lonniesnyder's Blog: For Buyers

Do you look for the best deal? Do you wait for your favorite item to go on sale? Are you thinking about buying a home with current prices dropping to a 3 year low? Here are 5 questions that you can ask yourself to see where you stand.

Is our rent equal to a loan payment? If you can afford to buy, it can give you one bonus that renting cannot—the lucrative tax breaks that come with owning a home:

• Deductions for payments of mortgage interest, loan discount points and real estate taxes.
• Home-office deductions for qualified owners.
• Deductions for expenses if you rent out your property.
• Home-sale capital-gains exclusion—profits up to $500,000 tax-free!

Are prices in our preferred area steady?…

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In today's new real estate market the time for hesitation is past. Now is the time for action. To take advantage of the new market, the reality is clear—don't wait:

• If you are ready to move to a home where you would rather live;
• If you can afford a conventional fixed-rate loan;
• If you plan to live there or own it for several years; now is the right time to move or buy a first home, second home or rental.

Waiting rarely pays off for many reasons. I will share with you what we've learned from experience.

Recent Sales

Homes are selling in our area. Yes, there is more inventory. Yes, time on market is longer. Yes, loan requirements are tighter. Yes, there are more short sales, bank-owned foreclosures and rental bargains that pull… Read Full Post

Whether you see the housing market "glass" as half-empty or you see it as half-full, industry experts agree that homeownership is still one of the safest, most secure ways to build long-term wealth. On a national level, home appreciation has historically increased 5% to 6% annually, according to economists at the National Association of Home Builders (NAHB).

Doesn't sound like much? Consider the return on your original investment, not the home price alone. Here's an example that puts it into perspective: Let's say you make a 10% down payment on a $200,000 home (an investment of $20,000). At a 5% annual appreciation rate, your $200,000 home would increase in value $10,000 during the first year. Earning $10,000 on an investment of $20,000 is an…

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A big part of my job is matching sellers with buyers. Be sure to call me if you're looking to buy a short-sale home!

Short-Sale Process Requires Professional Help
Conducting a short sale is not a simple process, as it requires negotiations with the lender (often more than one lender is involved) as well as the buyer, who may not understand the unique intricacies of the process. That's where my expertise becomes essential. We understand the complexities and critical timing of short-sale procedures and can guide you--whether you want to sell your property as a short sale or you're interested in purchasing a short sale. Please feel free to give me a call for more information. We'll be happy to discuss all your options! Short Sale Beats Foreclosure On… Read Full Post

 

With so much media attention on the housing market and mortgage industry recently, you may be hearing and reading some unfamiliar terms. Here's a glossary to help:

• Deed in lieu -- when a lender agrees to accept a property's deed (rather than foreclose on the property) to settle the borrower's obligation.
• Jingle mail -- when a borrower mails the home's keys to the lender to transfer control of the "collateral" behind the loan.
• Liar loans -- no-document, stated-income loans.
• Lis pendens -- Latin for "legal action pending," the formal notice that begins the foreclosure process.
• LTV -- Loan To Value percentage, e.g., 80% LTV on a $100,000 sales price is an $80,000 loan.
• NOD -- a Notice Of Default filed in court by a lender…

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Now truly is a great time to buy a home. If you--or someone you know--is ready to move up or become a first-time owner, if you plan to stay a few years and you've been waiting for the perfect time to buy--now is that time.

Here's why. Housing cycles cure themselves. Prices soften, inventories rise, savvy buyers snap up bargains, demand increases, and the market returns to normal. As buyers return that demand pushes home prices up and mortgage rates higher, according to housing economists and past history. Higher prices and higher rates mean waiting today costs you more tomorrow.

The secret is to buy while the headlines are gloomy, secure an affordable fixed-rate loan and enjoy the home you want to live in before the advantage of today's market passes…

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There's something for everyone in Renton. And here at the Renton Real Estate Blog it is our effort to keep you up to date, informed not only what is happening in Renton Real Estate but also in the community.

 

To see the latest news and announcements about exciting events and Real Estate opportunities in the City, have a look here

  If you search Google for Renton Real Estate you will find many blog and other web sites that bring out the interesting facts, not only about Renton Real Estate blog, but about the community and it'd unique features. For example...

  Discover the magic of Renton and enjoy the convenient, spectacular location, outstanding value, hometown hospitality, and business-friendly environment. Nestled on the south shore of… Read Full Post

These numbers are based on a three month historical analysis that compares this week with last week.

MLS Area 500 (Newcastle, Bellevue South of I-90 & Issaquah South of I-90)
Single Family Homes
Average Days on Market: 103 Days (No change from 103 last period)
Inventory of Active Listings: 576 (Down from 579 last period)
Inventory of Sold & Pending Listings: 219 (Down from 223 last period)
73 listings are absorbed by demand each month on average. (Down from 74 last period)
12% of active listings are selling each month on average.
7.9 Months Worth of Supply (Up from 7.8 last period)
Average List Price: $896,502 (Up from $891,592 last period)
Average Sale Price: $644,644 (Down from $676,382 last period)
Median Sale Price: $570,000 (Down from… Read Full Post