Eastside Real Estate Working-for-you!

Why All Home Buyers Need An Inspection!

Greg Perry
Eastside Realtor

If you walk through enough old houses, you'll eventually run into most anything that a past home owner did to the electrical, plumbing and general construction of the house.  Even the best of homes -- on the surface-- have strange things done to them in the crawl space and attic.  Here are a few bizarre examples for your viewing pleasure!

Home Depot had a sale on yellow wire nuts!

 
Redneck junction box

 

 
A receptacle is highly overrated, especially close to a burner!

 

House comes complete with pantry storage for grits, ascetone and tools!

 

 
Need a creative dryer vent?  Just do-it!

 

  
Ok, don't have that Nike box?  Just tap that dryer vent into the heat escape vent of your water heater!

 

More bizarre photos to come on another day!

 

There is GOOD NEWS in this real estate market!

Greg Perry's blogcast on today's GOOD NEWS in this real estate market.

A Picture Of Opportunity!

 

Low Interest Rates!

   

$8,000 Tax Credit!

 

 

Home Prices Down!
(Houses are on SALE!)

 

Seller Motivation Up!
Home Selection High!

Owning your own home or condo may be easier than you think! 
Myth:  Minimum Down Payment Required 10-20%  Fact:  0-3.5%
Myth:  Minimum Credit Score 700  Fact:  580-620
Myth: Money supply limited  Fact: Money supply PLENTIFUL!

Greg and Brian regularly hold absolutely free, no strings attached classes for FIRST TIME BUYERS.   We review the home buying process from top to bottom to completely educate our buyers to position themselves for their best chance for success.  To attend a 425Realty.com FIRST TIME BUYER class, email or call Greg or Brian today.  gregperry@working-for-you.com or brianperry@working-for-you.com

 

 

On your mark.....get set.....RECOVER!

Yesterday, I attended a "cine-meeting" sponsored by Wells Fargo in which they produced a very good quality presentation from industry leaders and real real estate trainers.  Over 500 real estate agents watched the Wells Fargo presentation on the big screen at the Pacific Place Theater in Seattle.  The theme was up-beat.  Money is rapidly returning to the markets.  We are set for real estate recovery.

Annecdotally, we're hearing stories and seeing signs of increased activities:

• Title companies have been slammed with purchase title orders in the last two weeks.
• First time buyers are inquiring on the $8,000 tax credit.
• Offers are being written about the region.
• Stories of multiple offers are surfacing regularly.
• Conforming loan limits have raised.
• Jumbo rates are falling.
• Federal funds are flooding into Washington banks and the banks are now contacting builders to suggest buy down programs to move existing inventory.  Buchan homes currently have a 2/1 buy down program starting at 3.75% on jumbo products!  We're hearing of other builders offering <5% fixed rate loans.
• We're hearing rumors that Nehemiah Down Payment Assistance programs are coming back.
• Fannie Mae forbids lenders from grabbing Realtor commssions on short sales on Fannie Mae backed mortgages.
• There has never been more focus on real estate recovery in both Washington DC and Olympia.

On the National economic front, the stock market staged a stunning rally this week, mostly fueled on the news that Citigroup, one of the most beleagured mega banks announced a profit and is claiming they dont' need another government infusion of capital.  Wells Fargo claims they have plenty of money to loan.

Make no mistake.  Nationally, real estate caused our economic turmoil, real estate will lead the way out to recovery.   This recovery will start with FIRST TIME BUYERS!  In our region, this could be any home under $600,000.  This will free up Sellers to make their relocation move or their move up purchase.

What does this mean?  If you are a FIRST TIME BUYER, don't wait.  You have selection, Seller motivation, low interest rates and an $8,000 tax credit working for you.  You'll have your best success being ahead of the masses!  Real Estate is currently on SALE!  

Greg and Brian regularly hold absolutely free, no strings attached classes for FIRST TIME BUYERS.   We review the home buying process from top to bottom to completely educate our buyers to position themselves for their best chance for success.  To attend a 425Realty.com FIRST TIME BUYER class, email or call Greg or Brian today.  gregperry@working-for-you.com or brianperry@working-for-you.com

2009 FHA Loan Limits in Washington State

The 2009 FHA Loan Limits for Washington State have been published.  Residential loan limits in King County have gone up to $567,500.

 We are also seeing dramatically increased activity in buyer traffic and offer activity since the $8,000 New Buyers Tax Credit was enacted a few weeks ago.

 

County Name	Single Family	Duplex	Tri-plex	Four-plex
ADAMS	$271,050	$347,000	$419,425	$521,250
ASOTIN	$271,050	$347,000	$419,425	$521,250
BENTON	$275,000	$352,050	$425,550	$528,850
CHELAN	$342,700	$438,700	$530,300	$659,050
CLALLAM	$383,750	$491,250	$593,800	$738,000
CLARK	$418,750	$536,050	$648,000	$805,300
COLUMBIA	$271,050	$347,000	$419,425	$521,250
COWLITZ	$271,050	$347,000	$419,425	$521,250
DOUGLAS	$342,700	$438,700	$530,300	$659,050
FERRY	$271,050	$347,000	$419,425	$521,250
FRANKLIN	$275,000	$352,050	$425,550	$528,850
GARFIELD	$271,050	$347,000	$419,425	$521,250
GRANT	$271,050	$347,000	$419,425	$521,250
GRAYS HARBOR	$271,050	$347,000	$419,425	$521,250
ISLAND	$381,250	$488,050	$589,950	$733,150
JEFFERSON	$437,500	$560,050	$677,000	$841,350
NON-METRO
KING	$567,500	$726,500	$878,150	$1,091,350
KITSAP	$475,000	$608,100	$735,050	$913,450
KITTITAS	$328,750	$420,850	$508,700	$632,200
KLICKITAT	$271,050	$347,000	$419,425	$521,250
LEWIS	$271,050	$347,000	$419,425	$521,250
LINCOLN	$271,050	$347,000	$419,425	$521,250
NON-METRO
MASON	$310,000	$396,850	$479,700	$596,150
SHELTON, WA (MICRO)
OKANOGAN	$271,050	$347,000	$419,425	$521,250
PACIFIC	$271,050	$347,000	$419,425	$521,250
PEND OREILLE	$271,050	$347,000	$419,425	$521,250
PIERCE	$567,500	$726,500	$878,150	$1,091,350
SAN JUAN	$593,750	$760,100	$918,800	$1,141,850
SKAGIT	$373,750	$478,450	$578,350	$718,750
SKAMANIA	$418,750	$536,050	$648,000	$805,300
SNOHOMISH	$567,500	$726,500	$878,150	$1,091,350
SPOKANE	$271,050	$347,000	$419,425	$521,250
STEVENS	$271,050	$347,000	$419,425	$521,250
THURSTON	$361,250	$462,450	$559,000	$694,700
WAHKIAKUM	$271,050	$347,000	$419,425	$521,250
WALLA WALLA	$271,050	$347,000	$419,425	$521,250
WHATCOM	$375,000	$480,050	$580,300	$721,150
WHITMAN	$271,050	$347,000	$419,425	$521,250
YAKIMA	$271,050	$347,000	$419,425	$521,250

Uncle Sam Wants You! (To buy a home -- and he'll give you $$)

 

I WANT YOU!

 

Uncle Sam wants to give you money! Up to $8,000 in a tax credit if you are a first time Buyer making a home purchase.  (You are a first time Buyer if you are buying your first home OR have not owned a home for 3 years or more.)

The tax credit is for owner occupied homes purchased between January 1, 2009, and December 1, 2009.  You will NOT have to pay this credit back as long as you live in the home without selling it for at least 3 years.

The income limitation is $75,000 for single tax payers claiming the full credit and $150,000 for married tax payers.  The credit remains refundable, which means that first-time home buyers who owes less than $8,000 in taxes for the year are still eligible for the full $8,000 credit when they file their tax returns.  In that case, the IRS will write you a check for the difference between $8,000 and your actual tax bill.  In fact, the credit can be claimed on your 2008 tax returns that you file by April 15, 2009, even if you buy the home in 2009.

If you a ready to make your home purchase, or you know someone who qualifies as a first time home buyer ready to make a home purchase, call or email Greg or Brian Today!  gregperry@working-for-you.com  brianperry@working-for-you.com.

 
By Greg Perry
Kirkland Realtor, www.425Realty.com
I you have further questions, please consult your tax advisor.

Buying Power

Real Estate Stimulus Package Becoming Clearer

While it looked for awhile that we may be getting a $15,000 tax credit for home buyers, Congress has  settled upon an $8,000 tax credit.

This just in from the National Association of Realtors:

1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

So for now, higher conforming loan limits, an $8,000 tax credit, lower interest rates and an increase in eligible loans for investors.  The bill passed the House today.  Vote in the Senate is pending.  More will come.........

Housing Stimulus Changes?

Developing........

The AP is reporting that the House looks to cut the housing tax credit back to $7500.

Working to accommodate the new, lower overall limit of the bill, negotiators effectively wiped out a Senate-passed provision for a new $15,000 tax credit to defray the cost of buying a home, these officials said. The agreement would allow taxpayers to deduct the sales tax paid on new car purchases, but not the interest on loans for the same vehicle 

More On Real Estate Stimulus......

Today, the Senate approved an $838 billion economic stimulus bill that includes a $15,000 home buyer tax credit.  Also, Treasury Secretary Geithner unveiled a multi trillion dollar financial stability plan that includes $50 billion for foreclosure prevention programs.

In play in the Senate package are higher loan limits for Fannie Mae, Freddie Mac and FHA.  The government is also looking to drive mortgage interest rates lower.

The House version already restores the upper limits for Fannie, Freddie and FHA loans programs to $729,750 in the higher cost housing areas, where they stood for much of 2008.  The House version also eliminates the repayment requirement on an existing $7500.00 tax credit that is scheduled to expire on July 1.  The Senate version would go farther, increasing the tax credit to $15,000 allowing all home buyers purchasing a principal residence within a year of the bill's enactment to claim it on their 2008 or 2009 returns.

The House and the Senate now must negotiate the two versions for a final bill.  It looks clear that both bodies of Congress are intent on passing a home buyer tax credit.  We'll be watching to see what the finished bill looks like.