How to Reduce Household Spending | eHow.com

How to Reduce Household Spending | eHow.com

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In this time of economic difficulty, we all need to learn to limit our household expenses. Many simple changes around the house can help reduce expenses easily.

Housing Market Index Rises

The NAHB housing market rosee to 16 from 14 in April. Housing starts (new homes being built) was at a record love of 12.8%, an 80% decrease since highs in January 2006. Nearly half of April’s decline was in starts of multifamily homes, as single family homes rose a almost 3%. 

 

Mortgage applications rose nearly 3% as well, and are now 47% above 2008 levels. Refinancing made up three quarters (73.6) of the applications.

 

Freddie Mac reports interest rates of 30-year fixed rates of 4.82.

May Seattle Real Estate News

New statistics are out.

NE Seattle (710) median sales price is $421K; in 2005 it was $416K .

NW Seattle (705) median sales price is $381K; in 2005 it was $350K.

Next, QA/Magnolia (700) is $561K; in 2005 it was $578K.

And Capital Hill/Etc (390) is$470K; in 2005 is was $536K. 

Seattle Housing Market Improves- April Real Estate News

Pending sales in Western Washington rise with improved affordability, buyer incentives

KIRKLAND, WA, May 5, 2009 –Northwest Multiple Listing Service members reported pending sales for April surged 11.4 percent compared to twelve months ago – and rose 21.3 percent from March.

Brokers reported 6,918 pending sales during April across the 19 counties that make up the Northwest MLS market area. That’s up from the year-ago total of 6,208, and the March figure of 5,701 pending sales (offers made and accepted, but not yet closed).

For the four-county Puget Sound area (King, Kitsap, Pierce and Snohomish), brokers notched 5,372 pending sales, the highest total since August 2007 and a jump of 26 percent from March.

Inventory is shrinking and prices are showing some signs of stabilizing, according to data in the latest report from Northwest MLS. The median price for last month’s closed sales of single family homes and condominiums area-wide was $270,000. That matched the figure for March, but still lagged prices of a year ago (down 12.9 percent).

Inventory is down 18.3 percent from year-ago levels, with Clark, Kitsap and Pierce reporting the largest drops. Members added 10,824 new listings of single family homes and condos to inventory last month, down almost 20.5 percent from the year-ago total of 13,607 new listings.

Lower prices, record low mortgage interest rates, improving consumer confidence, the $8,000 first-time buyer tax credit and other incentives for buyers are credited with spurring activity. Industry officials, noting activity is quite strong in the lower, more affordable price ranges, hesitate to declare a housing recovery is under way:

• Dropping inventories and rising affordability are positive signs, according to Frank Nothaft, Freddie Mac’s chief economist. “The housing market may be edging toward a bottom,” he stated.
• “April was a good market for new pending sales; we seem to be moving to a more balanced market,” said NWMLS director Meribeth Hutchings, broker/owner of Windermere Real Estate/Lake Stevens, Inc.
• “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around,” said Lawrence Yun, chief economist for the National Association of Realtors®.
• http://www.nwrealestate.com/nwrpub/common/news.cfm

Will The Real Estate Market Turn Around?

Getting a bank loan is more difficult than it has been in recent years, but many new incentives offer help, especially to new home buyers. Mortgage rates are at all time lows, and a tax credits can lure buyers back to the marketplace. Recent price drops make home buying bargain shopping, but many still fear prices will go lower, and this is slowing the market recover. But of the biggest factors delaying the turnaround is fear. The foreclosures have flooded the marketplace and devalued the inventory. But the main reason the market is slow is this: Consumer Confidence.

Read full article here.

http://www.helium.com/items/848017-will-the-real-estate-market-rebound-soon

Tips to Create Curb Appeal in Seattle

Creating curb appeal will help you sell your home more quickly. Here are some tips to increase the visual appeal of your home.

SPRING CLEAN-UP 

Remove any damage from winter rain. Wash your windows and clean out gutters. Power wash to remove moss from siding and walkways. Rake up leaves left from last winter, and trim fallen tree limbs. Make sure the house looks well kept and free of personal touches, like birdhouses or flags. Keep landscape free of clutter.

ENTRYWAYS

The entry way is usually the best place to make a significant change to the look of your home. Cut bushes to make sure the door is visible from the road.
FRONT DOOR

An old door detracts buyers. Replace door with newer models, some of which have side windows to let in light and are more welcoming.

ADDRESS IDENTIFICATION

Make sure that your address is clearly visible from a car driving past. Make it easy for a prospective buyer to find you.

SIDING

Paint a neutral color if new paint is needed. Refresh the paint job where needed. New siding can usually be applied over the old siding. Some of the new siding looks so much like wood that it is hard to tell the difference.

LANDSCAPING

Remove any plants damaged by the winter, or those that have grown too large.  Prune trees and shrubs no taller than bottom of front windows. Remove any plants with thorns or plants that attract bees or insects.

 

Tulips in Seattle

 

 

LAWN

Keep the lawn mowed. In an area that refuses to grow grass, put in a flowerbed, or add a bench and rockery. 

LIGHTS

Buyers may visit your neighborhood in the evenings. Accent to walkway or a design element with lights or invest in solar powered lights.

Add uniqueness to your home so it will stand out from the others on the market and you will sell your home quickly. With buyers returning to the market in Idaho’s spring thaw, increasing curb appeal will increase the market value and attract more buyers as you sell your home.

Tips for buying a Seattle Foreclosure

1. Be careful with the legal documents when purchasing a foreclosed home and work with an experience real estate agent. One home in Seattle has been in lawsuit for over 22 years, when an owner refused to move out a house after it was sold.
2. Beware of many scams. In some states, there are no penalties and no criminal charges for fraud related to foreclosures.

3. Foreclosed property prices are not getting cheaper in this market and because of the foreclosure laws in Washington State.  

Foreclosure in Washington works by the lien holder notifying the home owner that they have not made their payments, which breaks their contractual obligation to that lien holder. Because of that action, they have the right to auction that property starting at the Default Judgment amount. Seattle auctions take place in the County Administration Building. At auction, the opening bid for that property is the Default Judgment amount plus back taxes or utility liens. Because of the way state laws are set up, foreclosure prices can not go down. Use a Washington State licensed real estate agent to help you navigate the foreclosure laws.

Foreclosed Homes in Seattle- Spring 2009 update

The Seattle real estate market has continued to be stronger than most of the nation, primarily due to the stability of its industries: aerospace and high tech. However, even Seattle has experienced a glut in the market of foreclosed homes, which has increased housing inventory and driven down prices.

The National Association of Realtors recently reported that more than one-third of all existing homes for sale in America are distressed, meaning they’re already in foreclosure or approaching. With three million homeowners expected to recede foreclosure notice this year, the Seattle market place continually ranks lower than many other cities.  

Washington ranked 25^th as most-active state for foreclosures in December 2008. The Seattle area was listed as 91^st in US regions for foreclosures, which was down from 81^st in January 2009. The Seattle real estate market is less flooded with this inventory than Pierce County or Snohomish Counties, but the February 2009 filings increased faster than the rest of the nation. This brought the total to nearly 1,000 foreclosure listings in King County.

The neighborhood with the most foreclosures in Madrona, with 32 listed in February 2009. This is a mixed neighborhood including some recently gentrified areas and some large mansions. Many new townhomes are under construction in this area as well, and defaults by builders may also have lead to the increase of foreclosures in this neighborhood.

Foreclosed homes reduced the median home price in Seattle by 19% to $269,000. This is still higher than the national average of $165,000. In 2008,the number of foreclosures in Seattle increased 108%. The average price of a foreclosed home was $248,000.

 

Fannie Mae announced a new policy on pre-foreclosure short sale transactions beginning effective March 1, 2009. The program requires as little as 3% down payment, with no appraisal required, for owner-occupied homes. Fannie Mae has another loan available for second home-buyers that requires 10% down payment. Consult with your real estate agent for up-to-date information on these programs.

 

Many feel that the Seattle area has reached its peak of foreclosure filings as the number of new foreclosed homes on the market is beginning to dwindle. From July 2008 to October 2008, the number of foreclosures listed in all of King Country dropped from 730 to 643.

Foreclosures in Seattle Spring 2009- News and updates

Seattle was listed as 91^st in US regions for foreclosures, which was down from 81^st in January 2009. The Seattle real estate market is less flooded with this inventory than Pierce County or Snohomish Counties, but the February 2009 filings increased faster than the rest of the nation. This brought the total to nearly 1,000 foreclosure listings in King County.

The neighborhood with the most foreclosures in Madrona, with 32 listed in February 2009. This is a mixed neighborhood including some recently gentrified areas and some large mansions. Many new townhomes are under construction in this area as well, and defaults by builders may also have lead to the increase of foreclosures in this neighborhood.

Foreclosed homes reduced the median home price in Seattle by 19% to $269,000. This is still higher than the national average of $165,000. In 2008,the number of foreclosures in Seattle increased 108%. The average price of a foreclosed home was $248,000.

Fannie Mae announced a new policy on pre-foreclosure short sale transactions beginning effective March 1, 2009. The program requires as little as 3% down payment, with no appraisal required, for owner-occupied homes. Fannie Mae has another loan available for second home-buyers that requires 10% down payment. Consult with your real estate agent for up-to-date information on these programs.

Many feel that the Seattle area has reached its peak of foreclosure filings as the number of new foreclosed homes on the market is beginning to dwindle. From July 2008 to October 2008, the number of foreclosures listed in all of King Country dropped from 730 to 643. 

 

Seattle home for sale

Seattle Real Estate News

The housing market in Seattle has depreciated only about 14%, compared to the national average of 21% but home sales were reduced in number by 40% from last year. The average time to sell a home is still over 100 days in Seattle. Home prices in Seattle are now close to theirs lows in 2004. The median price of a home in Seattle is $299,000. Though prices were down 11% in January 2009, this ranks Washington 45^th compared to the other 50 state’s home devaluations. Home sales in Seattle increased by 5% in February 2009, and this may be a good indicator of a return to a healthy real estate market.

 In stable neighborhoods like Queen Anne, homes turnover, on average, every 17 years. In other close-in neighborhoods, such as Ballard, Capital Hill, and Wallingford, the average turnover is less. However, recent zoning laws have raised height requirements in many neighborhoods, which have fueled condo development in past years.

Once zoned for three to four stories, the desire to increase density and reduce sprawl convinced city planners to raise height limitations in these neighborhoods, sometimes to 20 stories. In Seattle neighborhoods where zoning laws have recently been changed, such as Ballard and Capital Hill, construction has stalled. Cranes occupy construction ditches in South Lake Union and Belltown.