Tips for Buyers

DOT Announces Tolling on 520 Bridge

 
 

Tolling will begin on the 520 Floating Bridge at 5 a.m. on Dec. 29.  Get your “Good To Go” pass or you will pay extra!!!

It will be interesting to see what effect this has on traffic.

Hey!  Maybe you should think about selling your home and moving across the bridge so you don’t have to commute and pay the toll. We can help with that!  Give us a call – we work both sides of the bridge.

 

Foreclosure Fairness Act

 
The new WA State Foreclosure Fairness Act gives new rights to distressed homeowners. Legal Hotline Attorney Annie Fitzsimmons walks you through the new law with guests:

• Rob McKenna, WA State Attorney General
• Marc Cote, a Certified HUD Housing Counselor
• Rob Dickson, Lawyer and Short Sale Negotiator

 
Part 1

 
Part 2

 
Part 3

Speeding through an inspection

 
 
This video, taken during a home inspection, is an example of how NOT to do an inspection. Take your time,  follow along during the inspection and listen carefully to the verbal report given by the inspector. Do not be afraid to ask lots questions. Inspections are not only a negotiation tool, they are a road map to preparing your home for future sale.

Special thanks to Jim & Merlita Estrada with Property Inspector LLC.

We hope you enjoy the video!

 

Houseboats as Investments?

Can a Houseboat be an Investment?

We at Special Agents Realty have been selling houseboats, floating homes, and housebarges, in the Lake Union area for the last 5 years. Additionally, we sell lots of waterfront property and land based homes as well (actually more of those than houseboats). We have been through the boom and the bust and have seen homes, condos, houseboats, floating homes all ride the market roller coaster. The financial crisis has hit all levels pretty much equally.

So, how do houseboats fare as an investment in comparison to more traditional homes?  Well, it depends greatly on the style, condition, and character of the houseboat. Houseboats will lose value greatly if they are in need of servicing and maintenance. A well kept, updated, clean houseboat will return a better price than one in need of maintenance or paint. Sound familiar?  Pretty much the same holds true for traditional homes as well. So what is the difference?  Well, houseboats are a much more limited commodity and are definitely more seasonal. When summer rolls around and peoples thoughts turn to the water, the houseboat market definitely increases. The majority of the houseboats we sell are sold between May and September. This should be a clue to those wanting to sell (list in the spring), and those wanting to buy (buy in the fall/winter).

It is our belief that houseboats are going to become more and more scarce. This should, according to supply and demand, increase their value. However, in today’s market, nothing is assured and predicting the market has always been difficult.

All in all, houseboats remain one of the most affordable ways to enjoy waterfront living. As people discover the fantastic lifestyle, amazing community, and uniqueness of houseboat life, they will become more desirable and less available. This could lead to increased demand and higher prices, making houseboats a reasonable investment as well as a fantastic lifestyle.

If you would learn more about owning a houseboat and houseboat living, give us a call. We sell more houseboats than anyone else on Lake Union. Additionally, we have 3 websites that can help you learn the details about houseboats and the buying process. Please take a look at our 3 websites: www.SpecialAgentsRealty.com, www.LakeUnionLiving.com, and www.AffordableHouseboats.com, and give us a call at (206) 419-0065, email us, or stop by our office on Lake Union at 2401 N. Northlake Way, Seattle, WA 98103 (about half way between Gasworks Park and Ivars Salmon House.)

 

Houseboat Lending Now Available!

After a nearly 4 year hiatus, Seattle Metropolitan Credit Union has stepped up to the plate to offer houseboat lending in the Seattle area. We salute SMCU for embracing this amazing Seattle tradition which truly helps to define the Seattle character. For those thinking about purchasing a Houseboat in Seattle, this is great news.
The program details allow for 75% financing of the combined sales price plus sales tax, 30 year amortization with a 10 year balloon payment, and rates comparable to those for yacht lending. Credit and Income guidelines are similar to those required for purchasing a home. A Marine survey, and haulout is required. Further details can be obtained by contacting Denise Carlson at (206) 398-5581 or by emailing her at denisec@SMCU.com. For a list of available houseboats, please visit Special Agents Realty.

Housing Affordability Study

I have long said that living near your work is critical to you quality of life and to your budget. A recent study shows the actual cost of living when you account for the hours and fuel you spent on the road commuting to work.  More information is available through Center for Neighborhood Technology. This is an excellent resource for general information to evaluate the affordability of housing when transportaion is factored in.

Linda M. Bagley 

Avoiding Financial Stress

Avoiding Financial Stress

By asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage shopping that can cost or save you money.

It is still true that the better qualifications you have, the lower your interest rate will be. However, there are mortgages available for almost everyone; it’s the interest rates or the down payments that vary.

Before speaking with a lender, know what monthly dollar amount you feel comfortable committing to. Then when you discuss mortgage pre-approval with your lender, it is easier for you to determine the monthly amount and what value of home the monthly amount translates into. Do not put yourself in the position where you will be paying more each month than you intended simply because the “dream” house requires it.

Do your research on the types of mortgages available to you and find the one that best suits your needs. There are a number of considerations to be made in terms of finding the best mortgage for each individual:

*What type of market are you in? Are the interest rates falling or rising?
*Do you want a fixed mortgage rate, where you will always know what your payment is going to be?
*What are your long-term goals? Do you intend to resell the property? Do you only need the mortgage for a short time?

Importance of Inspection

Importance of Inspection

As a buyer, you are entitled to know exactly what you are getting. Don’t take for granted what you see and what the seller or the listing agent tells you. A professional home inspection is something you MUST do, whether you are buying an existing home or a new one. An inspection is an opportunity to have an expert look closely at the property you are considering purchasing and getting both an oral and written opinion as to its condition.

Beforehand, make sure the report will be done by a professional organization, such as a local trade organization or a national trade organization such as ASHI (American Society of Home Inspection). Not only should you never skip an inspection, but also you should go along with the inspector during inspection. This gives you a chance to ask questions about the property and get answers that are not biased. In addition, the oral comments are typically more revealing and detailed than what you will find on the written report. Once the inspection is complete, review the inspection report carefully.

You have to demand an inspection when you present your offer. It must be written in as a contingency; if you do not approve the inspection report, then you don’t buy. Most real estate contracts automatically provide an inspection contingency.

Hot, Normal, and Cold Markets

Hot, Normal, and Cold Markets

Hot Market -

This is an extremely competitive market, one that is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than their asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid in price range, realistic about your needs), it is easier to remain focused on your housing needs and price range.

Normal Market -

In a normal market, there is fairly a large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer’s responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.

Cold Market -

In a cold market, houses may be listed for more than a year and the prices of houses listed may drop considerably. This market is advantageous to the buyer. As a buyer, you have the time to make an offer that works to your best interest. It is not uncommon to low-ball and to find that sellers are accommodating to meet your needs. Keep in mind that even though this market is a great time for buyers, you do not want to lose your dream home by being unrealistic. Your goal is to get your dream home at the best possible price.

Build a Plan of Action and Get Ready

Build a Plan of Action and Get Ready

Buying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It’s important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there.

Before you can build a plan of action, take the time to lay the groundwork for your decision-making process.

First, ask yourself how much can you afford to pay for a home. If you’re not sure on the price range, find a lender and get preapproved. Preapproval will let you know how much you can afford so that you can look for homes in your price range. Getting pre-approved helps you to alleviate some of the anxieties that come with home buying. You know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment. Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect, but are not in your price range.

Second, ask yourself where you want to live and what is the best location for you and/or your family. Things to consider:

*convenience for all family members
*proximity to work, school
*crime rate of neighborhood
*local transportation
*types of homes in neighborhood, for example condos, town homes, co-ops, newly constructed homes etc.

Next Page »