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Education = Power.
December 2, 2016 /Mortgage Rates on the Rise as Equities Recover As expected, mortgage rates climbed during Thanksgiving week as equities recovered based on speculation of economic expansion. In fact, these market conditions led the Dow Jones Industrial Average to record highs. In general, with election season fading into the rearview mirror and with Trump beginning to assemble the foundations for his political team, it’s expected that markets will return to a sense of normalcy after their initial uncertainty. That’s not to say that we won’t see any more volatility; in fact, market experts expect that, even if things are settling down now, we should expect a few more market surprises in the foreseeable future. Any political concerns aside, it’s important to note that mortgage rates are increasing, just as this blog has predicted on numerous occasions. More specifically, just before Halloween, the average 30-year APOR was about 3.52%. By the end of the first week in November, that rate had recorded a modest increase and risen to 3.58%, while it rose again the following week to 3.61%. By the end of Thanksgiving week, the average 30-year APOR had increased to about 3.98%. Likewise, MarketWatch estimates that the average 30-year FRM has…Read more
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The Preposterous Rituals of Turkey Day
Call me sentimental, but my mind is wholly occupied with turkey and potatoes today. Thanksgiving in my household was always a bit of a confusion, partly because we never knew exactly who might show up for dinner. As a local pastor, my father maintained a more or less constant open-door-policy with his parishioners, meaning that all 300 members of the congregation were theoretically welcome when it came time to carve the turkey. In addition to this prodigious crowd, my father’s property generally played host to an eclectic assortment of animals, including, but not limited to, one cat, one dog, two parakeets, three obese chickens, and two stupendously moronic goats (Dad was an urban farmer before the role was co-opted by bespectacled twenty-somethings from Brooklyn), all of whom seemed fond of wandering in and out of the house with a blatant disregard for both basic social etiquette and screen doors. All in all, Clark Thanksgivings were usually characterized by barely managed yet jovial chaos, making them pretty standard affairs as far as holidays go. And yet, this craziness was an important part of my home’s identity. My childhood wouldn’t have been the same without the sound of gravy burbling on the…Read more
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What Do We Pay Real Estate Agents For?
November 9, 2016 /These days, a large swath of the population seems fond of predicting the imminent decline of the real estate agent. With the newfound ease of viewing homes (along with accompanying neighborhood/community statistics) online, it occasionally seems like the services provided by real estate agents are unnecessary expenses. If that’s your line of thought, then think again: appearances are deceiving. In reality, real estate agents perform far more tasks than merely finding a home for clients, and they are paid for a much more diverse array of services. In fact, the average real estate agent is paid for vital but abstract services that no Internet search can provide, including problem solving and stress/emotional management. So, if you feel like you can handle your home search with a measly tour on Google, read on to see why working with a real estate agent is always the better option. Problem Solving Even the most seamless real estate transactions run into occasional setbacks. Whether you lose a bidding war on your dream home, or the home you’re about to close a deal on requires unexpected renovations, buying a home almost always involves at least one unforeseen hiccup. This observation is not meant to discourage…Read more
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Is Portland King of Real Estate? Not for Long!
November 4, 2016 /When hot home markets come up in conversations, most people mention Portland, Oregon. Rent prices in the region have been soaring for years, after all, and actually purchasing a home in the region can be as competitive as a Timbers-Sounders match. After living in Portland for five years, I can certainly see the appeal of the city (where else can I scarf down a bacon-wrapped donut mere moments before attending a Level 3 Vinyasa Flow Class heated to a toasty 101 degrees?). That said, based on the latest housing market trends, it seems like Portland’s days as the hottest housing market are numbered. Between August 2015 and August 2016, Portland home prices increased by 11.7%, putting Rip City in first place for the hottest home market in the country. However, that lead is beginning to look precarious, as Seattle’s housing prices posted an 11.4% increase during the same time period. Not only that, but Seattle also posted significant gains over third place Denver’s housing prices, which recorded a comparatively modest 8.8% gain. Based on this information, it seems that the Emerald City real estate market is reasserting its dominance once again. Now, those numbers might initially seem mildly interesting but…Read more
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Chunky, creamy or extra crunchy?
October 21, 2016 /When my girlfriend sent me out to buy peanut butter last week, she had no idea that such a simple task would end in disaster. To put this grim statement in context, it’s important to understand that I’m still used to Irish supermarkets (in which you can choose between two brands of peanut of butter and dare not ask for more) and regard all American Mega-Marts with unease and mistrust. As such, you’ll understand when I say that my trip to our local King Soopers became a task fraught with anxiety. Reaching the peanut butter aisle, I was astounded to discover that it was exactly that: a whole aisle devoted to nothing but different brands of peanut butter. I shuffled to and fro along the shelves, wondering whether chunky would taste better than creamy, or if reduced fat meant the same thing as 30% FEWER CALORIES!!! Even worse, was I supposed to buy any old run-of-the-mill butter, or would it be better to buy an all-natural brand? And what was the difference between all-natural and organic anyways? Surely peanut butter couldn’t be organic but not all-natural? All of this was very confusing; perhaps there were better options at the Safeway…Read more
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How can we help you realize your dreams?
September 29, 2016 /By Margaret Smith, Executive Assistant for Pickett Street Properties I had a vivid imagination as a kid. Like Mary Poppins, I would hop off the garage roof with my red umbrella hoping to fly. My Mom taught me to hope and I think her optimism passed on to me in a fashion similar to her smile. I know people may not think my optimism is sensible at times- I get it. But I have to tell you, it has helped me push through some difficult times, and I think ultimately I am healthier for it. My delight with tree houses started when I was in elementary school. I loved the idea of living in something above everyone else and surrounded by leaves. I had a sense that if I lived in one, the fairies would eventually come find me as well. I never imagined there were people that were capable of building something so whimsical yet functional. In the last few years I began to notice places like Treehouse Point in Issaquah, WA where you can rent places to stay overnight or rooms for events. Many people have watched the tv series Treehouse Masters, where they have built the…Read more
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Has Anyone Heard of King Olaf?
September 22, 2016 /Until recently, neither had I. Here’s some context for you: a few weeks ago, while wandering the stately avenues of downtown Poulsbo, I suddenly found myself on an unfamiliar lane leading off Front Street. This was weird. Having grown up in Poulsbo, I was pretty sure I knew all there was to know about the place (after all, how hard should it be to get to know a small, Viking-themed town?), but there I was, standing between a kayak store and the Sons of Norway headquarters, lost in suddenly unfamiliar territory. According to the street sign, the little lane was called King Olaf Way. How hadn’t I noticed it before? Being a curious person (and apparently having nothing better to do) I decided to do some detective work. I walked home, cracked open the Encyclopedia Britannica, and searched for evidence of King Olaf. There was quite a lot to read. Born in the 960s, Olaf was a celebrated Viking king of Norway. In his youth, Olaf was forced to flee Norway after the nefarious Harald Graycloak murdered his father. Living in exile in Russia, Olaf trained as a Viking warrior, a process I assume was similar to the training montages…Read more
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I Hope There Aren’t Any Bugs! (Why You Should Always Work With Traditional Real Estate Agents)
September 9, 2016 /“I hope there aren’t any bugs!” said the landlord as she handed me the keys to my new apartment. “I beg your pardon?” I said, a trifle dismayed that the apartment I would be renting with my girlfriend could be home to “bugs.” “Oh, it’s nothing really,” said the landlord, “it’s just that there might be bugs in your apartment.” An awkward silence ensued. “I’m not saying there definitely are bugs,” said the landlord with a forced laugh, the kind family members might use at Christmas dinner when crazy Uncle Ernie starts telling inappropriate stories. “It’s just that there might be.” More silence. I had a brief vision of the scene from the last Indiana Jones movie when one of the bad guys falls into an anthill and is eaten alive by its inhabitants. “Anyhoo,” the landlord said, clearing her throat, “who wants a cup of coffee?” There were bugs, as it turned out. I discovered one after wrestling three suitcases, two bicycles, and a box stuffed with approximately twelve pairs of flip-flops through the front door of our new apartment. As I prepared to unload my burden and collapse onto the carpet of the living room floor, I found the space already occupied by the…Read more
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Ten Reasons You Should Work With A Real Estate Expert
June 1, 2016 /Everything seems automated these days. Self-service stations are proliferating in grocery stores, cars are parallel parking themselves, and everyone seems to be jumping on the robotic bandwagon. The real estate world is not immune to this electronic trend; the vast number of online resources has lead some house hunters to believe that real estate agents have gone the way of the dodo. While searching for a house alone is an option, it’s important to understand that navigating the real estate world without an agent is difficult at best, and disastrous at worst. Below, you’ll find the top ten reasons why you should always work with a real estate expert. Access to Listings Yes, it’s true: the Internet is amazing, and it contains more information than any human could consume in a lifetime. That said, it’s guaranteed that any real estate agent will have access to more listings than the Average Joe surfing the web. For instance, many properties might be available but won’t be advertised publicly, and most websites are not as up to date as the multiple listing service (MLS). As such, agents can help you access more and better listings. However, while access to listings is great, it’s…Read more
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Yes Virginia, zero down loans do exist…
September 18, 2009 /Question: Is it still possible to get a zero down payment home loan? Answer: For the month of September, yes. (Now extended through the end of December). I received a phone call on Monday - a request from a young couple wanting to walk through a few of the floorplans available at the Summit View plat in Bothell. As we walked through the homes I asked the common questions - making sure that they were aware of the $8,000 tax credit, and it's looming expiration date. They were. I asked if they were aware of the special financing available on these brand new homes, including zero down payment and a 3.875% interest rate if they made an offer in September. They were. In fact, they were way ahead of me... She is a grad student, an unpaid intern on her way to a stable and well-paying vocation. He is self-employed, has been for five years. They have two kids in elementary school, so getting into an award-winning school district was important to them. If they would have tried to buy three years ago there wouldn't have been a problem. "Stated income" loans existed then - a now extinct type of…Read more
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Maybe the sky isn’t falling.
May 11, 2009 /Maybe the “sky” isn’t falling?! A chicken and a pig walk into a grocery store…………..Nah, I’ll save that story for another time. : ) I get asked at least once every day, often multiple times: “Andy, how are things going in real estate, REALLY?! Is it as bad as it sounds?" Truthfully, in my opinion: No! I’m seeing offers being written on homes - almost every day. I’m meeting with sellers who realize 2007 prices are gone - but that they can still sell their home, and do. I’m helping investors find incredible values - on all types of properties. I’m marketing new construction homes for Builders - and receiving offers every weekend. I’m working with Banks to offer 3.75% interest rates to First Time Home Buyers – who are loving it! Yeah, I’d say things are “looking up”. Did you read the article in last week’s Seattle Times entitled: “Pending sales of single-family homes in King County surged in April”? The article mentions some of the good news: King County Pending sales were up 25% in April over March. Snohomish County Pending sales were up 28% in April over March. One factor to keep in mind, though, is that…Read more
