This weekend's Open House

For the next three days I will be holding an Open House at a like-new, 3 bedroom, 2.5 bath townhome near Morgan Junction. Built in 2006, this unit sparkles. Seriously, it has been so well cared for that it's hard to believe anyone has ever lived in it. AND it's got a fabulous view! The address is 6330-A 42nd Av SW, just off Fauntleroy. MLS #28178010, listed by Ken Knoke for $366,000. I will be there this afternoon (Friday, 11/7) from approx. 2:30-5 and both Saturday and Sunday from 1-4. Just look for my signs on the nearby streets.

As always, you can find more information about this property -- and any listed property -- on my website www.AliceKuder.pnwRealty.com

Current loan rates

Here is a recap on mortgage rate activity for the past week, courtesy of Troy Chambers, loan officer for Arboretum Mortgage.

Rates Are Coming Back!
After a very poor week last week, we have seen a change in the rates! They were very good on Thursday, went up a bit on Friday, but are still much lower than they were just 7 days ago. Business is going well and now is the time to be shaking things up! Please let me know if you have any questions related to mortgages, and I will be happy to help out! Please contact me on my cell phone any time, 425-418-5103.

Troy Chambers
Arboretum Mortgage
Phone: 206-720-6628
Fax: 206-860-9340
troy@arboretummortgage.com

Click here to see a table of current loan rates.

West Seattle Home Sales Stats

Here are some relevant home sales statistics for the West Seattle area. These numbers are culled from reports compiled and published by the Northwest Multiple Listing Service, and are the most current available.

#of Homes & Condos available for sale:
Sept. 2007 = 712
Sept. 2008 = 727

Average Days on Market (DOM) for Properties Sold:
Sept. 2007 = 51
Sept. 2008 = 65
Note: DOM for King County as a whole is currently 75

Average Sales Price of Properties Sold:
Sept. 2007 = $445,556
Sept. 2008 = $442,642
Note: for King County, the figure is $487,200

# of Sales Year-to-Date:
Sept. 2007 = 1,641
Sept. 2008 = 1,043

Buying Up, in a Down Market

Are you under the impression that this is a bad time to sell your home because home prices have gone down? That may be true IF you are going to sell your home WITHOUT buying another home. The fact is that most homeowners sell their current home to buy another home. And most sellers "buy up," meaning that their new home is nicer and more expensive than their previous home. Statistically, the new home is usually about 1.5 times the value of the home they sell. So "buying up in a down market" refers to the opportunity for homeowners to take advantage of current market conditions to buy a more expensive home than they might otherwise be able to afford.

Consider this example:
The Smiths own a home that appraised in 2006 for $300,000. To keep the math simple, let's say that homes in their area lost 10% of their value in the past two years. This means that their home is now worth $270,000.
($300,000 - $30,000 = $270,000)

The home they want to buy appraised for $450,000 two years ago. It too, declined in value by 10%, so that home is now selling for $405,000.
($450,000 - $45,000 = $405,000)

Accordingly, although they received $30,000 less for their home than they might have at the peak of the market, they are paying $45,000 less for their new home, for a difference of $15,000 in their favor.

Think it's a bad time to sell? Think again.

Another tool for fighting credit card fraud

This information is only loosely related to real estate -- you need good credit to buy property, after all -- but important enough that I want to spread the word.

Effective September 1, 2008, all Washington residents are able to freeze their credit reports, which makes it nearly impossible for an unauthorized person to open a credit account in your name. Previously, only those who were already victims of identity theft were eligible to instigate such a freeze.

A security freeze bars credit bureaus from sending your financial history and credit scores to potential creditors without your authorization by requiring a PIN (personal identification number) code to temporarily lift the freeze.

To implement a security freeze, send a letter and documentation of your identity to the three major credit-reporting agencies, TransUnion, Equifax and Experian.

If you are 65 or older, the service is free. If you are under 65 years of age, the cost is $10/agency. The charge to lift a freeze varies by agency.

For details, go to www.atg.wa.gov.

I hope you will take advantage of this valuable option and communicate your appreciation to our legislators.

Do you know The Secret?

Regular readers of my blog may have noticed the recent addition of a clickable icon in the right hand column concerning "The Secret." I've included this because the principles of the Law of Attraction paly an important part in my work style and philosophy. If you'd like to know more, clicking on the icon will take you to a website that will provide lots of information. Also, feel free to ask me about my own experience of incorporating The Secret into my own life.