Vancouver Wa Real Estate Blog

The housing market is looking healthier. Here are six reasons why now is the time to jump into buying Vancouver Washington real estate:

1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available.

2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.

3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.

4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.

5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.

6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.

Crystal Boldt General

Real Estate Loan Apps Rise as Washington Rates Dip Below 5 Percent

Average mortgage rates dipped below 5 percent last week, driving mortgage application volume up 11.3 percent to 723.4 from 649.7 the previous week on an adjusted basis, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, the index increased 11.6 percent compared with the previous week and was up 5.7 percent compared with the same week a year ago.

The increase was reflected in the government purchase index (mostly FHA), which rose 10.4 percent. The overall purchase index was up 7.1 percent. The refinance share increased to 67.9 percent, up slightly from the previous week when it was at 66.9 percent.

Mortgage rates were down to the second-lowest rate in the history of the survey, with the record low being 4.89 percent for the week ending Jan. 9, 2009.

30-year fixed-rate mortgages decreased to 4.96 percent from 5.14 percent;

15-year fixed-rate mortgages decreased to 4.54 percent from 4.73 percent;

1-year ARMs increased to 6.21 percent

Source: Mortgage Bankers Association (03/11/2009)

via REALTOR® Magazine-Daily News-Loan Apps Rise as Rates Dip Below 5 Percent.

Crystal Boldt Mortgage and Financing

Newly discovered Vancouver FHA loans, have quickly become a wildly popular choice for buying WA real estate.  They require a low down payments but charge higher interest to borrowers with lower credit ratings.

The loans require a down payment of only 3.5 percent, while conventional loans require down payments of 10 percent or higher.

However, the products also are drawing some unfavorable comparisons to now-abolished subprime loans.

Finance professionals, however, stress that unlike the infamous subprime mortgages of years past, FHA lenders go out of their way to verify income and ensure that they are not approving “liar loans.”

Crystal Boldt Mortgage and Financing

While trying to sell Clark County homes, staging the home with style is a great way to get an edge and get your home SOLD.

Model homes are important tools for builders because they help buyers fall in love with a home.  

Here are a few tips that might benefit anyone who is selling a home:

• A stylish kitchen appeals to many buyers. If a sellers has upgraded cabinets and granite countertops, that’s good. If they don’t, it may help to display some stylish touches like an espresso machine, a retro toaster or just some luscious fruit.
• Lots of light makes spaces feel larger. Turn on all the lights even during the day and add a few extra lights if necessary.
• The master bedroom should seduce a buyer. Play soft jazz, pile the bed high with a cushy comforter and pillows. Stack plush towels in the bathroom.
• Add drama to a bottleneck or a dead end space. Prop an oversize mirror against the wall. It visually opens a space and adds drama.

For more tips on showing your home see  http://www.crystalboldt.com/steps_to_a_positive_showing.php

Crystal Boldt General

If you’re buying or selling Vancouver Wa homes in the off season and it  is stressing you out, relax.

Remember, sales volume is not your problem. The only house you care about is the one you’re selling or hoping to buy.

Real estate isn’t nearly as seasonal as it used to be. If a house is priced and marketed appropriately, no matter what time of year it is, there will be a buyer for it.

What’s more, many home buyers and sellers are bucking the seasonal nature of residential real estate. They’re finding that buying or selling houses in the fall and winter months has many advantages — not the least of which are the gorgeous fall leaf colors and holiday decorations that showcase many homes to their fullest potential.

No matter which side of the transaction you’re on, you can make the off-season work to your advantage. Here’s why: Read more…

Crystal Boldt General

·         Home buyers - keep in mind that days run shorter during the fall and winter in Clark County. Plan on allowing more time to tour homes during the day and on weekends, rather than in the evenings after work.

·         Take time to visit the local schools, once you find a home you like. It’s much easier to get a sense of the schools and talk to administrators and teachers while school is in session.

·         Watch for signs of basement water damage or foundation drainage problems. Some areas have basement flooding in the spring, so you won’t see actual water in the basement in fall or winter, but you’ll see the effects of damage, such as discolorations on ceilings, walls or flooring.

·         Keep an eye out for good deals, especially if you’re looking at houses in popular warm-weather spots, such as the coast. Some buyers forget that it’s easier to get a good look at a house, and feel less pressured to make a quick decision, during the off-season.

Crystal Boldt General

The U.S. House approved legislation on Thursday that will allow bankruptcy judges to lengthen terms, cut interest rates and reduce the principal owed by bankrupt borrowers. Good news for Clark County Homeowners.

The so-called “cramdown” bill (the actual name of the bill is the “Helping Families Save Their Home Act”) passed by a margin of 234-191. The legislation was modified to become more lender friendly; it requires borrowers to certify that they provided their lenders with financial information and gave them time to provide other alternatives.

Borrowers receiving a cramdown must reimburse their lender for a portion of the loss if they sell the property before they complete a five-year bankruptcy repayment plan.

House Republican Leader John Boehner of Ohio, who opposed the legislation, says it forces those who acted responsibly to “subsidize scam artists, speculators and those who knowingly made bad decisions.”

The bill also permanently increases the Federal Deposit Insurance Corp.’s insurance on bank deposits to $250,000, gives loan servicers legal protection when they modify troubled loans, and retools the Hope for Homeowners lending program, which has so far been a failure.

The Senate is expected to consider a version of the bill as early as next week.

Source: Bloomberg, Dawn Kopecki (03/06/2009)

Crystal Boldt General

Falling Clark County home values and foreclosed homes are forcing school districts all over the country to cut budgets.

More than half of all school districts rely on local property taxes for more than 25 percent of their revenue. Many are being forced to eliminate teachers because they can’t afford them. In a survey of 250 superintendents in 46 states, 72 percent said they planned to eliminate jobs in the fall and that more than one-third of the cuts would be teachers and support staff.

School districts can’t turn to states for help. A University of Washington analysis found that state budgets are hard hit and state funding for schools is likely to result in the further elimination of 9 percent of teaching jobs – a total of 574,277 over three years.

Hardest-hit states include: Florida, Arizona, California and Nevada.

Source: USA Today, Greg Toppo and Jack Gillum (03/16/2009)

via REALTOR® Magazine-Daily News-Falling Home Values Hurt School Budgets.

I know that in our county (Clark County, WA) they were threatening us with the same information – however, the Clark County Commisioners reported Friday, March 13 2009, that this information was indeed “not correct” and there was plenty of money there for the schools and the programs in our area. It was very encouraging.

Crystal Boldt General

When Hiring a Remodeling Contractor for your Vancouver home:

1. Get at least three written estimates.

2. Check references. If possible, view earlier jobs the contractor completed.

3. Check with the local Chamber of Commerce or Better Business Bureau for complaints.

4. Be sure the contract states exactly what is to be done and how change orders will be handled.

5. Make as small of a down payment as possible so you won’t lose a lot if the contractor fails to complete the job.

6. Be sure that the contractor has the necessary permits, licenses, and insurance.

7. Check that the contract states when the work will be completed and what recourse you have if it isn’t. Also, remember that in many instances you can cancel a contract within three business days of signing it.

8. Ask if the contractor’s workers will do the entire job or whether subcontractors will be involved too.

9. Get the contractor to indemnify you if work does not meet any local building codes or regulations.

10. Be sure that the contract specifies the contractor will clean up after the job and be responsible for any damage.

11. Guarantee that the materials that will be used meet your specifications.

12. Don’t make the final payment until you’re satisfied with the work.

By the way, if you are interested in finding a contractor for siding and/or windows and this sounds like more than you are wanting to research yourself,       

I have found a fabulous resource that does all of this for you for free .  The website to submit your request to is http://www.contractorswithintegrity.com/ .  This will allow you to receive up to 3 different estimates from pre-screened contractors at zero cost to you.  

Crystal Boldt General

Rising unemployment is driving higher rates of Vancovuer foreclosures as well as cities and states all over the country.

The Mortgage Bankers Association says the pain is spreading to places that have so far been fairly isolated from major foreclosure problems. For example, mortgage delinquency rates are rising in Louisiana, New York, Georgia, Texas and Mississippi as job losses rise.

Mortgage bankers say job losses are changing the cause of delinquencies. Previously, more than half of foreclosures involved adjustable-rate mortgages. Today, the rate of delinquency on fixed-rate mortgages is rising, according to the bankers.

Mark Fleming, chief economist at property analytics firm First American CoreLogic, expects unemployment to peak in early 2010. He also expects housing depreciation to continue until the job market turns around.

Source: Investor’s Business Daily, Amy Reeves (03/12/2009)

via REALTOR® Magazine-Daily News-Rising Unemployment Not Helping Foreclosures.

Crystal Boldt Foreclosures and Shortsales