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News! 2/08/10
Just Sold! Five Bedroom Home in Lakewood
10922 Lundstrom Dr Southwest, Lakewood, WA, 98498 
Closing Date: February 4th
Listing Price: $219,000
Sold Price: $225,000
Bedrooms: 5
Bathrooms: 1.5
Year Built: 1973
Square Feet: 2600
Lot Size: 0.250 acres
MLS: 29140381
This Five Bedroom Home Sits On A Large Lot In A Well Maintained Neighborhood. It Has Been Updated With A Newer Roof, Fresh Paint, Vinyl Windows, Kitchen Cabinets & Counters, Hardwood Floors, And New Carpet Throughout! With 2600 Square Feet, An Attached Two Car Garage And Large Fenced Lot, This Home Offers All The Space You'll Ever Need. Come See For Yourself.
This home is no longer available. However, if you would like to preview homes similiar to this, please contact me to arrange for a free buyer's consultation.
News! 2/04/10
The Government Calls for Increased Lending from Banks
According to the FDIC, lending has fallen for five consecutive quarters – even though banks have become profitable again and have started to repay government loans. Banks lent $600 billion less from September 2008 to September 2009, representing a 7 percent decline. Banks site a lack of qualified borrowers as the primary reason and point to the trend of decreased borrowing during recessions.
The goals of banks and the government appear to be in line now with each bank representative talking about getting aggressive with small business lending over the next year. Goals for 2010 small business lending include $5 billion for Bank of America and $4 billion for Chase.
As banks continue to be profitable, they can be expected to use the proceeds to repay the government as well as increase their efforts to make good loans. Small business owners should expect an increase in the amount of loans available during 2010 compared to 2009. Holding true to the trend in 2009, a good credit score and steady employment will likely continue to be important conditions of obtaining a mortgage.
Sources - The Washington Post & FDIC
News! 2/01/10
Making Home Maintenance Routine
Home ownership has its wonderful benefits, and as one of the single biggest financial assets many people own, preparing, planning, and making home maintenance a routine are important.
Personal finance experts recommend setting aside at least 1 percent of your home price each year in a separate account for maintenance and repair costs.
Automatically deducting the funds from your paycheck or automatically transferring it between accounts each month can make this easy. Some years homeowners will have less than 1 percent in maintenance costs or repairs and some years they will have more. When something big and unexpected happens; for example it’s finally time to replace the roof; this will provide the financial cushion to take care of it and the peace of mind knowing one of their biggest assets is well taken care of.
Source - MSN Money
News! 1/30/10
Just Listed: Charming 3 bed 2 bath Craftsman in Seattle's Mt. Baker Neighborhood
Open House Sunday January 31st From 12:00 - 3:00 P.M.
4006 39th Ave S, Seattle, WA 98118
Price: $489,818
Bedrooms: 3
Bathrooms: 2
Year Built: 1924
MLS: 14525
Charming 3 bed 2 bath Craftsman prominnently located in the distinguished Mt. Baker Neighborhood. Walking distance to lake Washington's parks, shops, dining and the infamous rowing club. This home comes with an updated stainless-granite kitchen,remodeled master bedroom complete with walkthrough closet and masterbath, mudroom, fireplace with new chimney and a new roof. The home is almost 2000 sf including the unfinished basement that is used for laundry, workshop, and storage.
For More Information Visit: http://www.davidjedwards.com/39187.asp or call 425-636-0296
Virtual Tour: http://www.flyinside.com/tour.php?id=39187
Driving Directions: From Rainier Ave S. turn L on McClellan, stay on Hunter which turns into 38th Ave S. then turn L on S. Andover, house is on Left side of 39th.
If you would like to preview this home, please contact us to arrange for a private showing.
News! 1/29/10
Open House Sunday January 31st From 12:00 - 3:00 P.M.
Own this just listed Charming 3 bed 2 bath Craftsman in Seattle
4006 39th Ave S, Seattle, WA 98118
Price: $489,818
Bedrooms: 3
Bathrooms: 2
Year Built: 1924
MLS: 14525
Charming 3 bed 2 bath Craftsman prominnently located in the distinguished Mt. Baker Neighborhood. Walking distance to lake Washington's parks, shops, dining and the infamous rowing club. this home comes with an updated stainless-granite kitchen, remodeled master bedroom complete with walkthrough closet and masterbath, mudroom, fireplace with new chimney and new a new roof. The home is almost 2000 sf including the unfinished basement that is used for laundry, workshop, and storage.
For More Information Visit: http://www.davidjedwards.com/39187.asp or call 425-636-0296
Virtual Tour: http://www.flyinside.com/tour.php?id=39187
Driving Directions: From Rainier Ave S. turn L on McClellan, stay on Hunter which turns into 38th Ave S. then turn L on S. Andover, house is on Left side of 39th.
If you would like to preview this home, please contact us to arrange for a private showing.
News! 1/26/10
Fannie & Freddie Get Unconditional Federal Support
On December 24, the government announced it will provide unconditional financial support to Fannie Mae and Freddie Mac. This will expire in 2012, after which the firms will have approximately $290 billion allocated to them.
-September 2008: Bush administration took over Fannie Mae and Freddie Mac at the height of the financial crisis and promised $200 billion to keep them afloat.
- Earlier in 2009: Obama doubled the $200 billion to $400 billion.
- December 24, 2009: The president announces the government will provide unconditional financial support to Fannie Mae and Freddie Mac for 2010-2012.
- December 29, 2009: Analysts predict that Fannie and Freddie will begin purchasing delinquent loans.
These two institutions play an integral role in both the housing and lending industries. When a bank makes a conventional mortgage loan, it will then sell that loan to Fannie Mae or Freddie Mac. This frees up the bank to then make more loans and repeat the process.
When Fannie and Freddie stop buying mortgages from the banks, mortgage credit freezes, banks stop lending, and houses can’t sell. Such was the case last year at the height of the credit crisis. Confidence in these firms is a key component to the flow of credit and this unconditional financial support intends to bolster that confidence.
Despite the short-term unconditional federal support, experts say it is critical for the real estate industry, the lending industry, and the economy that these companies keep their long-term vitality in mind over the next three years.
Source - The Washington Post
News! 1/25/10
FHA Makes Changes
FHA loans are very popular right now so it is important that we keep an eye on what they are up to. Here is an update on some of the changes we can expect from the FHA this year.
The FHA is going to increase the up-front mortgage insurance premium from 1.75% to 2.25%. This will apply to all purchases and refinances, including streamlines. The annual premiums will not change at this time.
The 90 day rule preventing property flipping will be waived for sales meeting certain conditions in February. It will be limited to sales meeting certain conditions. The transactions must take place between a buyer and seller who have no prior relationship. If the sales price exceeds the seller's acquisition cost by 20% the waiver will only apply if the increase in value is justified (i.e. a second appraisal is obtained, documented renovation of the property, etc.). A property inspection must be obtained and given to the purchaser in these cases.
The FHA will also be reducing the amount of allowable seller concessions from 6% to 3% sometime this summer.
If you are planning to purchase a home with an FHA loan in the future, please feel free to contact me to discuss how these changes might have an impact on you.
News! 1/21/10
Cash for Clunky Appliances
In efforts to vamp up energy efficiency, the federal government is implementing a rebate program for appliances. People can swap in their old “clunky” appliances for new energy-efficient ones, saving electricity and saving on monthly bills.
A 20-year-old fridge can use three times as much energy as a new Energy Star-approved fridge. The age of your appliances impact your actual savings, so check into it before purchasing.
Important things to know:
Plans vary by state. Check out energysavers.gov for details.
Buy before it ends. Like the car rebate program Cash for Clunkers, this program has a set amount of federal money allocated to it. Once the $300 million is gone, the program will likely end. It is expected to run out quickly.
Source - The Associated Press
News! 1/20/10
Residential Retrofit Program
Vice President Biden recently announced a program called “Recovery Through Retrofit.” In addition to creating energy performance labels, it will create national energy performance measures for existing homes.
It will provide the following:
Access to home energy retrofit information
Access to financing for retrofits
Access to trained professionals to perform the retrofit
The goal of the initative is to create more energy efficiency in homes to benefit the country’s energy consumption. Retrofits include but are not limited to energy efficient heating, cooling, and water systems, insulation, roofing, flooring, windows, and solar panels.
More information will follow as the program is rolled out.
Source - National Association of Realtors
News! 1/19/10
Just Reduced: Cozy Bungalow with three bedrooms in Burien
620 134th Street SW, Burien, WA, 98146
Price: $172,000
Bedrooms: 3
Bathrooms: 1
Year Built: 1955
Square Feet: 1230
Lot Size: 8276
MLS: 29167972
This Cozy Bungalow Is Move-In Ready With Limitless Potential. The Traditional Floor Plan Is Very Spacious And Features Hardwood Flooring Throughout. The Garage Is Extra Wide And Ready To Serve As A Shop Or Provide Space For Extra Storage. It's Located In A Desirable Neighborhood, On A Large Lot With Mature Landscaping And A Huge Backyard.
For more information visit:www.davidjedwards.com/38377.asp or call 425-636-0296
Virtual Tour: http://www.flyinside.com/tour.php?id=38377
Driving Directions: From Ambaum go East on 134th. Home is on the Left
If you would like to preview this home, please contact us to arrange for a private showing.
News! 1/18/10
Mortgage Rates Beginning to Rise
Mortgage rates have begun to inch back up as government support runs its course and interest rates rise. On December 24, the average 30-year fixed-rate mortgage was 5.05 percent, the first time it has gone above 5 percent since the end of October. According to Amy Crews Cutts, deputy chief economist at Freddie Mac, “Extraordinary resources have been put into keeping the rates down and supporting the mortgage market, and it’s hard to imagine that the rates can go much lower than they are.”
Source - Freddie Mac