Check out this Video of a property in Clyde Hill. The house has lots of features.
Clyde Hill
Tuesday, December 9, 2008
Friday, November 21, 2008
Encouraging News for the Northwest
Forbes.com put out an article about the top real estate markets most likely to rebound, sooner rather than later. The reason this article is so exciting for our real estate market is that the number one city mentioned in the article is Seattle. Walla Walla's real estate market tends to follow Seattle's trends, so this is positive news for not only our office, but our area.
Real Estate Markets Most Likely To Rebound Dorothy Pomerantz, 10.29.08, 04:00 PM EDT
Real Estate Markets Most Likely To Rebound Dorothy Pomerantz, 10.29.08, 04:00 PM EDT
It's tough all over, but some say these 10 cities have the best--and worst--chances for speedy recoveries.
If you're a homeowner seeing property values plummet, look to the commercial real estate market for solace. It might tell you which areas will recover fastest--and which will likely remain weak.
The Urban Land Institute recently asked 700 real estate professionals to name the best (and worst) places to invest in commercial real estate in the coming year. Those surveyed included private developers, Realtors and Real Estate Investment Trust executives. Their answers also apply to the residential market, since the single-family-home sector typically follows the economy. As wages go up and there are more jobs, more people can buy homes, pushing prices up.
The best cities in which to invest are those that are considered gateways to international investment, have vital downtowns where people can forgo cars, and don't have a glut of condos or office space.
In Depth: Best And Worst Places For Real Estate Investors
These traits landed Seattle the No. 1 spot on the list. No city scored above a 6.15 on a scale of one to nine (one being an abysmal place to invest and nine being excellent).
Seattle is "a diversified market, has a good base of business and is becoming a 24-hour city," says Stephen Blank, senior resident fellow, finance, of the Urban Land Institute. "It's going to be in a good position to come back."
Although the city is suffering from the loss of Washington Mutual and the downsizing of Starbucks, Microsoft are still relatively strong. Apartment vacancies are low and there aren't too many new buildings going up, meaning the market won't be oversupplied. The same is true in the retail space.
San Francisco comes in second with a 6.12. The City by the Bay learned from the tech crash of 2001 not to overbuild. There is a reasonable supply of office and apartment space, which should limit vacancies. San Francisco's port is also expected to help the city during the downturn as Americans continue to rely on Asian imports.
Of course, there's no guarantee that an improved commercial market will lead to an improved home market. However, investors have a better chance of seeing home prices rise in fundamentally strong markets like Seattle than in struggling cities like Detroit.
It landed at the bottom of the list, scoring a 2.24. Detroit has been reliant on the car industry, which is rapidly shrinking. Other businesses are unlikely to fill the void in the next few years, which means the city will be hit hard by further economic struggles.
New Orleans also lands near the bottom with a score of 3.33. The city has been losing businesses to Houston, Dallas and Atlanta since Hurricane Katrina hit in 2005.
What's happening to housing in your area?
The other cities at the bottom of the list--Columbus, Ohio, Milwaukee, Wis., and Cleveland--suffer from dying industries and lack of tourist appeal.
Recent attempts to turn downtown Milwaukee into a thriving 24-hour city haven't been enough to protect it from the coming downturn. Increasingly picky investors are expected to favor higher-quality port cities over Midwest towns.
And while Columbus has the potential to become a major shipping hub for goods traveling cross-country, that revitalization may have to wait for a stronger economy and a government focused on improving the nation's roads.
For now, prospects are dim.
Sunday, November 16, 2008
MORTGAGE RATES DOWN FOR SECOND WEEK RUNNING
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 6.14 percent with an average 0.7 point for the week ending November 13, 2008, down from last week when it averaged 6.20 percent. Last year at this time, the 30-year FRM averaged 6.24 percent.
The 15-year FRM this week averaged 5.81 percent with an average 0.7 point, down from last week when it averaged 5.88 percent. A year ago at this time, the 15-year FRM averaged 5.88 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.98 percent this week, with an average 0.6 point, down from last week when it averaged 6.19 percent. A year ago, the 5-year ARM averaged 5.96 percent.One-year Treasury-indexed ARMs averaged 5.33 percent this week with an average 0.5 point, up from last week when it averaged 5.25 percent. At this time last year, the 1-year ARM averaged 5.50 percent. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"Long-term mortgage rates fell slightly this week as signs the overall economy is weakening brought interest rates down market-wide," said Frank Nothaft, Freddie Mac vice president and chief economist. "In addition, the actions of the Fed in recent weeks to assist commercial paper markets appear to be thawing part of the credit freeze that has gripped capital markets in the U.S., giving banks some breathing room. This is the second week that rates have come down for fixed-rate mortgages."Mortgage applications for home purchase loans fell during the final week in October to the slowest pace since the week of December 29, 2000, based on figures published by the Mortgage Bankers association. Meanwhile, the National Association of Realtors® (NAR) reported that pending existing home sales fell 4.6 percent in September, below the market consensus; however, the index was 1.6 percent above that of the same period last year."
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac raises capital on Wall Street and throughout the world's capital markets to finance mortgages for families across America. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
For more information: text or email Trisha at 509-301-0975 or trishadawnbush@hotmail.com I will send you the various spread sheets on this. . .make it a great day! Trisha Bush
The 15-year FRM this week averaged 5.81 percent with an average 0.7 point, down from last week when it averaged 5.88 percent. A year ago at this time, the 15-year FRM averaged 5.88 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.98 percent this week, with an average 0.6 point, down from last week when it averaged 6.19 percent. A year ago, the 5-year ARM averaged 5.96 percent.One-year Treasury-indexed ARMs averaged 5.33 percent this week with an average 0.5 point, up from last week when it averaged 5.25 percent. At this time last year, the 1-year ARM averaged 5.50 percent. (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"Long-term mortgage rates fell slightly this week as signs the overall economy is weakening brought interest rates down market-wide," said Frank Nothaft, Freddie Mac vice president and chief economist. "In addition, the actions of the Fed in recent weeks to assist commercial paper markets appear to be thawing part of the credit freeze that has gripped capital markets in the U.S., giving banks some breathing room. This is the second week that rates have come down for fixed-rate mortgages."Mortgage applications for home purchase loans fell during the final week in October to the slowest pace since the week of December 29, 2000, based on figures published by the Mortgage Bankers association. Meanwhile, the National Association of Realtors® (NAR) reported that pending existing home sales fell 4.6 percent in September, below the market consensus; however, the index was 1.6 percent above that of the same period last year."
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac raises capital on Wall Street and throughout the world's capital markets to finance mortgages for families across America. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
For more information: text or email Trisha at 509-301-0975 or trishadawnbush@hotmail.com I will send you the various spread sheets on this. . .make it a great day! Trisha Bush
Sunday, November 9, 2008
A Tribute to Our Veterans!
On Tuesday, November 11, we will observe Veterans Day. But did you know that the whole week has been designated National Veterans Awareness Week? What a wonderful opportunity to honor America's veterans for their patriotism, love of the country, and commitment to serve and sacrifice for the common good of the USA.
Veterans Day dates back to November 11, 1918 when the Germans signed the Armistice, an order to cease fire, and World War I ended. Originally Veterans Day was known as "Armistice Day", but in 1953, the name was changed to Veterans Day, so that the many other military veterans could be honored and acknowledged as well.
One of the most recognized Veterans Day ceremonies is held at Arlington National Cemetery, which draws hundreds, if not thousands of visitors. Most visitors to the cemetery make a point to stop and visit the "Tomb of the Unknown Soldier." This shrine is in honor of the many thousands of veterans who gave their lives in defense of our nation.
The Tomb of the Unknown Soldier is one of the most visited sites by Americans, prominent dignitaries, and individuals visiting from foreign lands. The site is guarded 24 hours a day, 365 days a year by Tomb Guard Sentinels. All Sentinels are volunteers and are considered to be the best of the 3rd US Infantry - the "Old Guard". And becoming a Sentinel is not just about volunteering time. Each soldier has to meet very specific qualifications. The soldier must be in superb physical condition, possess an exemplary military record, and meet certain height, weight, and build requirements. The soldier must also commit to giving up drinking and swearing...for life!
Once the basic requirements have been met, the training is broken down into three stages; temporary duty, low-visibility walks, and high-visibility walks. To earn a "walk" the guards must memorize a seven-page document about the history of Arlington National Cemetery, and be able to recite the document verbatim. A "walk" occurs between guard changes.
And when a soldier becomes a Sentinel and earns a "walk" it certainly is not an average walk. Each step, hesitation, and placement of firearm is precisely calculated and has a specific symbolic reference. Each guard takes 21 steps across the Tomb, stops on the 21st step, turns and faces the tomb for 21 seconds, then steps off for another 21-step walk down the mat. Both the 21 steps and the 21-second hesitation symbolize the "twenty-one gun salute", the highest honor given any military or foreign dignitary. After each about face, the Sentinel changes the placement of the rifle to the shoulder closest to the visitors to signify that the Sentinel stands between the Tomb and any possible threat. The Sentinel then repeats this until the guard changes.
The changing of the guard occurs every hour on the hour from October 1 to March 31 and every half hour from April 1 to September 30. The tomb has been guarded every minute of every day since 1937, even during the storms and hurricanes. Each Sentinel commits two years of his life to guard the tomb, and is given a wreath pin signifying they served as a Sentinel. Presently, there are only 400 wreath pins worn.
As we pause and pay tribute to America's veterans, we must honor them with our gratitude, knowing that they served and sacrificed to protect and preserve the values of this great nation...and continue to do so today.
Veterans Day dates back to November 11, 1918 when the Germans signed the Armistice, an order to cease fire, and World War I ended. Originally Veterans Day was known as "Armistice Day", but in 1953, the name was changed to Veterans Day, so that the many other military veterans could be honored and acknowledged as well.
One of the most recognized Veterans Day ceremonies is held at Arlington National Cemetery, which draws hundreds, if not thousands of visitors. Most visitors to the cemetery make a point to stop and visit the "Tomb of the Unknown Soldier." This shrine is in honor of the many thousands of veterans who gave their lives in defense of our nation.
The Tomb of the Unknown Soldier is one of the most visited sites by Americans, prominent dignitaries, and individuals visiting from foreign lands. The site is guarded 24 hours a day, 365 days a year by Tomb Guard Sentinels. All Sentinels are volunteers and are considered to be the best of the 3rd US Infantry - the "Old Guard". And becoming a Sentinel is not just about volunteering time. Each soldier has to meet very specific qualifications. The soldier must be in superb physical condition, possess an exemplary military record, and meet certain height, weight, and build requirements. The soldier must also commit to giving up drinking and swearing...for life!
Once the basic requirements have been met, the training is broken down into three stages; temporary duty, low-visibility walks, and high-visibility walks. To earn a "walk" the guards must memorize a seven-page document about the history of Arlington National Cemetery, and be able to recite the document verbatim. A "walk" occurs between guard changes.
And when a soldier becomes a Sentinel and earns a "walk" it certainly is not an average walk. Each step, hesitation, and placement of firearm is precisely calculated and has a specific symbolic reference. Each guard takes 21 steps across the Tomb, stops on the 21st step, turns and faces the tomb for 21 seconds, then steps off for another 21-step walk down the mat. Both the 21 steps and the 21-second hesitation symbolize the "twenty-one gun salute", the highest honor given any military or foreign dignitary. After each about face, the Sentinel changes the placement of the rifle to the shoulder closest to the visitors to signify that the Sentinel stands between the Tomb and any possible threat. The Sentinel then repeats this until the guard changes.
The changing of the guard occurs every hour on the hour from October 1 to March 31 and every half hour from April 1 to September 30. The tomb has been guarded every minute of every day since 1937, even during the storms and hurricanes. Each Sentinel commits two years of his life to guard the tomb, and is given a wreath pin signifying they served as a Sentinel. Presently, there are only 400 wreath pins worn.
As we pause and pay tribute to America's veterans, we must honor them with our gratitude, knowing that they served and sacrificed to protect and preserve the values of this great nation...and continue to do so today.
Thursday, November 6, 2008
I couldn't help but add to the list of great reasons to come to Walla Walla! When I was young, and growing up here, I always said... "I'm never going to live in this boring town the rest of my life"... and after years of spreading my wings and exploring the world around me, I am now back here in Walla Walla and looking for the the many years to come. This town as everything you would ever need -- great places to eat, entertainment, affordable housing, and wonderful schools. Whether you are looking for a place to visit occasionally or a place to raise a family, Walla Walla definitely offers it all and I guarantee you will love the simplicity of life here.
Wednesday, November 5, 2008
Washington - YOU want to live here!
Luckily we live in Washington State and do you know what makes us special?
Washington is the second strongest state in the Nation because we are “Growth Consistent.”
Our appreciation state wide shows that it was 7.85% for the last year and nationally it was 6.4%.
Washington State is the ONLY State that has major and minor “hubs” of employment . . . thanks to all our agriculture.
The state of Washington has more usable coastline than California!
Washington State has 3 major PORTS.
We have good weather ; ) especially in Eastern Washington where we experience four fabulous seasons.
Did you know. . .that baby boomers dominate this State and they will be receiving huge inheritance dollars. Experts are predicting that our Real Estate Market is going to come back stronger than it was before! Everyone is skeptical about the stock market and Real Estate is deemed the most secure investment, so naturally . . . the baby boomers will invest in what is secure!
Washington is the second strongest state in the Nation because we are “Growth Consistent.”
Our appreciation state wide shows that it was 7.85% for the last year and nationally it was 6.4%.
Washington State is the ONLY State that has major and minor “hubs” of employment . . . thanks to all our agriculture.
The state of Washington has more usable coastline than California!
Washington State has 3 major PORTS.
We have good weather ; ) especially in Eastern Washington where we experience four fabulous seasons.
Did you know. . .that baby boomers dominate this State and they will be receiving huge inheritance dollars. Experts are predicting that our Real Estate Market is going to come back stronger than it was before! Everyone is skeptical about the stock market and Real Estate is deemed the most secure investment, so naturally . . . the baby boomers will invest in what is secure!
Sunday, November 2, 2008
Why Move to Walla Walla?
Why move to the Magical Valley?
“Walla Walla is a town steeped in rich history and vibrant culture. It is one of the earliest settlements in the northwest, and is overflowing with examples of classic architecture. Today Walla Walla, is home to a flourishing wine industry, three centers for higher learning and is the central hub for the arts in eastern Washington and Oregon. Upon strolling down Walla Walla’s award winning Main Street you will notice that the local culture is a menagerie of young college students, Retirees, artists, vintners, farmers, young professionals and blossoming families. Why the Mix? Because Walla Walla is a great place to be. There is something for everyone from the outdoors enthusiast to the patron of the arts. Walla Walla has plenty of activities for just about everyone at any time of the year. There are wine tasting events in every season, and the wineries are always open for tasting and tours. During the winter months there is skiing, just a 45 minute drive away, cross-country skiing, ice-skating, or simply enjoying a hot drink in one of the eclectic assortment of coffee shops. Spring is a busy time in town filled with school events, the spring barrel tasting and the Balloon stampede. Summer is marked with the farmers market, live music downtown, and a broad variety of outdoor activities, such as, golf, water sports, fishing, hiking, birding, tennis, cycling, or a scenic drive through the hills, wheat fields or mountains. Fall is truly a beautiful season in Walla Walla and is a great time to get out doors. Fall brings brilliant reds and yellows to the trees and the parks in Walla Walla are the perfect place to observe the enchanting change of seasons. Any time of year, Walla Walla offers an array of cultural activities from its numerous art galleries to the diverse musical scene.”
This is why I love it here and will NEVER move! - Trisha Bush
“Walla Walla is a town steeped in rich history and vibrant culture. It is one of the earliest settlements in the northwest, and is overflowing with examples of classic architecture. Today Walla Walla, is home to a flourishing wine industry, three centers for higher learning and is the central hub for the arts in eastern Washington and Oregon. Upon strolling down Walla Walla’s award winning Main Street you will notice that the local culture is a menagerie of young college students, Retirees, artists, vintners, farmers, young professionals and blossoming families. Why the Mix? Because Walla Walla is a great place to be. There is something for everyone from the outdoors enthusiast to the patron of the arts. Walla Walla has plenty of activities for just about everyone at any time of the year. There are wine tasting events in every season, and the wineries are always open for tasting and tours. During the winter months there is skiing, just a 45 minute drive away, cross-country skiing, ice-skating, or simply enjoying a hot drink in one of the eclectic assortment of coffee shops. Spring is a busy time in town filled with school events, the spring barrel tasting and the Balloon stampede. Summer is marked with the farmers market, live music downtown, and a broad variety of outdoor activities, such as, golf, water sports, fishing, hiking, birding, tennis, cycling, or a scenic drive through the hills, wheat fields or mountains. Fall is truly a beautiful season in Walla Walla and is a great time to get out doors. Fall brings brilliant reds and yellows to the trees and the parks in Walla Walla are the perfect place to observe the enchanting change of seasons. Any time of year, Walla Walla offers an array of cultural activities from its numerous art galleries to the diverse musical scene.”
This is why I love it here and will NEVER move! - Trisha Bush
Time to Appeal That Property Tax Bill
Thinking it's Time to Appeal That Tax Bill?
If home pricing continues to drop. . . shouldn't property taxes? Homeowners would be smart to initiate a property tax appeal.
Yet, most homeowners continue to pay property taxes based on that higher value.
Higher taxes may also make a property less appealing and affordable to buyers, since higher taxes will increase their overall costs, at least until the property is reassessed. That’s why it’s a smart strategy to appeal property taxes.
Evaluating Your Assessment
The vast majority of taxing jurisdictions throughout the United States assess residential property based on market value: the amount a willing buyer would pay a willing seller without duress. However, assessments are generally not reviewed on an annual basis, so a property’s assessment will never be 100 percent of market value.
To compensate, taxing bodies apply an equalization ratio, which is designed to ensure that assessments are relatively equal among different taxing districts to all assessed values. For example, a property worth $100,000 with an equalization ratio of 50 percent would be assessed at $50,000. Home owners can obtain their equalization ratio from local taxing authorities.
If, after a review with a residential broker or appraiser, a home’s assessed value seems out of line with current market values, the home owner should undertake an investigation to determine what might have caused the incorrect valuation. Here are some steps for your client to follow.
1. Arrange a visit with the local tax assessor and request a complete copy of the home’s tax records. Property record cards are public records and are universally available.
2. Pay particular attention to the market comparables listed on the property record card. These recently sold homes are the basis for the assessor’s valuation of your client’s home. Visit those houses or view them online, and compare them to the client’s house.
3. Take the appropriate equalization ratio and multiply the market value you believe appropriate for the home by that rate. If the number is lower than the current assessment, your client should file a tax appeal.
Filing an Appeal
Most homeowners should be able to properly file the appeal without counsel, but most jurisdictions require a licensed real estate appraiser to prepare an expert analysis of local market values for the local tax board.
Homeowners should work closely with the appraiser to review all the amenities and issues that might affect the valuation of their home. Many times an appraiser may not be aware of construction, zoning, or general neighborhood issues that negatively affect value.
Real estate brokers familiar with the property and the area may also be a valuable resource for this type of information. They may also be able to assist the appraiser in determining which properties are the best comparables for a particular home. All of the appraiser’s conclusions need to be properly documented with supporting evidence in the appraisal report that will be submitted with other supporting paperwork prior to the hearing.
In addition to compiling evidence, the taxpayer should take care to learn and follow the rules of the local board of assessment review. Each taxing jurisdiction has appropriate appeal forms. It is also critical to determine the deadline for filing an appeal.
The final step in an appeal is a hearing before the assessment appeal board. Proper preparation is the key to a successful hearing. The homeowners and the appraiser should prepare a script detailing the important points that need to be made during the appraiser’s testimony in order to prove a lower market value and assessment.
The key focus should be comparing the home in question with every presented comparable. The appraiser should be prepared to analyze each important amenity and discuss how it positively or negatively affects value.
During uncertain economic times, the effort of appealing a property tax bill reduction may prove well worth the time and effort involved.
Source: John Garippa November 2008 - Realtor Magazine
If home pricing continues to drop. . . shouldn't property taxes? Homeowners would be smart to initiate a property tax appeal.
Yet, most homeowners continue to pay property taxes based on that higher value.
Higher taxes may also make a property less appealing and affordable to buyers, since higher taxes will increase their overall costs, at least until the property is reassessed. That’s why it’s a smart strategy to appeal property taxes.
Evaluating Your Assessment
The vast majority of taxing jurisdictions throughout the United States assess residential property based on market value: the amount a willing buyer would pay a willing seller without duress. However, assessments are generally not reviewed on an annual basis, so a property’s assessment will never be 100 percent of market value.
To compensate, taxing bodies apply an equalization ratio, which is designed to ensure that assessments are relatively equal among different taxing districts to all assessed values. For example, a property worth $100,000 with an equalization ratio of 50 percent would be assessed at $50,000. Home owners can obtain their equalization ratio from local taxing authorities.
If, after a review with a residential broker or appraiser, a home’s assessed value seems out of line with current market values, the home owner should undertake an investigation to determine what might have caused the incorrect valuation. Here are some steps for your client to follow.
1. Arrange a visit with the local tax assessor and request a complete copy of the home’s tax records. Property record cards are public records and are universally available.
2. Pay particular attention to the market comparables listed on the property record card. These recently sold homes are the basis for the assessor’s valuation of your client’s home. Visit those houses or view them online, and compare them to the client’s house.
3. Take the appropriate equalization ratio and multiply the market value you believe appropriate for the home by that rate. If the number is lower than the current assessment, your client should file a tax appeal.
Filing an Appeal
Most homeowners should be able to properly file the appeal without counsel, but most jurisdictions require a licensed real estate appraiser to prepare an expert analysis of local market values for the local tax board.
Homeowners should work closely with the appraiser to review all the amenities and issues that might affect the valuation of their home. Many times an appraiser may not be aware of construction, zoning, or general neighborhood issues that negatively affect value.
Real estate brokers familiar with the property and the area may also be a valuable resource for this type of information. They may also be able to assist the appraiser in determining which properties are the best comparables for a particular home. All of the appraiser’s conclusions need to be properly documented with supporting evidence in the appraisal report that will be submitted with other supporting paperwork prior to the hearing.
In addition to compiling evidence, the taxpayer should take care to learn and follow the rules of the local board of assessment review. Each taxing jurisdiction has appropriate appeal forms. It is also critical to determine the deadline for filing an appeal.
The final step in an appeal is a hearing before the assessment appeal board. Proper preparation is the key to a successful hearing. The homeowners and the appraiser should prepare a script detailing the important points that need to be made during the appraiser’s testimony in order to prove a lower market value and assessment.
The key focus should be comparing the home in question with every presented comparable. The appraiser should be prepared to analyze each important amenity and discuss how it positively or negatively affects value.
During uncertain economic times, the effort of appealing a property tax bill reduction may prove well worth the time and effort involved.
Source: John Garippa November 2008 - Realtor Magazine
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