My client got a GREAT price on this Wonderful Starter 4 Bedroom Home!!
Another SHORT SALE Closed!
I do believe the market is picking up...
Showing posts with label King County. Show all posts
Showing posts with label King County. Show all posts
Sunday, April 25, 2010
Seattle Times - Neighborhood of the Week: Tukwila
Tukwila back on fast track with light-rail linkTukwila, at the crossroads of rivers, highways and railways, has been a hub of commerce since the 1860s, when boats on the Duwamish River ferried coal from local mines on a two-day journey to Seattle.
That trip now takes 37 minutes from the new Tukwila light-rail station near the airport.
That station (officially known as the Tukwila International Boulevard Station) has increased homebuyer interest in the neighborhood surrounding the towering structure.
"The last two homes I've sold were because of the light-rail station right up the street," says Windermere Real Estate agent Marilyn Ferris.
Housing in the neighborhood around the station is "eclectic and affordable," Ferris says. "There's a lot of diversity and multigenerational households," she says, citing the recent sale of a "really cute" 1,700 square-foot home to an extended family for $245,000.
"They don't drive and can walk to the bus, light-rail station and stores, and they're thrilled to be homeowners," Ferris says.
The neighborhood features some of the most affordable houses in the Seattle area. Recently a three-bedroom, two-bath, 1,768-square-foot house three blocks from the station was listed for $159,999 while a new, custom-looking four-bedroom, 2,590-square-foot house with coffered ceilings sold for $366,000.
Prices across Tukwila are similarly affordable. The median price of 12 single-family houses sold in Tukwila during February was $285,000, according to figures compiled by Seattle-based Zillow.com. The median price of 11 condos sold during February in Tukwila was $132,000, according to Zillow. - Click Here to View Entire Article
Saturday, August 15, 2009
Tuesday, August 4, 2009
The Clock is Ticking! Decision Time Draws Near for First Time Buyer's Credit
While the economy continues to show signs of improvement and many housing markets are beginning to heat up, scores of would-be buyers are still waiting on the sidelines for further positive housing trends. But for first-time buyers, time is running short on the federal government's $8,000 tax credit.
Though the official expiration date of the credit is December 1, in reality on-the-fence buyers will need to make a decision one way or the other fairly soon. The reason: in order to qualify for the credit, the home purchase must close by December 1st. Merely having loan approval, an accepted offer or a signed contract won't be enough to qualify for the Housing and Economic Recovery Act.
Decision-Making Timeline - While each transaction is unique, closing a real estate deal is no speedy matter. On average, closing takes place 45 to 60 days after the date that the contract is signed. In order to meet the December 1st deadline, this would mean having a signing date in late September or early October. Those who consider the tax credit an important incentive but are still unsure about entering the market will need to make a decision one way or another before many more summer days pass.
To have any chance at finding a home and having an offer accepted by early October, buyers will want to wade into the home buying process right away. The immediate steps include making a final list of desired home attributes, scouting favorite neighborhoods and areas, starting the mortgage pre-approval process and beginning the home search process online.
Potential for Delays - Buying a home is a complicated process, and it is not unusual for purchases involving first-time buyers to take slightly longer than those involving experienced buyers. Some of the delays that first-time buyers may face over the coming months:
Competition with Other Buyers
While home may be selling at a lower rate than in years past, in many areas changes in inventory have created extremely competitive buying environments. Foreclosures or other homes with greatly lowered asking prices are particularly sought after, and in many cases investors are very active in the marketplace.
Disclosures & Contingencies
The seller is obligated to disclose any material facts about the property, including any property defects or any lawsuits regarding claim to ownership on the property. Disclosures can stall negotiations and delay the contract signing depending on their nature and severity. Contingencies (written clauses in the sales contract that give protection to both the buyer and the seller of a home) can also result in some delay in negotiation, particularly if the contingency requires the seller to make specific repairs.
Appraisal
The lender will arrange for appraisal of the property, which will include a thorough inspection of the home's interior and exterior. The appraiser's report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. If the appraisal of the home's value is lower than the agreed upon sales price, the buyer's chance of loan approval can be in jeopardy. In addition, recently added rules for appraisers have been causing some delays based upon anecdotal evidence.
Loan Approval
While interest rates remain advantageous for buyers, lenders are being much more fastidious during the approval process. Obtaining pre-approval can help prevent many delays.
The Holiday Season
Buyers who submit an offer in mid-fall may likely run into another roadblock to a pre-December 1st closing date: the approaching holiday season. Closing a real estate sale requires the work and attention of a number of professionals; from real estate agents to attorneys to bankers. Like many Americans, it is not uncommon for individuals in these fields to use up vacation time in the last few weeks of November. Securing a closing date during Thanksgiving week may be something approaching miraculous.
Additional Delays for Short Sales and Foreclosures
Buyers who make an offer on a short sale property or bank-owned foreclosure may find that it takes a significantly longer time to receive a reply than expected. Overall, buying these types of properties is a longer process than buying homes listed on the market by individual owners.
KEY Elements for First-Time Home Buyer Tax Credit
1.) The tax credit only applies to first-time home buyers. The law defines a "first-time" buyer as any buyer who has not owned a home within the previous three tax years. For married couples, the homeownership history of both individuals must meet this qualification.
2.) The tax credit is only available for homes purchased between Jan. 1, 2009, and Dec. 1, 2009. For the purposes of this credit, the purchase date is the date when closing occurs and the title to the property transfers to the new home owner.
3.) As long as the property is purchased by a qualified buyer for use as a principal residence, any type of home, including single-family detached homes, townhouses, condominiums and manufactured homes can qualify for the credit.
4.) The tax credit does not have to be repaid provided that the buyers use the home as their principal residence for at least three years.
5.) The full tax credit is only available for individuals with an adjusted gross income of up to $75,000 and for married couples with a combined adjusted gross income of up to $150,000. The tax credit phases out for anyone above those income thresholds.
6.) The tax credit applies for up to 10 percent of the home's purchase price, with a maximum of $8,000. For example, a first-time buyer of a $50,000 home would be eligible for a tax credit of $5,000 while a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000.
Click Here for a More Information About $8000 Tax Credit
Though the official expiration date of the credit is December 1, in reality on-the-fence buyers will need to make a decision one way or the other fairly soon. The reason: in order to qualify for the credit, the home purchase must close by December 1st. Merely having loan approval, an accepted offer or a signed contract won't be enough to qualify for the Housing and Economic Recovery Act.
Decision-Making Timeline - While each transaction is unique, closing a real estate deal is no speedy matter. On average, closing takes place 45 to 60 days after the date that the contract is signed. In order to meet the December 1st deadline, this would mean having a signing date in late September or early October. Those who consider the tax credit an important incentive but are still unsure about entering the market will need to make a decision one way or another before many more summer days pass.
To have any chance at finding a home and having an offer accepted by early October, buyers will want to wade into the home buying process right away. The immediate steps include making a final list of desired home attributes, scouting favorite neighborhoods and areas, starting the mortgage pre-approval process and beginning the home search process online.
Potential for Delays - Buying a home is a complicated process, and it is not unusual for purchases involving first-time buyers to take slightly longer than those involving experienced buyers. Some of the delays that first-time buyers may face over the coming months:
Competition with Other Buyers
While home may be selling at a lower rate than in years past, in many areas changes in inventory have created extremely competitive buying environments. Foreclosures or other homes with greatly lowered asking prices are particularly sought after, and in many cases investors are very active in the marketplace.
Disclosures & Contingencies
The seller is obligated to disclose any material facts about the property, including any property defects or any lawsuits regarding claim to ownership on the property. Disclosures can stall negotiations and delay the contract signing depending on their nature and severity. Contingencies (written clauses in the sales contract that give protection to both the buyer and the seller of a home) can also result in some delay in negotiation, particularly if the contingency requires the seller to make specific repairs.
Appraisal
The lender will arrange for appraisal of the property, which will include a thorough inspection of the home's interior and exterior. The appraiser's report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. If the appraisal of the home's value is lower than the agreed upon sales price, the buyer's chance of loan approval can be in jeopardy. In addition, recently added rules for appraisers have been causing some delays based upon anecdotal evidence.
Loan Approval
While interest rates remain advantageous for buyers, lenders are being much more fastidious during the approval process. Obtaining pre-approval can help prevent many delays.
The Holiday Season
Buyers who submit an offer in mid-fall may likely run into another roadblock to a pre-December 1st closing date: the approaching holiday season. Closing a real estate sale requires the work and attention of a number of professionals; from real estate agents to attorneys to bankers. Like many Americans, it is not uncommon for individuals in these fields to use up vacation time in the last few weeks of November. Securing a closing date during Thanksgiving week may be something approaching miraculous.
Additional Delays for Short Sales and Foreclosures
Buyers who make an offer on a short sale property or bank-owned foreclosure may find that it takes a significantly longer time to receive a reply than expected. Overall, buying these types of properties is a longer process than buying homes listed on the market by individual owners.
KEY Elements for First-Time Home Buyer Tax Credit
1.) The tax credit only applies to first-time home buyers. The law defines a "first-time" buyer as any buyer who has not owned a home within the previous three tax years. For married couples, the homeownership history of both individuals must meet this qualification.
2.) The tax credit is only available for homes purchased between Jan. 1, 2009, and Dec. 1, 2009. For the purposes of this credit, the purchase date is the date when closing occurs and the title to the property transfers to the new home owner.
3.) As long as the property is purchased by a qualified buyer for use as a principal residence, any type of home, including single-family detached homes, townhouses, condominiums and manufactured homes can qualify for the credit.
4.) The tax credit does not have to be repaid provided that the buyers use the home as their principal residence for at least three years.
5.) The full tax credit is only available for individuals with an adjusted gross income of up to $75,000 and for married couples with a combined adjusted gross income of up to $150,000. The tax credit phases out for anyone above those income thresholds.
6.) The tax credit applies for up to 10 percent of the home's purchase price, with a maximum of $8,000. For example, a first-time buyer of a $50,000 home would be eligible for a tax credit of $5,000 while a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000.
Click Here for a More Information About $8000 Tax Credit
Tuesday, July 7, 2009
Home sales climb in June in King County; median price drops from year ago to $395,000
By Eric Pryne, Seattle Times business reporter
Single-family home sales in King County in June surged to their highest level in nearly two years, according to statistics released today by the Northwest Multiple Listing Service.
A total of 1,655 houses closed last month, up 4 percent from the same month in 2008. It was the first year-over-year increase in closed sales since the local housing market peaked in July 2007, and the largest number of closings in the county since October 2007.
"The positive movement in our real estate market year-over-year is really very encouraging," Ron Sparks, managing vice president of brokerage Coldwell Banker Bain, said in a prepared statement.
He and other real-estate agents attributed the increase in part to the new $8,000 tax credit for first-time homebuyers. One broker said they account for about 40 percent of the market now.
Condo sales in King County continued to lag, with closings last month 18 percent below the June 2008 number.
The median price of a single-family house sold in the county in June was $395,000, down 12 percent year-over-year. Real-estate professionals noted the median price is up slightly since January — but it increased between January and June of last year as well.
The median condo price was $249,000, down 16 percent from last June.
Pending sales of King County single-family homes — offers that have been accepted by sellers, but haven't yet closed — were up nearly 25 percent year-over-year, the third consecutive monthly increase.
But, until June, closed sales had continued to trail last year's numbers, prompting some to wonder if the pending-sales increase was illusory. Agents attributed much of the disparity between and closed sales to "short sales" — offers sellers accept for less than they owe on the property — that are notoriously slow to close, and often don't close at all.
In Snohomish County, pending sales of single-family homes in June were up 37 percent year-over-year, and closed sales were nearly even. The median selling price was $307,000, down nearly 12 percent from June 2008.
Single-family home sales in King County in June surged to their highest level in nearly two years, according to statistics released today by the Northwest Multiple Listing Service.
A total of 1,655 houses closed last month, up 4 percent from the same month in 2008. It was the first year-over-year increase in closed sales since the local housing market peaked in July 2007, and the largest number of closings in the county since October 2007.
"The positive movement in our real estate market year-over-year is really very encouraging," Ron Sparks, managing vice president of brokerage Coldwell Banker Bain, said in a prepared statement.
He and other real-estate agents attributed the increase in part to the new $8,000 tax credit for first-time homebuyers. One broker said they account for about 40 percent of the market now.
Condo sales in King County continued to lag, with closings last month 18 percent below the June 2008 number.
The median price of a single-family house sold in the county in June was $395,000, down 12 percent year-over-year. Real-estate professionals noted the median price is up slightly since January — but it increased between January and June of last year as well.
The median condo price was $249,000, down 16 percent from last June.
Pending sales of King County single-family homes — offers that have been accepted by sellers, but haven't yet closed — were up nearly 25 percent year-over-year, the third consecutive monthly increase.
But, until June, closed sales had continued to trail last year's numbers, prompting some to wonder if the pending-sales increase was illusory. Agents attributed much of the disparity between and closed sales to "short sales" — offers sellers accept for less than they owe on the property — that are notoriously slow to close, and often don't close at all.
In Snohomish County, pending sales of single-family homes in June were up 37 percent year-over-year, and closed sales were nearly even. The median selling price was $307,000, down nearly 12 percent from June 2008.
Saturday, November 8, 2008
Do you need a Real Estate Agent who speaks Turkish?
With the wonderful addition to The KEY Team your Real Estate needs here in the Seattle/Redmond area can be met!
Sami Akyel, Licensed Real Estate Agent
Fluent in Turkish
Direct: 206.953.7777
Sunday, September 28, 2008
Saturday, August 16, 2008
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