Fannie Mae just released the results of September’s National Housing Survey which delivers good news if you are trying to sell your home or buy a new home. Americans at large are feeling positive about the housing market and economy in general.

“Consumers are showing increasing faith…” said Doug Duncan, senior vice president and chief economist of Fannie Mae. “Home price change expectations have remained positive for 11 straight months, and the share expecting home price declines has stabilized at a survey low of only 11 percent. Furthermore, the Federal Reserve’s latest round of quantitative easing has caused a large drop in mortgage rate expectations. Friday’s September jobs report, including the strong upward revisions for prior months, a sizable increase in earnings, and a sharp decline in the unemployment rate, should provide further impetus for improving consumer confidence in the housing market.”

With future expected moderate increases in home prices and current low interest rates, nineteen percent of survey respondents agree that “now is a good time to sell” the highest rate since June of 2010 and sixty-nine percent said they would buy if they were going to move. Seventy-two percent of survey participants stated that “now is a good time to buy.”

On a grander economic scale, forty-four percent of survey respondents also felt that their personal finances were seeing improvement and seventeen percent reported a significant increase in their household income in the last year. Despite the improvement, however, thirty-four percent of the 1,000 survey participants still reported significant increases in household expenses.

To find out more details and see graphs of the survey results, please click here.  If you would like to hear what these statistics mean for you and your home, please give me a call!

When buying and selling a home, it is important to trust the team that will represent you, from your real estate agent to the escrow officer and mortgage broker. Checking on certifications or credentials can bring peace of mind and help you as a consumer feel more “at home” with the real estate professionals with whom you will work.  The proper credentials and strong professional knowledge base can also make your real estate transaction flow more smoothly.

Perhaps you found me through a positive referral from a friend, so feel like you are in safe hands – that’s great! However, even with the best recommendations, it’s still wise to be aware of credentials, distinctions and designations that help to develop my integrity and credibility as a real estate agent. Through your discovery, you may even become aware of additional tools that I can offer to you, along with feeling like you and your property needs are in capable hands.

One of the most important things you should be aware of is my knowledge of your area. This is my home town. I know all about this area, as you’ll notice on my active website and social media pages. I am active in my local community and can provide you with a list of referrals, from satisfied customers to service providers. Use the pages of my website, like the about page or specific community pages, as tools to give you information about the community, but also about me as a professional. Reference my blog to gain a better understanding of my knowledge of the local area and the real estate industry at large.

Secondly, I hold several designations that are valuable in the field of real estate. You’ll notice the “R” symbol after my name, designating me as a Realtor. Realtors abide by strict industry standards and a code of ethics and that symbol indicates that I am a member of the National Association of Realtors (NAR).

Other designations you may see can vary from agent to agent, and here are several to consider. Please ask me about my specific credentials and designations so that you can feel comfortable knowing that I can meet your real estate needs.

• Accredited Buyer Representative (ABR)
• Accredited Consultant in Real Estate (ACRE)
• Accredited Seller Representative (ASR)
• Accredited Staging Professional (ASP)
• Certified Short Sale Seller (CSSS)
• Counselor of Real Estate (CRE)
• Certified Residential Specialist (CRS)
• Certified Distressed Property Expert (CDPE)
• Certified Internet Professional (e-PRO)
• Graduate Realtor® Institute (GRI)
• Quality Service Certification (QSC)
• Senior Real Estate Specialist (SRES)

Public awareness of real estate short sales has shown a marked increase in the last few years.

As homeowners seek to lessen their financial burdens in hard economic times, the Home Affordable Foreclosure Alternative (HAFA) was created and has since been updated to create short sales as an option to foreclosure and provide much needed assistance to homeowners throughout the United States.

On June 1, 2012, new developments to the HAFA program loosened the requirements for qualification, making more homeowners eligible for this popular program. Previously homeowners had to be behind in payments to qualify, yet now homeowners who are currently paying their mortgage can receive assistance, as well. Debt ratio requirements have been modified, making qualification easier to manage.

Another change is that homeowners no longer must “live” in the home for to be able to qualify for short sales. Prior to the program changes, a 12 month residency requirement had to be met by applicants. It’s also interesting to note that changes in the Home Affordable Refinance Program (HARP) allow more people the ability to refinance, as well, since home equity requirements have been reduced. Sellers who relocate can also receive relocation assistance of up to $3,000, and a variety of real-time, situational assistance by calling 888.995.HOPE (4673).

Perhaps the most historic change is that the new program does not impact a seller’s credit report as it did before. The credit report status of short sales can be listed as paid in full in most cases, making homeowners breath a little easier about their future, if a short sale is on the horizon.

To learn more about how these changes can individually impact you as a seller or how I can help you move through the short sales process quickly, please contact me. You can also read more about these changes directly by checking the HAFA website.

Are you pre-approved for your home purchase?

If not, you need to be, and no, it won’t affect your credit rating.

In today’s real estate market, serious buyers know that the home buying process cannot begin in earnest until they are pre-approved, not pre-qualified for a mortgage. Pre-qualification is based upon “stated” numbers regarding monthly revolving debt, income, and other general information whereas pre-approval is based on verified facts. In the verification process for pre-approval lenders must make inquiries on employment and even check your credit score.

Luckily the Fair Credit Reporting Act recognizes this as a permissible and valid reason for a company to access your credit and it will NOT affect your credit rating or score. Mortgage lenders can run a “soft” credit check, sometimes called a “quotation check” to verify your credit worthiness and pre-approve you for home purchase. It is also interesting to note that multiple lenders can do this (within a 14 day period) without it affecting your credit score, if you want to compare loans. You can also check your own credit report as many times as you would like without causing harm in the same manner. In fact, before meeting with a lender or considering purchasing a home, you should evaluate your credit report and make sure it is error free.

Other types of credit inquiries CAN affect your credit report, so refrain from opening lines of credit at clothing, furnishing stores or car dealerships and other installment retailers until your loan is funded. Credit inquiries account for less than 10% of your overall credit score, but it is still not worth the risk when purchasing a home is in your near future. To keep yourself credit-worthy, make your payments on time, continually strive to increase your income, and make sure the monthly amount accessed on each of your credit cards is less than 30%. These proactive measures will go a long way to helping you secure the loan you need and the home you want.

A survey conducted last month by the PEW Research Center, a non-profit, non-partisan organization considered a “fact tank” on social & demographic trends in America, determined that the majority of adult Americans (81%) still believe “that buying a home is the best long-term investment a person can make.” It is interesting to note that while the same study showed that 47% of those surveyed felt that current economic factors have resulted in a decrease in their current home value, those same home owners felt that their home investment was a safe one.

Even renters seem to agree with the idea of investing in a home, with 81% wishing to buy a home at some point, even if individual circumstances prevent it currently. In fact, when asked to rate long-term financial goals, homeownership and “being able to live comfortably in retirement” were rated the highest by 80% of those surveyed. Survey participants seemed to understand that owning a home provides more than an avenue for generating savings – it also is a place to live and provides an element of physical and emotional stability unlike other investment options.

Further pursuing this question, the survey compared investments – trying to determine which held fast in the long run – the stock market or the housing market. The answer was variable, depending on the year of investment, however, and unable to be determined overall. One item not considered in the survey is that owning a home provides income tax benefits that are not likely to be found in other investments, which could affect the dividend bottom line and how you choose to invest. Click here to view the survey in its entirety.

Each day technology becomes even more impressive as new tools, products and apps are rolled out that truly have a place in your daily life. It can be exciting and exhausting to try to find the ones that will benefit you. As a homebuyer, it can be overwhelming to narrow down all the choices.  With that in mind, I’ve made my real estate website tech and mobile friendly in the hope that you will find the results you need in your search, however, when it comes to buying a home, these apps can be very helpful.

Many of these apps are even offered free of charge, although they may request your location information in order to produce the results you desire. If you want more specific information or ideas on specialized apps for your tech devices, please give me a call and I can help meet your real estate needs.  In the meantime, though, check these out!

Not sure where you want to live?

• Nabewise Get to know neighborhoods in-depth, complete with pictures, reviews and ratings ond rankings on the things you care most about.
• GreatSchools Get to know local school options and read reviews by staff and parents of children attending the schools. Schools are also scored based on scores and ratings.
• Yelp Find the best restaurants, shopping, and entertainment in the area you are researching directly from the people who live there. A true “insider’s view.”

Looking for actual numbers?

• Zillow.com Zestimates and make me move allow you to get an idea of what homes cost on any street and even permit you to make offers to home owners who do not have their property for sale.
• Realtor.com Get stats on new homes, sold homes, and homes for sale easily and quickly, including price changes in any neighborhood.
• Redfin.com Compare and contrast active homes in the market within your price range. I am partner agent with Redfin for King County.
• RentonActiveListings.com Lastly, my website introduce you to the current and new listings on the market. You can set up a listing alert that meets your criteria, providing daily updates on the listings you are interested in. 

Selling a home can be quite challenging at times, causing sellers to question what they can do to make the sale occur more quickly. Service providers such as home stagers, organizers, and professional clutter eliminators can all offer assistance, but many sellers are also considering the art of feng shui, through consulting services or as a do-it-yourself technique. The overall goal is to create “positive chi” or energy flow in each room of your home.

Using feng shui techniques, you can clear the clutter, along with the negative memories and energy, creating a home that will sell more easily. Here are 5 real tips that will give you positive emotional energy while readying your home for sale.

• #1 Open the windows and doors. Let a breeze blow through your home to clear the negative energy and refresh you as you begin your work.
• #2 Step outdoors onto your walkway, the entrance of your home. What do you see first when you walk into your home?  Clear any cobwebs and dust and make sure nothing is blocking the entrance. If you have to step over something, remove it.
• #3 Add energy with greenery. Whether an indoor or outdoor plant, make sure your home feels vibrant through adding plant energy. You can do this through exterior landscaping, by adding fresh flowers to the entry, or with the addition of indoor plants.
• #4 Add positive energy through art and movement through proper mirror placement. There are tons of books that can guide you through this step, however, remember that the goal is to reflect positivity and not overwhelm or create clutter in your home for sale.
• #5 Clear the clutter. Counters should be free of objects and papers, furniture should be placed to allow for ease of movement. Any obstacles to interior door entrances should be moved.

While these tips may not offer a “cure all” to getting your home sold, they can definitely point you in the right direction. Thanks.

Owning a home still has more appeal than renting for Americans, according to Fannie Mae. A sign of stability, safety, family and community, home ownership is an essential component of the “American Dream” of success and happiness and has been for many generations. The recent National Housing Survey (Q4, 2011) conducted by Fannie Mae found that this is still true.

The majority of those surveyed (at all education and demographic levels) still believe that owning a home is preferable to renting. The study, conducted from over 3,000 interviews, also showed that 64% of the renters surveyed planned on a future home purchase. Most of the survey participants listed high-ranking schools and safety as prime concerns when considering the location of that future home.

About 34% of those interviewed felt that “now” is a very good time to buy a home, but only 5% felt it was very likely that they would be purchasing a home in the next 12 months. The majority of survey participants (53%) felt that the housing market was likely to stay the same in the next year, but nearly all realized that the possibility of rental prices decreasing was unlikely. In fact many of those surveyed recognized the possibility of rental prices increasing, with 43% believing rents would increase and 47% believing they would stay the same. The majority of the respondents listed income, amount of down payment or job security as the largest obstacle to home ownership.

In real estate transactions, we uses jargon that is sometimes difficult to understand. Here are some definitions that you will need to know when buying or selling a home.

“CLOSING” - Closing refers to the final steps in securing a home purchase.  When a property is sold, it is referred to as “closed.”

“OFFER” - Buyers “offer” a contracted rate on a home for sale. A seller may receive many “offers” and is not required to accept any.  This is why when a home buyer finds their dream home, it is important to get the “offer” in quickly.  Full price “offers” are looked upon favorably, but even “offers” of up to ten percent beneath the asking price may be an acceptable practice, too.   There are several variables to discuss with a knowledgeable real estate agent before submitting a low “offer,” however, so do your homework.  Comparing a home to others in the local market and recognizing the length other homes have been listed are helpful to consider prior to submitting or accepting any “offer” in real estate.

“EARNEST MONEY” - The “earnest money” or deposit pledged with an “offer,” illustrates a commitment from the buyer to the seller.  Generally the “earnest money” amount is determined based on a percent of the home’s purchase price. This deposit is held in a trust account in escrow until the purchase is completed. As a potential home buyer, your “earnest money” will only be accepted if your “offer” is accepted. Occasionally a home buyer decides not to move forward with the home sale which can result in the loss of the “earnest money.”

“CONTINGENCIES” - Contingencies are requirements outlined in the contract that must be fulfilled prior to “closing,” often relating to financing or the house inspection. Contingencies generally last for 30 days, although the time frame depends on all parties.

“CONTRACT” - When a home seller accepts an “offer,”  the “contract” is then created.  A legal and binding document which guarantees the buyer will purchase the property when all contingencies are met. Transaction details are included in the contract, such as the property selling price and description, any important dates and contingency clauses.

“CLOSING STATEMENT” - Required by the Department of Housing and Urban Development to ensure accountability of all finances relating to the sale and purchase of a home.  Real estate commission,  escrow  securities and deposits, and any other fees must be outlined in this document. The buyer and seller will each receive a copy of the “Closing Statement” per the Real Estate Settlement Procedures Act prior to “closing.”

“CLOSING COSTS” - These are the actual costs of “closing” and include securing title, escrow, loan fees, appraisal, credit reports,brokers, taxes and document preparation.

Hopefully this helped you feel a little more familiar with real estate terms, so that whether you are buying or selling a home, you can feel a bit more at ease. If you have any questions on the terms, please email or call me.

Vacation planning is getting close! If you are heading out to a weekend getaway or an extended trip, it is important to safe guard your home before heading out of town.  Here are a few suggestions to increased peace of mind on your get-away!

• Befriend a  neighbor.  A formal Neighborhood Watch program may not be instituted on your block, but you are bound to have a neighbor willing to watch over your home while you are away.  Request that they notify you or the police if something alarming occurs.
• Do not tell the world about your vacation plans until after they are complete.  Your voice mail, Facebook, Twitter, & other social networking websites provide information to sources that may not be your “friend.”  Do not leave notes on your front door, trashcans or mailbox, either.
•  It’s always best when your home appears to be occupied while you are away. Timers and volunteer police patrols can be utilized, and newspapers and mail can be placed on hold, unless you have a large, locking mailbox. You could also ask a friend to visually check-in on your home.
•  Try using a deadbolt or locking mechanism on your garage door while you are away for long periods of time and secure any pet entrances.
• Remember that a well-maintained and well-lit home with timed lights and motion detectors can be a deterrent, as can loud dogs.  Please take note that if you have a pet, you will also need to  plan for its care while vacationing.

When you return, be sure to begin all suspended services again. Always thank those who watched over your new home so they will feel so inclined when your next vacation comes up.