Posted by: seattlelife | October 8, 2012

King County hom…

King County home sales, median prices up from year ago

Lack of homes for sale is holding back the market

By Eric Pryne
Seattle Times business reporter
October 4th, 2012

The Seattle area real-estate market’s strong summer stretched into September, statistics released Thursday by the Northwest Multiple Listing Service indicate.

Buyers closed on nearly 1,800 houses in King County last month, 13 percent more than in September 2011.

The median sale price, $375,000, was 7 percent higher than the same month last year. The median has been in the $375,000-$380,000 range since June.

But analysts said sales activity would be even more robust if more homes were available.

“There are more buyers than sellers,” said Seattle real-estate economist Matthew Gardner. “Buyers are getting frustrated with their agents, because they can’t show them what they want.”

The total number of houses for sale in King County in September was down 36 percent year-over-year in September, according to the listing service. Condo listings were down a whopping 50 percent.

Inventory hasn’t been this scarce since at least 2000, said blogger Tim Ellis of Seattlebubble.com. “There’s nothing to choose from.”

The lack of inventory is suppressing sales, he said.

Even so, 2012 so far has been the best year for sales volume since the real-estate bust in 2008. Buyers are looking again, lured back to the market by record-low mortgage interest rates, rising rents and home prices that appear to have stabilized.

But the bust still is exerting some influence. Experts blame the lack of inventory in part on homeowners who bought just before the peak in summer 2007 and now can’t afford to sell. They owe lenders more than their homes are worth.

Both closed and pending sales were down in September from August, but that is the typical seasonal pattern.

Southeast and Southwest King County — where houses are most affordable and foreclosures and short sales are most prevalent — both saw double-digit year-over-year price increases last month. The median sale price jumped nearly 20 percent in Southeast King County — Renton, Kent, Auburn and points east — climbing from $225,000 to $269,950.

Prices on the Eastside and in North King County, in contrast, were flat. Prices rose nearly 8 percent in Seattle.

The South End’s big price increases most likely reflected a drop in sales of bank-repossessed homes, according to data compiled by online brokerage Redfin.

Bank-owned houses made up 36 percent of all sales in Southwest King County and 28 percent of all sales in Southeast King County in September 2011, according to Redfin.

Last month, those percentages dropped by more than half, to 19 and 12, respectively.

Southeast King County’s for-sale inventory of “distressed” homes — those owned by banks, or offered as “short sales” for less than sellers owe lenders — has been falling for several months, Gardner said, while the “non-distressed” inventory has been climbing.

As non-distressed homes make up a bigger share of sales, he said, the county’s southern reaches are enjoying increases in median sale prices that Seattle and the Eastside experienced earlier.

Countywide, bank-repossessed houses accounted for less than 8 percent of all sales last month, Redfin said, down from 18 percent in September 2011.

The Eastside saw the biggest bump in closed sales last month, up 21 percent from September 2011. Sales volume actually declined 1 percent in Southwest King County.

The King County condo market fared even better than the single-family market in September, at least in comparison with the same month in 2011. Condo sales volume was up 25 percent, while the median price jumped 10 percent, from $195,000 to $214,500.

Southwest and Southeast King County again experienced the biggest year-over-year price increases — 23 and 16 percent, respectively — while the median rose just 4 percent in Seattle and the Eastside.

In downtown Seattle and Belltown condos, however, the median price rose nearly 19 percent, to $409,000.

When distressed sales are excluded, the median price of condos sold downtown over the past three months is actually higher than it was during the same period in 2007 — before the crash, according to data compiled by brokerage Realogics Sotheby’s International Realty.

In Snohomish County, single-family home sales were up 7 percent year-over-year, while the median price jumped nearly 16 percent, to $280,000.

This is great news!  Any questions?  Please feel free to call, email or text Shelley Propernick from John L Scott Real Estate at email:  shelleyshomes4u@yahoo.com or cell to text or call at 206.920.0244.  

 

I have some great news to tell you!

We are now offering a matching funds program for first time home buyers. For every $1 you set aside for your down payment and closing costs this program matches with $3 more up to $5000. It is a very simple program designed to promote home ownership for first time home buyers.

For example: If you save about $1700.00, they will give you $5000 towards your down payment! 

This may be just the amount you need to make your home buying happen.

Call or email me for great info!  I will be happy to help.  :)

Posted by: seattlelife | November 24, 2009

News You Can Use. Tax Credit Expanded And Extended

Posted by: seattlelife | October 21, 2009

Finally! Mortgage protection for home buyers.

Finally protection for home buyers!

Finally protection for home buyers!

Posted by: seattlelife | September 2, 2009

Want to BUY, but Your Account is DRY?

giftahomegraphic

Call Shelley Propernick for all the details……. 206-920-0244 or email shelleyshomes4u@yahoo.com

This is a fantastic program for you!

Posted by: seattlelife | June 19, 2009

Tax credit for all homebuyers gains support.

By Kenneth R. Harney

Seattle Times

Syndicated Columnist

WASHINGTON — Since first-time buyers are getting thousands of dollars in tax credits from the federal government to stimulate the economy, why shouldn’t all homebuyers get equal treatment?

And what about refinancers — couldn’t they make good use of a tax credit to help defray closing costs and loan fees?

Whatever your thoughts on these questions, there is an effort under way in Congress to extend tax credits to anyone who buys a new or existing home in the coming year, with no income limitations.

In one case, legislation would even create a new “temporary” $3,000 tax credit to help defray the costs of refinancing mortgages on principal residences.

Two Dallas-area congressmen — one a Democrat, the other a Republican — have introduced bills that not only would broaden the reach of the current housing tax credits to almost everybody but also would keep the program going until either mid-2010 or the end of that year. The current credit expires Nov. 30.

U.S. Rep. Kenny Marchant, a Republican who represents the suburbs between Fort Worth and Dallas, is pushing a bill that would expand the current $8,000 federal credit to buyers of all houses — not just first-timers — through June 2010.

The bill (HR 2619) would also create an unprecedented $3,000 credit to help offset “qualified refinancing costs” — closing fees, lender charges and the like — through next June.

In a statement, Marchant said his goals are to “jump-start new sales,” “reduce the housing inventory” and “stabilize housing prices.”

As to the refinancing credit, he said the idea is to encourage owners “to take advantage of current low mortgage rates” — cutting their monthly payments to stay out of financial trouble.

$3,000 refi credit

The $3,000 refi credit could be used to pay for loan “points,” other transaction fees or to “put equity in their home if they’re a little underwater.”

Marchant’s House colleague, U.S. Rep. Eddie Bernice Johnson, a Democrat who represents downtown Dallas, has introduced the Home Buying Credit Expansion Act (HR 2606), which would extend the current credit through Dec. 31, 2010.

The bill would also open the credit to all buyers of principal residences, but would not provide any new tax incentives to stimulate refinancings.

The near-simultaneous introduction of tax-credit expansion bills on Capitol Hill appeared to put the two most potent housing lobbies — the National Association of Realtors and the National Association of Home Builders — into a political quandary.

On the one hand, any broadening of tax incentives for homebuying would be good news for their builder and real-estate broker members.

On the other hand, any public perception that the expiration date for the current credit might be extended could cause some potential buyers to delay purchases.

And if all would-be buyers might be eligible for some future federal tax credit — not just first-timers — large numbers of consumers might just stay on the sidelines waiting for that better deal to come out of Congress.

A spokesman for the National Association of Home Builders said the group “does not want anything that would stop the traction the current (tax) credit is now getting. We think it would be more appropriate to address (an extension or other changes) closer to the credit deadline” in the months ahead.

But Mary Trupo, public-policy director for the National Association of Realtors, said her 1.1 million-member group sees it differently.

Why not for all?

“We say — if (the credit) is working for first-time homebuyers, then why not for all buyers, with no income limitations? We would like to see the expiration date extended (beyond Nov. 30). Expanding the credit is really the way to stabilize the (housing) market — by making it available to everybody.”

Trupo said first-time buyers accounted for one-half of all purchasers in March — up from one-third in January — and that increase is directly attributable to the tax credit.

The association has no hard estimate of what effect opening up the credit to all buyers would have on total sales.

But Jed Smith, managing director for quantitative research, said earlier projections about the first-time-buyer credit ranged into the hundreds of thousands of additional sales.

Broadening the credit to all buyers would push the total higher.

Don’t look for any immediate action on Capitol Hill.

The legislative calendar is jammed already, the budget deficit is at all-time levels, the summer recess looms, and neither of the tax-credit bill sponsors sits on the House Ways and Means Committee, which must originate all tax legislation.

But later this year, you can bank on it: There will be a big push to extend the housing tax credit — and maybe open it up to everybody.

Would you like more info on this subject?
Contact Shelley Propernick of John L Scott Real Estate at 206-920-0244
or email at:  shelleyshomes4u@yahoo.com
Web Site:  Www.shelleypropernick.com

GREAT NEWS!

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can’t be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.

There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.

In addition, state financing housing agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year–and improved upon earlier this year–to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven’t owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Call Shelley for more great and positive info!    206-920-0244  or email at shelleyshomes4u@Yahoo.com

Website:  Www.shelleypropernick.com

Have a fantastic day!

I’m Writing This, To Share Something That Has Been On My Heart. 

As you know, for the past 2 years there has been a ‘shift’ in the real estate market.

Experience shows more and more people are caught off guard with the current economic difficulties. I imagine you may know people who are in a situation, or in a dilemma like never before, and they don’t know what to do.

As you look at these 3 categories ask yourself , “Who do I know that is one of these three situations?”

1.People who bought their homes within the past 5 years, or had refinanced, or took out an equity line, now are finding their homes worth less than what they owe on it;

2.Homeowners facing financial difficulties; job loss, loss of a spouse, divorce, or facing difficulties beyond their control, maybe heading into foreclosure; or

3. Home sellers who wish they had sold a year or two ago, but for whatever reason didn’t. Now they feel trapped and don’t know what to do.

For the first time, these people need help, and they need it NOW!

The next time you’re in conversation with someone who is in any of the 3 categories above, stop, pick up your phone, look up my number (206.920.0244 ) and call me immediately.

You can count on me to be empathetic, being there for them, exploring all options, and treating them with utmost dignity and care.

More than ever before, we need each other. And together, WE CAN MAKE A DIFFERENCE!

Your Friend In The Real Estate Business

Shelley Propernick

206.920.0244

P.S. As you look at these 3 categories ask yourself , “Who do I know that is one of these three situations?”

Posted by: seattlelife | March 18, 2009

Is A Short Sale For Me?

When doing a short sale in real estate, it means that the lender is accepting less then the total amount due. Not all lenders will accept a short sale.  Sometimes, it makes more sense financially for the lender to foreclose on the property.  Every circumstance is different. Not all sellers and all homes will qualify for a short sale.  

Short sales are not for everyone. The closing process can take 30-90 days unlike your usual real estate closing which can take up to 30 days.

 

An example of a short sale is if the seller owes $400,000 and the mortgage is worth $350,000.  They contact a real estate agent who will list their home.  Once receiving an offer the real estate agent will negotiate with the bank and in most cases the bank will agree to take a short of $50,000 rather then have the homeowner go to foreclosure.

Foreclosure can ding your credit for many years to come. In some cases the bank will ask the homeowner to pay back the mortgage when going in to foreclosure.

A bank owned property is a property that has been foreclosed on and is owned by the bank

 

 

The Benefits Of A Short Sale

 

The lenders are able to reduce most of their losses and avoid going through foreclosure.

Buyers are able to take advantage of most short sale homes for sale and get good deals on a home.

Sellers are able to avoid foreclosure which can be very costly and may also be able to preserve their credit.

 

 

For more information from an experienced short sale and foreclosure specialist, please contact

 

Shelley Propernick at John L Scott Real Estate

206-920-0244 or email shelleyshomes4u@yahoo.com

 

I will be happy to provide you with the information you are requesting and personally take you through the steps of a short sale.

Posted by: seattlelife | February 21, 2009

$8000 For first time home buyers!

$8000 is an Outstanding Opportunity for Home Buyers

 

 

 

 

In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.


But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after
January 1, 2009 and before December 1, 2009 are eligible.

 

 

 

$8,000 Home Buyer Tax Credit at a Glance

 

  • The tax credit is for first-time home buyers only.
  • The tax credit does not have to be repaid.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  • The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

This is the reason YOU should be buying a home this year.

Interested in more information and how you can get in on this?

Now is a great time to buy a home in the Seattle-Renton area and many other communities in King and Pierce County.

Call Shelley Propernick at 206.920.0244

email:  shelleyshomes4u@yahoo.com

Web site: Www.shelleypropernick.com

 
 

 

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