Archive for Uncategorized
A picture is worth a thousand words
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Imagine driving by a house, snapping a photo of it with your iPhone, and then obtaining relevant data about the home and surrounding community. It’s possible with the HomeSnap app by Sawbuck. Walt Mossberg, personal technology columnist for the Wall Street Journal, reports on HomeSnap’s utility.
Housing news for April
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Housing prices for King County in the month of April were strong, and inventory was down 37 percent from one year ago, reports the Seattle Times based on data released by the Northwest Multiple Listing Service. The median house price in King County went up to $360,000, which is 9 percent better than last month and about 3 percent higher than April 2011.
Snohomish County’s median house price jumped to $255,502, which is almost 10 percent better than a year ago. A total of 741 homes were sold, 25 percent more than the number closed in April 2011.
Sales in April 2012 grew, year-over-year, in each of the following regions:
- Eastside — up 17 percent
- North King County — up 54 percent
- Southwest King County — up 39 percent
- Southeast King County – up 7 percent
However, median prices in North, Southwest, and Southeast King Counties as well as on the Eastside dipped at varying levels.
Glenn Crellin, associate director of research at the University of Washington’s Runstad Center for Real Estate Studies, remains hopeful. “We’re at the beginning of the prime selling season, so to see this sort of strength coming out … this is very good news for the industry.”
See the full story, “King County home prices rise with fewer houses for sale,” at the Seattle Times.
Herb container gardening 101
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Growing herbs does not require lots of space or raised beds. In fact, all you need is a container. Watch this Six Minute Style video with Susan Doherty, plant your own potted garden, and enjoy the fragrance and taste of herbs throughout the spring and summer months.
Nation’s biggest warehouse rolls out mortgages
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Costco Wholesale Corporation has added home loans to its growing list of financial services, reports CNNMoney. The biggest warehouse membership chain is partnering with First Choice Bank, a New Jersey-based community bank, and 10 other lenders. Thus far, Costco’s partners have loaned 10,000 mortgages to members. Lauren Kutschka, manager of financial services, expects this number to grow as the program moves from its testing phase into a full-scale retail offering.
The company’s website advertises that the program offers “low fees, competitive rates, and excellent service” with the chance to save up to $5,000 for a typical loan. While individual household savings will vary, the estimated savings are calculated over a 7-year period, based on lender fees, rates, and points on a 4.125 % APR for a $250,000, 30-year fixed loan. Costco is paid for marketing the mortgage program, not for securing individual loans.
It’s no wonder that lenders want to tap into the warehouse giant’s tribe. In July of last year, Costco became the sixth largest retailer in the nation and seventh in the world. The new offering marks the increasing girth of the wholesale operation from retail goods to financial products. Costco plans to roll out auto and higher education loans in the near future. Members who utilize the Costco Mortgage and Refinancing Program ought to exercise the same judgment they would with any other provider. Shop, compare prices, and find the mortgage with the best terms at the lowest available interest rate.
Add curb appeal
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One of the best ways to increase your home’s value is to boost its curb appeal, which has everything to do with landscaping design, the color palette, and architectural interest. HGTV’s Curb Appeal highlights the transformation of one Cape Cod style property into an Arts & Crafts wonder. Now when homeowners Eric and Dominique Butters drive up to their home, they are dazzled by the bungalow-style entryway.
http://www.hgtv.com/video/cape-cod-goes-arts-and-crafts-video/index.html
Seattle is one of America’s fastest-growing cities
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Seattle makes Forbes’s top ten list for the fastest-growing cities in the U.S. The Emerald City’s economic growth rate for the period 2011-2016 is projected at 3.7 percent with population growth at 1.2 percent. The current population is 3.54 million enjoying a median income of $65,405. The top ten include:
- Austin
- Dallas
- San Jose
- Houston
- Salt Lake City
- Raleigh, NC
- Seattle
- San Francisco
- San Antonio
- Atlanta
Forbes produced the list with the help of Moody’s Analytics of the 100 largest metropolitan areas of the U.S., weighing projected economic growth, unemployment, and median income. In early April, Moody’s released Chief Economist Mark Zandi’s positive outlook on the national economy. Zandi anticipates 2.5% growth through mid-2013 accelerating to 4% in mid-2014, with unemployment falling below 6% by late 2015.
The real estate market blooms
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“The fear factor is all but gone.” So says Mark Prather, broker at ERA Buy America Real Estate in La Palma, Calif. Momentum around the nation is building for a stronger spring housing market than we’ve seen in the past five years, according to the Seattle Times. An unseasonably warm January and February may have stimulated winter sales of existing homes, which hit their highest levels in the the last 5-year period.The number of permits secured to build houses and apartments also increased to a high point since 2008. Here are additional highlights:
- King County’s median home price in March rose to $330,000.
- Miami’s average sales price spiked 14% in the past year.
- Investors are outbidding many first-time home buyers on cheaper homes. Property sales between $100,000 and $250,000 have increased by 19 percent over the past year. Sales for homes between $250,000 and $500,000 went up 13 percent.
With an average rate on a 30-year fixed mortgage at 3.88 percent and home prices down 34 percent since 2006, homes are really affordable. Areas including Boston, Dallas and Seattle are seeing growth both in the job and housing markets. National unemployment went down to 8.2 percent since the August peak of 9.1 percent. Good prices coupled with qualified buyers are cause for spring housing bloom.
Tutorial on closing costs for first-time homebuyers
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When new homebuyers understand the basics of closing costs associated with the purchase of a property, the process goes more smoothly. Loan costs, legal costs, and title costs are explained in this quick tutorial produced by Federal Title & Escrow, based in Washington D.C. Homebuyers are encouraged to consult with their title and escrow firm of choice for additional information.
America is aging
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The exploding senior population in the U.S. presents an opportunity for the private sector to design communities that will provide housing and access to support services. According to Builder Magazine, individuals aged 65 and older will more than double in size to 88 million by the year 2050, based on data reported by the Center for Housing Policy’s “Housing an Aging Population: Are We Prepared?”
Since aging in place is an increasingly desirable option for older households — an AARP study indicates that 9 out of 10 responded that they would like to stay in their homes for as long as possible — residential housing options must increase and expand. The Center identifies the need for these measures:
- Universal design in new homes that promote building codes that are older-friendly
- Flexible zoning rules that promote a diversity of housing types
- Preservation and expansion of the supply of affordable rental housing
- Greater consumer choices that include public and private supportive housing models (assisted living, continuing care retirement communities, and congregant housing)
Jeffrey Lubell, executive director of the Center for Housing Policy and one of the study’s authors, notes that the private building sector will play a critical role in proposing solutions, if it correctly anticipates the need. One size no longer fits all. Builders should focus on diversifying products that are workable for aging citizens at a range of income levels and partnering with organizations that provide assistance with personal and medical care, meal preparation, and transportation. The communities with the greatest access to these services will soon be in high demand.
Be proactive with home repairs
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This spring, proactive homeowners can save money by inspecting and maintaining some key areas around the house. Don’t let these molehills become mountains. Amy Hoak of the Wall Street Journal reports.
