King County Stats – End of August 2010
September 7, 2010 by Erin Schedler · Leave a Comment
Single Family Residence
Time Period
Number of Sales
Median Sale Price
Jul 2010
1,313
$397,000
Jul 2009
1,711
$380,000
Jun 2010
1,876
$389,975
Jun 2009
1,805
$393,000
2010 YTD
11,136
$380,000
2009
16,646
$378,000
Condominium
Time Period
Number of Sales
Median Sale Price
Jul 2010
277
$275,000
Jul 2009
521
$275,000
Jun 2010
472
$249,000
Jun 2009
498
$261,400
2010 YTD
2,907
$259,000
2009
4,804
$265,000
What Are Mortgage Points?
August 31, 2010 by Erin Schedler · Leave a Comment
Whether you are thinking about refinancing or getting a mortgage for the first time, whether or not to opt for points can be a confusing and sticky decision. Here is a quick explanation of points and some general guidelines about whether or not it is worth paying down points to get a lower interest rate.
What [...]
In Short Supply
August 26, 2010 by Erin Schedler · Leave a Comment
Currently I’m working with a wonderful engaged couple, who is looking to purchase their first home together. We’ve toured a few times but the problem we run into is the lack of inventory.
In this slow market, everyone is anxious and fearful of what is to come. As a result, sellers are not quick to list homes [...]
How does an FHA loan work?
August 11, 2010 by Erin Schedler · Leave a Comment
Since 1934, FHA loans have been helping people achieve the American dream of home-ownership. This type of loan offers better deals for people who may otherwise have trouble getting a desirable mortgage.
What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration. It has several key components.
Low down payment. FHA [...]
What is a reserve study on a condo?
August 10, 2010 by Erin Schedler · Leave a Comment
When you purchase a condo unit, you own the “walls in”. Other areas of the building (i.e. halls, roof, siding) are considering “common areas” and are funded and maintained by the HOA (homeowner’s association). In addition to the mortgage you’ll pay on the unit, you also pay a monthly HOA fee. What is included in [...]
Townhomes – Smart Purchase In Today’s Market?
August 9, 2010 by Erin Schedler · Leave a Comment
Every Monday I have the opportunity to tour any new listings agents in my office are bringing on the market. Consider it a “sneak peek”. Today I looked at a few townhomes in the Admiral area of West Seattle.
The two properties I saw were priced between $385,000 and $415,000. One was your traditional Craftsman style [...]
Fed To Meet Tomorrow, Wednesday August 10th
August 9, 2010 by Erin Schedler · Leave a Comment
See article below. I doubt interest rates will be affected, but the big question is if they plan on increased purchasing of mortgage-backed securities (MBS):
Confronted with a U.S. economy that appears to be decelerating, the Federal Reserve may ratchet up cautionary language but many expect the central bank will refrain from buying more bonds to [...]
Case-Shiller Update – Seattle Real Estate July 2010
July 27, 2010 by Erin Schedler · Leave a Comment
The S&P/Case-Shiller Home Price Indices are the leading measures for the US residential housing market, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions. The indices are calculated monthly and published with a two month lag. I think it’s one of the better measurements of the [...]
Tips When Shopping for a Condo
July 26, 2010 by Erin Schedler · Leave a Comment
When helping a buyer shop for condos, I make sure to answer the following questions:
How many of the other units are sold?
These days, lenders are very wary of mortgaging condos, since so many buildings are in financial distress. Often times, if a newer building has not sold all the units (or has only half sold), [...]
Are you paying the mortgage but not on title?
July 8, 2010 by Erin Schedler · 1 Comment
Being on one does not mean you’re on the other! Just because you are contributing to the mortgage payments does not necessarily mean you have legal claim to the property.
I have heard too many times of spouses contributing to a mortgage payments, home remodels and repairs but never taking the time to get their name on the property title [...]
