Winter Home-Buying Smart, Experts Say…..

winter

Holidays, cold weather and vacation time create a vacuum of inactivity in the U.S. real estate market, which is why experts recommend picking up a bargain during this time if at all possible. People selling during this time are obviously motivated, which may mean better prices. Experts say this is particularly true this year, because home prices and mortgage interest rates are expected to climb before the spring selling season begins. Buyers should remember that homes may not show well in winter and should accommodate for that when evaluating a potential purchase. For more on this continue reading the following article from TheStreet.

http://www.nuwireinvestor.com/articles/winter-home-buying-smart-experts-say-61475.aspx

List your Property, Real Estate Market Data

 

fall painting

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Autumn presents the colors worthy of a masterpiece

The colors of autumn create a warm, inviting backdrop that blends cool evenings with great food and libation shared at home among family and friends. If you are in the market for a new residence for those harmonious evenings, allow us to assist. We take great pride in artfully uniting extraordinary homes with extraordinary lives.

If you are looking to sell your property, the fall is a great time to list your home. The fall offers far less competition for sellers, and the buyers that are looking tend to be more serious and urgently searching than many of those who are just starting out searches in the spring.

Let us show you the unique experience that Sotheby’s is known for. Elegance, attention to detail, exquisite marketing and exceptional results. No matter what the property, every client receives the same level of service. We will make sure this Fall is your favorite season!

 

Some great Articles on the current Real Estate Market

Below you will find some fantastic links to some great Real Estate Market Information!

Stay informed and make the most of your property!

Let me know how I can help!

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Million Dollar Home Sales Jump in U.S. as Wealthy Return

Home sales from Los Angeles to Charleston, South Carolina that are priced at more than $1 million are gaining at triple the pace of the broader market, according to real estate research firm DataQuick Inc

http://www.bloomberg.com/news/2013-08-08/million-dollar-home-sales-jump-in-u-s-as-wealthy-return.html

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Seller’s market: home sales and prices rise; supply falls

Home sales percolated higher in July, with pending sales, closed sales and prices all substantially higher than the same month in the previous year in most counties of Washington state

http://www.bizjournals.com/seattle/news/2013/08/06/home-sales-prices-rise-in-puget-sound.html?ana=e_du_pub&s=article_du&ed=2013-08-06&u=mHKDyZWvGoqr5MRJiP2WTp0ZD1t&t=1375828276

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King County median home price up 15 percent over year ago

A bump in interest rates in July didn’t derail the strongest home-buying stretch in the Seattle area since 2007, as the median price climbed year-over-year for the 16th consecutive month

http://seattletimes.com/html/businesstechnology/2021549284_julyhomesalesxml.html

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Forecasters say home values will jump 6.7 percent this year

More than 100 economists, real estate experts, and investment and market strategists predict home values will rise an average 6.7 percent year over year in 2013, according to Zillow’s latest home price expectations survey – See more at:

http://www.inman.com/wire/forecasters-say-home-values-will-jump-6-7-this-year/#sthash.cKtj0HFJ.dpuf

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Highlights of Zillow’s Interview with President Obama

President Obama answers housing questions from Americans around the country in an interview with Zillow CEO Spencer Rascoff.

http://www.whitehouse.gov/photos-and-video/video/2013/08/09/highlights-zillows-interview-president-obama

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NAR: Obama’s Zillow-moderated housing chat ‘not a serious discussion’

The selection of Zillow CEO Spencer Rascoff as the moderator of President Barack Obama’s chat with America about housing today seems to have the National Association of Realtors scrambling to explain how Zillow, and not NAR, got the call from the White House

http://www.inman.com/2013/08/07/nar-obamas-zillow-moderated-housing-chat-not-a-serious-discussion/#sthash.rUzZLulJ.dpuf

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Obama Looks to End Fannie Mae, Freddie Mac

President Barack Obama on Tuesday officially launched his campaign to transfer most of the risk currently undertaken by Fannie Mae and Freddie Mac to the private sector, saying during a speech in Arizona that the U.S. government should phase out the mortgage finance giants as part of an effort to prevent another taxpayer-funded bailout

http://www.law.com/jsp/nj/PubArticleNJ.jsp?id=1202614112285&Obama_Looks_to_End_Fannie_Mae_Freddie_Mac#ixzz2bUuqAB7h

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Fannie Mae Makes It Rain for Obama

Fannie Mae (FNMA) said this morning that its second-quarter profit nearly doubled, to $10.1 billion, as home prices surged and more consumers made good on their mortgage payments

http://www.businessweek.com/articles/2013-08-08/fannie-mae-makes-it-rain-for-obama

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Oregon home prices keep going up and up and up

Oregon ranked No. 6 in the nation for rising home prices in June

http://www.bizjournals.com/portland/blog/real-estate-daily/2013/08/oregon-home-prices-keep-going-up-and.html

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Hip, Urban, Middle-Aged

Baby boomers are moving into trendy urban neighborhoods, but young residents aren’t always thrilled

http://online.wsj.com/article/SB10001424127887324136204578644080452044960.html

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Should Home Sellers Overprice or Underprice Real-Estate Listings?

“The Price Is Right” isn’t just a game show. It is a mental strategy real-estate agents use to get the most money when listing a home.

http://online.wsj.com/article/SB10001424127887324136204578643942655355194.html?mod=WSJ_3Up_RealEstate

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When Condo Developers Suggest Preferred Lenders

Some condo developers and owners are playing favorites, asking potential buyers to use a “preferred” lender when buying a home

http://online.wsj.com/article/SB10001424127887324136204578642082895473800.html?mod=WSJ_RealEstate_MansionWeekly

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Eminent Domain Abuse

Robert Hockett of Cornell University Law on the Kudkow Report

http://blogs.wsj.com/developments/2013/08/08/mortgage-delinquencies-hit-five-year-low/

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Freddie Mac may sue over eminent domain seizures

Freddie Mac on Wednesday said it is considering legal action against Richmond, Calif, if the city uses eminent domain to seize mortgages of local residents

http://www.cnbc.com/id/100946560

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Frank Sinatra’s party pad

Back in his heyday, ‘Ol’ Blue Eyes’ leased this mid-century modern estate perched high above Los Angeles

http://money.cnn.com/video/pf/2013/07/18/pf-uh-frank-sinatra-party-pad.cnnmoney/index.html

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California city’s drastic foreclosure remedy: Seizure

The California city of Richmond said Tuesday that it’s ready to take an extraordinary step in its bid to stop foreclosures — threatening to wrest mortgages from the investors who now control them

http://money.cnn.com/2013/07/30/real_estate/richmond-underwater-homes/index.html

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Million-dollar ranches for sale

Located on hundreds of acres in some of the most scenic parts of the U.S., these ranches are selling for millions of dollars

http://money.cnn.com/gallery/real_estate/2013/07/18/million-dollar-ranches/index.html

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Oh, yeaaahh: Iconic house from ‘Ferris Bueller’s Day Off’ for sale

Remember this house? Cameron Frye, Ferris Bueller’s best friend in the cult classic Ferris Bueller’s Day Off, kicks a car through those windows. The listing is held by Meladee Hughes of Coldwell Banker Residential Brokerage

http://www.nbcnews.com/business/oh-yeaaahh-iconic-house-ferris-buellers-day-sale-6C10869250

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Mortgage rate spike finally hits housing

A sharp jump in mortgage rates from May to June are now beginning to weigh on the housing recovery

http://www.cnbc.com/id/100952350

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Million-dollar ranches for sale

Located on hundreds of acres in some of the most scenic parts of the U.S., these ranches are selling for millions of dollars

http://money.cnn.com/gallery/real_estate/2013/07/18/million-dollar-ranches/index.html

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Banks face more housing headaches

CNBC’s Jackie DeAngelis has the latest details on federal regulations taking aim at JPMorgan and PNC over mortgage related issues

http://video.cnbc.com/gallery/?play=1&video=3000189235

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Bathtubs That Make a Splash

A new wave of bath designs, from the high-tech to the artistic

http://online.wsj.com/article/SB10001424127887324136204578641872218710886.html?mod=WSJ_RealEstate_Mansion_MiddleBucket

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Home prices post highest annual gain in 7.5 years Aug 8, 2013

U.S. median home prices posted their highest annual gain in 7 1/2 years in the second quarter of 2013 –

http://www.inman.com/wire/71941/

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Home prices trending at fastest upward pace since 1977

U.S. home prices rose for the 16th consecutive month in June and are trending at the fastest upward pace since 1977 –

http://www.inman.com/wire/home-prices-trending-at-fastest-upward-pace-since-1977/#sthash.3fcR2iGB.dpuf

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Here’s Where President Obama Is Going on Vacation

Julianna Goldman reports on President Obama’s $7.6 million Martha’s Vineyard vacation home. She speaks on Bloomberg Television’s “In The Loop.” (Source: Bloomberg

http://www.bloomberg.com/video/here-s-where-president-obama-is-going-on-vacation-8pYDSHPpQu~WNH_RwY0KyQ.html

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Summer Rentals for Procrastinators

$295,000 for August including Labor Day, or $150,000 for two weeks in August

Southampton, N.Y.

http://online.wsj.com/article/SB10001424127887323968704578649952812235728.html?mod=WSJ_hps_sections_realestate_mansion

Tips on Buying and Selling Property

Hartsock Property photo 1

Purchased at $1,250,000This amazing investment property was found by Erin Harold.With only two in person visits from out of town clients, this dynamic duo was able to locate the perfect property for their clients investment portfolio! With the clients being unfamiliar with the Seattle and Washington state area in general, Erin was able to show her clients every area of Seattle, and it’s surrounding areas, explaining what areas were best for an investment property purchase. I was able to explain the benefits and possibilities in each distinct area, and present that information in a relevant and efficient way to the client, to ensure the best possible investment decision for them overall.

A gorgeous 12 room rental property with a close proximity to the University of Washington, this investment property proved to have an amazing 0% vacancy rate, with a very high NOI. The perfect match for any investor, providing a great source of income, and exceptional ease of ownership, it was a natural fit.

I successfully negotiated all required improvements necessary be completed by the seller, at no additional cost to their buyers, and it was purchased at asking price. It then proceeded to close without a hitch, and even closed early!

At Sotheby’s International Realty, we are know for providing excellence in every possible way. Our team of exceptionally trained and seasoned agents, use their negotiating and research savvy to deliver the best possible results to all of our clients, every time.

Globally, Sotheby’s International Realty is known for quality, distinction, and un-parallelled quality in all things. That is what you will experience, when you work with me. Without question, the best service, and the most successful results, every time.

 

Real Estate Market Data

Some Interesting information on the most recent Mortgage rate climate in the nation. It is always prudent to keep a close eye on the market in every way. This great article was shared with me by a fantastic resource, from an excerpt from the Shirmeyer Rate Market Report, and Sigma Research Inc.

Description: Description: Description: Description: LOGO COLOR

Dave Skow – WA MLO #278613

Eagle Home Mortgage

w 206 714 9745

fax (877) 412 2557

dskow@eaglehomemortgage.com

www.eaglehomemortgage.com/daveskow

 

Wednesday, June 19, 2013 4:30 PM


The FOMC policy statement and Ben Bernanke’s press conference this afternoon were designed to provide some comfort to rate markets. Simply said, so far all of it fell on deaf ears in the actual markets, especially the bond and mortgage markets. Bernanke in his press conference laid on in somewhat more detail what the Fed is presently thinking about the QEs, inflation and economic outlook. The Fed now believes that unemployment will continue to decline slowly and that the economic outlook is and has been improving. According to what he said, and in the context of the FOMC policy statement Bernanke did say based on present incoming information and what the Fed believes now, the end of QEs will likely be by Md-2014 at which point their easing’s would end completely; in the meantime the Fed will begin tapering soon as long as the economic assessments remain as the Fed sees it today. Of course he went on to couch the timeline, saying it is all data dependent. Throwing out a fig leaf, Bernanke added that if the forecasts turn out to be wrong in terms of employment and economic growth the Fed will be ready to increase QEs. The FOMC and Bernanke at his press conference confirmed that the FF rate will remain at 0.0% to 0.25% until unemployment rate falls to 6.5% or less; be reminded it is only a target and not cast in stone that when and if unemployment hits 6.5% the FF rate would automatically increase.

 

FOMC Excerpts:

 

“Information received since the Federal Open Market Committee met in May suggests that economic activity has been expanding at a moderate pace.”

“Labor market conditions have shown further improvement in recent months, on balance, but the unemployment rate remains elevated.”

“Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy is restraining economic growth.”

“Partly reflecting transitory influences, inflation has been running below the Committee’s longer-run objective, but longer-term inflation expectations have remained stable.”

“The Committee sees the downside risks to the outlook for the economy and the labor market as having diminished since the fall.”

“The Committee also anticipates that inflation over the medium term likely will run at or below its 2 percent objective.”

“To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month.”

“The Committee is maintaining its existing policy of reinvesting principle payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. Taken together, these actions should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative.”

“The Committee will closely monitor incoming information on economic and financial developments in coming months.”

“The Committee will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability.”

“The Committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes. In determining the size, pace, and composition of its asset purchases, the Committee will continue to take appropriate account of the likely efficacy and costs of such purchases as well as the extent of progress toward its economic objectives.”

“To support continued progress toward maximum employment and price stability, the Committee expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens. In particular, the Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee’s 2 percent longer-run goal, and longer-term inflation expectations continue to be well anchored. In determining how long to maintain a highly accommodative stance of monetary policy, the Committee will also consider other information, including additional measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent.”

“Voting against the action was James Bullard, who believed that the Committee should signal more strongly its willingness to defend its inflation goal in light of recent low inflation readings, and Esther L. George, who was concerned that the continued high level of monetary accommodation increased the risks of future economic and financial imbalances and, over time, could cause an increase in long-term inflation expectations.”

 

I hesitate to report this, but it is news; between the FOMC policy statement at 2:00 and Bernanke’s press conference at 2:30, CNBC had an interview with Bill Gross of PIMCO. Gross back in April was outspoken as we were that the end of the low bond rates had ended…and it has. Gross though told CNBC that PIMCO was presently a buyer of long dated treasuries and not a seller. When questioned he said the yields for his portfolios are beginning to look attractive. We recommend not tying your wagon to that view until the actual market suggests rates may rally a bit. Until the technical indicators reverse and as we have said for two months, the bond and mortgage markets are bearish. Consumers and loan originators that have resisted taking the increasing rates are feeling the pain at the moment. I still hold we will see some rebound from the climb, but until it occurs, and at what levels, the only way to look at the present market is that interest rates are showing no signs of any significant rebound.The 10 yr note will climb to 2.40% before it finds the next support—-that is only 5 bps way now.

 

Tomorrowweekly jobless claims at 8:30 are expected to have increased by 6K to 340K; At 10:00 May existing home sales are expected up 0.5% frm April. At 10:00 the June Philadelphia Fed index is expected at 1.0 frm -5.2 in May. Also at 10:00 May leading economic indicators are thought to be +0.2%.


PRICES @ 4:00 PM

10 yr note:                     -41/32 (128 bp) 2.34% +16 bp

5 yr note:                       -30/32 (94 bp) 1.26% +20 bp

2 Yr note:                       -3/32 (9 bp) 0.31% +5 bp

30 yr bond:                    -30/32 (94 bp) 3.40% +6 bp

Libor Rates:                  1 mo 0.191%; 3 mo 0.272%; 6 mo 0.409%; 1 yr 0.668%

30 yr FNMA 3.5 July:     102.24 -104 bp (-116 bp frm 9:30)

15 yr FNMA 3.0 July:      103.39 -64 bp (-71 bp frm 9:30)

30 yr GNMA 3.5 July:     103.41 -141 bp (-158 bp frm 9:30)

Dollar/Yen:                    96.98 +1.65 yen

Dollar/Euro:                  $1.3266 -$0.0128

Gold:                             $1358.70 -$8.20

Crude Oil:                     $97.84 -$0.60

DJIA:                             15,112.19 -206.04

NASDAQ:                      3443.20 -38.98

S&P 500:                       1628.93 -22.88

A Great View of the Real Estate Market Monthly from 2000 to Current

A snapshot of how busy the real estate market is in the Puget Sound area. It is time to get that house listed, and it is a great time to buy!

4-County Puget Sound Region Pending Sales (SFH + Condo combined) (Totals include King, Snohomish, Pierce & Kitsap counties)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2000

3706

4778

5903

5116

5490

5079

4928

5432

4569

4675

4126

3166

2001

4334

5056

5722

5399

5631

5568

5434

5544

4040

4387

4155

3430

2002

4293

4735

5569

5436

6131

5212

5525

6215

5394

5777

4966

4153

2003

4746

5290

6889

6837

7148

7202

7673

7135

6698

6552

4904

4454

2004

4521

6284

8073

7910

7888

8186

7583

7464

6984

6761

6228

5195

2005

5426

6833

8801

8420

8610

8896

8207

8784

7561

7157

6188

4837

2006

5275

6032

8174

7651

8411

8094

7121

7692

6216

6403

5292

4346

2007

4869

6239

7192

6974

7311

6876

6371

5580

4153

4447

3896

2975

2008

3291

4167

4520

4624

4526

4765

4580

4584

4445

3346

2841

2432

2009

3250

3407

4262

5372

5498

5963

5551

5764

5825

5702

3829

3440

2010

4381

5211

6821

7368

4058

4239

4306

4520

4350

4376

3938

3474

2011

4272

4767

6049

5732

5963

5868

5657

5944

5299

5384

4814

4197

2012

4921

6069

7386

7015 7295 6733 6489 6341 5871 6453 5188 4181
2013 5548 6095 7400 7462