, the state’s biggest city, is an especially hot job market, boosting confidence of sustained growth.

Microsoft co-founder Paul Allen’s Vulcan Inc., for instance, sees few obstacles to turning Seattle’s South Lake Union area into a thriving residential neighborhood, given Washington state’s economic strength.

Lori Mason Curran, market research manager at Vulcan Real Estate, expects 135,000 people will move into the Seattle market over the next five years, propelling demand for housing that Vulcan’s property unit is building in South Lake Union.

Vulcan Real Estate’s foray into building office property in the industrial and warehouse area “on spec,” or without guarantees of leases, will also pay off because of healthy population and job growth, she predicts.

“Seattle is really, really strong on both fronts,” she told Reuters during a telephone interview on Tuesday.

Brisk hiring, especially by manufacturers, builders and software companies, is propelling that growth, said Victor Moore, the state’s budget director.

“It’s the high-paying industries … There’s been a steady demand from employers,” Moore said.

Their growth is helping Washington, unlike California and some other states, put aside concerns about a housing slump, at least for the near term, added state Treasurer Michael Murphy.

“With employment really strong, there is less likelihood of having defaults on mortgages,” he said, noting Washington’s housing sector is avoiding contagion from mortgage market turmoil arising from “subprime” borrowers unable to make their loan payments.

In contrast, the foreclosure rate in nearby California, whose motto is the Golden State, surged to the second highest in the nation in August, according to a report released on Tuesday by RealtyTrac, a leading real estate data provider.

U.S. residential construction fell to a 12-year low in August, according to a government report showing a 2.6 percent drop in housing starts. The data was released on Wednesday before Wall Street’s opening bell. In the Northeast, housing starts slid 37.7 percent in August, while in the West, housing starts fell 18.4 percent, the Commerce Department said.

STRENGTH ACROSS THE STATE

While growing payrolls keep Washington’s housing market intact, they are also swelling state coffers.

ChangMook Sohn, chief economist for Washington’s Economic and Revenue Forecast Council, projects $281.5 million more than initially expected for the state’s 2005-2007 and 2007-2009 budget periods — raising the state surplus to more than $1.5 billion — thanks to continued strength in housing from strong payroll growth across the state.

“This is the third year of achieving about 3 percent job increases,” Sohn said, adding that Seattle-area payrolls are growing at a torrid annual rate of 3.8 percent.

Major area employers such as Boeing Co. (NYSE:BA - News) and Microsoft Corp. (NasdaqGS:MSFT - News) are expanding payrolls, as well as companies involved in international trade, as exports gain momentum on the dollar’s weakness.

“Everyone expects more containers to come,” said Port of Seattle spokesman David Schaefer, noting port officials are putting together plans to double the number of shipping containers the port handles from about 2 million annually.

With demand and prices for agricultural products up, farm-rich eastern Washington is also fueling the state’s good times.

“In the Spokane and Pullman areas, economists are saying they’re seeing glory days,” Sohn said.

HOT TIMES ON THE HOME FRONT

Washington’s varied strengths make the Puget Sound region centered on Seattle a top market for Costco Wholesale Corp. (NasdaqGS:COST - News) and an obvious region for expansion, said Jim Sinegal, the company’s president and chief executive.

The Issaquah, Washington, warehouse club operator plans to open another store in the Puget Sound market this fall and has four more “on the charts” for the region because of its growth prospects and confident consumers, Sinegal said.

“Full employment and good wages make it desirable to have a 50-inch (television) set,” Sinegal said.

Washington’s broad economic strength is underscored by housing markets across the state, said Keitaro Matsuda, an economist with Union Bank of California. He noted that Wenatchee, Washington, notched the nation’s best annual home-price appreciation in the second quarter among local markets — up 23.5 percent — and four other Washington markets, including Seattle and Spokane, made the top 20 list.

“When you look at its numbers, there aren’t too many things that are going wrong with Washington’s economy,” Matsuda said.

Fitch Ratings revised the state’s rating outlook to “positive” from “stable” on September 4, citing its robust economy and resilient housing market — a contrast to California, whose economy is slowing amid tumbling home sales.

“They don’t have the real estate issues California has,” said Richard Raphael, a Fitch executive managing director.

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CityBlog USA Welcomes Lori DeVore!

CityBlogUSA is pleased to welcome and recommend Lori DeVore as its Real Estate and Relocation Specialist for the Federal Way area. You may blog with Lori in her CityBlog at Federal Way.

Lori DeVore, CRS, GRI, CLHMS, CSP, is a consumate real estate professional with experience, knowledge and credibility. Visit her website or, if you have any real estate needs your may email her or phone her at 866.706.1234. Have a question about Federal Way Real Estate? Post it by commenting.

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Water Front in Dash Point, Private & Priced Right

It needs some updating as the kitchen and owner’s suite are reminiscent of the remodel that took place in the 70’s but the serenity and complete privacy is hard to beat in this location.  Ownership goes out to the second class tidelands so there is no one between you and the water. 

See this home’s webpage at www.johnlscott.com/loridevore

Lori DeVore, CRS

1.866.706.1234 toll free

John L. Scott Real Estate
31620 23rd Ave S., Suite 101

www.LoriDevore.comSee My Blog Site

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