Real Estate Information Archive

Check out the 2009-2010 Cost vs. Value Report produced by Remodeling Magazine:

http://www.remodeling.hw.net/2009/costvsvalue/division/pacific/city/seattle--wa.aspx

How Prepared Are You For A Quake?

With the recent catastrophic global events, you can’t help but be reminded that Seattle is located in earthquake country and is susceptible to a large earthquake of its own!  Homeowners can take many steps to mitigate or reduce the earthquake hazard to themselves, their loved ones and also to their homes.  Following is a list of tasks and items to consider while prepping yourself and your home for a possible earthquake:

Preparing Your Home

• Home retrofitting / Structural Mitigation

• Secure Your Water Heater, Kitchen Cabinets, Tall Furniture, and Wall Hangings

• Garage and Storage Safety - securing chemicals

Gathering Supplies (72 Hour Kit)

• Water - Three (3) gallons for each person in your household is the minimum amount required to take care of drinking, cooking, and hygiene needs for the first 72 hours of a disaster.

• Food - Store at least a three-day supply of non-perishable food. Select foods that require no refrigeration or cooking, and little or no water.

• Supplies - First-Aid Kit, Flashlight, Batteries, Portable Radio, Fire Extinguisher, Toilet Paper, Towelettes, Non-Electric Can Opener, Paper Plates/Cups, Utensils, Duct Tape, Face Mask

• Clothing and Bedding - Gloves, Complete Change of Clothes, Blankets, Sturdy Shoes, Warm Socks

• Cash and Important Family Documents - Bank Account Numbers, Copies of Insurance Policies, Wills, POA’s, etc.

• Pets - Don’t forget about your pets!  Water (2-3 Gallons for 60lb pet for 72hrs), Food, Food & Water Bowls, Carrier, Medication, First Aid Kit, Collar/Tags/Leash, Current Photo (in case of separation), Shot/Health Records & Veterinarian Info.

• Out of Area Phone Contact - Assign an out of area phone contact as long distance lines are typically more reliable than local lines.  This is the person each family member is to contact in an emergency to relay information to one another.

• Know How and Where to Control the Utilities - After an earthquake turning off the gas, water, and electricity may reduce the risk of fire or water damage in your home.

FREE Seattle Earthquake Home Retrofit Classes

Saturday, 7/10, 11am – 1pm
Location: West Seattle Branch Library
To register call 206-233-5076

Washington Emergency Management Division Information

Click here to download a Disaster Preparedness Pamphlet

Preparing Your Home: http://www.emd.wa.gov/preparedness/prep_home.shtml

Pet Preparedness: http://www.emd.wa.gov/preparedness/prep_pets.shtml

Seattle.gov Office of Emergency Management

Home Preparations: http://www.seattle.gov/emergency/prepare/personal/home.htm#retrofit

All of us here at Chuck Cady & Associates would like to thank all of our Past Clients and the Haller Lake Community Club members that joined us this past Saturday, 4/10/10 for our 9^th Annual Spring Cleaning Day!!!

We would also like to give a special thanks to Betty Chang for the wonderful cookies she bakes us year after year and to all of the rest of you who were so kind to bring us wonderful snacks and refreshments!

Attention North Seattle Community Members!

The second community design meeting for Northacres Playground & Spray Park will be taking place Thursday, April 29, 2010 from 6:30 – 8 p.m. at the Haller Lake Community Club (12579 Densmore Ave N Seattle, WA 98133-7730)

The first meeting took place on February 4,2010 where approximately 45 participants showed up to discuss improvements and safety at Northacres Park. 

You can view the February 4th meeting notes by clicking here.

Here are the details along with links to the Proposed Concept:

Click here to view existing conditions at Northacres Park.

Click here to view the Proposed Concept at Northacres Park.

Information obtained from seattle.gov/parks.

It's that time again...time to spring ahead!

At 2 a.m. this Sunday, March 14, 2010, turn your clocks forward one hour, marking the beginning of Daylight Saving Time (DST).

We thought this was interesting.

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NOTE:  If you are having problems viewing the video, click on the link below.

http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1386722

FHA announces policy changes

Federal Housing Administration (FHA) Commissioner David Stevens announced a set of policy changes to strengthen the FHA’s capital reserves, while enabling the agency to continue to fulfill its mission to provide access to homeownership for underserved communities.  These changes that have been enacted, are guiding the FHA to manage its risk, while continuing to support the nation’s housing market recovery. 

The FHA will propose to take the following steps:  increase the mortgage insurance premium (MIP); update the combination of FICO scores and down payments for new borrowers; reduce seller concessions to three percent, from six percent; and implement a series of significant measures aimed at increasing lender enforcement. 

*Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending.  Ultimately, if approved by legislative authority, this shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing. This is set to go into effect in the spring.

For more information, visit http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016

*Update the combination of FICO scores and down payments for new borrowers.  New buyers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program.  New borrowers with less than a 580 FICO score will be required to put down at least 10%. This is set to go into effect in the early summer. 

*Reduce allowable seller concessions from 6% to 3%.  The current level exposes the FHA to excess risk by creating incentives to inflate appraised value.  This change will bring FHA into conformity with industry standards on seller concessions.  This is set to go into effect in the early summer.

*Increase enforcement on FHA lenders.  These changes will hold lenders more accountable and ensure that they are in compliance with FHA guidelines and standards.  This is effective immediately.  Currently, you can view lender performance rankings on Neighborhood Watch and the HUD websites.

Don’t Wait! This critical time frame could save you thousand$

Thinking of buying or selling? 

Repeat Buyer $6,500 Tax Credit Expires April 30th!

If you have been hearing about the first time homebuyer tax credit for the past year but thought it wouldn’t apply to you since you are not a first time homebuyer, but rather a current homeowner who is considering moving up or possibly downsizing?  Think again! 

In November of 2009 the government launched a new program offering a tax credit of  $6,500 for qualified REPEAT homebuyers who sign a binding purchase contract by April 30th, 2010.  A qualified REPEAT homebuyer is one who has owned and occupied the same home for at least five consecutive years of the eight years prior to the new purchase date.  

Even better, this is a tax credit and not a tax deduction!  This means, the $6,500 is a dollar for dollar reduction in what the taxpayer owes.  For example, if you owed $6,500 in income taxes but are eligible to receive the $6,500 tax credit, you would owe nothing to the IRS.

It’s a double-whammy! The $8,000 1st Time Homebuyer Tax Credit Benefits both Buyers AND Sellers!

Click Here for the Homebuyer Tax Credit quick reference guide

Visit www.federalhousingtaxcredit.com for further information.

We want to let you know that many experts are predicting a rise in inflation and consequently a rise in interest rates as a result of the government's stimulus spending. The chart below demonstrates just how historically low interest rates are. Take a look at where rates were in the early eighties - the last time inflation skyrocketed.

Now is still a great time to buy with prices down as much as 15% from their peaks, the $8,000 first time homebuyer tax credit for buyers who have not owned a home in the last three years has been extended, and now some homeowners who have owned their home for at least five years may qualify for a new tax credit! 

Please contact us for further details!

As you've heard the First-Time homebuyer tax credit has been extended and they are now offering a Repeat-Buyer tax credit for people who have owned their current homes for at least five years.  You can view the video below put out by NAHB (National Association of Home Builders) or visit http://www.federalhousingtaxcredit.com/ for further details.