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Get The Facts Straight

Our Key Message:
The Washington real estate market is a stable and an excellent investment that you get to live in!

Facts About Foreclosures:
The foreclosure rates today are the same as they were 10 years ago. Fewer than one percent of mortgages end in default in Washington state. As of mid-June, sub-prime, adjustable-rate loans represented 20 percent of loans nationally, but just 6 percent of home loans in Washington.

The Market is Strong:
Home appreciation in Washington continues to out-perform the rest of the nation with year-to-year price increases every quarter since the spring of 1995.

The Market is Stable:
Home prices in Washington have increased an average of 8.1 percent since the same time last year. Many counties, however, have experienced price hikes much higher: Chelan 29.8 percent, Okanogan 24.5 percent; Douglas, 22.2 percent; and Lewis 19.3. WSU Center for Real Estate Research (CRER) The demand for median-priced homes has never been greater.

How is the Seattle market?

Nationwide, home prices are falling, sales are sluggish and the number of foreclosures is mounting. Ask any economist and you’ll hear that things are bad, and likely to get worse.

Unless you live in Seattle, where the market is slowing but fundamentals remain strong.

The Emerald City has experienced strong price appreciation over the last six quarters, and that’s expected to continue in the new year, though at a slower pace. In addition to a very low housing inventory and a strong sales rate, there are few non-conforming and high-risk loans on the books than in other cities, which means the area will likely see fewer defaults in the coming months than the rest of the country’s markets.

In Pictures: America’s Most Stable Real Estate Markets

Also primed for a stable year are Pittsburgh, Columbus, Ohio, and Dallas. They follow Seattle in our ranking of the country’s 10 most stable markets. All are projected to have median home sale price increases next year, thanks to a combination of factors including lower-than-average inventory levels, little price volatility and high job growth.

Seattle Market Updates…

The median price for a single-family home in Seattle topped the half-million-dollar mark for the first time last month, the latest sales figures show. That price, $501,000, was up 10.1 percent from last year’s $455,000, the Northwest Multiple Listing Service reported Monday. (Median means half the houses sold for more, half sold for less.) The report is unwelcome news to those already priced out of the local housing market. A worker would have to earn $57 an hour — about $119,000 a year — to afford that Seattle home, according to the Seattle chapter of the Urban Land Institute.

And on the Eastside, a worker needs to earn nearly $152,000 a year to afford a house with the $643,750 median price there in August. “The median prices … really make owning a home a distant dream for workers in our community,” said Kelly Mann, executive director for the Urban Land Institute. The four-county Puget Sound area experienced a 5 percent increase in sales prices from last year, which looks puny after 2-½ years of double-digit appreciation in the region. But nationally, housing prices fell 3.2 percent between April and June.• In King County , a single-family home sold for a median price of $477,345 in August, 9.7 percent higher than in August 2006. The median condo price rose 5.8 percent to $285,000.

It keeps going up…

Single-family-home prices have crept up every month this year, rising from January’s median $429,495 to July’s median of $481,000.

Median house prices in Snohomish County have bobbled up and down, from a low of $356,000 in February to June’s high of $381,000 before dipping to $370,165 last month.

Free 50″ Plasma T.V. $384,999

This open and light-filled home is conveniently located just blocks from Alderwood shopping and restaurants. On a quiet residential block with close access to I-5/I-405, this excellent location is a great investment. Contemporary design features an open floor plan with vaulted ceilings and quality finishes. Enjoy a spacious kitchen with a large island, pantry, tile backsplash, and stainless steel appliances. Additional features are a gas fireplace in the living room, solid wood millwork, a large walk-in closet in the master bedroom, an attached two-car garage, and a private, low-maintenance backyard. For more info, visit the full Windermere listing.

Bedrooms: 5

Bathrooms: 2.5

Year Built: 2005

Heat Source: Forced Air

Sq. Footage: 1983 sq. ft.*

MLS# 27131742

*This information is provided as a courtesy only; buyer to verify all information.

Help from the city

First-time buyers and those with low to moderate incomes have many places that will offer help. Here are some of them:

Seattle programs

Teachers: The city of Seattle offers teachers in the Seattle Public Schools District special types of loans if they earn at or below 80 percent of county median income. Eligibility criteria and other details are available by calling Evergreen Home Loans at 206-938-8900.

City employees, UW employees, teachers, union members: Seattle works with HomeStreet Bank (www.homestreet.com/hthl) on the Hometown Loan program, which helps city employees, teachers, University of Washington employees, some union members, and others with aid; details are available online or call 206-628-0207.

Other programs: The city of Seattle offers a variety of homebuying assistance programs to buyers with different qualifications. Go to: www.seattle.gov/housing/buying/programs.htm

Other area programs

Home for Good: www.buildingequity.org

This nonprofit offers an “Equity First” program that will buy a property and lease it to a prospective buyer until they can afford to acquire it — at a non-marked-up price.

Income limits (no more than 120 percent of area’s median income) do apply.

Homesight:

www.homesightwa.orgA nonprofit that offers homebuyer advice, financial counseling and purchase assistance loans as well as affordable housing for first-time and lower-income buyers in both King County and Snohomish County: 206-723-4355 or 888-749-4663.

Homestead Community Land Trust: www.homesteadclt.orgThis program offers buyers assistance to purchase a home but Homestead owns the land the home sits on — which is how the program is able to offer a home at lower cost than would be the case if buyers purchased both home and land. For more information, check online or call 206-323-1227.

Hope for Homes: Participants in the United Way’s “Individual development account” funds matching program could qualify for as much as $45,000 in down-payment assistance.

The United Way (www.uwkc.org), Urban League of Metropolitan Seattle (www.urbanleague.org), or International District Housing Alliance (www.apialliance.org) can offer more details.

Washington Homeownership Center:

www.homeownership-wa.orgThe center offers basic homeownership classes and homebuyer resources on an ongoing basis. Information is available online or at 866-600-6466.

Washington State Housing Finance Commission: www.wshfc.org

Provides free seminars on homebuying and operates programs to help.

Upcoming event

Parade of Affordable Homes: www.affordablehomeparade.org

During the weekends of June 16-17 and June 23-24 a number of organizations will pool resources for a tour of affordable homes and fairs in Tacoma, Seattle and Lynnwood featuring resources for budget-minded buyers.

Copyright © 2007 The Seattle Times Company

Home Trends

NEW YORK (CNNMoney.com) — Some of the latest trends in homebuilding and remodeling were not too hard to spot. Is anyone surprised that Americans, already living in monster homes, want even bigger ones? But there were some developments we never saw coming. Here’s a few that Mark Nash, author of Real Estate A-Z for Buying and Selling a Home, has gleaned from a survey he conducted questioning 923 real estate agents, brokers and industry executives.

Upscale garages: Who knew that those smelly, greasy spaces overstuffed with junk and empty boxes would morph into showplaces for Home Improvement types? “Today’s owners want [garages] decked out with cabinet and storage systems, matching refrigerators, air conditioning and residential looking flooring,” says Nash. The Web site contractor.com reports a garage remodeling starts at around $7,500 and goes up, sometimes steeply, from there depending on size and just how nice you want it. Nash, a real estate broker himself, says he has had home sellers so infatuated with their upscale car storage unit that they become livid when house hunters get a bit of dirt on the floor.

Softer market = higher price?

When home sales are transitioning from hot to less than rip roaring, the market sends out mixed, sometimes seemingly illogical, signals. That’s exactly what happened last month in every Puget Sound county. Compared with a year earlier, the number of homes for sale was up by 40 percent or more. Pending sales — deals signed last month but not yet completed — were down from 2 to 25 percent depending on the county. Yet prices continued to increase, according to May sales figures released today by the Northwest Multiple Listing Service.Why would prices still climb when logic says they shouldn’t?

New Lisitng-7336 12th Ave NW-$839,000

This beautiful new Craftsman in the highly desired Whittier Heights/Ballard neighborhood is just minutes away from shopping, restaurants, and parks. It’s also centrally located on a quiet residential street only two blocks from Whittier Elementary School.

High-end design throughout features hardwood floors, a gourmet kitchen with slab granite and stainless appliances, a formal dining room, and much more. The master suite has vaulted ceilings, a large walk-in closet, a gas fireplace, and jetted tub. Artisan touches in this open and light-filled home include wainscoting, extensive crown molding, and custom fixtures. With a large bonus room for recreation or media, a two car garage, and a private back yard, this home is spacious and inviting.

Click here for the full, official listing on Windermere.

Bedrooms: 3

Bathrooms: 3

Year Built: 2006

Heat Source: Forced Air

Sq. Footage: 2800 sq. ft.*

MLS# 27093099

*This information is provided as a courtesy only; buyer to verify all information.