We all know that Washington is looking for ways to trim the deficit and cut programs. One of the targets this year is sure to be the most cherished deduction for many homeowners, the mortgage interest deduction. Some analysts say that in an election year, playing with the tax code will never happen but there are issues developing that need to be watched closely as deficit reduction gains more focus.
Being in an election season, voters are now making up their minds about their own situation and are expressing their views found in a recent survey the National Association of Homebuilders sponsored a survey and indicated that voters strongly value home ownership and would oppose efforts to weaken or eliminate the mortgage interest deduction or diminish a federal role to help qualified home buyers obtain affordable mortgages.
The poll shows that three out of four voters - both owners and renters -- believe it is appropriate and reasonable for the federal government to provide tax incentives to promote homeownership. This sentiment cuts across regional and party lines, with 84 percent of Democrats, 71 percent of Republicans and 71 percent of Independents agreeing with this statement.
Two-thirds of respondents say that the federal government should help home buyers to afford a long-term or 30-year, fixed-rate mortgage.
73 percent of voters oppose eliminating the mortgage interest deduction. These figures held firm across the political spectrum, with 77 percent of Republicans, 71 percent of Democrats and 71 percent of Independents against doing away with the mortgage interest deduction.
Meanwhile, 68 percent would be less likely to vote for a congressional candidate who proposed to abolish the deduction, a figure that was virtually identical across all party affiliations (69 percent of Independents and 68 percent of Democrats and Republicans).
To View the entire survey click HERE
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Lake City, Seattle - We invite everyone to visit our open house at G-12742 35th Ave NE on January 1 from 12:00 PM to 4:00 PM.
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Happy Winter Solstice! Now the amount of daylight each day will start increasing.
December is named after "decem" which is Latin for "ten" (the first month in the Roman calendar is March).
The birth flower is Holly or Narcissus. There are 2 modern birthstones: Zircon (wealth, wisdom and honor) and Tanzanite (understanding and contentment) which became an official birthstone on October 30, 2002 when the American Gem Trade Association (AGTA) revised the birthstone list in the first revision since 1912. The traditional birthstone is Turquoise (new possibilities and happiness).
Home Improvements and Which Ones to Do
Whether you plan to sell in the near future, or just want to improve the value of your home, here is one low cost improvement you should consider.
Opportunity Knocks. Still opening the front door with a flimsy standard-issue knob? Choose a hearty piece of hardware that emphasizes sturdiness, in a bold color that says, “You are entering a wonderful place!” Refinish the front door with a bright hue, or faux finish a steel door to look like wood for a refreshing first impression.
As a real estate professional, I strive to keep in touch with my clients and provide them with information that I hope they will find useful. I have developed a newsletter to let you know about the state of the market and current trends. It even touches to enhance your home's value. The market data and articles will help you with understanding real estate today and help you with your real estate decisions now or in the future. If you have any questions, please do not hesitate to contact me. To sign up for the newsletter follow this link http://www.homeinsight.com/Newsletter/Widgets/SubscribeToNewsletter.aspx?a={afde85be-3f11-4d2a-b1fb-3dab841099da}
Recent Price Reductions in October
| Single Family Homes | 5.0% | Condos/ Townhomes | 6.6% | Multi-family | 6.4% |
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Keys for Selling When the Market is Slow
It's a whole new world for home buyers. So, how do you make a smart purchase? You can find some excellent bargains but you still need to do some work.
Check out the property tax records and recent history of nearby homes. Comparing the assessed value with nearby home sale prices can help give you an indication of the market value of the homes in the neighborhood. But don't expect the assessed value to be an accurate value of what the home you are interested in would sell for. The assessment may be almost a year old and reflect a higher or lower price. In some areas, assessments are deliberately low for tax assessment purposes, and don't reflect market value.
So compare the sold price of nearby properties with their assessed value to determine how close the assessed value is to the market price. But remember the house you are interested in may be in better or worse condition than when it was assessed, and may be in better or worse condition than recently-sold homes in the neighborhood.
King County home sales dip in September
Puget Sound Business Journal
Date: Wednesday, October 5, 2011, 1:39pm PDT
Related:
The number of closed home sales fell to 1,999 in King County last month from 2,256 a month earlier.
Related News
The number of closed home sales fell to 1,999 in King County last month from 2,256 a month earlier.
The average home sale price in King County also fell in September, dropping to $392,444 from $396,533 in August. The median home sale price (half sold for more, half sold for less) in King County fell to $310,000 from $315,000 a month earlier, according to the latest data from the Northwest Multiple Listing Service (NWMLS).
The number of pending sales in King County dropped last month to 2,718, down from 2,996 in August.
Across the 21 Western Washington counties covered by the NWMLS data, the number of closed sales fell to 4,988 last month from 5,704 in August, and the number of pending sales fell to 6,897 from 7,632.
Sales at deep discounts of distressed homes — foreclosures and short sales — are dragging down prices. But NWMLS officials say there is “stiff competition for move-in ready homes that are priced right, especially in the neighborhoods close to Seattle.”
1) A recent survey revealed homeowner misunderstandings relating to common loss situations, none of which are covered by standard homeowners insurance policies, such as: 68 percent think vehicles such as cars, boats and motorcycles stolen from or damaged on their property are covered.
51 percent think damages from a break in the water line on their property supplying water to their home are covered.
37 percent think damages due to a break in the sewer line on their property that connects to their municipal sewer system are covered.
35 percent think damages from earthquakes are covered.
34 percent think damages from mold and termites are covered.
2) Insuring Against Natural Disasters
By: Gwen Moran, HouseLogic.com . Your homeowners insurance covers many of life's disasters, just not some natural disasters like earthquakes and floods, so consider supplemental policies. Read more: http://www.houselogic.com/articles/insuring-against-natural-disasters/#ixzz104lzxPli
3) Flood and Fire Victims: Wish They Had Time To Do An Home Inventory! 95% of the respondents in a survey admitted that they would not be able to recover properly without a inventory or some other record! The idea here is to properly record, through video and text, your home's contents and make it available at any time to update or have for insurance protection. Here is a web site where you can create your own Home Inventory. This application makes creating and updating your home inventory easy and efficient. You can get the free software package HERE |
Paying off your mortgage is one of the biggest financial goals of most homeowners, and retiring debt-free can certainly give your golden years a greater sense of financial freedom and stability. Whether you're nearing retirement age or are just looking to reduce your largest debt load more quickly, here are some great tips for paying off your mortgage faster!
Principal Versus Interest
Essentially, to pay off your mortgage you have to reduce the principal owing on your property. There are really two ways you can do this without dramatically reducing your monthly budget.
Increase Your Monthly Payments
Even increasing your monthly payments by a small amount can take years off the life of your mortgage. You can also choose an accelerated plan whereby you can make weekly or biweekly payments rather than monthly. This will allow you to make a few extra payments each year. Combining these efforts can really have a surprising effect on the principal of your mortgage over a short period of time. There are a number of free online calculators that can help you figure out the exact numbers for your particular situation.
Reduce Your Interest Rate
If increasing your monthly payments is not an option, you can still pay off your mortgage faster by refinancing your mortgage to negotiate a lower rate. Keep your eye on the financial markets to gauge the best time to make this move, and seek out the advice of a real estate specialist or financial advisor to confirm that this is a viable option for your current financial situation. If you have a good history of payment and an excellent credit score, finding a lender shouldn't be a problem.
Make A Lump Sum Payment On Your Mortgage
Another way you can decrease your mortgage principal and pay off your mortgage faster is by making a large lump sum payment. If you have come into extra money, have received a large income tax return, or just have a considerable amount of savings, this may be a wise financial decision. It will also dramatically decrease the amount of interest you will pay over the life of your mortgage and thus save you money. Just be sure your mortgage does not include a clause that will penalize you, and then determine whether it is still a good choice before going ahead.
The satisfaction a homeowner feels when they make that last mortgage payment is really unmatched by any other financial achievement, and following these simple steps can more quickly make that dream a reality.
Filed under: home mortgage, mortage payments, lender approval, lenders, mortgage, LewisSmithTeam.com, Housing market, Seattle Real Estate, Real Estate professional, real Estate estate, michel smith, LewisSmithTeam
If you are interested and the housing market here is a good resource for you.
http://www.housingviews.com/wp-content/uploads/2011/08/CSHomePrice_Release_August.pdf
Definiton of Labor Day: Annual holiday devoted to the recognition of working people's contribution to society. It is observed on the first Monday in September in the U.S. and Canada. It was first celebrated in New York City on Sept. 5, 1882, under the sponsorship of the Knights of Labor. Various U.S. states observed the holiday before 1894, when Congress passed a bill making Labor Day a national holiday. It is often celebrated with parades and speeches, as well as political rallies, and the day is sometimes the official kickoff date for national political campaigns in the U.S. In most other countries, workers are honoured on May Day.
Read more: http://www.answers.com/topic/labor-days#ixzz1WuqOpXLJ
Home prices in Seattle rose 1.1 percent from April to May, which mirrored the increase recorded in the nation’s largest cities for the same period, according to a new study.
But for the year, home prices in Seattle have fallen 7 percent, compared with the national average drop of only 4.5 percent in the 20 largest cities, according to the Standard & Poor's/Case-Shilller Home Price Indices.
Despite the one-month increase in Seattle and nationally, analysts aren’t saying the real estate market has recovered. Sustained increases in home prices over several months and better annual results need to be seen before we can confirm real estate market recovery.
Optimism or positive sentiment is needed and improved consumer confidence is necessary for a lasting revival in housing with rising prices. There are other factors and it is difficult to point to one primary factor. Increased willingness of banks to lend money for mortgages is another, as is improvements in consumers’ financial condition along with stronger economic growth and declining unemployment. And, resolving the fiscal policy issues in Washington would probably be helpful as well. Someone might note that all these factors reversed since the boom days of 2006 when home prices were soaring. Home prices, the economy and consumer sentiment all interacted and rose together in 2003 to 2007 and then fell together in 2008-2009. It will take more than one primary factor to turn the whole things around. David Blitzer Chairman of the Index Committee S&P Indices
Puget Sound Business Journal - by Jeanne Lang Jones
Date: Friday, June 10, 2011, 12:14pm PDT
A national report from PMI Mortgage Insurance Co. states that half of the nation’s 50 largest metropolitan markets have a greater than 50 percent chance that housing prices will drop even lower by the end of the first quarter of 2013.
In the Seattle/Bellevue/Everett metropolitan area, the risk of further housing price drops over the next two years is moderate, according to PMI. The Puget Sound area ranks 40th among the top 50 metropolitan areas in terms of risk of housing price declines.
The markets at greatest risk, not surprisingly, are the markets that were the most speculative during the housing boom: California, Arizona, Nevada and Florida.
For the Seattle/Bellevue/Everett metropolitan area, PMI reports a 5 percent decline in house values for the first quarter of 2011. That compares to a 5.9 percent price decline in the first quarter of 2010. Houses have become slightly more affordable as a result.
JEANNE LANG JONES covers commercial real estate for the Puget Sound Business Journal. Phone: 206-876-5426 | Email: jlj@bizjournals.com | Click here to sign up for the PSBJ Daily Update.
There are so many predictions about the housing market out there. New York Times article Bottom May Be Near for Slide in Housing is what I believe. Although prices have fallen in many cities here in Seattle we held pretty steady over the last month with a +.1 increase although we are down -7.5% from this time last year. What this means to me is now is the best time to buy. Prices are going to level out and then slowly move up. It is hard to predict when we will hit the bottom but I think we may be there now. There are a lot of great homes out there for sale. If you have ever thought about buying your first home or even considered buying a rental home now is the time, give me a call.
Maybe you're renting because you want to and, if that's what you want, that's great.
But... if you'd really rather own a home of your own, RIGHT NOW, we can help you do just that.
Here is an article in CNNMoney that talks about Seattle, the home prices and why it is cheaper to own a home versus rent.
Give me a call and we'll set up an appointment to get together to discuss your alternatives.
If you already own your home but know of someone who might benefit from talking to me about home ownership versus renting let me know. Right now there are so many good possibilities on the market.
Filed under: Market Conditions, For Rent/Lease, buyers, LewisSmithTeam.com, Housing market, re-locating, seattle, Seattle Real Estate, Real Estate professional, real Estate estate, real Estate market up for 2011, real Estate estate health, rent
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Olympic Hills, Seattle - We invite everyone to visit our open house at 13028 19th Ave NE on March 27 from 1:00 PM to 4:00 PM.
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