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The Fed and Mortgage Rates
September 25, 2015 /If you’ve been keeping up with recent economic events, you’re probably aware that the Fed has chosen to keep interest rates stable, rather than moving forward with the raise that many experts anticipated. While the American dollar has strengthened, and while unemployment rates have improved more quickly than originally expected (it currently sits at a lean 5.1%), the Fed still decided to take a cautious approach. The Fed has cited a few factors, most notably a weak global market, for its decreased confidence in predictions for inflation. The Fed considers the global economy to be weak for a couple of reasons. The prices of commodities have decreased, and a relatively robust American economy has lowered the price of imported goods. Additionally, while the domestic economy shows encouraging signs of continued improvement, there are still a few worrying trends; many employed citizens, for instance, only work part-time and are still searching for more lucrative, full-time employment. Additionally, the rate of inflation still lies below the Fed’s desired 2%, the ideal rate of inflation for a healthy economy. In the face of a less than ideal global economy, the job market is going to need to strengthen, and the inflation rate must…Read more
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Picking a Mortgage Lender!
September 21, 2015 /For many people, the hardest part about finding a mortgage lender is simply knowing where to start. There are a lot of lenders out there — some small and local, and some large and national — so you shouldn’t feel discouraged if you’re having difficulty getting your search started. This post will aim to make the process of picking a mortgage lender easier by offering some basic advice. We'll also provide contact information for Pickett Street's recommended lender, Cody Touchette (MLO 83216), giving you a quick connection to an expert committed to providing outstanding service. In addition to looking over our guide to picking a mortgage lender, check out Cody's website for more information: The Touchette Team. Where to Start One way to start narrowing down your options is fairly simple: ask friends and family. More specifically, ask your friends and family who own homes for recommendations. If you have a friend who just bought a house and is absolutely thrilled, ask her who she worked with and how she worked with her lender to ensure she got the best deal possible. If you’ve got a cousin who’s been an unsatisfied homeowner for several years, ask him who he worked with and…Read more
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How Pickett Street Is Different than Other Real Estate Agents
September 11, 2015 /Since its inception in 2006, Pickett Street has compiled an impressive resume. However, while you may have heard about Pickett Street’s legendary real estate accomplishments — they recorded 202 sales in 2013 alone — you may not fully understand exactly how Pickett Street manages such Herculean feats. To get an idea about how Pickett Street works, it’s best to compare its team with the average real estate agent. What You Can Expect From Average Agents For the most part, the average real estate agent is a single individual working as a buyer's agent, listing agent, showing specialist, and business owner all at the same time. To put it another way, most real estate agents are trying to singlehandedly hold down at least four different jobs, all of which require significant levels of time commitment and energy. In that case, most real estate agents’ energy is spread pretty thin, and they’re not going to be able to give all of their clients individualized attention. As a result, it’s no surprise that the average real estate agent closes about 8 or 9 sales per year. What You Can Expect From Pickett Street The biggest difference between Pickett Street and other agents is that…Read more
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First Time Home Buyers!
September 10, 2015 /Being a first time home buyer is an exciting experience, but it can also be a little overwhelming. Between mortgage rates, budget restrictions, and the hunt for the perfect location, there’s going to be a lot to consider. The following list will help you narrow your focus so that you can enjoy the exciting aspects of buying a home without all the anxiety. 1) What’s More Important: Location or Square Footage? When you’re buying a home, you’ve got to consider this question carefully. If you want a lot of space on a strict budget, you might have to live farther away from densely populated cultural hubs. However, if you’re committed to buying a swanky new pad in Seattle, you’re going to have to pay more for less space. This isn’t to say that you’ll either have a mansion in the middle of nowhere or pay an exorbitant sum to live in a minuscule cupboard in Bell Town; rather, it’s just important to realize that you may need to make some sacrifices, and so it’s a good idea to decide whether you want to prioritize location or size before making a purchase. 2) Build a Better Budget A house is a…Read more
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For everything there is a season – a market update from Pickett Street
April 15, 2013 /Happy Tax Day! I never feel like the prior year is over until today, which can make the first three and a half months a little like purgatory. Now that we've graduated fully into 2013, I feel like it's a good time to give you an update on how the real estate market is moving, and how our team, Pickett Street Properties, is changing with the market. It shouldn't be news that the real estate market has changed. After 5 years of depreciation, after 5 years of foreclosures and short sales, our local real estate market is rebounding, and in an aggressive way. Buyers shopping now are paying 15% more than last year in King and Snohomish Counties (year-over-year), and this upward trend in appreciation appears to have some legs. Simply put, demand is up and supply is down. The data can be confusing though. At first glance, housing sales are actually lower in both counties. Knowing that fewer homes are selling should usually worry sellers, but a closer look at the stats shows a different story. There are fewer homes available this year over last year (down over 4% in Snohomish County), fewer homes going under contract compared to…Read more
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Rising rental market good indication for housing market in the Puget Sound
May 19, 2011 /Two articles published this week indicate that after four years of a struggling real estate market, perhaps things are on the rebound in the Puget Sound. An article entitled "Expect 'new highs' for Seattle apartment rents" published in the Puget Sound Business Journal on May 13th states that the generation of new jobs, slow new construction starts, and low vacancy rates could push rental rates up almost 4% this year. This sentiment is echoed a similar article entitled "Renters finding landlords have upper hand in this market" published by The Seattle Times on the same day. The Times story is a little more allegorical, detailing the struggles of local residents as they adjust to a stronger rental market. A strengthening rental market is a good indication of a coming housing recovery, as higher rents will prompt more buyers to look to the affordability of home ownership. The largest growing segment of our clientele are investors buying homes to either hold or rehab - yet another indicator that our market is on a path toward recovery.Read more
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Auction opportunity: Ranch or equestrian property in Snohomish
March 20, 2011 /Every week over 150 properties are scheduled to go to auction (trustee's sale) in Snohomish County. On Friday, March 25th, a property in rural Snohomish is scheduled to sell on the courthouse steps, and it represents a great opportunity for anyone wanting acreage or equestrian property for under $275,000. The structure is a daylight rambler with over 3,400 square feet of living space, with 4 bedrooms and 2.5 bathrooms. The home needs a little TLC, but the real appeal of the property is the 15 acre lot. For those looking for equestrian or even small ranch potential, this is a unique opportunity to buy horse property wholesale. We have investors that will loan cash to qualified buyers on the day of the auction, and even a resource to start an automatic refinance into a contemporary home loan after you purchase the property. The property is occupied, and we want to be sensitive to the situation that the owner is facing, so we're only making further information available to those that schedule a personal consultation to go over the details. If you're interested in learning more about this property or taking advantage of opportunities similar to this, please fill out the…Read more
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Andy O’Shea & Jesse D. Moore – 5-star agents 3 years in a row!
February 1, 2011 /For the third year in a row, Jesse D. Moore and Andy O'Shea were selected by Seattle Magazine as 5-Star Real Estate Agents, Best in Overall Satisfaction. The designation is given to less than 7% of the agents in the Puget Sound market, and even fewer have won it for 3 consecutive years in a row. In addition to this, Andy and Jesse finished the year off as the #1 and #3 agents in their office of 142 agents in 2010 (Keller Williams Realty Bothell). Andy ended up as the tops agent overall, and Jesse as the top resale listing agent overall. Pickett Street Properties was the top team for the largest office in Snohomish County, closing 80 real estate transactions in 2010, and we expect to do even greater things in 2011!Read more
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How I lost my roommates
December 12, 2010 /Trevor is my brother-in-law. I've been helping him and his wife to find their first home over the last couple of months. We made an offer on a bank-owned home in Edmonds that was accepted, but in a long and twisted tale of banking regulation gone wrong, they had to give up that home and start their search over again. They also had to move - they had given notice at their apartment complex and their unit had already been rented out. So that's how I gained two roommates :) Trevor and Liz were originally hesitant to consider properties sold at trustee's sale, but being forced to live with me encouraged them to look at all options. After watching a few properties that would normally be outside of their price range sell well within their range, Trevor and Liz threw themselves into the process. They were pre-approved to borrow funds at auction, received a username and password to search our trustee sale database, and started driving properties that they were interested in. Trevor bid on a home at auction every week for three weeks prior to Thanksgiving, barely losing out on all three. He was being conservative at my insistance…Read more
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Pickett Street investor purchases at trustee’s sale
November 19, 2010 /Last Friday, new investor Ron Wong purchased his first investment property at a steep discount (67%) in South Everett. The home was a very well cared for 1955 built rambler on a great street and large lot with a detached garage. Ron met the owner earlier in the week with me (John McCants) and toured the house. The owner had been trying to work with one of the largest banks in America on a modified payment plan for over two years with no success. He was unable to afford the repairs the house and the house ultimately went to trustee sale (auction) and sold to our investor. The property needed a new roof, some landscaping, and touch-up on the inside to hardwood floors and paint. The home has two remodeled bathrooms and a new kitchen. It is very unfortunate for the previous homeowner that he could not keep his home, but to Ron, it was a opportunity to do what he has dreamed about for years: build his wealth by buying real estate at wholesale. Ron plans to complete the work in the next few weeks as the previous homeowner moves out and re-list the property with the Pickett Street…Read more
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Knock, knock: Gaining access to a home going to auction
November 10, 2010 /I was in the field yesterday driving a few "Hot Properties" with a investor client. We were driving the list of properties with bids we had and few that looked hot based on their location and debt amount that did not have specific opening bids. We found a couple homes that were not so hot and marked them accordingly to update our website, but we found a couple properties with valley views of the Snohomish River and one overlooking Puget Sound and views of the Olympic Mountains that were wholesale values prime for auction purchasing. At one property in a really good neighborhood of Everett we found a nice home occupied by the owner. The homeowner toured the house for us and explained in detail all he had done to update the property and what was wrong still needed updating. We asked why he hadn't worked out the situation with the Bank and he said he had been trying for over 2 years with no success. We discussed that issue for a few minutes and left the home with the owners contact info for use later. After leaving the home my investor stated "that was a great house and great…Read more
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Buying a home at trustee’s sale in Washington State
November 9, 2010 /Remember 2006? When there were basically only two types of real estate to buy - resale or new construction? Most people, including real estate agents, hadn't even heard of short sales, and bank-owned properties made up such a small percentage of the market that finding one was a little like hunting a rainbow. It's a different time, and our team has done our best to diversify. It started by educating ourselves on the short sale process, extended into representing local and national banks on marketing their foreclosures, and in the last six months we've developing an effective system of representing buyers purchasing properties at trustee's sale in King and Snohomish Counties. What is a Trustee's Sale? Sometimes generically referred to as auction, county auction, sheriff's sale, or foreclosure auction, trustee's sales are the natural process in our state for foreclosing on a home. There are two types of foreclosures in our country, either judicial or non-judicial. Judicial foreclosures require banks to go through the court system to foreclose on a property - non-judicial foreclosures, like those in Washington State - don't go through the court system, but instead follow a set of established laws and notices that eventually lead to…Read more
