Burien Real Estate

NAI Tri-Cities Commercial Real Estate Services

Found an interesting report on NAI Tri-Cities Commericial Real Estate Website.

New NAI Global Reports Reveal Commercial Property Prices, Trends & Business Practices in International Markets

NAI Global, the world’s premier network of commercial real estate firms and one of the largest real estate service providers worldwide, announces two new reports for corporate decision makers and investors that highlight global commercial real estate trends and provide insight into transaction and occupancy practices around the world.

The 2009 International Property Guide provides insight into key local business customs and practices for over 55 countries around the world. The Guide examines acquisition and tenant costs, landlord and tenant responsibilities by region and country. The Guide is especially useful for clients and investors negotiating simultaneous deals across multiple international markets.
 

The 2009 Global Property Prices & Trends report highlights key demographic data along with current rental rates and investment yields for 137 global markets. The report offers prime net rents, yields, country economic data and rental rate comparisons by property type (Office, Retail and Industrial).

Both reports are available for free download on www.naiglobal.com/publications. Headquartered in Princeton, New Jersey, NAI Global manages a network of 325 offices and 5,000 professionals in 55 countries across the globe.

$8,000 Tax Buyer Credit Video

Above is a cute short video that explains the $8,000 First-Time Homebuyers Tax Credit and the timeline for capitalizing on this government stimulus program.

wahomeowners.com — a wonderful public web site full of resources for homeowners.

News from NW Multiple Listing Service

“Aware and prepared buyers” help boost Western Washington home sales during June

KIRKLAND, WA, July 6, 2009 –”Encouraging” seemed to be a common response from brokers upon reviewing the June activity summaries from Northwest Multiple Listing Service. The report shows inventory continues to shrink, pending sales increased more than 19.5 percent from a year ago, and median prices system-wide are up 4.4 percent since January.

“The positive movement in our real estate market year over year is really very encouraging,” remarked Ron G. Sparks, managing vice president of Coldwell Banker Bain. Compared to 12 months ago, the Puget Sound region has nearly 7,000 fewer homes listed for sale, and nearly 1,200 more homes under contract, he noted, adding, “In anyone’s book, that’s substantial improvement.”

J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, echoed those comments. “It’s encouraging to see that pending sales are at their highest since the credit bubble burst nearly two years ago,” he stated. While the median home price is down approximately 10 percent from a year ago, median prices have flattened over the past seven to nine months, he noted. “This is an indication that the $8,000 tax credit is working and the market has reactivated itself in the more affordable and mid price ranges,” Scott believes.

Northwest MLS brokers notched 7,733 pending sales of single family homes and condominiums (combined) in their 19-county market area last month. That’s a gain of 1,263 transactions from the same month a year ago, for a 19.5 percent increase. Seven counties reported jumps in pending sales of 30 percent or more: Cowlitz, Island, Kitsap, Mason, Pacific, Skagit, and Snohomish, with Kitsap County topping the list with its 55.6 percent increase.

Pending sales (offers made and accepted) in the four-county Puget Sound region (King, Kitsap, Pierce and Snohomish) rose more than 25 percent in June compared to the same month a year ago, increasing from 4,765 transactions to 5,693.

Closed sales and prices still lag a year ago, but prices are edging up since the beginning of the year. Brokers reported 5,146 closed sales of single family homes and condos during June, a dip of 4.3 percent from twelve months ago when they reported 5,379 completed transactions.

Rest of Real Estate Article Here

Mortgage Rates Updated 8-7-09

Unemployment figures were released today and the reported -247,000 was significantly better than the expected -328,000 (the unemployment rate now sits at 9.4%).  This better-than-expected news sent stocks surging and mortgage-backed securities reeling.  The loss was the fifth consecutive day in which bonds tumbled downward.   The Dow gained 113 points to close at 9,370 while oil closed near unchanged at $70.93/barrel.  The rates below are up an average of .250%-.375% from last Friday.

Rates are based on a 740 credit score, a principal and interest payment, and a 1% loan origination fee.  Please note that interest rates for condos are slightly higher than what’s show below.

Conforming

30 year fixed – 5.500%

5/1 ARM – 4.250%

High Balance Conforming ($567,500 maximum)

30 year fixed – 5.625%

5/1 ARM – 4.625%

Non-Conforming (Jumbo)

30 year fixed – 6.125%

5/1 ARM – 5.125%

FHA

30 year fixed – 5.500%

5/1 ARM – 4.250%

Ben Lenderman
Home Mortgage Consultant
Wells Fargo Home Mortgage
P6447-140
10900 NE 8th St
Bellevue, WA 98004
425-468-8613 Tel
425-301-1897 Cell
866-636-7738 Fax
ben.lenderman@wellsfargo.com
http://www.wfhm.com/ben-lenderman

June new home sales rise 11 percent

June new home sales rise 11 percent

By ALAN ZIBEL

AP Real Estate Writer

New home sales in June posted the fastest increase in more than eight years as buyers took advantage of bargain prices, low interest rates and a federal tax credit for first-time homeowners.

While home prices are still falling, the figures released Monday were another sign the housing market is finally bouncing back. Earlier this month, the government reported that new home construction rose to the highest level since last fall. And data out last week showed home resales rose almost 4 percent in June, the third straight monthly increase.

“The worst of the housing recession … is now behind us,” said David Resler, chief economist at Nomura Securities. “We’re turning the corner toward increased activity in housing.”

New home sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000, the Commerce Department reported Monday.

Shares of big homebuilders soared on the news, with Beazer Homes USA up by more than 13 percent and Hovnanian Enterprises rising 8 percent in afternoon trading. But with home prices still falling, these companies won’t be making much money anytime soon.

The median sales price of $206,200 was down 12 percent from $234,300 a year earlier and off nearly 6 percent from $219,000 in May.

In addition to lower prices, buyers are rushing to tax advantage of a federal tax credit that covers 10 percent of the home price or up to $8,000 for first-time buyers. Home sales need to be completed by the end of November for buyers to take advantage.

“The window of opportunity is closing,” said Bernard Markstein, senior economist for the National Association of Home Builders.

June’s results were the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.

There were 281,000 new homes for sale at the end of June, down more than 4 percent from May. At the current sales pace, that represents 8.8 months of supply – the lowest level since October 2007. If that number falls to just over 6 months, analysts say, builders will feel more comfortable ramping up construction.

Fallout from the housing crisis has played a central role in the U.S. recession, now the longest since World War II. Foreclosures have spiked, homebuilders have slashed construction, and financial companies have lost billions.

But it will still be a while before homebuilders turn into an engine for the economic recovery. Construction levels are still weak because builders still have too many unsold homes sitting vacant.

Mortgage Update from Ben Lenderman

The rollercoaster ride that is bond pricing continues.  Earlier losses in the week were largely erased on Friday when we gained 69 bps on the day.  This helped the overall week close 106 bps up from the previous Friday.

The big news this week of course was the enactment of the new federal law HERA/HOEPA (went live on July 30).  In short, this new law amends the Truth in Lending Act and dictates when fees can be collected and when closing dates can occur.  It also has a number of provisions including the Mortgage Disclosure Improvement Act, which changes the Truth in Lending Act requirements surrounding early and final disclosures to homebuyers. 

There are four key elements you need to know: 

1. If the homebuyer is financing the property, these new regulatory and investor guidelines will impact—and could even dictate—the closing date.
2. Upfront fees cannot be collected by the lender until the initial disclosures are received.  If the disclosures are overnighted, they are considered “received” the next business day – allowing the fees to be collected on the following business day. 
3. The homebuyer must be provided with a copy of his or her appraisal a minimum of 3 business days prior to closing. 
4. An increase of more than .125% in the APR* from the initial Truth in Lending Disclosure (TIL) requires the TIL disclosure to be revised and reissued to the homebuyer.  The homebuyer must receive a revised TIL disclosure at least 3 business days before closing, providing the homebuyer with the time required to determine if the homebuyer is comfortable with his or her loan choice.  If mailed, the TIL disclosure is considered “received” 3 business days after mailing.
   1. *Potential impacts to the APR include:

                                                               i.      Unlocked rate

                                                             ii.      Change in loan amount

                                                            iii.      Product change

                                                            iv.      Rate re-lock due to market improvement

                                                              v.      Change in closing date

                                                            vi.      Changes to fees, inclusive of settlement agent fees

The homebuyer, realtor, loan officer, and settlement agent are all going to play a key role to ensure timely closings.  The best way to expedite the close is to lock in the rate and fees as soon as possible. 

Let me know if you have any questions about this new regulation.

Best regards,Ben

Rates are based on a 740 credit score, a principal and interest payment, and a 1% loan origination fee.  Please note that interest rates for condos are slightly higher than what’s show below.

Conforming

30 year fixed – 5.125%

5/1 ARM – 4.000%

High Balance Conforming ($567,500 maximum)

30 year fixed – 5.250%

5/1 ARM – 4.250%

Non-Conforming (Jumbo)

30 year fixed – 6.125%

5/1 ARM – 5.125%

FHA

30 year fixed – 5.125%

5/1 ARM – 4.000%

Ben Lenderman
Home Mortgage Consultant
Wells Fargo Home Mortgage
P6447-140
10900 NE 8th St
Bellevue, WA 98004
425-468-8613 Tel
425-301-1897 Cell
866-636-7738 Fax
ben.lenderman@wellsfargo.com
http://www.wfhm.com/ben-lenderman

Burien Real Estate, Quick look at sold/pending/available

So what’s going on in the Burien Real Estate market? As always, there are a variety of homes and prices available and on the market today.  Homes priced in the 100k range all the way up to 2.5m.  Putting our median price at $365k and our average price at $461k.  You can see from the chart below, there are a large amount of homes on the market in the $250k-299.

What’s been Selling?

Here’s a chart with everything that has sold in Burien during the last 6 months.  The majority of homes sold were in the $200k-$300 price range.

With a total of 42 homes currently pending, roughly 35% of these are short sales.

New home for sale in Kirkland

Hey there, check out my new listing in Kirkland, pass it along if you know anyone looking:  An excellent opportunity to take advantage of the great value in this newer 4 bdrm, 2.5 bath home. Central Air, aaaaaaahh just in time for summer. Interior finishes include hardwood floors, vaulted ceilings, granite & tile surfaces, 2 fireplaces with an office on main floor. Large upstairs bonus room. Minutes to downtown Kirkland’s shopping, restaurants, & lakefront parks. 1/4 acre flat lot with beautiful willow tree in back. Close to Microsoft and Google.

CLICK ON PICTURE BELOW FOR VIDEO TOUR:

Mortgage Rates for Friday, June 19th

The bond market had a strong finish Friday after much volatility earlier in the week.  With the surge of refinances this year, there is an unprecedented supply of mortgage-backed securities on the secondary market.  Unless treasury auctions (like the one scheduled for next week) are successful, investors will drive down the price of bonds thereby causing interest rates to go up.  If investors see an improvement in the economy they’ll move money out from the safety of bonds and into riskier assets like stocks or commodities. Talk of inflation has also been on investors’ minds.  The Fed is meeting next week and analysts are wondering if a change will be made to the federal funds rate.  Since the current rate is set between 0%-.25%, the only change would of course be an increase.  If that happens the dollar would be strengthened and inflation would be held in check.  But doing too much too soon to the fed funds rate may hamper the economy’s long-term recovery efforts.  The markets are very sensitive right now and I expect much more volatility to come. 

Best regards,

Ben

Rates are based on a 740 credit score, a principal and interest payment, and a 1% loan origination fee.  Please note that interest rates for condos are slightly higher than what’s show below.

Conforming

30 year fixed – 5.375%

5/1 ARM – 4.625%

High Balance Conforming ($567,500 maximum)

30 year fixed – 5.625%

Non-Conforming (Jumbo)

30 year fixed – 6.250%

5/1 ARM – 5.000%

FHA

30 year fixed – 5.500%

5/1 ARM – 4.625%

Mortgage Rate Update

Bond Yields Push Mortgage Rates To Highest Level In Seven Months
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 5.59 percent with an average 0.7 point for the week ending June 11, 2009, up from last week when it averaged 5.29 percent. Last year at this time, the 30-year FRM averaged 6.32 percent. The last time the 30-year FRM was higher was the week ending November 26, 2008, when it averaged 5.97 percent.

The 15-year FRM this week averaged 5.06 percent with an average 0.7 point, up from last week when it averaged 4.79 percent. A year ago at this time, the 15-year FRM averaged 5.93 percent. The last time the 15-year FRM was higher was the week ending December 11, 2008, when it averaged 5.20 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.17 percent this week, with an average 0.6 point, up from last week when it averaged 4.85 percent. A year ago, the 5-year ARM averaged 5.70 percent. The last time the 5-year ARM was higher was the week ending February 12, 2009, when it averaged 5.23 percent.

One-year Treasury-indexed ARMs averaged 5.04 percent this week with an average 0.7 point, up from last week when it averaged 4.81 percent. At this time last year, the 1-year ARM averaged 5.09 percent. The last time the 1-year ARM was higher was the week ending December 11, 2008, when it averaged 5.09 percent.

Courtesy of Washington Realtors.org