FEATURE
Why should a buyer buy...? PAGE 2
MARKET
VALUE
PAGE 10
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A look at what has sold in Bellevue
Your link to Bellevue and its neighborhoods
One in 5 homebuyers is a single woman
Wednesday, May 28, 2008
See Bellevue homes listed on the market today at homes.bellevuereporter.com
For information on featured property see page 2
Stay In-Home Mortgage Inc. “Your Senior Home Advisors”
1000 124th Ave NE, Suite 200 | Bellevue, WA 98005
1-800-963-8011
Reasons why homeowners 62 years and older... ... love Reverse Mortgages! • Eliminating their mortgage amount for as long as they live • Pay off unwanted debt like RV Loans, Credit Cards, Auto Loans, etc.. • Extra money for medical costs, home repairs, and peace of mind • All funds borrowed from YOUR EQUITY are tax free • Purchasing 2nd homes, i.e. summer or vacation homes
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Why should a buyer buy in a buyer’s market?
A
re you ready for some good news on the real estate front? It seems like the latest national housing headlines are far from encouraging, home prices are down and new-home sales are lower than the last several years. All this “glass is half-empty” news has many buyers sitting on the sidelines, afraid to make a move. But, economists say, waiting for the bottom is not the smartest strategy. So, why should a buyer buy in todays buyer market?
Why buy in today’s market? Analysts say that In the Puget Sound area, this is a great time to buy! With interest rates historically low, a fairly large inventory of properties to choose from and less chance of getting caught up in a bidding war – why not take advantage of the buyers’ market. Some analysts go so far to say that it’s foolish for buyers to avoid a buyers’ market and want to “wait on the fence” until it becomes a sellers’ market again. The other good news for the country, the Federal Reserve cut interest rates for the seventh straight time since September of last year. Many experts believe that the Fed is done cutting interest rates and will begin a new watch-and-wait policy. This new policy is due, in part, to the fact that the first Stimulus Act rebate checks are hitting millions of mailboxes soon. The Fed hopes this money gives a boost in the arm to the economy. If you've been taking a watch-andwait approach with your own finances, now is the time to call a professional and full time Realtor who can help you review your options. I want to ensure that you're taking advantage of this unique market and not letting it pass you by so here are just a few things to consider: Today's tougher housing market means there are some great buys to be had if you're looking to purchase. This is an especially good market for firsttime home buyers, minus the lender changes & restrictions. The government has temporarily increased FHA loan limits in many areas across the US. These government-insured loans are not FICO-score driven and require little to no down payment. Here's the catch: these new limits ex-
pire at the end of the year, so you must act now. You really don't want to play the waiting game if you are holding an adjustable rate mortgage (ARM). That's because there is (likely) nowhere for the rates to go but up from here, if we are truly at the end of the Fed's cutting cycle.
Can someone just tell me when? Just like it is impossible to say when a specific stock or mutual fund will “bottom out”, it’s near impossible to predict what will happen with real estate. If you ask 15 different experts, I guarantee you,
File Photo
the pace of sales has been affected; prices have held firm or gone up. Waiting for the absolute bottom to hit before buying puts you at risk of missing it and getting caught up in a market on the upswing. Plus, for some first-time home buyers, owning simply makes better economic sense than renting. "Just like the weather, there are large local variations in home prices," says Lawrence Yun, NAR chief economist. In the NAR’s annual report on metro home prices, almost half of the markets posted price increases. Local Realtor Molly O’Connor says that she has seen sales slow a bit, but that prices in her market haven't dropped much like they have elsewhere. "Some people read what's going on around the country and say maybe this is not the best time to buy," she says. “But, we've got a pretty strong market due to our local economy, growing population and limitations of land. Those scary headlines are coming out of Miami and Las Vegas which buyers should somewhat ignore. Real estate is NOT a national product, it’s a local dynamic."
“If you've been taking a watch-and-wait approach with your own finances, now is the time to call a professional and full time Realtor who can help you review your options.” that you will get 15 different predictions. When looking at the long-term benefits of real estate, over the last 40 years, homes have appreciated on average 7% a year. Some years more, some years less but in the long run – it’s still the BEST place to invest your monthly living expenses. For many buyers, there's no real need to wait for the market as a whole to officially “bottom out”. Real estate is local and therefore what constitutes the bottom for the country is meaningless for those looking to buy and sell homes in their own neighborhoods. Prices in many markets have not yet hit their lowest point, but they aren't that far off. And in other areas, only
FEATURE
Moving? Some ideas... PAGE 2
MARKET
VALUE
PAGE 10
PAGE 4
The Cleveland Unit 608
Baths: 1
Redmond, WA
Other: Den
Offered at $329,900
Living Area: 720 square ft.
MLS Number 28061122
Lot Size: 10,210 Square Ft.
Bellevue Real Estate Review is a special section published by the Bellevue Reporter. Extra copies are available at City Hall, Bellevue Chamber of Commerce and local libraries.
Editor: Sarah Simmons, 425.453.4270 For information on featured property see page 2
See Bellevue homes listed on the market today at homes.bellevuereporter.com
Simplified Home Loans
For a free mortgage planning session, please call
425-351-8900
David Foster Branch Manager
Email: David.A.Foster@wellsfargo.com Website: www.getloaninformation.com
80163
Bedrooms: 1
See BUYER'S MARKET page 4
Bellevue Real Estate Review Staff Publisher: Sandy Payson, 425.453.4270
On the Cover: 16141 Cleveland Street,
Schools were the biggest consideration for Michael Daniels, who recently purchased a home in the Houghton neighborhood of Kirkland. The 34year-old health-care manager and his family had outgrown their existing home, but wanted to stay in the same school district. After studying the market for months, Daniels and his wife recently decided to act, when the house they were eyeing dropped in price from $825,000 to $779,000. "The sellers had had two contingency offers that had gone bad," Daniels says. When he agreed to buy the house without the contingency of selling his own house first, the price was whittled down a bit more.
Produced by the Marketing Department
Wednesday, May 28, 2008
Your link to Bellevue and its neighborhoods
There will always be some people who need to move because of job relocations, expanding families or a need for better schools. For some people, the value of the local public schools will play a large part in their buying decision. A well-designed house in an established area with a good public-school district will hold its value and save you money in the long run. "These places don't get hurt as much as the whole market, and they recover faster," O’Connor says.
Supplement to the Bellevue Reporter
jumbo loans still hard to get
A look at what has sold in Bellevue
What will protect me around here?
Advertising: Bruce Baker, 425.453.4273 McKenzie Lukecart, 425.453.4287 William Shaw, 425.453.4211
Bellevue Reporter: 919 124th Ave. N.E. #104, Bellevue | 425.453.4270 | bellevuereporter.com
W e d n e s d a y, J u n e 11, 2008
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Buyers Market Continued from page 2
Buying before selling seemed a bit risky to Daniels, especially in January. But as it turned out, getting his house out there early paid off. It took only one week to get the right offer. And thanks to some updates he had put in himself, he received 42% more than he paid for it six years ago. "The buyers walked in and said, 'This looks like a good value.' It wasn't underpriced, but our Realtor suggested we price it to reflect the current market conditions. We took her advice and it worked perfectly," says Daniels.
…What's the future look like? Often, analysts say, people get so fixated on getting the lowest possible price that they forget just how little difference an extra $10,000 in the home price can mean to their monthly mortgage payment. Assuming a buyer pays $500,000 rather than $510,000 on a 5.7%, 30-year loan with $50,000 down, he’d be paying $2,626 a month rather than $2,684. That’s less than a $60 per month difference. And for first-time home buyers in many markets, there's extra incentive to own a home in the form of rapidly rising rents. Seattle-area rents have climbed 25% since 2003, to an average $1,617, the data firm RealFacts states. In some neighborhoods, rents are getting close to or surpassing a mortgage payment. And the mortgage-interest deduction on your taxes is a huge help for those who need a write-off. According to the Washington State Growth Management Population Projections, Washington currently has 6.5million residents. By 2011, only 3 short years away, the number will be over 7million. This population increase will certainly continue to drive housing demand in both home ownership and the rental market. These days, analysts thinks that five is the magic number when it comes to buying and selling: If you've been in your house five years and plan to move to a place where you will stay at least another three to five, you're probably OK. However, there are a few notable exceptions. There are some markets around the country where prices are still sliding, such as economically depressed Detroit. Fortunately, the Puget Sound area is not in this same position as we have one of the lowest unemployment rates in the country and a high number of people moving to the area every day.
How to get the best deal If you're ready to buy, try to make the best deal you can in a neighborhood that is holding its own, experts say. Make sure to have yourself preap-
W e d n e s d a y, J u n e 11, 2008
proved by a reputable mortgage broker or lender before viewing homes on market. Now is the time to take advantage of the market conditions because of the high inventory and low interest rates. When you have zeroed in on a neighborhood, work with an experienced real-estate agent to go over the fundamentals.
Featured Home
REDMOND
5 REASONS TO BUY
1. Prices in the neighborhood you are interested in are relatively stable. Either they are holding their own or increasing, or the pace of decline is slowing significantly. 2. You plan to stay in the home for more than five years. If you can stick it out before selling, economists say you’ll probably ride out any downturn and come out ahead on price. 3. Your rent rivals a mortgage payment. If you can afford to buy, it can give you one bonus that renting can't: the mortgage-interest deduction on your taxes. 4. You've found the right house in the right area for you. The schools are great. You love the area and know it would be hard to find another house like the one you have your eye on. In a better market, you would most likely have much more competition for that home. 5. You've built equity in your house and are moving to a place where homes are now cheaper than ever before. In your new market, your money will go a lot further.
5 REASONS TO HOLD OFF
The Cleveland offers homeowners the perfect in-city location, within walking distance to a wide variety of restaurants and unique amenities.
Enjoy City Living in Downtown Redmond at The Cleveland O Description Nestled in the heart of downtown Redmond, this one-of-a-kind condo features a classic, contemporary interior by an award-winning designer. O Outstanding Features Premium hardwood cabinets with European hardware; dramatic granite counters and bar tops; unique matte stone backsplashes; Kohler pull-out faucet atop stainless steel sink; elegant pendant lighting over islands; sophisticated hardwood floors with premium carpeting; open floor plans perfect for entertaining.
1. You've lived in your house less than two years. Chances are you haven't had enough time to accumulate equity in your home. 2. Your job security is uncertain. If your company or business is in distress, it's probably better to stay put until you have more economic stability. 3. You don't plan to stay in your next house at least three to five years. While it's not important to buy at the exact bottom of the market, it O Appliances is important to stay long enough to The gourmet-styled kitchen features GE ride it out completely. 4. You don't have good credit or a de- Profile stainless steel cent down payment. Do you have a job and income you can document? As a result of the subprime lending crisis, lenders are much more careful about whom they're giving their money to. 5. You have an existing home to sell in a neighborhood where prices are dropping precipitously or where the number of foreclosures is spiking. In this climate, you're probably better off waiting out the storm. High ceilings in living areas. So do your homework, get connected with the experts and trust that home ownership is still the highest accomplishment of the American Dream! – By Debbie Walter Realtor® - RE/MAX NW
Vital Statistics
Address 16141 Cleveland St. Unit 608 Price $329,900 Square Footage 720 sq. ft. Bedrooms 1 Bathrooms 1 Den 1 appliances including a refrigerator, “slide-in” range, microwave and dishwasher. O Location Redmond is a growing, vital city. Here you can find all the things that make living in the Puget
Sound great: Lakes, trees, fresh air, fine and casual dining, shopping, and an endless list of activities. Living in Redmond offers not only a wide variety of things to see, do, and explore, but it is also minutes to downtown Seattle or other eastside communities. Woodinville wineries, Kirkland’s waterfront, even the Cascade Mountains are close by. O Land & Landscaping Enjoy a maintenancefree lifestyle at The Cleveland, with a secure onsite garage, fitness center, conference room, and clubroom. Inviting outdoor terraces and decks.
Gorgeous stainless steel appliances.
Jak Kaiser
425.869.0602
Web site: www.The-Cleveland.com E-mail: jakk@urban-experts.com
Sales Center Open Daily 10:00 AM to 6 PM
82806
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One in five homebuyers is a single woman S purred on by a healthy real estate market, a variety of new loan options and more buying power than they had in the past, single women have become a powerful demographic in the real estate market.
“W
e saw the trend starting 10 that the increasing number of differyears ago, and it became so ent loan products is at least partially common three to five years ago that responsible for the trend. we don't notice it anymore,” says Ron With things like 5/1 adjustable rate Phipps, broker with Phipps Realty in mortgages or new no, or low-down Warwick, RI. payment loans, loans have become In 2005, 21 percent of all homebuy- “more creative and more flexible,” ers were single females, up from 16 Glink says. percent in 1993 and the second largThomas Stevens, president of the est group of homebuyers, according National Association of Realtors, to statistics from the National agrees. “There are so many Association of Realtors. new loan products It wasn't always that where there's “Women of that way. In the a will, there's a 1950s and 1960s, way,” he says. all ages are taking single professional It's creating women had a hard “a ripple effect,” the home-ownership time even getting a says Rachel plunge solo.” mortgage. Drew, research Ilyce Glink, author analyst with the of “100 Questions EvJoint Center for Housery First-Time Buyer Should ing Studies at Harvard UniAsk,” recalls going to a bank with her versity. “As more women are buying husband in 1989 for a mortgage. She homes on their own, their friends are started talking about her paycheck seeing that happen and saying, 'Maybe and remembers being told, “Don't I could buy a home.' ” worry honey, your income doesn't Women of all ages are taking the even count.” home-ownership plunge solo. These days, mortgage lenders are “It used to be younger professional actively courting single female cus- women doing the buying,” says Phipps, tomers. And many real estate agents who says he's now seeing more midand consumer finance gurus believe dle-aged women and seniors buying
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homes on their own. "We're kind of seeing that become more common.” But, often they are not looking at the same homes, says Drew. Older women are likely to buy homes that are newer and more expensive. “They are more likely to have reserves from wealth accumulation,” she says. And that shows up in how they pay for the home, says Drew. Twenty-eight percent of women are able to buy a home without a mortgage, she says. (For single men the figure is 27 percent, and for couples, 20 percent.) But for most women, mortgages are a must. And 40 percent put down less than 5 percent for a down payment. Condos and townhouses, in particular, seem to be a very popular choice. For solo female buyers, “condos and townhomes are definitely more popular,” Stevens says. Single women also are looking for smaller homes than their married counterparts, she says. One-third of single women purchased two-bedroom homes. By contrast, 84 percent of married couples purchase homes with three or more bedrooms. For many women, buying a home is not simply about the shelter. A house is also a chance to get in on a great investment opportunity. For the past five years or so, the national real estate appreciation rate has been about 12 percent, says Stevens. Even though “that's not normal,” the 6 percent to 7 percent that real estate agents expect
File Photo
to see over the next few years is a tidy profit for homeowners. But a woman's path to home ownership is not without its challenges. Single women and men spend about the same for a home, with a median purchase price around $100,000, says Drew. But for single women, that will take a larger chunk of their paycheck. Forty-three percent of women spend more than 30 percent of their income on their mortgage payments, a threshold Drew calls "cost-burdened.” – By Holden Lewis Scripps Howard News Service
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SPOTLIGHT HOMES Magnificent Private Gated Compound First time on market! Jet City Development Custom Estate, feels like a Luxury Hotel Resort with rare U-shaped design and magical views from all wings of Lake WA, Olympics & Seattle. 50-yard line seats perched above Carillon Point & Marina. Entertainment patios and outdoor living areas for cozy evenings or fabulous parties‌Please see more photos at our website:
www.BigDogRealty.com 84286
Represented by: Heidi Bright & the Big Dog Realty Team
cindykohut@johnlscott.com
$649,000 SEATTLE
1527 NE 24TH CT LOT 3 Bedrm: 5 Bath: 4.5 MLS# 28037904 www.johnlscott.com/44915 5 beds/ 4.5 baths. 2-stories w/a walk-out lower-level. Gourmet kitchen, open family room, and a covered, outdoor room. Pricing reflects home in AS-IS condition. Home is currently under construction and is incomplete. Pricing reflects builder NOT finishing these homes--buyer will have to finish after closing. Offers must include proof of cash or preapproval for a construction loan. Seller disclaims all warranties regarding construction. This is a short sale and subject to Lien Holder approval.
206-686-8670 vija@vijawilliams.com
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206-686-8670
Professionalism
vija@vijawilliams.com
84354
4 Bedrooms, 1.75 Bathrooms, 2320 sq. ft.
425-260-2017 cindykohut@johnlscott.com 425-260-2017 cindykohut@johnlscott.com 425-260-2017
$879,990 ~ Issaquah
2495 NE DAPHNE ST Bedrm: 4 Bath: 2.5 MLS# 28095532 www.johnlscott.com/33042 PRE-FORECLOSURE! This corner lot gives you 9,000 square feet of privacy--one of the largest lots in Issaquah Highlands.The Montclair is the latest fantastic GMP built floorplan,featuring 4 large bedrooms, a bonus room, main floor den, and 2.5 baths. , covered front porch, on large and private lot. Extra landscaping not included in price.
$419,950
4 Bedrooms, 2.5 Bathrooms, 2740 sq. ft.
4 Bedrooms, 2.5 Bathrooms, 3000 sq. ft.
-PPLJOH GPS B GFX HPPE BHFOUT UP SPVOE PVU UIF SPTUFS BU PVS /FX *TTBRVBI 3FUBJM -PDBUJPO JO UIF .FBEPXT 4IPQQJOH $FOUFS PO DPSOFS PG (JMNBO #MWE BOE 43
$2,800,000 NORTH BEND
84412
$759,990 ~ Issaquah
$489,900
$444,900
84366
425-260-2017
Fabulous Maple Leaf Home! Hardwood floors, Shop, RV parking, Home office potential
East Hill Chestnut Ridge View Home
84365
cindykohut@johnlscott.com
Bothell
Beautiful Maywood Hill Custom TriLevel near Downtown Bothell, 11,000 sf lot, spacious, neat clean and ready to go.
84415
Exciting new presale at Calina at Kirkland! This will be built as a 5 bedroom/4 bathroom and bonus room plan, with a bedroom and 3/4 bath on the main floor, you have a great guest room or den. Large great room concept with all the craftmanship and specs you would expect from West Tier Development. Call Cindy to get more details about the latest presale in Kirkland’s fastest selling neighborhood.
84361
84348
84359
425-820-5383
6035 47TH AVE SW, Seattle Bedrm: 4 Bath: 2.5 MLS# 28080062 Gorgeous 2004 Merritt Construction! Open floor plan, stunning entry, maple floors & large dining room. Open kitchen has eating bar, nook, pantry, gas, granite & stainless appliances. Large master w/spacious walk-in closet & 5 piece master bath. Sound & Mt views! Beautifully landscaped & fully fenced. Gas Fireplace. Move-in, turn key condition. Great Seaview location! Just a few blocks to beach, sound and parks. Large detached 2 car garage, extra parking and paved alley access. Scott Mallard 206.261.4669 scottm@trustmadison.com
Honesty Integrity
15425 RESERVE DR SE, North Bend
Bedrm: 5 Bath: 6 SF:7,000 MLS# 27195843 Under construction but almost finished! This stunning estate has breathtaking views of Mt. Si and the Snoqualmie Valley. Located in the private and gated Reserve at the Uplands. Buyer still has time to choose some interior finishes & details. Includes MIL apartment, gorgeous custom bar, theater room, guest quarters and so much more. Call for builders tour today!
Scott Mallard 206.261.4669 scottm@trustmadison.com
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84328 83505
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SPOTLIGHT HOMES Sarah Jullion
425.736.2203
ONE-OF-A-KIND Country living with the City so accessible!
s.jullion@comcast.net
$599,000 Spotless Bellevue home with quiet ambiance & curb appeal.
26101 SE 166th St., Issaquah, WA 98207
204 - 153rd Place SE, Bellevue, WA 98007
MLS#27205511
• One-acre plus-level and with salmon-running creek wandering through • Great Room design, expansive decking. 3 bedroom, 2.5 bath, 2,480 sq.ft.
$539,000
MLS#28059190, 2640 s/ft,
4 bdrm, 2+ bth, 565 s/ft shop MLS#28096181
$599,000
Located in Lakemont’s Vuemont Meadows. Original owners have maintained to perfection. Traditional floorplan with 4 bedrooms, 2.5 baths, bonus room, main floor den and extra large upstairs laundry. Entertainers delight in the back yard with an oversize deck, gazebo with hot tub and sports court. Price: $ 949,950 MLS Number: 28061122 Type: Single Family
Year Built: 1989 Bedrooms: 4 Bathrooms: 2.5
84288
15414 SE 6th Place, Bellevue 98007 • Great updated 3 bdrm, 1.75 bath rambler • Easy access to 190, 405, Microsoft
www.listbuysusan.com
425-761-9500
List with me and be on the cover!
Impressive home offers classic renovations throughout. Striking new kitchen boasts custom cherry cabinetry with slab granite counters, stainless steel appliances including a 5 burner cooktop and huge center island. Price: $ 799,950 MLS Number: 28026336 Type: Single Family
Year Built: 1988 Bedrooms: 4 Bathrooms: 2.5 80989
Call Kristy Buck today for your private showing 360-490-0958
84289
This home boasts over 6,400 square feet of living space. Downstairs is party central with a second kitchen with full appliances, outdoor living space, water skiing, fishing and your own dock. Master and office on the main, with 2 more bedrooms and den/library upstairs, PLUS a huge bonus/ hobby room over the 4-car garage all set up for full media room and two separate his ‘n her hobby rooms. 4-car garage with shop, fully landscaped with pond and dog run - too much more to list - you just have to see it! $1,250,000. Shelton, WA
MLS# 28085161
SHL - Independently Owned & Operated
www.johnlscott.com/40632
A World of Possibilities can be had with this 4BD 2.5BA home. With it’s unique personality and many features. This home has an updated kitchen a remodeled master bedroom and 5 piece master bath with a jetted soaking tub and a gorgeous view of Lake Washington. The daylight basement has a possible MIL suite, and enough storage to make any avid shopper proud. Welcome home. Price is $935,000 • 3,200 sq ft. • 13,000 sq ft. lot Jackie Ramirez Coldwell Banker Bain 425-890-1141 jackieramirez@cbbain.com
Promote your property listings to over 190,000 Bellevue Reporter readers each month with an ad in “Spotlight Homes”. Reach the affluent Bellevue market with an average household income of $97,360 for just $180/month. Call 425-453-4273 to reserve your space.
84303
Live Your Dream In This Gorgeous Lake Front Home!
84330 80876
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Pre-Listing Inspections: Should I or Shouldn't I ? It's no news that it's become a buyer's market in many markets across the country. In Kirkland alone, there are currently 626 homes on the market. What can agents and sellers do to make these properties stand out from the rest? Get a pre-listing inspection prior to coming on market. I know we've all heard about them and most everyone has their own opinion, ranging from, "There must be something wrong with the home if the seller has already done an inspection on it," to the idea that a buyer, not the seller, is responsible for the inspection. Or how about the rationalization that the buyer will get their own inspection, anyway, so why should the seller go to the trouble and expense to get their own? Or even the belief that pre-listing inspections are more trouble for the seller and listing agent than they're worth because the buyer's and seller's inspectors will each find different things, which could blow up in the seller and listing agent's face. Now I'm not talking about the traditional idea of performing an inspection of the seller's property simply for the benefit of the seller. I'm talking about
something completely different. And what's so different? The positioning and marketing of the inspection. Most of us know that pre-listing inspections aren't for the meek or weak. They represent a shift in thinking from the traditional to the rational and are often a tough sell to many seller's who believe that the buyers are responsible for the inspections, which results in their heavy resistance to the pre-listing inspection idea. However, in my opinion, prelisting inspections should be the rule rather than the exception. They reveal any hidden issues to the seller before the home gets placed on the market, which later translates into the buyer knowing its true condition before they submit an offer. This valuable information only makes all offers stronger and now the deal is unlikely to snag when the buyer gets their own home inspection (which they likely will, so please don't think they won't). Also, by getting the pre-listing inspection the seller has also enhanced the likelihood of a successful closing by creating a feeling of honesty and trust since they've disclosed, concessed, or
repaired all the necessary items. Another seller benefit is that the items needing professional attention can be corrected at a time that fits their schedule and at a more reasonable price since the costly rush charges associated with repairing these items as a consequence of the buyer's inspection are avoided. So let me explain why and how this new pre-listing inspection works by stealing a page out of our local auto dealership's playbook: When you go into an automobile dealership today they have two types of used cars:
How much disclosure is needed when a home is sold?
have access to the Internet, choose a search engine and type in "seller disclosure, states." If you can't locate your state's form, contact a licensed real estate agent to assist you.
Q:
When I purchased my condo three years ago, the home inspector pointed out some water stains he had noticed. The seller told us the problem was fixed. We bought the place and now find the leak still exists. Since then the homeowners association has made roof repairs and painted the exterior with waterproof paint. We are not sure, however, that the problem is fixed. The only thing we know is the stains have not gotten any wider or worse. We are putting our place up for sale and having it painted, which means
painting over the stains. The problem with this is the buyer's inspector would not notice the stains and advise the buyer. How do we go about disclosing the water stains?
1. The plain old used car 2. The "Certified Pre-Owned" car Now what does Certified Pre-Owned mean in the mind of the consumer? It means that the Certified Pre-Owned Vehicle has been inspected an d it meets the company's rigid guidelines for quality and excellence. And will consumers pay more for Certified Pre-Owned Vehicles? Absolutely!!! So let's say you have a home For Sale on a street in a great neighborhood, but there are already a lot of homes for sale on that street. How do you not only stand out from your competitors, but also swipe their buyers? Actively market your home as a "Certified Pre-Owned" home. And how do you get it "Certified"? By having it professionally inspected
-by Dwight Barnett Scripps Howard News Service
before it goes on the market! As you know, home buyers want a home that is in tip-top shape regardless of the age. That's why having a pre-listing inspection makes complete sense. Since this pre-listing program requires the seller to confirm that there are no major systems in need of immediate repair or replacement and that there are no known safety hazards (which is what requires the seller to address the important things found in the inspection), the home is now more marketable and will help the sellers get their maximum selling price. Finally, there is one secret all sellers need to know: Buyers make their decision to purchase a home based on emotion and justify that decision with logic. And another thing is equally true: Buyer's can fall OUT of love with a home just as quickly as the fell IN love it. So why jeopardize the sale by waiting for the buyer's inspector to develop a long list of unexpected repair items? Making the repairs in advance of the sale and then properly positioning and marketing the pre-listing inspection will sell your listing for more money, in less time, and with less hassle!
– By Debbie Walter Realtor® - RE/MAX NW
“...as a buyer, don’t stop at reading the form, you have to be observant and be free to ask questions.”
A:
It's really nice to hear from honest people who want to disclose defects to the buyer. In several states the seller is required to fill out a seller disclosure form or letter in which known defects are listed. I was able to find Washington's Civil Code, governing the seller's disclosure requirements at www.uslegalforms.com, but it's too long to include here. If you
F r e e F o r e c l o s u r e Wo r k s h o p
You can attend a FREE FORECLOSURE WORKSHOP each Tuesday at 5:00 PM and discover how you, too, can profit from this brief window of opportunity. The office location is 1200 112th Ave NE STE B-100, Bellevue, WA 98004. The workshops are free but seating is limited so you must register. No products will be sold.
Call 206-550-5559 or 425-260-7270 for registration Windermere Bellevue Commons, Foreclosure Solutions
84001
A $549,000 Value!!!
Even as the nation suffers from a growing wave of foreclosures, savvy King County residents are cashing in on bargain prices at the auctions. Properties are being sold for as little as 60 cents of current market value.
84295
This home was purchased at auction on 5/2/08 for $340,001.
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The inherent qualities of carpet Whether carpeting a room from wall to wall or just adding an area rug, the bottoms of your feet will be grateful. With the sound absorbency that the rug fibers provide, your ears will be grateful, too. Besides comfort and quiet, carpeting also can visually expand or cozy up a room easily. A light color will do the expansion trick, while a dark color will make the room snug as a bug. Other magic that carpet color can do is to "warm" or "cool" a room. If a room has little or no natural light coming in, a warm or bright color should be used. Conversely, a room that tends to be hot most of the time will do well with the cool blues or greens. More votes in favor of rugs: In a sparsely furnished room, carpeting helps fill the gaps. A wood or tile floor might look sterile with very little furniture, while a carpeted room with the same amount of furnishing will feel more complete and even more inviting. But say you love the wood floor in a room but want to carpet it because of all the above advantages. Well, you can have your cake and eat it, too. Instead of scattering several area rugs here and there, an option is to unify the room by having a carpet cut to the dimensions of the room, minus 12 to 24 inches on all four sides. This way the beauty of the wood still shows on the edges of the room while the carpet does its color, comfort, quiet magic. Another plus in doing this is that if you move, this carpet can easily move with you. – By Rosemary Sadez Friedmann Scripps Howard News Service
File Photo
Let's review some of the inherent qualities of carpet: • Sound absorption is one of carpet's most appealing characteristics, particularly in condo or apartment living, both for the dweller of the condo/apartment and the neighbors. Also, if a room has high ceilings, the carpet's acoustical qualities will avoid high decibels from bouncing wildly in the room. • Softness is another excellent quality. But in addition to the obvious heel-to-toe appeal,
carpet can soften the angles of a room, creating a welcome look. • Maintenance should not be overlooked, and with carpet the maintenance is easy. Just vacuum often and professionally clean about once a year. • Camouflage is another trick carpet can do. No matter what the condition the floor, just add padding and carpeting and, abracadabra, lumps, bumps and other irregularities disappear.
Carpet: A panacea for floors? Could be.
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W e d n e s d a y, J u n e 11, 2008
Real Estate Sales in Bellevue, WA: May 15, 2008 - June 1, 2008
Residential Housing in Bellevue $567,000. . . . . . . . . 442 110th Ave SE $630,000. . . . . . . . . 802 108th Ave SE $660,000. . . . . . . . . 10731 NE 28th St $680,000. . . . . . . . . 10618 NE 12th Pl $1,050,000 . . . . . . . 3630 116th Ave NE $1,190,000. . . . . . . 9600 NE 26 St $1,241,500. . . . . . . 3113 Hunts Pt Rd $1,500,000. . . . . . . 2320 88th Ave NE $2,598,000. . . . . . . 9830 NE 28th St $3,659,000 . . . . . . . 2828 95 Ave NE $4,350,000. . . . . . . 1311 89th Ave $315,000. . . . . . . . . 2580 118th Ave SE $540,000. . . . . . . . . . 2473 132nd Ave SE $661,500. . . . . . . . . 1524 121st Ave SE $700,000. . . . . . . . . 1615 125th Ave SE $790,000. . . . . . . . . 5214 134th Pl NE $1,055,000 . . . . . . . 3059 134th Ave NE $365,000. . . . . . . . . 12025 SE 52 $450,000. . . . . . . . . 14222 SE 41st St $580,000. . . . . . . . . 15337 SE 43 rd Pl $591,600. . . . . . . . . 16831 SE 46th St
$610,000. . . . . . . . . 11163 SE 59th St $619,000. . . . . . . . . 15772 SE 44th Pl $650,000. . . . . . . . . 4843 158th Pl SE $715,000. . . . . . . . . 11608 SE 63rd St $730,000. . . . . . . . . . . . . . 11209 SE 64th St./ Lot 1 $762,000. . . . . . . . . 14008 SE 42nd St $775,000. . . . . . . . . 14056 SE 63 St $780,000. . . . . . . . . 14024 SE a Blvd $920,000. . . . . . . . . 14755 SE 56th St $1,025,000 . . . . . . . 4553 137th Ave SE $1,118,000. . . . . . . 13017 SE 47 St $1,210,000. . . . . . . 15524 SE 53rd Pl $1,425,000. . . . . . . 6146 159th Pl SE $389,950. . . . . . . . . 2644 153rd Ave SE $415,000. . . . . . . . . 451 154th Ave SE $500,000. . . . . . . . . 1026 145th Pl SE $865,000. . . . . . . . . 14105 NE 10 Pl $396,000. . . . . . . . . 15619 SE 8th St $435,000. . . . . . . . . 1011 158th Pl SE $475,547. . . . . . . . . 1033 159th Pl SE $495,000. . . . . . . . . 15651 SE 24th St $510,000. . . . . . . . . 17165 SE 40th Pl $535,000. . . . . . . . . 1426 176th Pl NE
$554,000. . . . . . . . . 2906 165th Pl NE $559,998. . . . . . . . . 17104 NE 5th Pl $600,000. . . . . . . . . 2422 171 Ave SE $600,000. . . . . . . . . 1673 185th Ave NE $850,000. . . . . . . . . 16911 SE 32nd Pl $1,600,000. . . . . . . 17834 SE 40th Pl $2,725,000. . . . . . . . . . 434 W Lk Sam Py SE $1,080,000. . . . . . . 7652 NE 12th St $1,298,000. . . . . . . 806 84th Ave NE $1,350,000. . . . . . . 7803 NE 12th St $1,606,000. . . . . . . 8448 Midland Rd Residential Housing Averages AVG. List Price: $1,010,382 AVG Sold Price: $970,038 Cumulative Days on Market: 113
$377,000. . . . . . . . $425,000. . . . . . . . $238,650. . . . . . . . $315,000. . . . . . . . $320,000. . . . . . . . $320,000. . . . . . . . $315,000. . . . . . . . $350,000. . . . . . . . $377,266. . . . . . . . . $465,000. . . . . . . . $565,000. . . . . . . . $218,900. . . . . . . . $277,150. . . . . . . . $362,000. . . . . . . . $420,000. . . . . . . . $189,950. . . . . . . . $218,000. . . . . . . .
342 102nd Ave SE 177 107th Ave NE 12107 NE Bel-Red Rd 2580 118th Ave SE 2220 132nd Ave SE 2220 132nd Ave SE 12313 SE 41st Ln 4281 152nd Ct SE 6739 SE Cougar Mt Way 13809 SE Allen Rd 6855 166 Pl SE 1430 154th Ave NE 2969 142nd Pl SE 4033 145 Ave NE 14611 NE 3rd St 15637 NE 18th St 16210 NE 12 Ct
Condos/Townhomes in Bellevue $245,000. . . . . . . . $295,000. . . . . . . . $299,000. . . . . . . . $300,000. . . . . . . .
1188 106th Ave NE 10818 NE 37th Pl 321 Bellevue Way SE 10520 NE 32nd Pl
Condos/Townhomes Averages AVG List Price: $377,493 AVG Sale Price: $370,172 Cumulative Days on Market: 74
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Beth’s Real Estate Update By Beth Billington
WHEN TO BUY Financial advisors in our newspapers and magazines love to write about this subject, suggesting that we buy when sellers are willing to negotiate, when interest rates are low, when others are buying, etc., etc. The reality is that there is no ideal time—in the abstract—to buy your home. The best time to buy is when you can afford to buy, and need to buy a home that suits the needs of your household, and have found the right home to fulfill your needs and wishes. It’s true that we’ve seen home prices skyrocket in certain years, and that people who bought when home prices reached their peak weren’t always pleased with the results. But the problem didn’t reside in the home, nor did problems show up in the real estate deals, nor even position of the stars in the heavens. The
problem showed up when people bought more than they could afford to buy, particularly when they used a mortgage loan they didn’t understand and found, months after the deal closed, that the monthly payment started to rise insidiously. There may be no better time to buy than that magical moment when very few people think they should, and interest rates are low, and the market is coming into recovery. But that is a moving target, very hard to hit. A good home at a fair price with financing that fits the buyers’ profile—that is surely the definition of a good deal for a buyer. For assistance call Beth at 425-450-5208 and visit her website at www.bethbillington.com. Beth Billington is a Realtor® with Coldwell Banker Bain in Bellevue, WA.
PAID ADVERTISEMENT 81696
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Alternatives to a full-blown house appraisal Would you lend money on a house without taking a look inside? Some lenders do.
I
n the quest to make home loans cheaper and quicker, lenders don't order labor-intensive, full appraisals as often as they used to. A lender might request anything from a full-blown appraisal to a "drive-by" inspection by a real-estate broker. Thanks to computer technology, some home equity loans don't require a visit to the house at all. You probably won't have much say in how the lender verifies the property's value, but it doesn't hurt to ask. "I'm sure if a customer says to the bank, 'I'd like to have this as cost-effective as possible,' they'll try to order the least expensive appraisal they can," appraiser Allan Bredice says. Bredice is director of the appraisal division of Integrated Loan Services, which develops alternative appraisal products. Home purchases and refinances almost always require at least some type of appraisal conducted by a licensed appraiser, although they don't al-
ways require an interior inspection. It's the world of home equity loans where the computer has made the most inroads. In many purchases and in some equity loans, a licensed appraiser conducts what is called a complete summary appraisal. The appraiser inspects the inside and outside of the house, takes pictures, looks at three comparable nearby properties and produces a report with a location map, a drawing of the house's layout and supporting details to justify the appraiser's opinion of the house's value. To save time and money, the mortgage industry came up with the "2055 form," in which a licensed appraiser prepares a condensed analysis. A computer program decides whether or not a 2055 form appraisal requires an interior inspection. Glitches happen. "Sometimes I'll get a request from a lender for a 2055 drive-by with interior photos, which is kind of an oxymoron," says Pa-
tricia Lennon, an appraiser and owner of Ameristar Appraisal Services in Conroe, Texas. Lennon's company charges $100 less for a 2055 form appraisal than for a complete summary appraisal, and can deliver it faster. When it comes to home equity loans, licensed appraisers aren't always involved in the process. Occasionally a lender will order a BPO _ a broker price opinion -_ in which a real-estate broker looks at a house and, based on the broker's knowledge of home sales in the neighborhood, estimates the value.
PRIVATE MORTGAGE BANKING
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After BPOs comes the world of high technology, where experts extol AVMs and skeptics warn about GIGO _ garbage in, garbage out. AVMs, or automated valuation models, are computer programs that estimate house values based on factors such as the size of the building and the lot, location, amenities and sales prices of nearby houses. "In a way, an appraiser is doing the same thing in a much cruder fashion," says Michael Sklarz, chief valuation officer for Fidelity National Information Solutions, a developer of AVMs. Lenders mostly use AVMs to support home equity loans for relatively small amounts and with low loan-tovalue ratios. Sklarz believes lenders will come to use AVMs for most purchases, too "at least for typical properties." In other words, not a house on a cliff overlooking the Pacific, "but for the typical house in a big subdivision where values tend to be concentrated, or a condo where the floor or the view is the differentiating factor." An AVM is only as accurate as the data it depends on. "It's the principal of garbage in, garbage out," Lennon says. "If what you're putting in is good, what you're getting out is going to be good, too." – By Holden Lewis Scripps Howard News Service
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W e d n e s d a y, J u n e 11, 2008
Where will she hold her slumber parties?
E XC LUSI V ELY PR ESE N T ED BY
Windermere Real Estate featured home of the week
West Lake Sammamish
$699,800
Peaceful, Private & Perfect! Open floor plan and an ideal location welcome you to this 2500+ SF remodeled home. Stunning kitchen remodel features cherry floors, Maple cabinets, large island…a modern flair & designed for entertaining! Serene backyard offers a stone patio, deck & tree fort, it feels like your own private park. Newer Roof, Windows, Furnace & A/C. Close to parks, schools & I-90. MLS#28051744
Julia Krill 206-406-9000
Julia has been specializing in resale homes on the eastside since 1993. Her team’s primary goal is to make your real estate experience a rewarding and smooth transition from start to finish. Call Julia Krill for expertise in neighborhoods, schools and market knowledge.
juliakrill.com
CLYDE HILL $1,780,000 The moment you enter this timeless 2-story Clyde Hill home you feel the comfort & calm-comfortable spaces, calming interiors. Reminiscent of a traditional New England home, this style combined with thoughtful upgrades is displayed in this classic home. Location can’t be beat-a friendly street close to Medina Park & Elementary school. Fantastic yard & colorful gardens feature a patio for entertaining, sport court & play structure for safe kids’ play. MLS#28083156 . Wendy Paisley 206-650-5812 www.wendypaisley.com
BELLEVUE-ENATAI
WEST BELLEVUE $2,998,0000 The Grant…set among 5 other Lochwood-Lozier new construction homes. Stunning views of Seattle, Lk WA, & the Olympics. Schools, parks & downtown Bellevue are just moments away. Meticulous construction of this contemporary home is of the highest quality, including soaring ceilings & spacious floorplan. Rich hardwood floors, custom built-ins, top-of-the-line appliances, rec room, media room. Master suite sanctuary w/sitting room, spa bath & private deck. 4 BR/3.75 BA. MLS#28044727. SteveErickson206-295-8485 serickson@windermere.com
ENATAI-New Construction $2,700,000 Just minutes from downtown Bellevue, stunning new construction with views of the city. 6,300 SQFT of rich details throughout, gorgeous materials, grand entry and executive size office. Custom built kitchen cabinets with exotic mahogany wood. Beautiful tiles used throughout. Dedicated theater and exercise rooms. Outdoor fireplace and patio. Bring your most discriminating buyers and see. Cul-de-sac setting and priced to sell.
Anna Riley 425-761-8836
anna@westbellevue.com www.westbellevue.com
Justin W. Richards 425-765-8088
justinrichards@windermere.com www.RichardsNorthwest.com
$899,950
Rare find in West Bellevue. Newer construction (1999) Craftsman style home that boasts a spacious master suite, two additional bedrooms, den, cozy family room, plus formal living and dining rooms. Large 9,416 lot with fully fenced yard and entertainment deck. Three-car detached garage with the ability for an above garage addition. Perfect close-in location within short distance to Enatai Elementary, Triangle pool, and Enatai Beach Park. MLS#28033381. Julie Scozzafave 425-417-3566 www.Scozzafave.com
Nate Short 425-891-5842
Wendy Paisley 206-650-5812
Wendy@wendypaisley.com www.wendypaisley.com
www.MrClydeHill.com
Rondi Egenes 206-953-1771 www.rondi.com
KIRKLAND $1,795,000 A beautiful example of the New Old House. Custom designed & built w/unbelievable quality. Elegant & comfortable with formal and informal spaces. Spectacular Master suite; spacious bedroom, beautiful bath, and large walk-in closet w/second W/ D. 4 bdrms, 3.25 bths & 4047 sq ft. MLS#28088837. John Kritsonis 206-498-0288 johnk@windermere.com www.johnkritsonis.com
URBAN SANCTUARY
COUGAR MOUNTAIN-BELLEVUE $1,335,000 The Grindle Company presents this 2008 masterpiece in Newport Ridge. Rated 4-stars by Green Built this home includes energy efficient fans, appliances, lighting, windows, energy, and carpet. Boasting fabulous views, high end designer finishes and award winning Bellevue Schools! Close to I-405 and I-90 for an easy commute. 4 bdrms, 3.5 bths & 4184 Sq. Ft. MLS#28089457. John Kritsonis 206-498-0288 johnk@windermere.com www.johnkritsonis.com
PHANTOM LAKE $949,950 “Location, location, location! Home is close to Microsoft, Phantom Lake Swim & Tennis Club, freeway access, and great schools. This Northwest Contemporary boasts a gourmet kitchen with slab granite, stained oak floors, stainless steel Sub Zero, Viking and Bosch appliances. Plantation style shutters accent your windows throughout the home. MLS#28061524. Justin Richards 425-765-8088 www.RichardsNorthwest.com justinrichards@windermere.com
Nate Short 425-891-5842
www.MRCLYDEHILL.com
windermere.com
John Kritsonis 206-498-0288
johnk@windermere.com www.johnkritsonis.com
$3,198,000
Strong in stature with softened elegance inside, this beautiful 6bd, 6500 sq ft home is perfectly in tune with its Northwest Contemporary styling. Designed & warmed by abundant natural light, the main floor is awash in sunshine, highlighting its sophisticated, crisp architecture & luxury finishes. Inside, entertaining is a breeze with a 2nd serving kitchen, media room with a big screen flanked by 4 additional built-in tvs & a bistro bar that includes the homes 3rd SubZero & Humidor and exercise studio. MLS#28050094 .
Anna Riley 425-761-8836
Julie Scozzafave 425-417-3566 Julie@Scozzafave.com
anna@westbellevue.com
Steve Erickson 206-295-8485
serickson@windermere.com
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