Managing Broker, CB Danforth
Imagine driving by a house, snapping a photo of it with your iPhone, and then obtaining relevant data about the home and surrounding community. It’s possible with the HomeSnap app by Sawbuck. Walt Mossberg, personal technology columnist for the Wall Street Journal, reports on HomeSnap’s utility.
Housing starts in April were strong, increasing by 4.7 percent to a 685,000 annual rate, according to the median estimate of 80 economists surveyed by Bloomberg News. The Associated Press reports a slightly higher annual pace of 717,000 homes, based on Commerce Department figures.
Time reports these strides in the housing market:
Economists watch the number of starts because new homes, which comprise about one-fifth of the total housing market, create an average of three jobs over a year and approximately $90,000 in taxes. Based on 717,000 units, the housing market would support over 2.15 million jobs.
Everything comes alive in the Pacific Northwest with fair May weather. The last frost of the season is likely behind us, and gardeners have the next 200 days, approximately, to cultivate the annuals, perennials, and vegetables of their choice.
The Pacific Northwest, which is defined by the area bounded by the Pacific Ocean to the west and the Cascade Mountains on the east, has a cool growing season. Oregon, Washington, and Idaho as well as the Canadian province of British Columbia are commonly considered to be part of this region, while looser definitions also include the northernmost part of California. Trees and shrubs like rhododendrons and redwoods do well in this part of the country, but so do a plethora of other plants.
There are many resources available to both novice and professional gardeners. The National Gardening Association provides key information on zonal gardening, seasonal plant trends, and how-to videos. Better Homes and Gardens features articles that range from the highly specific to the general, accompanied by helpful visuals, and Sunset is another magazine full of guidelines and inspirational ideas for gardeners as well as home decorators and entertainers.
When choosing plants, don’t discount the benefit of native species, which are proven to thrive in the region’s growing climate and are ideal for creating a Pacific Northwest-themed garden. Consider the goatsbeard with its tall plumes of white bloom or the broadleaf lupine, an evergreen perennial with silvery leaves and blue-violet flowers. Gardeners who want long-blooming perennials need look no further than the blanket flower, which produces vivid red, yellow, orange, or rust colors throughout the summer months.
Seattle ranked fifth in the nation for job growth during the period between January 2011 and January 2012, according to the Puget Sound Business Journal. Washington state was fifteenth in the nation. The W.P. School of Business at Arizona State University conducted the study, indicating these percentage increases.
The state’s overall employment base grew by 1.49 percent for the same period. And that’s not all. Seattle has become a significant player in green technology.
Green Chip Stocks, a blog that tracks developments in the cleantech industry, ranks the Emerald City fifth for its strides toward raising green standards. Here are the highlights:
For additional updates on the region, see the Seattle Times Market Review.
Homeowners Desiree and Brian Bell wanted to change the look of their 1950′s kitchen into a room they could call their own. Lauren Lake of Spice Up My Kitchen recreated the old space into a traditional one with modern flair and functionality. See the results on this HGTV video.
Housing prices for King County in the month of April were strong, and inventory was down 37 percent from one year ago, reports the Seattle Times based on data released by the Northwest Multiple Listing Service. The median house price in King County went up to $360,000, which is 9 percent better than last month and about 3 percent higher than April 2011.
Snohomish County’s median house price jumped to $255,502, which is almost 10 percent better than a year ago. A total of 741 homes were sold, 25 percent more than the number closed in April 2011.
Sales in April 2012 grew, year-over-year, in each of the following regions:
However, median prices in North, Southwest, and Southeast King Counties as well as on the Eastside dipped at varying levels.
Glenn Crellin, associate director of research at the University of Washington’s Runstad Center for Real Estate Studies, remains hopeful. “We’re at the beginning of the prime selling season, so to see this sort of strength coming out … this is very good news for the industry.”
See the full story, “King County home prices rise with fewer houses for sale,” at the Seattle Times.
Costco Wholesale Corporation has added home loans to its growing list of financial services, reports CNNMoney. The biggest warehouse membership chain is partnering with First Choice Bank, a New Jersey-based community bank, and 10 other lenders. Thus far, Costco’s partners have loaned 10,000 mortgages to members. Lauren Kutschka, manager of financial services, expects this number to grow as the program moves from its testing phase into a full-scale retail offering.
The company’s website advertises that the program offers “low fees, competitive rates, and excellent service” with the chance to save up to $5,000 for a typical loan. While individual household savings will vary, the estimated savings are calculated over a 7-year period, based on lender fees, rates, and points on a 4.125 % APR for a $250,000, 30-year fixed loan. Costco is paid for marketing the mortgage program, not for securing individual loans.
It’s no wonder that lenders want to tap into the warehouse giant’s tribe. In July of last year, Costco became the sixth largest retailer in the nation and seventh in the world. The new offering marks the increasing girth of the wholesale operation from retail goods to financial products. Costco plans to roll out auto and higher education loans in the near future. Members who utilize the Costco Mortgage and Refinancing Program ought to exercise the same judgment they would with any other provider. Shop, compare prices, and find the mortgage with the best terms at the lowest available interest rate.
Seattle makes Forbes’s top ten list for the fastest-growing cities in the U.S. The Emerald City’s economic growth rate for the period 2011-2016 is projected at 3.7 percent with population growth at 1.2 percent. The current population is 3.54 million enjoying a median income of $65,405. The top ten include:
Forbes produced the list with the help of Moody’s Analytics of the 100 largest metropolitan areas of the U.S., weighing projected economic growth, unemployment, and median income. In early April, Moody’s released Chief Economist Mark Zandi’s positive outlook on the national economy. Zandi anticipates 2.5% growth through mid-2013 accelerating to 4% in mid-2014, with unemployment falling below 6% by late 2015.
“The fear factor is all but gone.” So says Mark Prather, broker at ERA Buy America Real Estate in La Palma, Calif. Momentum around the nation is building for a stronger spring housing market than we’ve seen in the past five years, according to the Seattle Times. An unseasonably warm January and February may have stimulated winter sales of existing homes, which hit their highest levels in the the last 5-year period.The number of permits secured to build houses and apartments also increased to a high point since 2008. Here are additional highlights:
With an average rate on a 30-year fixed mortgage at 3.88 percent and home prices down 34 percent since 2006, homes are really affordable. Areas including Boston, Dallas and Seattle are seeing growth both in the job and housing markets. National unemployment went down to 8.2 percent since the August peak of 9.1 percent. Good prices coupled with qualified buyers are cause for spring housing bloom.
If you are a first-time home buyer, what’s the best way to go about the search? The temptation to browse many types of properties is real. Suppress the urge by beginning with the end in mind. Establishing parameters based on the needs and wants of your household will make the process manageable and more fruitful. About.com’s video tutorial, “First-Time Home Buying Tips,” lists the basic steps for navigating the journey. When the homework is complete and you feel ready to start walking through houses, consider the catchphrase used by many real estate experts — “location, location, location.”
The old adage still proves true. Though the recent real estate crisis has upended some of the traditional must-have’s, location still rules. According to Marianne Cusato’s blog, “5 Must-Know Real Estate Trends” featured in Huff Post Miami, buyers are less focused on square footage and more attuned to efficiency of space and proximity to local services. Everything’s relative to the unique needs of the buying household. Cusato encourages buyers to focus on the following criteria — 1) livability of the home, 2) feasibility of the daily commute, 3) efficiency of the floor plan, 4) staying true to the heart over following the trends, and 5) connectability to the local community.
Resale value is important but not the only determining factor for selecting a property. While the market can be forecast with historic data, there’s no glass ball with which to squarely predict the future. Choosing to live in an area that supports jobs, solid public schools, and local amenities is perhaps the best way to hedge your investment. So when it comes to your home search, what are your top five must-know’s?
