Check out this link to see all Belltown Condominiums for sale.

The Home Price Expectation Survey was released last week by Pulsenomics. They survey a nationwide panel of over one hundred economists, real estate experts and investment & market strategists asking them to project home prices moving forward. Here is a graph showing what percentage appreciation they expect in each of the next five years.

Obviously some of the experts differed in their projections. Here is a graph showing four cumulative projections:

1. The pre-bubble trend
2. The 25% most optimistic experts (bulls)
3. All projections
4. The 25% most pessimistic experts (bears)

For some perspective, we also included the following information:

Do you have other questions about the realestate market? Give us a call, email or text, we would be happy to answer your questions!

-Steve and Sandra

Steve Hill and Sandra Brenner
Windermere Real Estate/FN
Seattle-Northwest
122502 Greenwood Ave N, Suite A
Seattle WA 98133
call/text: 206-769-9577
email: stevehill@windermere.com

Check out these useful Home Search Apps:

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Check out these useful links:

BrennerHill.com
Best In Client Satisfaction
Seattle Real Estate Statistics
Windermere Housing Trends Newsletter

Our Preferred Lenders

George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545

Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834

Windermere, Real Estate, Northwest, Seattle, Mill Creek, Greenwood, Ballard, Ballard, Broadview, Home, Purchase, Sell

17119 3rd Place W
Bothell WA 98012

At Madison Place, timing is everything – the neighborhood is just two minutes from the freeway, 11 minutes to nearby Alderwood Mall or downtown Bothell, and just a 26-minute commute to Seattle or Bellevue.

Online at: ExclusivelyMadisonPlace.com

Yet, when you enter this quiet community of just 12 homes, time seemingly slips away. Nestled in a wooded enclave of mature fir trees, Madison Place offers a calm respite in a convenient location. Timeless elegance and sophistication reign at Madison Place. Natural hardwood maple floors and cabinets grace the kitchen. Art niches offer the perfect stage for your favorite pieces. Coffered ceilings open up the rooms and add extra height to the nine-foot ceilings.

The large skylight brightens spaces and adds a touch of style. Features of the lavish master suite include French doors, fireplace, intimate seating area, a walk-in closet with built in shelving and a five-piece master bath complete with soaking tub. A bonus room separates the master from the second and third bedrooms and offers a perfect place for a media room, play area, or a quiet spot to relax and read a book.

Attention to detail is just as apparent outside the home which is evident by the stone wainscoting. 50-year siding warranty and earthquake strapping provide added peace of mind.

For a private tour of this home, contact Steve Hill at 206-769-9577

Steve Hill
Windermere Real Estate/FN
Seattle-Northwest
122502 Greenwood Ave N
Seattle WA 98133
call/text: 206-769-9577
email: stevehill@windermere.com

Check out these useful links:

BrennerHill.com
Best In Client Satisfaction
Seattle Real Estate Statistics
Windermere Housing Trends Newsletter

Our Preferred Lenders

George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545

Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834

With the rent-versus-own momentum shifting, many local Gen Y’s are caught in an emotional and financial tug of war.

Special to NWhomes

Time to buy? asks Gen Y.

It’s a vexing question for many younger adults — aka millennials, born between the early 1980s and early 2000s. Mostly 20-somethings, they’re watching rents surge and wondering whether today’s still-attractive interest rates might begin to climb out of their reach, too.

At the same time, this crowd came of age watching the housing market in 2007. In some cases, their friends and family lost homes.

“It was brutalizing,” says Windermere Real Estate/Seattle-Lakeview broker Michael Doyle. For many, he says, those memories carry painful scars about buying a home.

Now, with the rent-versus-own momentum shifting, many local Gen Y’s are caught in an emotional and financial tug of war. Millennial-age renters Christine and Tyler Opp, of Kirkland, say they feel a clock ticking.

Any sense of urgency for the Opps is fueled by the couple’s instincts that “interest rates are going to increase at a faster rate than home prices will decrease, so our monthly payment will go up incrementally by waiting,” says Christine, an associate at a local investment-advisory firm. “Over the lifetime of our [eventual] home, that’s hundreds of thousands of dollars more [we’d have to pay].”

Dean Jones, president of Seattle-based Realogics Sotheby’s International Realty, agrees with their prediction. “The market has recovered to favor homeownership again,” he says. “Rents, interest rates and median home prices are all on the rise, which is adding to a sense of urgency for consumers.”

The Seattle area’s median home sales price in August, the most current figure available, was $430,800. That’s up 15 percent from this time last year, according to online real estate database Zillow. And 30-year fixed-rate mortgages are between 4.3 and 4.5 percent, the highest in nearly two years. With some variations in tenths of an interest rate, the average/median mortgage payment based on the 30-year fixed loan is about $1,160 monthly, according to Zillow.

Seattle rents, meanwhile, were averaging $1,150 this summer, up 6 percent over last year. It makes this area’s rents the fastest growing in the country, according to New York-based real estate tracker Reis.

That’s a lot of factors for millennial-age renters to consider, says Svenja Gudell, Zillow’s director of economic research. “Obviously, people are scared,” she says. “It feels as if you’re on a roller coaster.”

She says it’s smart to look beyond general numbers in the Seattle-Metro area — made up of King, Pierce and Snohomish counties — where home values are up 16 percent and rents are up 3.8 percent over a year ago.

Instead, Gudell advises looking at Zillow’s “Breakeven Horizon” chart based on using a 30-year mortgage. It shows that Seattle metro consumers “would need to live in their home for 3.7 years before owning a home becomes financially advantageous over renting the same home.”

Gudell suggests “drilling down to different neighborhoods” by using ZIP codes for greater details. Break-even patterns tend to be high in neighborhoods near strong job bases. For example, Redmond, Seattle and Bellevue — with pockets in Bothell, Kirkland and Ballard — favor buying now over renting.

The Opps say it’s not a matter of “if,” but “when” they buy their next home, and they remain determined.

“We’re in an apartment in Juanita that’s a little less than 700 square feet,” says Christine. “[The complex] has a hot tub, a swimming pool, pretty good amenities. It’s easy. We are able to save a ton of cash to be ready to put a down payment on [an Eastside] house.

“Buying your own home is the quintessential American dream,” she says. “It’s one of those steppingstones — for every person, a dream for every child — to purchase a home.”

Are you considering a home purchase? Give us a call, text or email, we would love to help you find that perfect first home!

​-Steve and Sandra

Steve Hill and Sandra Brenner
Windermere Real Estate/FN
122502 Greenwood Ave N
Seattle WA 98133
call/text: 206-769-9577
email: stevehill@windermere.com

Check out these useful links:

BrennerHill.com
Best In Client Satisfaction
Windermere Housing Trends Newsletter

Our Preferred Lenders

George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545

Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834

Covenants, Conditions and Restrictions, known as CC&R's, may affect any property we might be requested to search.  A covenant is a solemn promise to engage in or refrain from a specific action.  It is also a type of contract in which the covenantor makes a promise to a coventee to do or not do some action.  A covenant "running with the land" imposes duties or restrictions upon the use of the land regardless of the owner.

The whole idea of the CC&R's is to keep the neighborhood to an appealing level, to maintain, enhance the value of real estate, and to control some actions that take place within it's boundaries.

The typical covenant nearly always stipulates the minimum and or maximum size of structures allowed, how many homes can be built on one lot, height of any structures and the type of construction of the home.  Other typical restrictions may include easements (utilities, pathways and roadways), rules about tree cutting, height of trees, pets and other animals, set back requirements, in-home business and home rental, types of fencing, choice or limitation of paint color and type of siding for the home.  Other popular restrictions included prohibiting owners from storing inoperable vehicles, parking trailers, boats and other recreational vehicles.

Covenants are normally drafted and put into place by the original developer.  Many are specific depending on the type of property.  It is important to point out that restrictive covenants can become so restrictive that it could have a negative impact on value as it may limit the marketability of the plat.  Covenants are to be enforced by the homeowners and if they fail to enforce them, they may become unenforceable. CC&R's have their benefits and the benefits far outweigh the disadvantages or challenges that might be presented in the future.  There is much to be said for an owner's expectation that the neighborhood is to be maintained and values enhanced by these covenants and the quiet, peaceful enjoyment of their property and investment.

Please let us know if you have any questions on this information or if there is anything else we can do for you.

Steve Hill and Sandra Brenner
Windermere Real Estate
call/text 206-769-9577

Historically, real estate has always been a great investment. Check out this graph below. Real estate has outperformed the Dow Jones, the S&P and NASDAQ since Jaunuary 2000. Even with the housing bust, real estate proves to be a great investment.

If you are considering an investment in real estate, either as a primary residence or an investment property, give us a call, we can point you in the right direction.

Steve Hill and Sandra Brenner
Windermere Real Estate
call/text 206-769-9577.

Yes, storage can be stunning. Open shelving, glass cabinets, and color-coded dishes make for orderly and tasteful kitchens

By Elle Decor Staff

Remember the 10 percent down payment on a house? After virtually disappearing for years, it’s back.

Around the country, some lenders are offering 90 percent financing again on all loan types. For example, San Francisco-based RPM Mortgage resumed offering “piggyback” loans in the first quarter of 2013 after discontinuing them during the height of the credit crisis in late 2007, according to Vice President Julian Hebron. (A piggyback loan enables a home buyer to put only 10 percent down without having to buy mortgage insurance. This is done by getting two loans totaling 90 percent.)

In Monroe, NY, Rosalie Cook of Weichert Realtors says she is seeing buyer down payments range from all cash to as little as 5 percent. Mortgage lender Tom Gildea of Prospect Lending in Rockland County, NY agrees, saying that he’s doing loans with as little as 5 percent down “all day long.” Those 5 percent down deals are with private mortgage insurance, are only for conforming loans (less than $417,000) and are reserved for borrowers with excellent credit, verifiable income and little debt.

Mortgages used to be easy

Before the credit crisis of the mid-2000s, getting a home loan was simple. Your down payment was small — if you even had to make one. To qualify, all you had to do was “state” your income and sign on the dotted line.

Of course, that was the kind of lending that got us into the credit crisis. After the bust, many lenders started requiring a minimum of 20 percent down. Coming up with that much money was a stumbling block for many would-be home buyers. In addition, buyers were already worried about the economy or were uncertain about their jobs, making buying a home not only difficult but also downright scary.

The result: Even though home prices had plummeted and mortgage rates were at historic lows, many potential buyers were forced to sit on the sidelines for years.

Today, many real estate markets around the country are heating up again. While the economic recovery still has its fits and starts, people are feeling confident about their jobs. They’re watching their 401(k) and stock portfolios climb back to pre-2008 levels. And so, they’re out looking for homes to buy again.

Lenders have loosened up but are still cautious

Mortgage lenders are seeing these trends, too, which is why they’re starting to ease down payment restrictions. This time around, though, lenders are much more discerning about who gets to put 10 percent down. As RPM Mortgage’s Hebron puts it: To qualify, your monthly housing, car, student loan, and credit card debt can’t be higher than 45 percent of your monthly income. And you must have a credit score above 700.

The good news is that more potential buyers who otherwise would have been shut out of the market, due to the lack of a 20 percent down payment, can now jump in.

Leveraging cheap money

Even if you have the 20 percent to put down, you might consider opting for a 10 percent down payment instead. For instance, if you’re buying a home that needs a lot of work, you could put 10 percent down and use the other 10 percent to finance improvements. You might even consider investing that 10 percent in stocks or mutual funds, though that comes with obvious risks.

A 10 percent down payment has its disadvantages, too. If you put just 10 percent down and home prices decline later, you could end up underwater — owing more on the mortgage than your home is worth. When that happens, you could be stuck in your home, unable to sell — just as so many homeowners were after the housing crisis kicked in around 2006-2007.

Also, if you have little equity and you go to sell, you could face another problem. The size of your loan, along with the costs of selling your property, could total more than the sale price, a financial hit that can be tough to absorb.

If you qualify for a 10 percent down payment, and it’s the only way you can get into a home, it may be worth the potential risks. Bottom line: Talk to your mortgage professional and real estate agent about your options. Think strategically and long-term about what you’re doing. Don’t just make a 10 percent down payment because you can.

Considering refinancing? Give us a call, we can help you.

Zillow All-Stars!

Steve Hill and Sandra Brenner
Windermere Real Estate/FN
206-769-9577

1221 NW 126th Street
Seattle WA 98117

Open Sunday
1PM-4PM

1960's California Ranch panache, a portrayal of attraction and coveted one level living. Spacious and flowing living spaces pour from room to room, ideal for entertaining guests. Three bedrooms and three baths, kitchen off large family room and casual dining area. Level lot features abundant garden space and courtyard patio with westerly exposure providing outdoor entertaining for all to enjoy. Coveted Broadview location is conveniently located near shopping, parks, transit and major routes.

Steve Hill and Sandra Brenner
Windermere Real Estate/FN
206-769-9577
 

12211 7th Ave NW
Seattle WA 98177

Open Sunday
1PM-4PM

An intimate relationship through a wall of windows, this Broadview estate excites with breathtaking views of mountains and Sound. Situated on a rare oversized lot, this home offers the privacy and space you deserve. With an updated galley kitchen featuring casual dining area, rat-pack entertaining spaces inside and out, this home offers it all. Hardwood floors on both levels, two fireplaces and large family room with walk out to patio. You are sure to be impressed with this one of a kind home.

Broadview Real Estate Stats HERE.

Steve Hill and Sandra Brenner
Windermere Real Estate/FN
206-769-9577