Friday, April 17, 2009

Great News for First Time Home Buyers in Washington State

Great news and big news for the residents of Washington State regarding home ownership, buying and selling.

The Senate Ways and Means Committee last night unanimously approved a measure designed to help first-time homebuyers come up with a down-payment. The committee adopted the measure as an amendment to the proposed Senate biennial operating budget.

The proposal would make the $8000 federal tax credit for first-time home buyers available at the closing of a home sale instead of when a buyer files a tax return. Homebuyers would repay the $8000 after filing for and receiving a tax refund. The amendment creates a Tax Credit Advance Loan Program and authorizes the State Treasurer to deposit $25 million in a financial institution giving it the ability to open a line of credit to the State Housing Finance Commission to provide the down payment loans. The deposit would not deplete state funds, but would provide liquidity for the financial Institution to lend its own funds.

The program is the first of its kind in the nation and would work as follows:

•· The State Treasurer's Office would make an off-setting deposit in an FDIC-insured short-term
account with a selected financial institution. The investment would earn a low interest rate to
stay fully insured under federal guidelines.

•· Realtors and other stakeholders back the loans with funds to provide security against losses.

•· The financial institution provides the Washington State Housing Finance Commission a line of
credit to advance up to $8000 to qualified first-time home buyers for a down-payment.

•· Buyers repay the advance loan after filing for and receiving the tax credit.

The amendment is the result of the efforts of the Washington REALTORS®, Washington State Treasurer's office, and Washington State Housing Finance Commission. State Treasurer James McIntire wrote the budget proviso and is helping to advance the measure through the state legislature.

State Sen. Steve Hobbs (D-Lake Stevens), who offered the amendment, said that using the $8,000 tax credit to help first-time homebuyers make down payments could help jump-start the economy. Hobbs noted that home purchases have a significant impact on the retail and banking sectors of the economy and on state and local coffers. "In this recession we need to find new and innovative ways to stimulate the economy. This proviso will slow the decline of our housing market and stimulate the economy," Hobbs told the Senate Ways and Means Committee.

"Down-payment assistance to our first-time home buyers is the key we need to unlock economic activity throughout the state," said Greg Wright, President of the Washington Realtors. "This tax credit is new money that we can put to work now to help the housing market and ignite economic action statewide." According to a study by the Washington Research Council, each home sale by a first-time buyer generates $11,100 in state and local tax revenue. Every 1,000 home sales generate $126 million in general economic activity, supporting 711 jobs.

The goal of the program is to get the money to buyers efficiently and return the federal refund quickly so that the HFC can turn it around to provide more assistance. The funds may revolve as many as three times before the tax credit expires, reaching up to 9000 first-time homebuyers. These "bridge loans" would expire at the same time as the federal tax credit, on November 30, 2009. All of the bridge loan funds return to the state system by early 2010 to use for capital projects in 2010-11.

"With homes at affordable prices and interest rates at historic lows the $8,000 tax credit opens a window of opportunity that may never be seen again," said Wright, a Chelan Realtor. "The Senate's budget helps bring that opportunity to families throughout our state."

Lack of a down-payment is the only barrier to home ownership for up to 50 percent of first-time home buyers, according to J. Lennox Scott, Chairman and CEO of John L. Scott Real Estate. A recent study by the Federal Reserve Board showed that home ownership for people 35 years and younger increased by as much as 43 percent when a primary mortgage was combined with a down-payment assistance loan.

"First-time homebuyers are the most critical to the recovery of the housing market and our overall economy, because their purchases set off a chain reaction of buying and selling," Scott explained. "The first step toward stimulating the state housing market is making the federal tax credit available at the closing table and increasing down-payment assistance."

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Friday, March 27, 2009

The members of the Snohomish County-Camano Association of REALTORS® are committed to giving back to the communities in which they live, raise their families and derive their incomes. We provide community service, both individually and as a group, donating money talent and time to many worthy causes. The philosophy of our Association is that as members of this community, and as real estate professionals we are on the front lines to provide affordable housing. Since there is a lack of affordable housing for those above the poverty level, there certainly is an even greater need for those under the poverty level.

The Snohomish County REALTOR® Homeless Endowment Fund was established in 1991. The fund provides rental security deposits and emergency housing vouchers to individuals and families in need of housing. Many families or individuals qualify for a rental, but need assistance with the security deposit so they can get into their new home, and who otherwise might be homeless.

The Volunteers of America Western Washington screen the tenants, set up a no interest loan and repayment plan, provide casework services and counseling. The Association, upon receiving a signed note, writes the check directly to the landlord. The tenant repays the loan on a payment plan which takes into consideration their particular financial situation. Since the fund started operating in September 1991, we have raised over $550,000 and assisted over 4000 families.

This year's event will be a little bit different The 2009 Homeless Endowment Fund Gala will be held at the Everett Train Station. It will be an elegent evening which will include; A High End Silent Auction Lip Reader Palm Reader Magician Live Band Gourmet Hors D'ourves 2 Local Wineries A Local Brewery Opportunity to win a one carat Diamond!

While the Homeless Endowment Fund Auction has been an SCCAR tradition for the past 18 years, this is the first ever SCCAR Homeless Endowment Fund Gala. Because this is a more intimate, upscale event space is limited. Make sure you reserve your tickets as soon as possible.

As Past President 2007 of this Association, I can tell you we are so proud to assist the Volunteers of America Western Washington in a worthy cause.

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Thursday, March 12, 2009

First Time Home Buyer Tax Credit - New Information

Great news today. The IRS has revised it's Form 5405 that allows a first time homebuyer to get a tax credit for $8,000. The most important change is they can claim it on their 2008 TAXES!
That's correct, if you purchased a home in 2009 you can check a box that states you are collecting the $8,000 credit on your 2008 taxes and get the money immediately. If you have already filed your return for 2008, you can use this form to amend your return and re-submit. You will get your tax rebate in a few weeks.

The caveat, you must not have owned a home in the last three years and need to buy a home between now and December 1, 2009.

This is great news, buyers. Get that cash that you need NOW instead of waiting.

For all your real estate needs, contact me: Karen Schweinfurth, ABR, CRS, SRES, e-PRO, RE/MAX Northwest Realtors - 425-308-3669 or visit my web site for more buyer information.

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Thursday, February 26, 2009

Extended Tax Credit Available for 2009 First Time Home Buyers

The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.

Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.

For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit. This important change gives qualifying homebuyers cash they do not have to pay back.

The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.

This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

For All Your Real Estate Needs contact: Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO, ACRE, RE/MAX Northwest Realtors, Mill Creek WA -425-308-3669 or visit my web site

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Tuesday, February 24, 2009

Update on Federal Economic Stimulus Plan - What It Means for Snohomish County

Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit.” Loans above this limit are known as jumbo loans.

The national conforming loan limit for mortgages that finance single-family one-unit properties increased from $33,000 in the early 1970s to $417,000 for 2006-2008, with limits 50 percent higher for four statutorily-designated high cost areas: Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In 2008, legislation was passed that temporarily increased the one-unit limit to up to $729,750 in certain high-cost areas in the continental United States. That legislation, the Economic Stimulus Act of 2008 (ESA), applied to loans originated between July 1, 2007 and December 31, 2008.

Loan limits for mortgages originated in 2009 are set under the provisions of the American Recovery and Reinvestment Act of 2009. Under that legislation, loan limits for 2009-originated loans are set at the higher of the 2008 limits and those that were originally announced for 2009 under the terms of the Housing and Economic Recovery Act of 2008. It appears that rates for Snohomish county will be increased. Please check back for updated information as it happens.

Here is a chart of what we currently have:



1 unit 2 units 3 units 4 units

Clark County WA $ 418,750 $ 536,050 $ 648,000 $ 805,300

Jefferson County WA $ 437,500 $ 560,050 $ 677,000 $ 841,350

King County WA $ 567,500 $ 726,500 $ 878,150 $ 1,091,350

Kitsap County WA $ 475,000 $ 608,100 $ 735,050 $ 913,450

Pierce County WA $ 567,500 $ 726,500 $ 878,150 $ 1,091,350

San Juan County WA $ 593,750 $ 760,100 $ 918,800 $ 1,141,850

Skamania County WA $ 418,750 $ 536,050 $ 648,000 $ 805,300

Snohomish County WA $ 567,500 $ 726,500 $ 878,150 $ 1,091,350

For ALL your real estate needs visit my web site

Monday, February 09, 2009

Beautifully Remodeled Tri Level on Private Lot

Remodeled Tri Level on Large Private Lot with RV Parking
Main Photo
Location: Silver Lake
Pride of ownership is evident here with a fabulous remodel. New roof in 2008, fresh decorator paint on the interior, new carpeting, tile flooring in kitchen, gas range, pergo flooring upstairs. White mill work and white doors accent the living areas.

The living room has a bayed window and there is a window wall in the kitchen for plenty of natural light. The kitchen opens to the family room on the lower level separated with a rod iron railing and half wall. Oversized kitchen to hold more than one chef, newer appliances and plenty of cupboards.

The family room has a wall of built ins for your tv and stereo system. There is a wood stove for cozy rainy nights plus a powder room and laundry room leading to the garage.

The upper level has three nice sized bedrooms. The master suite has crown molding accents and the bath has twin sinks and a tile counter. All bedrooms have built-in California closets. The main bath has tile counters.

The lot is 9583 sq. ft and is completely fenced. There is RV parking with a gate that opens to a sport court. Room to park all your toys or guest parking. A storage/garden shed remains.

This home has fabulous street appeal and is close to shopping and freeways.
Information
Contact Information
Logo
My Pic Association Logo
Karen Villa Schweinfurth, ABR, CRS
425-308-3669
Pricing
Price: $385,000.00
Property Location
13114 29th Ave. S. E.
Everett, WA 98208
View Map
Features
Bedrooms: 3
Bathrooms: 2.5
Parking Spaces: 10
Year Built: 1989
Subdivision: Evergreen Grove
Lot Size: 9583
Garage Size: 2
School District: Everett
Square Footage: 1749
Agent Name: Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO
Broker: RE/MAX Northwest Realtors
MLS #: 29016171
Attributes
Appliances
Range/Oven
Dishwasher
Sink Disposal
Interior Amenities
Fireplace
Security System
Vaulted Ceilings
California Closet Systems
Tile Floors
Pergo Flooring
Kitchen Window Wall
Exterior Amenities
Patio
Fenced Yard
Grass Lawn
Basketball Net
Secluded setting
Tool Shed
RV Parking w/Gate to yard
Photo Gallery

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Changing Times or Not

Having just cleaned out my desk recently with my new business plan in place, I found an old newspaper, The Everett Herald, from March 1992. The headlines read: "Boeing Gives Layoff Slips to 3,000"; "Unemployment rate rises to highest level in more than six years" - 7.3%.And then I compare the headlines with a more recent post February 2009: "Boeing Gives Layoff Notices to 6,000", Unemployment rate rises to 7.1% in Snohomish County in December 2008".Catch any differences, probably not. It's the real estate cycle. We just happen to be in the "down cycle" but remember, what goes down, needs to come up. It will take awhile, but it will happen.

It's a great time to buy in the Snohomish County area. With rates at an all time low, still plenty of inventory, and seller concessions, buyers hold the upper hand. Well you say, "I need to sell to buy". OK, the key is to price your home realistically to sell and make it up on the buying end.

For expert advice in the Snohomish County area, call Karen Villa Schweinfurth 425-308-3669, or email: karen@karensvillas.com.

Also visit my web site for ALL your real estate needs. Search for properties in all of Washington, get buyer/seller tips, financing information, do your own market analysis. It's all there for the taking.

Hope you find this information helpful. Make it a great day where you are.

Karen Villa Schweinfurth, ABR, CRS, SRES, e-PRO
RE/MAX Northwest Realtors
RE/MAX Hall of Fame Member
REALTOR of the Year 2008

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Monday, November 24, 2008

Four Bedroom Two Story With Master On Main

Four Bedroom Two Story With Master On Main
Main Photo
Location: Candle Ridge
Built in 2000 this home has four bedrooms with the master on the main. The second master is located upstairs. The home sits on a 10,000+ sq. ft. lot that is fenced and has RV parking in addition to the three car garage. There is a sprinkler system with timer to keep your garden on track and a very sunny, private yard for gardening.

Fresh interior paint just completed. The kitchen has slab granite and stainless with a Jennaire island. The family room has a gas fireplace with custom mantle and Bose surround sound stereo system. There are two water heaters and a heat pump for central A/C. The master suite has a soaking tub, two sinks and an oversized walk in closet. The master opens to the deck and hot tub for those cozy nights.

Job transfer forces sale and we are priced aggressively. Don't miss this great value. Minutes to freeways and shopping and a peek a boo view of the sound too.
Information
Contact Information
My Pic Association Logo
Karen Villa Schweinfurth
425-308-3669
Pricing
Price: $355,000
Flexibility: Negotiable
Property Location
28111 82nd Dr NW
Stanwood, WA 98292
View Map
Features
Bedrooms: 4
Bathrooms: 2.5
Parking Spaces: 3
Year Built: 2000
Subdivision: Stanwood/Candle Ridge
Lot Size: 10,018
Garage Size: 3
School District: Stanwood
Square Footage: 2272
Agent Name: Karen Villa Schweinfurth, CRS, ABR
Broker: RE/MAX Northwest Realtors
MLS #: 281888281
Attributes
Appliances
Range/Oven
Full Refrigerator
Dishwasher
Sink Disposal
Interior Amenities
Fireplace
Hardwood Floors
Kitchen Island
Vaulted Ceilings
Bose Surround System
Exterior Amenities
Patio
Fenced Yard
Hot Tub
Grass Lawn
RV Parking
Play Set
Heat Pump for A/C
Photo Gallery

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Four Bedroom Two Story with Master on Main

Photo Gallery
Formal Lving Room
Kitchen
Cook Island and Eating Area
Family Room
Family Room
Play Set
Deck and Hot Tub
Yard
Description
Built in 2000 this home has four bedrooms with the master on the main. The second master is located upstairs. The home sits on a 10,000+ sq. ft. lot that is fenced and has RV parking in addition to the three car garage. There is a sprinkler system with timer to keep your garden on track and a very sunny, private yard for gardening.

Fresh interior paint just completed. The kitchen has slab granite and stainless with a Jennaire island. The family room has a gas fireplace with custom mantle and Bose surround sound stereo system. There are two water heaters and a heat pump for central A/C. The master suite has a soaking tub, two sinks and an oversized walk in closet. The master opens to the deck and hot tub for those cozy nights.

Job transfer forces sale and we are priced aggressively. Don't miss this great value. Minutes to freeways and shopping and a peek a boo view of the sound too.
Features
Bedrooms: 4
Bathrooms: 2.5
Parking Spaces: 3
Year Built: 2000
Subdivision: Stanwood/Candle Ridge
Lot Size: 10,018
Garage Size: 3
School District: Stanwood
Square Footage: 2272
Agent Name: Karen Villa Schweinfurth, CRS, ABR
Broker: RE/MAX Northwest Realtors
MLS #: 281888281
Location
Powered by vFlyer.comvFlyer Id: 2055871

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Remembering The Needy at Holiday Times

This year when sending out your Christmas/Holiday cards please send one to this address:

A Recovering American Soldier, c/o Walter Reed Army Medical Center, 6900 Georgia Ave. NW, Washington, D. C. 20307-5001

If we pass this along, think of how many cards these special people that have done so much for this country would get.

Send an email to your clients, post it on your blogs, tell everyone. This is what the holiday season is about, giving thanks, remembering and honoring all.

I recently lost my 23 year old nephew to a horrific accident two weeks ago which took me to my home in Erie, Pa. After spending two weeks there helping the family, this event has certainly changed my life and the lives of my children.

We are celebrating the holidays together remembering, sharing a meal and being thankful for all we have. We have decided to not buy gifts for each other but give to the needy this year so I will be preparing a meal for the mission and women's shelter and delivering gifts and clothes.

Remember, it's about others that have less then us. Happy Holidays to you and yours.

For all your real estate needs visit my web site at www.karensvillas.com.

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