State of the Market in Queen Anne and Magnolia - January 2012

The real estate market in Seattle, Washington neighborhoods of Queen Anne and Magnolia appears to be shifting from a Buyer's Market to a Balanced Market. The supply of homes is low and the demand is rising. When comparing January of 2007 to January of 2012 the median home price is up 1%. With home prices lower and mortgage interest rates around 4%, in King County the monthly mortgage payment is less expensive than the monthly rent for the average home.

State of the Market in Northwest Seattle - January 2012

The real estate market in Northwest Seattle appears to be shifting from a Buyer's Market to a Seller's Market. The supply of homes is low and the demand is high. However, when comparing January of 2007 to January of 2012 the median home price is down 19%. With home prices lower and mortgage interest rates around 4%, in King County the monthly mortgage payment is less expensive than the monthly rent for the average home

Making an Offer on a Home

When making an offer to buy a home it is important to get yourself in the right mindset. This video was made to help coach home buyers with negociating stratagies for making a strong offer on real estate.

Home Appraisals

With every real estate transaction that is funded with a loan, an appraisal is ordered to justify the value.  This is to help protect the interests of the Buyer and the Lender.  An Appraiser is hired to look at the property and compared it to others that have sold recently in the area.  A value is then placed on the property.  Once complete, the appraisal is then sent to an Appraisal Management Company to review the appraisal and compare it to the MLS Listing and the County Records. 

All parties want an appraisal that is at or above the purchase price.  If the value of the appraisal is less than the purchase price, the Lender will not fund the loan.  In this case, the appraisal can be challenged if there is an error and the price adjusted.  Otherwise, the Seller will need to sell the home for less, the Buyer will need to pay a larger down payment, or the sale fails. 

Homeowners who remodel or update their homes significantly without getting the proper local permits may have difficulty selling.  The change may cause a red flag for the Appraisal Management Company who may not approve the appraisal.  At which point the Homeowner would need to get the updates permitted, or the home would need to be reappraised without the updates.  These two options are not ideal.  To save time and money it is best to get permits during construction.

Thank you, Craig Walker with Cascade Mortgage for help with this video.  Craig may be reached at 206-999-5600 or visit www.cascademc.com/content/cw.

Call For Art!

Each year Summerfest & Art Show holds a Poster Contest to promoted the event. The Summerfest posters have traditionally feature artwork by a local artist.This could be the year your art work is selected to highlight the Magnolia Summerfest & Art Show!


Artists are invited to submit up to three works each that represents the theme of Summerfest. From all of the entries, one art work will be selected to be the official artistic representation of the 2012 Summerfest. The winning image will be the backdrop for the 11" X 17" poster and will be featured on this website and on the cover of the Official Summerfest Program. The winning artist is also entitled to a free 10' X 10' booth at the Festival, August 3rd & 4th.


For more information visit www.MagnoliaArtShow.org

It's cheaper to own versus rent in King County

The decision to rent a home versus own a home is one that receives a lot of attention. The correct answer depends on a person’s situation.

Renting is a better option for those who need flexibility. If you expect to move within a couple years or you are uncertain of your employment, renting is likely the better option.

For those who expect to live in the same area for 5 or more years and have job security, owning a home is something to seriously consider because over the long term it is financially better.

Currently in Seattle, Washington, the cost of renting is increasing because vacancy rates are dropping, as the cost of owning a home is decreasing. On a monthly basis it is cheaper to own than rent.

In King County, home values are down 8% and condominium values are down 22% in the last 12 months. In addition mortgage interest rates are at historic lows, averaging just above 4%. The median home in King County sold for $349,950 and the median condominium sold for $195,000 last fall.

With a 10% down payment, the monthly mortgage for the median priced single-family home is $1,522 per month, while the cost of renting a typical house is $1,930 per month. The median condo would have a mortgage payment of $849 per month, while the cost of renting a typical apartment is $1300 per month.

Now may be a good time to contact a Realtor to explore options.

Aaron Von Snickle Fritz was a bad dog!

Here is a story about Aaron Von Snicklefritz a dog my family had before I was old enough to remember. When growing up I loved to hear about the crazy things he did. Recently, my mother told my daughter about him. She laughed with glee.

Aaron Von Snickle Fritz was a bad dog!

Aaron Von Snicklefritz charged threw the house and knocked down the children. "BAD DOG!"

Aaron Von Snicklefritz ran off and was gone for days. We’d search the neighborhood calling, “Aaron Von Snicklefritz!... Aaron Von Snicklefritz!... Aaron Von Snicklefritz!” When Aaron Von Snicklefritz came back he was dirty and stinky. "Yuck! BAD DOG!"

Aaron Von Snicklefritz chased and ate all the chickens in the chicken coop. "BAD DOG!"

Aaron Von Snicklefritz broke the window of the house to get to Lady who was in heat. "BAD DOG!"

Aaron Von Snicklefritz chewed his way out of the garage. "BAD DOG!"

The ad read, “One dog too many. Aaron Von Snicklefritz must go!” The farmer came and said, “Aaron Von Snicklefritz get in the truck!” and he did… “By…by Aaron Von Snicklefritz…GOOD DOG!”