Myths that are just not true

On the Today show yesterday I watched Barbara Cochoran discuss the top 5 myths of Real Estate today. They are;

1. All Sellers are desperate. Not true. Only 10% really need to sell. Best thing is to find out the motivation of the Seller.
2. It's stupid to buy before hitting the bottom of the market. Not true. Don't try and time the market, you will miss it and the market reacts very quickly, leaving you in the dust.
3. You can't buy with less than 20% down. Not true. FHA has programs with as little as 3.5% down.
4. This is the worst time to sell. Not true. Depends on your area. Many of the hardest hit are coming back already.
5. Shop around for a lender for the best price. Not true. Go to your current lender to get the best price. They want to keep you as a valued customer.

To see full clip click here.

In the Seattle times today it was noted that home sales in the West, particularly fueled by metro areas in California, Nevada and Arizona, were up 36.4% December 2007 to December 2008. Those were some of the hardest hit areas in the country and they might have already hit bottom.

To see the full article click here.

Population of Seattle expected to increase, rated #6 in country

According to a new survey by Relocation.com more people are expected to move to Seattle than from Seattle. Seattle ranks #6 and Portland fairs better at #5. More people will create more demand on housing, which will be good for those selling their homes and for landlords.

Click to see the full article.

Time to buy or continue to rent?

It is a great time to be a Buyer in Seattle, but are you ready to be a Homeowner? If you want a home you can alter for fit you personal taste and plan on staying in the same place for several years it might be the right time for you to buy.

The attached link will help you decide if it makes more financial sense to buy or continue renting.

Click here for the online calculator.

On the site click "Buy vs. Rent". This will help calculate the real costs of renting vs. buying. If I can help in any way, please feel free to contact me.

Time to Refinance? 4 Homework Steps.

Interest rates are at incredible rates. If you have been in your home for several years or recently purchased with a large down payment it might be worth looking into a refi loan. The process is much more detailed but could potentially save you thousands of dollars. Here is a great article giving great points to ponder.

Click here to see the full story.

I'm more than happy to help you with any real estate related needs. Please feel free to contact me.

Median Home Prices Increase in Seattle

Though December home sales were down a little from last year (the freezing temperatures and snow didn't help) the median price home in King County increased by a couple of thousand dollars. Condos were down less than 1% from December 2007 sales.

Click here for the full story.

Interest Rates Historically Low - Great Time To Buy

Interest rates have been bobbling around 5% for the last week, which is historically low. A lender I work with just did a refinance loan for a client that had a lot of equity in their home; he got a 30-year fixed rate at 4.75% with no points. Just today rates dipped as low as 4.6%.

It is a GREAT time to refinance if you have a a lot of equity in your home, plan on staying in your home for a few more years and want to lower your monthly payments, refinance for a shorter-term loan or consolidate your debt.

It is a GREAT time to buy real estate if you are trying to buy up in this market.

It is a GREAT time to be a first-time Buyer with incredible rates. It is possible to get an FHA loan and you only have to put down 3.5%. This is a good option for those who want to buy but don't have a lot of money as a down payment. Buyers can get more for their money than every before, with low interest rates and lots of good properties on the market that are competitively priced.

Just years ago homeowners felt pretty good about having an interest rate in the 6-8% range.

Case-Shiller says prices are down in Seattle

Case-Shiller says prices have declined from Oct. 2007 to Oct. 2008 10.2%. The only thing I don't like about this study is that it only covers 20 Metropolitan areas so when they say that prices have declined for the entire country it is not accurate. It also only reviews price changes year-over-year, which is too short of a time frame to analyze real estate. In King County appreciation from Jan. 2004 to Oct. 2008 has been 34%, even with the 10.2% reduction over the last 12 months. Real estate purchases should be long-term investments, not short-term flips.

Click here to see article

Call me if you want further information or if I can be of service.