lonniesnyder's Blog: For Realty Professionals

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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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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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

 

If you are buying a house in Renton, Kent or greater Seattle area, You should have a home warranty.

What is a home warranty?

The standard home warranty is a one-year service contract that protects a resale home buyer or current homeowner against the cost of unexpected repairs or replacement of major systems and appliances that break down due to normal usage. Coverage is also available to home sellers during the listing and escrow period to help them keep unforeseen breakdowns from potentially delaying the close of sale.

How does a home warranty help me?

Old Republic Home Protection customers enjoy peace of mind, convenience, budget protection, and easy, dependable service. No more "searching the Yellow Pages" for a reputable repairman, no…

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Points are one type of fee paid at closing by you to your mortgage lender. There are two types of points: Origination Points and Discount Points. Each point equals 1% of your loan amount. For example, 1 point on a $100,000 loan would cost $1,000.

What is the difference between Origination Points and Discount Points?

They differ in where they are applied. Origination points are charged to recover some costs of the loan origination process. Typically, your Loan Officer's compensation is based on the Origination point(s). Depending on the lending institution, the Origination Point(s) may be negotiable in whole or in part.
Discount Points are used to "buy" your interest rate lower. This is known as a rate "buydown." A general rule of thumb is that one full…

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Note: NWMLS implemented some Area Designation and Boundary changes in the Newcastle/Renton area to more accurately reflect the true market areas in this section of Bellevue/Renton. The boundary changes took effect on June 24th, 2008. To view a map that shows the old and new boundaries, click here: http://www.nwmls.com/discover/library/monday_update/MonUpdates/MU2008/Jun08/KC_SW_350_500.pdf.

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: 100 Days (Up from 98 last period)
Inventory of Active Listings: 582 (Up from 578 last period)
Inventory of Sold & Pending Listings: 249 (Up from… Read Full Post