Mortgage buyer Freddie Mac said Thursday the rate on the 30-year loan dropped to 3.87 percent. That is below the previous record of 3.88 hit two weeks ago.

The average on the 15-year fixed mortgage fell to 3.14 percent, also a record low. Records for mortgage rates date back to the 1950s.
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this past week.

We have reason to believe 2012 will be a good year for an improving residential real estate market in Seattle and surrounds. Here are some compelling facts:

·  Sales in our regional market increased by 35% in 2011
·  Our team sales volume increased by 65% in 2011

·  North Seattle home sales outpaced new listings (not seen since 2005)
·  Existing home inventory is at a five year low
·  New home construction is at a 40-year low
·  Home affordability is at a record high
·  Rental market is less affordable
·  Demand for homes continues to strengthen
·  Seller concessions are decreasing (in some cases nonexistent)
·  Investors have returned to the market
·  Stabilizing or stabilized prices in areas
·  Improving consumer confidence
·  Rebounding job market

Whether the housing market will come roaring back to life remains to be seen. What is inevitable; hindsight is 20/20 and we won’t know when prices will rise until they’ve already risen.

Curious about what the market is doing in your neighborhood? Call us (866) 766.7325

That our city grew up around these markets featuring the best from local farmers, it only stands to reason many Seattle neighborhoods would embrace open their own. More than a dozen in-city enclaves are home to their own, weekly farmer’s market (most operate seasonally):

• Ballard
• Broadway/Capitol Hill
• Columbia City
• Fremont
• Georgetown
• Lake City
• Madrona
• Magnolia
• Olympic Sculpture Park
• Phinney Ridge
• University District (year round)
• Wallingford
• West Seattle (year round)

The National Farmers Market Coalition defines a farmers market as one which “operates multiple times per year and is organized for the purpose of facilitating personal connections that create mutual benefits for local farmers, shoppers, and communities. To fulfill that objective farmers markets define the term local, regularly communicate that definition to the public, and implement rules/guidelines of operation that ensure that the farmers market consists principally of farms selling directly to the public products that the farms have produced.”

Our region’s year over year real estate sales have increased by 36.2 percent, according to Kirkland-based Northwest Multiple Listing Service (NWMLS).

One of the sub-markets with vigorous activity is North Seattle. The number of homes currently in escrow nearly matches

5.) Georgetown – Seattle’s longest-settled neighborhood is also one of its most feisty and creative. Just north of Boeing Field is this unique area which has drawn in a community of artists and activists. Rows of charming, turn-of-last-century homes are nestled in between retailers, wholesalers and light industrial facilities. If you prefer a neighborhood that’s more urban and eclectic, you might very well love it here. Home prices are about the best in town with the median at $273,250.
 
4.)West Seattle – Ah, how romantic! An in-city beach community oasis. Only Ballard and Magnolia get a worse rap for most challenging places in Seattle to navigate from Downtown. Here’s what’s so great about this neighborhood; it’s a town in of itself. Everything one could need is right here, except perhaps one’s place of business. If you really need to escape, you can do so by sea (water taxi and ferry). Better yet, home prices are still reasonable, especially in areas like Arbor Heights or Highland Park. In some pockets, you’ll find median home prices at $319,950 and median condo prices at $199,970.

 3.) Central District – They call it Central for a reason; it’s literally smack dab in the middle of Seattle. This neighborhood has to be one of the city’s most misunderstood. We have a suggestion to help alter perception; call it the Garden District. See, that has a much nicer ring to it. Seriously though, the Central District has a very strong community, great transit and easy commute proximity to Downtown as well as to the Eastside. The median price of a home is $317,000 and the median price of a condo is at $249,750. Capitol Hill is likely sprawling eastward into this neighborhood. After it does, don’t say we didn’t tell you so when you’re eventually priced out of this prime location.

2.) Columbia City – What’s not to love about this quaint, historic landmark district?! Once home to fallen trees awaiting transformation at the local saw mill, this area has also been known as the “garlic grotto” or Seattle’s Little Italy. Definitely in the upswing of an urban redevelopment cycle, this neighborhood has it all; walkability, transportation alternatives, shops and great dining options. While home prices skyrocketed during the real estate boom, people can now afford to live here again. Columbia City homes have a median price of $312,500, and condos have a median price of $192,500. 

1.) Beacon Hill – Here’s a neighborhood with a lot of upside. Close to downtown with easy access to north-south/east-west freeways, and car-free commuting via light rail. This overlooked enclave holds high promise and one of the most culturally integrated populations of any place in the world. The panoramic views from this hilly plateau hamlet are stunning. Where else can you see Downtown Seattle, the Olympic Mountains, Puget Sound, Mount Rainier, Lake Washington, Downtown Bellevue and the Cascade Mountains? It won’t be long before more people catch on. For the time being, Beacon still has some of the most affordable in-city homes with a median price of $311,875. Condos in this area have a median price of $199,000. 

A recent study shows how important the following home-buying factors were to buyers:

• List Price: 72%
• Location: 69%
• Neighborhood: 55%
• Floor Plan: 37%
• Square Footage: 28%
• Schools: 22%

By having these criteria in mind before walking into a consultation, buyers are off to a better start when meeting with their REALTOR®. The consultation allows buyers to fill in any missing gaps within their values, wants and needs. These important details enable your real estate professional to find the best deal possible on a home that’s most ideal for you. The right consultant can help save you 5-10 hours during the homebuying process.

For a complimentary consultation, call (866) 766.7325.

Modern Magnolia home with rooftop deck

This is a story about finding that proverbial “needle in a haystack.” Our current Seattle housing inventory is becoming increasingly lean, making it that much more challenging to find one’s ideal home. Of course the more specific the home, the greater the challenge.

In this case, we had relocation buyers who desired either a mid-century modern or a modern newer construction, single family home. Every now and again the stars align for us and we’re able to deliver the improbable. In this case it was an uber stylish, PB Elemental designed home in Magnolia. An investor purchased the development out of foreclosure and “flipped,” or turned around, a project that was 97% finished.

HOME TYPE: Modern stand-alone, zero lot line townhome
DAYS ON MARKET: -42 (purchased pre-sale well in advance of listing)
SELLER CONCESSIONS: $1,500 plus punchlist items & a couple small, custom finishes
UNITS IN DEVELOPMENT: 4
SQUARE FEET: 1,650
BEDS/BATHS: 3/2.5
ROOFTOP DECK: You bet! One with spectacular views of the surrounding hills, canal and Mt. Rainier
PRICE RANGE: mid $500′s

One unit is still available and being offered for $550,000. For more information or to set up a private showing, call us (866) 766.7325.

10: Mount Baker, median selling time is 68 days, and the typical home is worth $473,082, according to Zillow.
9: Maple Leaf, median selling time is 67 days, and the typical home is worth $351,836, according to Zillow.
8: Whittier Heights, median selling time is 65 days, and the typical home is worth $388,212, according to Zillow.
7: Sunset Hill, median selling time is 64 days and the typical home is worth $414,236, according to Zillow.
6: Alaska Junction, median selling time is 63 days, and the typical home is worth $333,978, according to Zillow.
5: Ravenna, median selling time is 58 days, and the typical home is worth $421,448, according to Zillow.
4: Bryant, median selling time is56 days, and the typical home is worth $411,442, according to Zillow.
3: Loyal Heights, median selling time is 56 days, and the typical home is worth $381,812, according to Zillow.
2: East Ballard, median selling time is 55 days, and the typical home is worth $374,397, according to Zillow.
1: Phinney Ridge, median selling time is 53 days, and the typical home is worth $423,013, according to Zillow.

Of the 10 hottest neighborhoods, eight of them are in north Seattle. To find out how your neighborhood ranks, give us a call (866) 766.7325

Information for this post obtained from Seattle P.I. and Zillow.

• Call an HVAC professional to inspect your furnace and clean ducts.
• Stock up on furnace filters and change them monthly.
• Consider switching out your thermostat for a programmable thermostat.
• If your home is heated by a hot-water radiator, bleed the valves by opening them slightly and when water appears, close them.
• Remove all flammable material from the area surrounding your furnace.

2) Get the Fireplace Ready

• Cap or screen the top of the chimney to keep out rodents and birds.
• If the chimney hasn’t been cleaned for a while, call a chimney sweep to remove soot and creosote.
• Buy firewood or chop wood. Store it in a dry place away from the exterior of your home.
• Inspect the fireplace damper for proper opening and closing.
• Check the mortar between bricks and tuckpoint, if necessary.

3) Check the Exterior, Doors and Windows

• Inspect exterior for crevice cracks and exposed entry points around pipes; seal them.
• Use weatherstripping around doors to prevent cold air from entering the home and caulk windows.
• Replace cracked glass in windows and, if you end up replacing the entire window, prime and paint exposed wood.
• If your home has a basement, consider protecting its window wells by covering them with plastic shields.
• Switch out summer screens with glass replacements from storage. If you have storm windows, install them.

4) Inspect Roof, Gutters & Downspouts

• If your weather temperature will fall below 32 degrees in the winter, adding extra insulation to the attic will prevent warm air from creeping to your roof and causing ice dams.
• Check flashing to ensure water cannot enter the home.
• Replace worn roof shingles or tiles.
• Clean out the gutters and use a hose to spray water down the downspouts to clear away debris.
• Consider installing leaf guards on the gutters or extensions on the downspouts to direct water away from the home.

5) Service Weather-Specific Equipment

• Drain gas from lawnmowers.
• Service or tune-up snow blowers.
• Replace worn rakes and snow shovels.
• Clean, dry and store summer gardening equipment.
• Sharpen ice choppers and buy bags of ice-melt/sand.

6) Check Foundations

• Rake away all debris and edible vegetation from the foundation.
• Seal up entry points to keep small animals from crawling under the house.
• Tuckpoint or seal foundation cracks. Mice can slip through space as thin as a dime.
• Inspect sill plates for dry rot or pest infestation.
• Secure crawlspace entrances.

7) Install Smoke and Carbon Monoxide Detectors

• Some cities require a smoke detector in every room.
• Buy extra smoke detector batteries and change them when daylight savings ends.
• Install a carbon monoxide detector near your furnace and / or water heater.
• Test smoke and carbon monoxide detectors to make sure they work.
• Buy a fire extinguisher or replace an extinguisher older than 10 years.

Prevent Plumbing Freezes

• Locate your water main in the event you need to shut it off in an emergency.
• Drain all garden hoses.
• Insulate exposed plumbing pipes.
• Drain air conditioner pipes and, if your AC has a water shut-off valve, turn it off.
• If you go on vacation, leave the heat on, set to at least 55 degrees.

9) Prepare Landscaping & Outdoor Surfaces

• Trim trees if branches hang too close to the house or electrical wires.
• Ask a gardener when your trees should be pruned to prevent winter injury.
• Plant spring flower bulbs and lift bulbs that cannot winter over such as dahlias in areas where the ground freezes.
• Seal driveways, brick patios and wood decks.
• Don’t automatically remove dead vegetation from gardens as some provide attractive scenery in an otherwise dreary, snow-drenched yard.
• Move sensitive potted plants indoors or to a sheltered area.

10) Prepare an Emergency Kit

• Buy indoor candles and matches / lighter for use during a power shortage.
• Find the phone numbers for your utility companies and tape them near your phone or inside the phone book.
• Buy a battery back-up to protect your computer and sensitive electronic equipment.
• Store extra bottled water and non-perishable food supplies (including pet food, if you have a pet), blankets and a first-aid kit in a dry and easy-to-access location.
• Prepare an evacuation plan in the event of an emergency.

• What was initially paid for or how much is owed on a home.
• What Zillow or similar websites state a home is worth (hence why it is referred to as an “estimate”)
• What your home is worth to the county tax assessor (the higher they value your home, the more tax you will be assessed).

The following are reasonable determiners of value:

• Comparable home sales in the same neighborhood market area during a recent time period no more than six months in the past.
• Purchase value a buyer and seller mutually agree to in writing.
• A knowledgeable Realtor® providing an educated estimate of value through the compilation of a comparative market analysis.
• Ultimately a residential home appraiser is considered by all in the real estate industry as the one and only expert on this subject.

If you have questions about the value of your home or a home you plan to purchase, a Realtor® can help provide you with a fair market estimate. For buyers using mortgage financing to purchase a home, your lender will require a third party valuation through an approved residential home appraiser. If the value falls short of the purchase contract, a buyer can:

• Leave the contract without penalty
• Renegotiate the value of the contract with the seller
• Pay the difference between the appraised value and the contract value