Category Archives: Washington

Which condo would you want to sell – or think about buying?

Real Estate, real estate photography, Seattle real estate, Washington, , , ,

A pair of agents in my office has a listing that’s not selling in a hot market.  With their permission and company permission, I stopped by to take a few photos to demonstrate why photography matters.  On the left, theirs.  On the right, the ones I took this evening.  Granted, it’s an empty condo – but what do you think, does photography matter?

   

   

   

This beautiful East Bellevue condo with a view of downtown Bellevue is a short walk to the new Spring District.  Listed at $399,800.  You know how to reach me.

Guide to Having Your Home Listed During the Winter

Missoula real estate, Real Estate, Seattle real estate, Washington, , ,

FullSizeRender-32

Whether you are putting your home on the market today or it has been on market for a while, there are some winter maintenance items you must make time for to keep your home looking fresh and safe no matter what the weather is doing outside.  The house pictured above is not listed for sale, but if it were we’d have some things to think about.

Wilder Winter Tips For My Montana Friends

  • If you have a driveway, clear it of snow well enough that your home is easily accessible. Missoula road conditions vary by area, but if a buyer makes it to your house, be sure they can get up the driveway.
  • Clear snow from all outdoor walkways and stairs and make sure they have been deiced. You don’t want someone slipping and falling.
  • Clear snow off outside decks, stairs, and walkways in the backyard. Even though the weather may be chilly, you want potential buyers to get excited about your home’s outdoor living potential after the snow melts.
  • Watch for excessive snow buildup on your roof. In the event you receive an offer and the inspector will be checking the roof, you need it to be accessible.
  • Tidy up any garden areas. Trim ornamental grasses and dead foliage to neaten things up and rake.
  • Regularly clean your windows – inside and out. With the low winter sun coming in at an angle, smudges and dirt on the glass stand out more than ever and you need all that sun to provide light in your home.
  • Keep the interior and exterior lights on unless you can come home quickly before a showing and turn them all on. You may have showings after dark and it’s always nicer (for a buyer) to walk into a warmly lit home.

 

Milder Winter Tips For My Seattle Friends

  • In the event of a freeze, deice and clear all outdoor walkways and stairs. You don’t want someone slipping and falling.
  • Clear all leaves off outside decks, stairs, and walkways in the yards. Even though the weather may be chilly, you want potential buyers to get excited about your home’s outdoor living potential.
  • Blow all leaves off your roof and keep moss down. Not only do you need your roof looking neat for the potential buyer; in the event you receive an offer and the inspector will be checking the roof, you need it to be accessible.
  • Tidy up any garden areas. Trim ornamental grasses and dead foliage to neaten things up and rake.
  • Regularly clean your windows – inside and out. With the low winter sun coming in at an angle, smudges and dirt on the glass stand out more than ever and you need all that sun to provide light in your home.
  • Keep the interior and exterior lights on at all times unless you can come home quickly before a showing and turn them all on.

In all cases, I recommend contacting your homeowners insurance company to alert them that your home is on the market as buyers and other agents will be on your grounds and they may have their own set of guidelines they want you to follow to keep everyone safe.

The winter can be a great time to get your home sold. For additional tips on the steps you should take for your particular home, please contact me at 425-829-7887 in Seattle and 406-282-4976. Or send an email to mike@mikestussy.com in Seattle and mike@mikestussymissoula.com in Montana.

An unsexy post about mortgage loans

Montana, Real Estate, Washington, , , , , ,

 

Improvements to an old loan program available in Washington and Montana, and the addition of a new loan program available in Montana, will make buying a home easier – and create a new pool of buyers for many home sellers beginning in October.

First, the old:

The USDA loan program offers 100% loan financing for homes located in designated rural areas. In Missoula, that appears to be anything outside of the city limits. In Montana, East Missoula, for instance – minutes from downtown – is a qualifying area. In the Puget Sound area,  homes in North Bend, Arlington, or Bainbridge Island qualify.   The USDA says 97% of US land mass is USDA loan qualifying.

*There’s an upfront fee for a 100% USDA loan, and it’s being reduced from 2.75% to 1% (of the purchase price). That’s a savings of $5250 on a $300,000 loan.

*There is an annual fee of .35% of the unpaid principal balance per year, down from .50%. That’s a savings of about $30 per month on a $250K loan balance.

The new USDA loan will now be less expensive than a comparable FHA loan which requires a minimum 3.5% down payment, upfront fee of 1.75% and annual fee of .85%.

Find USDA eligible areas with this map:

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfpd

Learn more about USDA loans:

http://themortgagereports.com/14969/usda-loans-home-mortgage

Next up is a gift program available in Montana and Idaho, which does not require repayment and is available on properties located anywhere in those states. So you can use this one in Missoula city limits.

If you qualify for a FHA, VA, USDA or HUD Section 184 loan and meet the income requirements, you may be eligible for the HomeNow Down Payment Gift Program. Homes must be occupied by the buyer as a principal residence within 60 days of purchase and for at least two years afterward. This is not a first time buyer program. If you’ve owned before, you can be eligible. The gift of $3500 or $5000 may be used for down payment or to pay closing costs.

More on HomeNow here:

http://mtcdc.org/down-payment/homenow

For more info on how these loan programs can help you with your next home purchase, and to connect with a lender who works with them, message me on this page or call me at 406-282-2976.

Here is a picture of George Clooney to make up for being boring.clooney

George says, search for Missoula homes here:

https://www.era.com/ERA-Lambros-Real-Estate-992c/Mike-Stussy-338629a

Issaquah Highlands Carriage House

Real Estate, Washington

Just listed this lovely Carriage House condo in a coveted Issaquah Highlands neighborhood.  It features an open floorplan and vaulted ceilings for a spacious feel. There are no common walls. Rich hardwoods cover the main areas. The generous Master Bedroom has a walk-in closet and bath off Master. There are newer appliances throughout and double-paned windows provide plenty of natural light. Close to trails, parks, playfields, dining, shopping, and other services. The commute to Bellevue and Seattle are easy from here.  I think it will sell quickly, so if you want to see it, give me a call!Julep-17 Julep-1

This Winter is a Great Time to Sell

Real Estate, Washington, , , ,

Winter can be a great time to get your home sold. Especially this Winter. King County median home prices in December were the highest since 2007 at $508,000. Inventory of homes and condos was the lowest since 1993 with 2189 active listings, according to the MLS. Historically high prices combined with historically low inventory makes for very happy sellers.BoeKlahan-20

If you’re thinking of selling and planning to wait until the flowers bloom, perhaps think again. While inventory will continue at the low end in Spring, it will increase and buyers will have more choices. More choices can mean less competition for your home. An increase in interest rates can reduce your potential buyer pool. If you’re selling, those are good reasons to go ahead now rather than waiting for warmer weather. Winter buyers are generally very motivated to make a purchase and get settled quickly. I think that’s especially true of buyers this year.

For tips on the steps you should take for your particular home and a winter sale, please contact me at (425) 829-7887 or send an email to mike@mikestussy.com.

Interest Rates and Buyer Buying Power

Real Estate, Washington, , , ,

In my previous post, we went over getting started with your home search and the importance of beginning with or at least getting handled your financing early on – hopefully, that means before walking into homes you’re thinking of buying.  Today, let’s look at interest rates and their effect on buying power.

Lately, I’ve received calls from buyers who had wanted to buy in the last year but felt they were priced out of the market. Now, they are back, wondering what their next move should be. They want to pay what prices were over a year ago, not what prices are now with demand being high.  Interest rates are expected to rise and that may decrease demand in many areas; however, is it really worth waiting for prices to come down (if they come down)?

Let’s look at an example. If you are considering the purchase of a $600,000 home and you want to “save” money, so you decide to “wait” until prices fall by 5% – or $30,000. But let’s look at the numbers if you were to purchase the $600,000 home today at today’s low interest rates:

Home Price $600,000
Down Payment $120,000
Loan Amount $480,000
Interest Rate 3.75%
Monthly Payment $2,223
Amount Paid Over Life of Loan $800,263.74

But let’s say you decide to wait in the hopes of purchasing the home for $575,000 … and in the meantime rates creep up to 5.5%.

Home Price $575,000
Down Payment $115,000
Loan Amount $460,000
Interest Rate 5.5%
Monthly Payment $2,612
Amount Paid Over Life of Loan $940,258.59

Over the course of 30 years, that additional $389 you pay each month adds up to an additional $139,995. The point of the story?  Waiting to “save” money by hoping prices will drop may well cost you far more than your expected “savings”.  It will cost you the appreciation you could earn while the market is hot and prices are rising.

If you’re interested in the current status and potential of a particular neighborhood or house to determine how it might fit with your real estate and investment strategy, feel free to give me a call to discuss.

Later, all!

How Should I Prepare Myself to Buy a Home?

Real Estate, Washington

Looking for a new home can be really fun, and maybe that’s why when most people start thinking of buying a house, they start by looking at homes online and going to open houses.

If it has been a few years since you purchased a home, things have changed a bit and it pays to be aware of these changes. Since the recession and the sub-prime mortgage meltdown, banks have become more stringent in their lending standards,which has an effect on people buying a home. Here are some things you can do now to prepare:

  • Get a copy of your credit report – go to annualcreditreport.com and download a free report from each of the three credit agencies: Equifax, Experian, and TransUnion. Review and make sure everything is accurate. If there are discrepancies, get them cleaned up.
  • Determine your down payment source – will you be using proceeds from your current home for your down payment? A savings account? Borrowing money from a family member? Receiving a gift from a family member? Different paperwork is involved with each which your lender would be happy to go over with you.
  • Meet with a lender – your lender will primarily want to get a good picture of your financial status to determine the amount of loan you may qualify for.  Be prepared with proof of two years’ worth of income: that means pay stubs, check copies, independent contractor invoices, and other documents to verify your income.  Also bring statements showing your investment assets.

Your income and assets will be balanced with your debt and credit score to determine your loan qualifications.

If you’re thinking of beginning a home search, consider starting with a lender or ask your REALTOR® to recommend a good one to you.  Then, once you know how much home you can buy and how much home you want to buy, we can find the houses that match all of your search criteria best.