Dave McPhee Home Inspection

These are the ONE DAY stats for the changes in listed properties on the market this morning.  I do keep an eye on these, because it’s quite informative when you compare the . . . → Read More: Spring Market Looking Good with lots of listings Pending]]> 341 new listings
274 list price reduced
20 list price increases
57 listings expired
392 listings pending
204 listings sold
50 listings canceled

These are the ONE DAY stats for the changes in listed properties on the market this morning.  I do keep an eye on these, because it’s quite informative when you compare the new listings come on the market to the ones that pended today.  The “solds” are interesting too… not every property that “pends” actually gets to “sold” because some of these deals fall through due to financing, inspection, or other failures.  But how many went under contract versus how many sellers newly put their property on the market?  If many came onto the market but not many went under contract, we can note that there are not that many proactive buyers out there.  Sometimes the number of new homes on the market is greater than the pendings… a slower feeling market that might be called a buyer’s market if other factors feed in.  On the other hand, many more homes went under contract than new ones came on today?  The buyers are actively making offers and going under contract, there is competition out there.  A lot of times this last year the number of new properties and the number of pendings are about the same.  Today there are significantly more pendings than new listings, indicating a lot of buyer activity.  In this atmosphere if you see a new property you really like, all other things being equal it’s better to move more quickly and make an offer before you get into a competitive situation.  Would love to see comments, questions, and discussion on this!

To protect your investment, you’ll want to stay put for several years.  Spend some time making a list of your top priorities in a location so you can make sure it meets them.  If not, take a good hard look at the effect of not having . . . → Read More: 8 Points You’ll Want to Consider Before Buying]]> 1. Is this a location I’m really committed to?

To protect your investment, you’ll want to stay put for several years.  Spend some time making a list of your top priorities in a location so you can make sure it meets them.  If not, take a good hard look at the effect of not having that criteria met!  The perfect house in an awkward location can end up not being as perfect as it seemed.  First make sure the location works before looking at homes there.  Try www.walkscore.com, where you can plug in the address and see what amenities are around there including markets, pools, schools, parks, gyms, and everything in the locality.  Think about commute times and much as it may seem a hastle, drive the commute at the time you will be actually doing so before commiting to a neighborhood.

2. What does my credit report actually say?

Every year you are allowed one free credit report from each of the three major reporting agencies and be sure to order them to see what your creditors are saying about you. You should scan them in case there are mistakes in reporting; and, review your reported payment history. See if there are areas where you could improve. Dispute errors. An excellent credit rating will get you a better interest rate which saves you money.  Credit repair can be of assistance if your credit does not reflect your standards and ability to pay.

3. Not “how much can I afford?” by the lender’s standards, am I comfortable with my payment?

Don’t ask “How much can I afford?” rather you should be wondering, “How much can I comfortably afford?” This is something that will be helped along best by doing a quick budget.  Simple, make one quick list of fixed expenses (car payment, student loan etc.) and another of variable expenses (utilities, spending money).  Budget in things like Christmas at a savings per month, like $40 per month which would give you about $500 to spend at Christmas.  Budget in holidays, and savings.  Then you’ll have a running total of what you need per month.  After purchasing this home, you’ll be paying your mortgage, taxes, and insurance premiums, so will you still be able to save to meet your goals  and pay your other accounts on a comfortable basis?  If not, there are various ways to judge your comfortable purchase limit.  By the way, I know a lender that recently showed me how he can actually get you a 20% credit on your loan that comes back to you over the life of the loan (Paul), just ask.

4. At what part of the process do I get a licensed real estate agent involved?

In Washington State, your Buyer’s Agent is responsible to you to keep your confidence and work in your best interest.  This representation costs you nothing as the commissions paid by the seller pay both agents, yet the Buyer’s Agent works for you.  Most people wait till far along in the process to start making demands on their agent.  But you  can have professional buyer’s representation plus . The plus is what I call “Phase 1″ of your buying process, getting to know the market and neighborhoods in detail.  That is a process of learning by experience.  A lot of my clients don’t want to bother me so they go to open houses for phase 1.  In my opinion that’s fine as a supplement, but you want to see and target the homes that actually fit your requirements and you want to get a sense of what’s on the market.  Some homes never have open houses and you’ll never know what you’re going to see.  I also like to be with my clients as they walk through homes so I can  start to think out of their head.  Let’s go out and look!  I recommend we start together from Phase 1, before you are even ready to make an offer because you still need a sense of the market.

5. How much money do I need to plan for a down payment?

You may have heard that loans usually require at least a 20 percent down payment, and that is true of some conventional loans.  The higher your credit score, the more flexible this may be with convention lenders.  Wait, you are not prepared to put down 20%?  Don’t despair, as there are plenty of loan programs that allow home buyers to pay as little as 3 percent down.   And different lenders offer different programs, they don’t all have access to every program.  Ask your agent to recommend several good ones or ask your friends, but contact more than one lender and make sure they know you are shopping for a favorable loan, not just embracing whatever they give you.

 6. Is it a good idea to pay for points to lower my interest rate?

This is a very important question as it depends on the time period you will own the home.  Let’s say the payment is $3,000 to lower your interest rate, and the payment goes from $1550 per month to $1505 per month.  You save $45 per month, or $540 per year.  After 5.5 years you would have saved back the $3000, then after that you are saving $45 per month.  Over the 24.5 years remaining on a 30 year loan you could save $13,000.  But what if you sell it in 4 years?  You just lost some money because the cost for points hasn’t fully even been reimbursed yet by the lowered payments.  Just figure out how long it will take to save back the money they are charging you for points.

7. Is it necessary to get a Home Inspector?  Couldn’t my friend who knows about houses just come and look it over?

We always recommend you hire a professional.  Clients have said to me “That was the best $400 I ever spent.”  (Home inspections vary in price by size and age of the home and who you select, I have rarely seen them go over $500 for a largish home.)  Bring your knowledgeable friend to take a look by all means, but still get a professional.  They will do a visual inspection of the entire premises, make sure you select one that goes in the crawl space as well, and does a pest inspection.

8. How do I know I’m not missing some good homes when they come on the market?

Let me know your criteria and I can set up an alert system tuned to your perfect home in the Multiple Listing Service.  We’ll know first day on the market and I will shoot over the list of whatever is new that day.  Right now there are multiple offers on occasion on well-priced properties, and it looks like the seller expectations are really catching up with the reality, so we are seeing well priced properties come on fresh this spring.

There is nothing better than a rug which has been . . . → Read More: Turabi Rug Gallery in Phinney Ridge]]> Shopping for rugs can be a necessity, a hobby, or an obsession.  Those who know, really know.  In Seattle, those who know make it a point to keep track of Turabi Rug Gallery in Phinney Ridge, run by a propriater who really knows his carpets.

There is nothing better than a rug which has been imported from that very center of carpet making history, locations in Iran, Pakistan, Turkey, India, and China.  These world renowned carpet producing countries are known far and wide for their exceptional rugs, and Turabi Rug Gallery owner Omar brings his expertise to the city and we get a chance to shop for treasures on our own turf, on Greenwood Avenue in Phinney Ridge to be precise.  It’s a great location near two of the best of the street’s many coffee houses and that’s where I head after my rug appreciation fix.

If you are going out in Seattle despite what has been billed as the “worst” storm in Seattle history (ask the kids and you may hear it’s the “best” storm) you will want to check on the weather conditions, and please see the last paragraph for links to live webcams . . . → Read More: Seattle Area Snow Day Traffic Webcams]]>

Snow Day in Seattle

If you are going out in Seattle despite what has been billed as the “worst” storm in Seattle history (ask the kids and you may hear it’s the “best” storm) you will want to check on the weather conditions, and please see the last paragraph for links to live webcams that will be useful during this ice storm and also all year round!

In any case, the weather has ended up being a little less ferocious than at first thought.  The

I made Snow People while Daniel sledded at Whitman Middle School

National Weather Service has revised its predictions and now we are told that we will have up to 6 inches by 2 p.m. today.  The schools are closed for day 2.  Last night we got the usual recorded call from Seattle Public Schools which told us there would be no school again today for the second day.  The kids will be taking advantage of another day of fun in the snow, at the nearby parks.  For us, there are slopes at Whitman Middle School that are steep enough to keep us there till we are like popsicles.

But if you’re planning to make it in to work or even out for a quick grocery run the street conditions will be top of mind.  Seattle Department of Transportation has a new website feature, 22 live traffic video cams placed strategically around the city, and for route planning the site should be of some help.  SEATTLE TRAFFIC CAMERA WEBSITE.  On the Eastside, if you’re in Bellevue, try this BELLEVUE TRAFFIC CAMERA WEBSITE.  Another useful set of webcams can be found at this site, SET FOR KIRKLAND.  If you flip through the cams, the next one is set at Shorecrest High School in Shoreline.   It might also be helpful to check out  WSDOT list of webcams which includes Issaquah, Lynnwood and Redmond and also Seattle and Bellevue.

If you know of some Kirkland webcam and anything about Woodinville, please let me know.

If you’re here in Seattle shopping for a home, or visiting the city, there’s a great way to see more of Seattle and maybe level up your photography skills as well!  A local tour company offers a tour of Seattle that “focuses” (OK, OK, sorry) on photographing interesting spots.  They were . . . → Read More: A Seattle Shutter Tour]]>

at Ballard Locks

If you’re here in Seattle shopping for a home, or visiting the city, there’s a great way to see more of Seattle and maybe level up your photography skills as well!  A local tour company offers a tour of Seattle that “focuses” (OK, OK, sorry) on photographing interesting spots.  They were profiled this year on Evening Magazine (check out the video!).  This great and relatively unknown tour service (Shutter Tours of Seattle) can be a wonderful part of a trip or… stranger things have happened… a way for locals to interact with our city to see it from … shall we say slightly different … eyes!

If you want to see something of Seattle, this is as interactive as it gets!  If you are visiting and want to bring back an album of great shots, take advantage of the coaching and expertise of the guides.  Not only will your friends and fans ooh and ahh over your sparkling creativity, but I predict your photos will never be the same again.

at the Folklife Festival at Seattle Center

Excuse me for asking, but what does all this photography and scenery and special Seattle locations have to do with real estate?  This is certainly just my perspective but I think the best way to get your “Seattle” antennas shiny and bright is to enjoy and get to know the city, meet some of the people and give yourself a chance to breathe it in… you are never going to want to leave.  If you get some great photos, I hope you play along with my little game and upload them on my Where in Seattle? page, or post a link to your web album.  It’s fun to try and guess where in Seattle a shot was taken, or what those people… are DOing?

Lake Union from Ivar's Boathouse

King Street Station

One of the many Henry murals that dot the city

DAVE AT A TASTE OF EDMONDS

August 12, 13 and 14, 2011 . . . → Read More: A Taste of Edmonds 2011]]> It’s fun, delicious, and full of music and life!  A Taste of Edmonds is one of our favorite Seattle Area Festivals and Dave and I have made it a point to go every year… here is the video from the 2011 one!

DAVE AT A TASTE OF EDMONDS

August 12, 13 and 14, 2011 at 6th and Bell in Edmonds.

click here for more info!

Hey, we hear in 2012 it’s free to get it before 3 p.m., so plan to go for lunch and stay for the party!