Seems appropriate to post pictures of these beautiful bathrooms (from Pinterest) because all I can think of is taking a long hot shower. A water main in our building burst yesterday and we’ve all been with out any running water and it’s not due to be fixed until tomorrow.... (no showers, dishes, laundry or just washing your hands or brushing teeth - with out feeling like you’re camping). This is just a wonderful reminder of how fortunate I feel to have clean, running water and am so grateful for these basic necessities that are not available in other parts of the world. .
MARKET FLASH: The first month into 2018 and not to my surprise that we are still seeing appreciation on the rise in King and Snohomish County; as recently illustrated in the Seattle Times, listing Seattle as hottest Real Estate Market in the U.S. for 15 months in a row. We are seeing large growth in value in West Bellevue/Medina at 167.3% (YTD) with the median home price surging to $2.2MM. Other areas such as Kirkland/Bridal Trails, Mercer Island, West Seattle, North Seattle, are all seeing appreciation around 30% (YTD). With historic lows in inventory through this past Nov/Dec we are starting to see more SFR and Condos become available throughout our region. Although, we have an increase of inventory, (happy dance) we still have a large pool of buyers; indicating we will continue to see multiple offer scenarios - which is why it's all the more important to work with an agent that is seasoned, well trained and has the experience to negotiate and help to put you in the best possible position; leading to a successful purchase of a new home! With that being said, it if you are at all interested in purchasing a new home, keep in mind that the interest rates have also been on the rise which may impact buying power. I have some highly recommend contacts that I would be happy to provide - if you are interested in further discussing obtaining a home loan. And remember first-time home buyers, it is much easier than one may think to qualify for a loan with all the programs and offers available to you.
While appreciation still on the rise, please let me know if you or anyone you know is interested in learning more about current values, market conditions or simply have a obligation free value assessment on a current home, please feel free to reach out to me. I am happy to be your resource for all of your real estate related needs and would love to earn your business.
For more real estate news you can use, connect with me on social media!
FB - Mimi Thomas - Coldwell Banker Bain
Fun fact Friday! I’m equally left and right brained. The left, linear and analytical side enjoys doing my taxes, balancing QuickBooks accounts, preparing contracts and enjoying my business relationships. In this, I have found that serving others is my purpose. I am passionate about customer services, positive client experiences and being a resource to my clients and people I work with.
The right side is a bit more self serving and introspective. I get lost in developing imagines and testing my own boundaries as a creative. I started with drawing, sculpting, and painting in school and moved on to photography when I discovered it was far less messy and I didn’t have to clean paint brushes or pick clay out from under my nails. I spend hours I front of my computer, editing images and it’s incredibly relaxing! That, and it’s also fun to spend time with my husband photographing weddings, live music, or just exploring new places! .
📷 x @walk.into.the.light .
“Every month, CoreLogic releases its Home Price Insights Report. In that report, they forecast where they believe residential real estate prices will be in twelve months.
The map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report.
As we can see, CoreLogic projects an increase in home values in 49 of 50 states, and Washington, DC (there was insufficient data for HI). Nationwide, they see home prices increasing by 4.2%.
How might the new tax code impact these numbers?
Recently, the National Association of Realtors (NAR) conducted their own analysis to determine the impact the new tax code may have on home values. NAR’s analysis:
“…estimated how home prices will change in the upcoming year for each state, considering the impact of the new tax law and the momentum of jobs and housing inventory.”
Here is a map based on NAR’s analysis:
According to NAR, the new tax code will have an impact on home values across the country. However, the effect will be much less significant than what some originally thought.” KCM, NYC .
“In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website: “It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.” One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.” Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:
Capacity: Your current and future ability to make your payments
Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
Collateral: The home, or type of home, that you would like to purchase
Credit: Your history of paying bills and other debts on time
Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.
Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.” KCM CREW - NYC
Market Update courtesy of Caliber Home Loans....
Dec 11, 2017
Last week mortgage rates fell slightly. Although there wasn’t much movement in mortgage rates over the week as a whole, there were some days of somewhat pronounces movement. Tuesday in particular, experienced a large drop in rates, causing many lenders to reissue rates. Thursday and Friday, however, saw mortgages peal back some of their gains from earlier in the week.
This week is poised to be quite eventful with the Fed decision on Wednesday taking center stage. Political experts are also focused on the Alabama senate race, and the potential implications the result may have on the pending tax reform proposals. The week starts out slowly, with little data out Monday or Tuesday, however, Tuesday is the special general election in Alabama to fill the US Senate seat which has been vacated by Attorney General Jeff Sessions. Wednesday will be the main event, with both the November CPI report due out, and the conclusion of the two-day FOMC meeting with a 25bp hike likely to be announced. Fed Chair Yellen will follow with a press conference. Domestically, Thursday we receive Initial Claims, Retail Sales, and Manufacturing Data. Internationally, the European Council meeting scheduled for Thursday and Friday will shed some light on how quickly we can get a transitional agreement for the UK and how contingent it is on talks over the future relationship.
Economic Calendar for the week of 12/11/2017 to 12/15/2017:
Monday: JOLTS Job Openings
Tuesday: NFIB Small Business Optimism and PPI Final Demand
Wednesday: MBA Mortgage Applications, CPI (MoM, CPI (YoY), Real Avg Hourly Earnings, Real Avg Weekly Earnings, and FOMC Rate Decision
Thursday: Initial Jobless Claims, Continuing Claims, Retail Sales, Import Price Index, Export Price Index, Markit US Manufacturing PMI, Markit US Services PMI, and Bloomberg Consumer Comfort Index
Friday: Empire Manufacturing, Industrial Production (MoM), and Capacity Utilization
Spending my afternoon volunteering! For 29 years, my company has given away free Daffodil bulbs to Mercer Island residents and I'm here at the North End QFC handing them out! Message me if you want me to save you some! #mimithomasrealestate#coldwellbankerbain