Glenn Roberts   |  Ravenna Park  |  My Seattle   | Lake & Co Real Estate

Speechless Sunday - Another Sunset

In This Post

Enjoying the beauty of the northwest while relaxing on the Winslow ferry.

 

A sunset over the Olympic Mountains is always a pretty sight. We observed this one from the ferry on our return trip from Bainbridge Island. The views and the vistas are just one of the many reasons I love living in Seattle.

 Glenn Roberts   |  Ravenna Park  |  My Seattle   | Lake & Co Real Estate

Mt Rainier - THe Challenge - The Memory

In This Post

You can do anything you set your mind to.

 

 

 

On a ferry ride to Bainbridge Island yesterday for a sister-in-law's birthday I saw in the south an old friend.

 

 

Thirteen years ago on July 1, I summited this mountain. A challenge then, a reminder now, that with training and the proper mind set, any obstacle can be overcome. 

 Glenn Roberts   |  Ravenna Park  |  My Seattle   | Lake & Co Real Estate

Is North Seattle A Seller's Market?

In This Post

Some statistics and absorption rate information about In-City Seattle market conditions for the areas north of the ship canal to the city line.

 Glenn Roberts   |  Ravenna Park  |  My Seattle   | Lake & Co Real Estate

May 2010 Market Data Report for Seattle's Northend

In This Post

Here's what happened in May in Seattle's Northend.

The northend of Seattle is popular for many reasons. Green Lake is a gem of a park right in the center of things. There are the areas of North Beach and Golden Gardens on the west with their fantastic views of Puget Sound and the Olympic Mountains. The eastern boundary is all about Lake Washington, Mathews Beach and Magnuson Park and great views of the Cascade Mountains. All along the ship canal between the above mentioned bodies of water there is the University of Washington, Lake Union with many locations for Seattle's movie-famous houseboat population, Fremont and the Troll, Ballard, the locks, the fishing fleet harbor and the Shilshole boat harbor.

The ridgelines in north Seattle run north and south opening many homes to views of the mountains, the water features and the city. Views: just one of the many benefits of living here.

It's no wonder with credentials like these that the market statistics are quite good. The chart tells the story. Absorption rate is the amount of time in months necessary to sell off current inventory.

Although condos are still having a difficult time with their combination of problems; overbuilding and difficult financing at the head of the list, the single-family category is definitely a sellers' market, for sellers that are willing to meet the market as far as pricing goes. There are still many properties on with long market times, an indication that those sellers are being inflexible.

Usually Seattle sees a lower number of sales as we get into summer, but I suspect that this year will be different. Both listing and sale numbers have been low for the past two years and there is both a pent up demand to move and to buy. Seller have been putting off selling until prices stabilize. Buyers have been waiting for the bottom. It looks like the bottom has passed in this area.

 Glenn Roberts   |  Ravenna Park  |  My Seattle   | Lake & Co Real Estate

Young Minds Need Developing

In This Post

An observation of young minds by an old guy.

 

This morning I read Lola Audu's post Future Talk via Gen Y ~ A Conversation About Real Estate, and was reminded of some other young minds that arrived on the real estate scene in the 1980's.

I remember in 1985 I was working with a C-21 franchise in northern Minnesota in a beautiful lakes area, of which there are many in MN. Two Harvard business grads had a difficult time separately finding vacation homes for their families. So they got some seed money and started a company called Vacation Property Networks (no longer in business). Their premise was that if they could enlist/partner enough companies in northern Minnesota and those companies would send pictures of their listings to a large office in the Mpls/StP area, thousands of people could shop in albums (pre online days) and know what cabin/lake home they wanted before they even left the Twin Cities. They wanted a 25% referral fee for the agent who sat in the Twin Cities office and showed the client some pictures.

These young brilliant minds just hadn't learned yet that you have to go to the property and experience the ambiance before you can possibly decide that it is a good fit for you. In the course of two or three years the central office interviewed 100's of buyers who were then sent out to agents in the field. Once they arrived we had the same process of establishing rapport, educating the buyers about the area, showing them properties and telling them about the variables in the lakes of the area. Some are merely potholes that freeze out in the winter. Some are vast chains with endless possibilities. Often then, even though we might have found the perfect place for them, that had to drive to someplace 100  or so miles away to see another place that looked as good but was cheaper, or a cousin lived near there.

Eventually companies gave up what seemed to be a lucrative connection in favor of doing business the old fashioned way. I was lucky enough to move to Seattle.

I appreciate what young minds can come up with and look forward to them developing their ideas through experienced channels on the road to success. The young and confident often have thoughts that they don't need one thing or another, yet they are still at home needing everything. They also think that someone (the listing agent) is a threat to them but it is unlikely they have every spent a day with one. Who knows where their developing opinions are coming from?

Not every new idea will make it to the big time, but they sometimes lead to better ideas. Now 92% of buyers look at pictures online and agents are still a necessary part of the equation.

Haven't most of us over forty said, at least once, "If only I were 21 again, but knew what I know now." 

 Glenn Roberts   |  Ravenna Park  |  My Seattle   | Lake & Co Real Estate

Rehab Loans  - Proper Planning Makes Them Easy

In This Post

FHA 203K Loans made easy.

 

If you are not finding the quality in the home you had hoped to purchase, try attacking the problem with an FHA 203K Loan in hand. The 203K Program allows you buy a home that needs repairs, close on the home and then do the repairs after closing. The cost of the repairs is rolled into your total loan amount. The seller can exit the property without doing work orders and the buyer has full control the standards to which the work is completed.

If you are a buyer with some construction experience you may be able to do some of the work yourself and contract for the rest. If not, a contractor can handle the whole process. 

I spoke with Ken Steiner of Home Street Bank in Seattle recently and he gave me the 13 steps you’ll want to follow if you want such a purchase to proceed smoothly from offer to closing and repairs. Ken has had many years of experience with this type of loan. Not all lenders may agree with the process he describes and I welcome the input of others. Making the purchase of such homes as stress free as possible for buyers and sellers is my goal.

There are 2 types of FHA 203K Loans available (Keep in mind that Fannie Mae rehab Loans are different than FHA Rehab loans in that they require 20%. The FHA requirement is 3.5% down, and 4-unit owner occupied multi-family properties qualify.

1.       The Streamline 203K (or Cosmetic 203K) is good for up to $35,000 worth of work which may include a new roof, plumbing and electrical fixtures, paint and plaster repair.

2.       The regular FHA 203K loan allows for structural changes, foundation work and kitchen  and bath remodels.

The Thirteen Steps

1.       Contact an experienced FHA 203K lender and get preapproved.  

2.       Select the target property, negotiate with the seller and present the signed agreement to the loan officer.

3.       The loan officer assigns the case to a 203K consultant (not necessary for Streamlined 203K). Consultant fees in Washington vary between $600 and $1400 depending on the extent of the project.

4.       Obtain bids from licensed contractors, even if you plan to do the work yourself.

5.       Rehab documents prepared by the contractor, borrower, or consultant include cost breakdown, spec, buyer-builder contract, plans and a narrative. The loan officer will often assist the buyer with these documents.

6.       An appraisal is ordered by the loan officer and the appraiser is given the rehab documentation.

7.       Underwriting reviews the appraisal, title, and construction documents and gives final approval.

8.       Build permit if required is obtained from local authority.

9.       Transaction is finalized and closing documents are signed.

10.   Sale closes, loan closes, and an escrow account is set up for construction draws.

11.   Construction begins within 30 days of closing.

12.   Draw requests are submitted to lender, lender sends inspector to job side, draws are issued to homeowner.

13.   Construction completed within 6 months, final pay offs made and title is updated.

The process can easily be completed with minimal hassles when using experienced professionals. Make that fixer your dream home all on your original loan.