Di Kawell Real Estate Blog

Federal Way Centerstage Theatre Romantic Comedy

2010-01-27T14:45:36-08:00

The romantic comedy "I Love You Because" is being performed Feb 5 - 21 at the Knutzen Family Theatre at Dumas Bay, which is a fantastic setting in Federal Way .. for more details, and to see about buying tickets, please go directly to the Centerstage website . The comedy is about 2 brothers and dating in New York city .. directed by Brandon Ivie of the 5th Avenue Theatre and starring Don Daryl Rivera, voted the 2009 "Person to Watch" by the Puget Sound theater community. Grab your sweetie and enjoy great, local entertainment!

Federal Way Distressed Home Sales Stats

2010-01-25T18:26:29-08:00

People ask me all the time "How's the Market?" An important part of any answer to that question would include the percentage of homes on the market that are in a distressed situation. (Foreclosures being homes that are on the market and owned by a bank, or a short sale or pre-forclosure property which is still technically owned by an individual person.)

As of January 15, 2010, in Federal Way:

Active Listings For Sale: 40% distressed.
Pending Home Sales: 60% distressed.
Sold in the past 6 months: 44% distressed.

Why is this important? First of all, buyers use the info to decide where they might look to find a good price for their purchase. Sellers use the info to help determine how to price their home to sell. Appraisers use the info to determine whether there is a trend on values moving up, down or stabilizing .. actually all 3 groups ultimately want to know what the trends are.

If you are curious about listing and sales activity in your area, either email, call or text me at dkawell@windermere.com, text or call 206-794-0844, and you may request my market snapshot service, which is free, comprehensive and in real-time mls market data.

King County Real Estate Home Sales Stats - Easy Version

2010-01-25T17:45:01-08:00

Here's a great post I'd like to share from our friends at Talon Title:

Existing home sales for King County put into perspective...

Reading the headline of the recent AP article about home sales for December 2009, one would think the real estate market just fell off a cliff. The AP article is citing national sales data of 5.45 million seasonally adjusted sales, down 16.7% from 6.54 million from November. Median prices, the AP reports "plunged by more than 12 percent last year - the sharpest fall since the Great Depression". Pretty powerful stuff.

Recently, we examined how local news differed from national news and why. The conclusion was that national trends have little or no correlation to your local market conditions. On the national level there was a big drop, but consider that November had the highest resale total for all of 2009. Also consider that the home buyer tax credit was extended until mid-2010, all of which affect overall numbers once this was realized.

Of much more value to us in the Puget Sound is how our local market is holding up. So lets take a look at the numbers:

Dec 2009

Total King County SFR Sales: 1125

Avg Price: $487,105

Total % from November 2009:-15%

Total % from December 2008: +34%

Total price change from November 2009: +4.2%

Total price change from December 2008: -3%

Overall, it appears that December 2008 was a much worse month than December 2009. Total sales increased by 34% in 2009, while prices held relatively stable. Average prices actually increased from November 2009, while being down 3% from December 2008. These local numbers are much more palatable than the reported national news.

Looking ahead, expect much more activity as the tax credit deadline looms again.

Re-posted from Talon Northwest Neighborhoods Blog

Buying or Selling a Home in Fife WA 98424?

2010-01-22T16:25:03-08:00

Fife WA 98424 Home Sales Stats - Looks like you can buy a decent bank owned or short sale home for about $12,000 less than a 'regular' non-distressed home here in Fife. Most of the housing activity in Fife is taking place in the planned communities of Radiance and SattleCreek. 53% of currently active homes for sale are short sales or bank owned properties. 33% of closed home sales in the past 6 months were short sales or bank owned properties. Average Sold Price on shorts is $232.000; Average Sold Price on Bank Owned is $229,000. These prices are about 4.5 to 5.5% lower than regular, "non-distressed" sales. (I am talking about resale homes .. new construction is different, and I have not included those stats here. Availability now looks like less than 10 homes.) Call me for further details!

Federal Way Home & Condo Sales Stats - July 2009

2009-08-02T17:31:50-07:00

Average days on the market for the homes and condos that have actually sold is almost the same .. 95 days.

Single Family Homes Stats - *337 homes for sale from $87,900 to $2,900,000. Median price is $314,950.

*60 sales closed in July, from $75,000 to $835,000. Median sold price is $264,488. On average, we have about a 5.6 month supply of homes for sale. But, time increases as prices go up. For example in the price range of $350,000 to $450,000, it's a 10 month supply.

And, for sales that are pending (under contract but not closed) we have 81 homes ranging in price from $100,000 to $998,000. Median pending price is $229,400.

*For the month of July, we have just 18% of the available homes actually selling.

Condo Stats - *120 condos currently on the market with prices from $82,000 to $329,999.

*11 condos sold in the month of July, prices range from $85,000 to $212,000.

17 condos are pending (under contract) in July, prices range from $72,500 to $250,000.

*For the month of July, we have just 9% of available condos actually selling.

Federal Way Home Sales Are Up! Stats Comparisons May '09 to May '08

2009-06-13T13:24:10-07:00

Recently released title info shows that Federal Way, WA single family housing inventory is down by 30% this year over last; however closed home sales are up by 33% ! 3 guesses why? Answer: Affordability! The average (median) sale price is $241,000 which fairly well reflects the average buying power of a typical Federal Way resident. Our sale prices have dropped 22.20% from a year ago, when the median was $310,125.

Actual inventory numbers stood at 353 homes on the market as of may 31st, and 56 sales closed for the month of May.

Condo listings in Federal Way are down 9.4% and the sales are down a whopping 46% this May over last! Actual numbers are 7 units sold, at a median price of $129,900. This price is down from a median of $165,000 a year ago.

If You Remember Abbott & Costello ...

2009-05-11T22:36:05-07:00

For those of us (like me) who sometimes get flustered by our computers, please read on...

If Bud Abbott and Lou Costello were alive today, their infamous sketch, "Who's on First?" might have turned out something like this:

COSTELLO CALLS TO BUY A COMPUTER FROM ABBOTT

ABBOTT: Super Duper Computer Store. Can I help you?

COSTELLO: Thanks I'm setting up an office in my den and I'm thinking about buying a computer.

ABBOTT: Mac?

COSTELLO: No, the name's Lou.

ABBOTT: Your computer?

COSTELLO: I don't own a computer. I want to buy one.

ABBOTT: Mac?

COSTELLO: I told you, my name's Lou.

ABBOTT: What about Windows?

COSTELLO: Why? Will it get stuffy in here?

ABBOTT: Do you want a computer with Windows?

COSTELLO: I don't know. What will I see when I look at the Windows?

ABBOTT: Wallpaper.

COSTELLO: Never mind the windows. I need a computer and software.

ABBOTT: Software for Windows?

COSTELLO: No. On the computer! I need something I can use to write proposals, track expenses and run my business. What do you have?

ABBOTT: Office.

COSTELLO: Yeah, for my office. Can you recommend anything?

ABBOTT: I just did.

COSTELLO: You just did what?

ABBOTT: Recommend something.

COSTELLO: You recommended something?

ABBOTT: Yes.

COSTELLO: For my office?

ABBOTT: Yes.

COSTELLO: OK, what did you recommend for my office?

ABBOTT: Office.

COSTELLO: Yes, for my office!

ABBOTT: I recommend Office with Windows.

COSTELLO: I already have an office with windows! OK, let's just say I'm sitting at my computer and I want to type a proposal. What do I need?

ABBOTT: Word.

COSTELLO: What word?

ABBOTT: Word in Office.

COSTELLO: The only word in office is office.

ABBOTT: The Word in Office for Windows.

COSTELLO: Which word in office for windows?

ABBOTT: The Word you get when you click the blue "W".

COSTELLO: I'm going to click your blue "w" if you don't start with some straight answers. What about financial bookkeeping? You have anything I can track my money with?

ABBOT T: Money.

COSTELLO: That's right. What do you have?

ABBOTT: Money.

COSTELLO: I need money to track my money?

ABBOTT: It comes bundled with your computer.

COSTELLO: What's bundled with my computer?

ABBOTT: Money.

COSTELLO: Money comes with my computer?

ABBOTT: Yes. No extra charge.

COSTELLO: I get a bundle of money with my computer? How much?

ABBOTT: One copy.

COSTELLO: Isn't it illegal to copy money?

ABBOTT: Microsoft gave us a license to copy Money.

COSTELLO: They can give you a license to copy money?

ABBOTT: Why not? THEY OWN IT!

A few days later.

ABBOTT: Super Duper computer store. Can I help you?

COSTELLO: How do I turn my computer off?

ABBOTT: Click on "START".............

Federal Way - The Region's Hottest Spanish Music & Flamenco Dance!

2009-04-14T10:22:12-07:00

Carmona Flamenco and Correo Aereo - Hosted at the Knutzen Family Theatre this weekend, Saturday April 18th at 8PM - tickets are selling fast - just $12 - $16 Box Office 253-835-2020 or go online to http://www.kftevents.com to order and read more about the performers.

You may have heard & seen these artists perform in Seattle at the Folklife Festival or Bumbershoot - and there is more to learn at www.fanw.org/carmonaflamenco.html

Check out current mortgage rates!

2009-04-08T12:12:57-07:00

Here's a reminder of some of the factors that impact the rates quoted below.

Loan to value. Rates are also impacted by how much equity you have in your property.  The value of your property is determined by an independent appraisal requested by the lender. The appraiser includes 3-4 homes similar to yours, located near your home that has recently sold. For conventional loans, rates below will be based on an 80% loan to value; FHA is based on a minimum of 3.5% down payment (96.% loan to value).

Type of home/occupancy. Rates quoted are based on a single family dwelling (1-unit) and, unless otherwise noted, owner occupied.

Documentation. These days, you can count on a full-documented loan when applying for a mortgage. Full-doc loans provide the best pricing. This typically includes documenting 2 years of employment, 30 days of income and 30-60 days of assets.

Lock period. The number of days that your loan is locked impacts the price of the rate.   The shorter the lock, the less expensive the rate. Since most purchase transactions take 30-45 days, I'm using 45 days for the lock period. If your transaction is closing in less than 30 days, the pricing for your rate may be improved.

Points, no points and reduced closing costs. How your mortgage is priced is completely up to you. Points may be shown on the current Good Faith Estimate on lines 801, 802 or 808 depending on if you're working with a mortgage banker, lender or broker. A point equals 1% of the loan amount and typically reduces the rate by 0.25-0.375%.  Closing costs can be reduced in the same manner. If your rate is increased by 0.25%, your closing costs shold decrease by 1% of your loan amount (there are no free loans--you're paying for it in rate).

Type of transaction. Rates vary depending on if the mortgage is for a purchase, rate/term refinance (no cash back) or cash out refinance. Unless otherwise noted, rates I quote on Di's blog will be for purchasing a home.

Quick note (before I get to rates): during this volatile market, lenders are averaging around 3 rate sheets per day. This means that once I publish rates here, they may have all ready changed for better or worse. If you're selecting your mortgage professional by rate alone (which I do not recommend), you must do your rate shopping on the same day at the same time or you're not comparing apples to apples. Rates are a moving target. To see what rates I'm quoting live to my clients, click here.

Rates below are as of 11:30 a.m. on April 8, 2009.   Note: Markets will be closing early tomorrow and remain closed on Friday (you may not be able to lock in rates) reopening on Monday, April 13, 2009.   Also important to note; King County's Recording Office will be closed on Friday, April 10, 2009.

Conforming Conventional ~ loan amounts up to $417,000 for single family dwellings. Rates below based on a sales price of $500,000 and a $400,000 loan amount:

30 year fixed: 4.500% at 1 point (apr 4.641).
15 year fixed: 4.375% at 1 point (apr 4.620).

High Balance Conventional ~ loan amounts up to $506,000 for King, Pierce and Snohomish Counties. Note: any moment, lenders will start pricing the revised 2009 loan limit of up to $567,500.

30 year fixed: 4.750% at 1 point (apr 4.986).

FHA ~ base loan amounts up to $417,000 for King, Pierce and Snohomish Counties.

30 year fixed: 4.875% priced with 1 point (apr 5.698).

FHA High Balance ~ base loan amounts from $417,001 to $567,500 for King, Pierce and Snohomish Counties.

30 Year fixed: 5.000% priced with 1 point (apr 5.823)

VA ~ loan amonts up to $417,000.

30 year fixed: 5.000% priced with 1 point (apr 5.107)

Prime rate (what most HELOCs are based on) ~ 3.250%.

Rhonda Porter is a Certified Mortgage Planning Specialist, Licensed Loan Originator 510-LO-32047 at Mortgage Master Service Corporation.

Rhonda started in the real estate in 1986 in the title and escrow industry and began her mortgage career on April 1, 2000.  Mortgage Master has been serving Pacific Northwest homeowners since 1976.   As a Correspondent Lender, Mortgage Master features in-house processing, underwriting, prepares loan documents and funds transactions from their own credit lines. They are a direct endorsed FHA approved HUD lender and also offer VA and conventional programs at their office located in South King County.

March Home Sales In Federal Way Much Improved!

2009-04-01T18:19:00-07:00

Even with rain, snow, sleet and hail Federal Way home sales are gaining momentum! Closed sales for the month are up 60% over February. And that means with inventory holding steady at 350 properties for sale, closed sales at 37 units, we have a 9.5 month supply of homes. That is down from a 15 month supply in February - much improved!

The median price of the homes on the market for sale is $300,000, and the median price for the homes that have closed is $249,000. We are still seeing first time homebuyers as the main group taking action - not surprising since they have such great incentive with the Federal First-Time Homebuyer Tax Credit now solidly in place, plus excellent FHA financing available.

For up to the minute reports of home values in your neighborhood of Federal Way, please comment here or send an email to me at dkawell@windermere.com I'll need your address and a list of the improvements you have made to the property. You can also phone me at 206-794-0844.