Category Archives: General

Update on staging of house…

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I put a post here the other day about staging a house and then saying I’d put in photos of the finished product to get responses from readers here (preferably readers and not regular contributors) about whether or not they could see the value and difference staging (and good preparation) makes in a sale. This listing got multiple offers and has a contract on it for more than asking price right now which was somewhat expected since we priced the home in the mid-range of what it could sell for based on our market analysis for the area.

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Comments?  I have not posted every single photo but this gives a good layout of the house and most of the amenities it has to offer.

The Escrow Files: the funny side of escrow

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While in Leavenworth, Wa. recently, Lynlee and I stumbled upon a variety shop in town with a wall of extremely funny quotes on mugs and urns like this. Had to buy it!

The things you hear out in the field can be very funny. Today, while waiting at a real estate office, I overheard probably the funniest conversation yet:

“…..I thought they just paid the water bills and stuff like that?” (referring to escrow)

It reminded me of a comment by my mother-in-law (sorry Lynlee, I do love your mom, but sometimes…) talking about her neighbor who is a retired Firefighter for the City of Seattle:

“oh, I think all he did was just turn the water on.”

Wherever you close your transactions, life is good in the escrow business!

Rhonda Porter, memories?

What the Viaduct Vote means (even to those outside of Seattle)

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[photopress:viaduct.jpg,thumb,alignright]I realize this blog reaches outsides of Seattle, so I will see if I can make this have meaning for everyone and for those of you that knew Dustin in his prior life, you will know this is right up his alley too :).

I am on vacation this week, but was catching up and reading Sunday’s Seattle Times article about the up and coming Seattle viaduct vs. a tunnel vote. For those of you who do not know about this vote (or like me and are a bit confused) here is a quick synopsis.  There are 4 options.

One: Yes on the viaduct.
Two: No on the viaduct
Three: Yes on the tunnel
Four: No on the tunnel

Seems pretty simple to me, but with the way the ballot was written these are actually two separate votes.  So in theory, both could win or both could loose.  They SAY the probability of this happening is very slim, but you never know, crazier things have happened i.e. 2004 Washington State Governor (if you have never read this, this is a great read!).

This may be a stretch, but in my eyes, this raises the question of how does any city solve a problem that affects a limited group.  The same was true for me with the Monorail where a finite group of people (primarily western Seattle) would have the convenience of using the monorail, but all of Seattle’s roughly 572,600 residents would have been on the hook for the bill.  While I have no political agenda in this post… I do believe in mass transit. This is a message asking if it is fair for an entire city to be called upon to pay for a major tax measure that limited number will enjoy.

I am not saying if a major section of a city needed repair, it is not up to all of the city’s population to pay.  The message I am attempting to convey is that the measure being voted upon can be solved in other ways.

[photopress:narrows.jpg,thumb,alignright]A great comparison would be the second Narrows Bridge connecting Tacoma and Gig Harbor.  This project is being financed through state tax exemptions, a bond and a toll. The basic difference here, is that users of the bridge (commuters and travelers alike) are paying, rather than all area citizens.

Again this is not about my support (or lack) of an issue, this is about what is fair.  If the viaduct is taken away and a tunnel is built, can we assume it will be similar to Boston’s Big Dig.  What about the young professionals who have puchased a downtown condo so they could avoid a nasty commute?  Should they pay for a tunnel or new viaduct that they won’t use?  Shutting down a major roadway to and from a large section of any city will have (in my mind) have a significant affect on traffic which will therefore have an affect on real estate values in that area (see I brought it all back to real estate).  In my own opinion, I am not interested in living in Queen Anne if I cannot use 99 (which is bordered by the major access highway that will be closed) .

So much for being unbiased.

15 Year Mortgage Too Pricey for Normal People

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This morning, I read a commentary on seattlepi.com from columnist, Christy L. Thomas called Seattle too pricey for normal people.   It’s regarding her move from Boise and how she and her boyfriend are considering whether or not they can afford to buy what they would like to have in Seattle. 

The part that struck me, being a Mortgage Planner, is that they are selecting a 15 year fixed mortgage for their financing.   That avenue would be an expensive choice for anyone.   She mentions trying to find a home priced around $320,000 based on what she sold her Boise property.   I’m assuming that Christy and Tom (her boyfriend) are conservative folks since they’re looking at a 15 year fixed mortgage…so the following comparisons are based on putting approx. 20% down.   I’m also using the rates I quoted on Friday.

  • With a sales price of $320,000, their loan amount would be $256,000.  A mortgage amortized over 15 years would provide a principle and interest (P&I) payment of $2108.75
  • A mortgage amortized for 30 years with P&I of $2108.75 would provide a loan amount of $356,480 and an approx. sales price of $427,750.
  • Amortize a mortgage over 40 years with P&I of $2108.75, you will have a loan amount of $377,270 and an approx. sales price of $452,725.

Same payment with each scenario…except you’re able to buy $132,725 more home using a 40 year fixed over the 15 year fixed and  $107,750 more home with the 30 year fixed mortgage.    With an interest only product, such as a 30 year fixed rate with a 10 year interest only payment, the savings (or how much more home they could buy) would be even more substantial.

I hardly ever recommend 15 year fixed mortgages to my clients…unless they’re doctors or someone who makes so much money that their mortgage deduction is reduced and they all ready have all the investments they need.  

Even if Christy and Tom’s case where they want to “look around and buy the home where, if we’re lucky, we’ll grow old together”.    Why pay off your mortgage and lose one of your best income tax deductions?

Christy, Seattle is not too pricey for normal people…your 15 year fixed mortgage is.

Seattle's Fremont Troll – Street Art

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[photopress:class.jpg,full,alignright]I like “The Fremont Troll” with people on it.  Gives you a better perspective of the size of the Artwork.  Grabbed this photo from my sister’s site.

This cool video of the Fremont Troll, gives you a pan of the area and better perspective with regard to where it sits in the Cityscape.

I was surprised to find that this Seattle Street Art piece was done in the early 90s.  Thought it was done in the 60s or 70s, because of the Volskwagon “Bug” that the troll is holding and the Peace Signs painted on it.

Seattle has tons of cool Street Art…Eastside has some as well.  I’ll have to ask Loretta what her whole “tour” of Seattle is.  I know my bedroom is on the tour LOL.  View from my bedroom, actually.  Have to get that upper deck expanded with a spiral up from the lower deck.  Until then…tour through me bedroom is on her list 🙂  Plus the students love to visit our music room with over 4,000 cds and talk with Kim about his 35 years in the music industry.  We are “on the tour”.  My sister’s a piece of work…runs in the family.

Beautifying those Seattle Retaining Walls

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Houses that sit up high from the Street are great!  Quieter.  Better territorial views.  But what about those ugly retaining walls?  Can’t say this was an original idea.  We saw about the same color across the street and decided to prime and paint it.  Came out pretty darned good.

The five gallon primer product sold over at Lowe’s is on sale for $14.00 down from $50.00!  Someone bought out the product, and will be changing the name.  So everything on the shelves is more than 75% off!  So go get at those retaining walls and Beautify Seattle!

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We used a deep mud green that blends with the dirt and plantings.  The house really stands out much better. One of those Green Lake Charmers coming soon for about $630,000.  Lots of Green Lake homes have these retaining walls.  It only took us about 2 1/2 hours to both paint and prime.  It took less than a gallon of paint, once it was primed and the primer was dry enough at one end by the time we finished, so we could get it all primed and painted in one day.

We had a beautiful, sunny, spring-like day in Seattle today.  But I hope it dried before the rains came or we will have beautified Seattle’s pavements :0

Jack this House!

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I was on my way back from taking care of the wall in my next post, and saw this house sitting up in the air.  Everyone was gawking!  It sure didn’t take long to “jack it up” like that.  I think they may have a view of Green Lake now.  Pretty cool.

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I took a photo of the company who jacked it up, in case anyone was interested in this type of service.

Housing sales fall in 40 states; but not in Northwest

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[photopress:sputtering_starts.gif,thumb,alignright]Interesting story of the differing views from US (not U.S.) and those outside of the Rain City. One of my development partners (Mike) is from Michigan and is one of those 40 states with falling sales (not to mention increasing unemployment).  As if the bubblers need any more endorsement to foster their cause the Seattle Times reported Housing sales fell in 40 states… but not the NW yesterday.  Before I read the story in the times Mike sent me the view from the vast majority of the country as seen on CNNMoney.com ‘Housing starts plunge‘.

The CNN reported that housing starts fall much more than forecast, to their lower level since ’97.  They go on to add what in turn I call the LARGE BUILDER EFFECT; permits also fall as single-family permits hit 6-year low.  The Large Builder Effect is a trend that occurs and will effect new housing starts about 12 months down the road when the permits are issued (permit times vary in each municipality).

So what does this mean?  The nation’s leading homebuilders have all reported declining sales and prices for new homes(hence the fall in permits).  Another partner of mine Snohomish County builder I know actually expressed the same views in November, but said since the first of the year his sales have bounced back to their expectations and he is continuing to submit for permits.

Do people behind the Rain City Curtin have their blinders on? Time will only tell, but if history is any guide (and I am NOT a historian) I would guess in time, with a smaller supply of products, demand will eventually grown so even though sales may be sluggish, over a 3 year window sales will continue to grow.

NOTE: I am leaving town after today, but I will do my best to reply to comments.

Triggering My Hot Spot

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I have blogged about this before…it is really one of my “hot spots”.   This morning, not only did I receive an email from this company (oh, I mean SPAM) stating that this is information that I requested, which I did not, it is about something I am absolutely against: selling consumer’s information when they’ve had a credit report pulled to become preapproved.    [photopress:trigger.jpg,full,centered]

If you go to their website, they state, “Receive a daily feed of consumers in your target market that just yesterday had their credit checked for a mortgage loan approval.That ’s right, these consumers have just had their credit checked within 24 hrs, specifically for a mortgage loan approval! Now you can provide them with a pre-approval in just a few days for unlimited growth potential.”

Picture this, Mr. and Mrs. Homebuyer meet with a Loan Originator and sign many documents for the preapproval process including disclosure forms that their private information will not be sold. Within hours, they begin to receive relentless phone calls and post cards from other lenders.   It’s too bad the credit bureaus are not a party to this agreement and that it is legal for the bureaus to re-sale credit scores, addresses, phone numbers, debts, etc.

I’ll go eat a box of Valentine’s candies and go chill out in a corner somewhere.