Independence Day Celebration in Renton WA at Coulon Park on Lake Washington
Take a look at the City of Renton webpage about the great Independence Day Celebration at Coulon Park on Lake Washington in Renton.
Saturday Afternoon Party, Saturday evening Fireworks. Thank you to all the sponsors and the City Employees who work to make this great while our families can party.
This great day is sponsored by the retail establishments in the Landing, so make sure you support our local businesses.
Enjoy the day with your family, friends and neighbors and if you are thinking ofrelocating to Rentontake a look at the city website and you will see how much is happening in our community.
Our freedom has been earned and paid for by our service men and women. When you see a military person or their family this weekendmake sure and take a moment to say thank you and express your appreciation. Enjoy the red, white and blue.
We subscribe to the Keller Williams Realty Company Motto, "God, Family, then Business." Enjoy all three this weekend.
And nobody predicted just how big the government's stimulus package would be.
Now, on June 30, with the year officially half-over, it's as good a time as any to remember that people are much better at interpreting the past than predicting the future. Economists can make educated guesses about the future, but they're guesses nonetheless.
It's like watching the Weather Channel. A meterologist can look at the data and say it's going to rain next week, but the forecast is never 100%. As Gary Keller, founder of Keller Williams Realty, said last fall, "real estate is local and saying that real estate in one place is the same as another is the same as saying the weather is the same everywhere."
So far this year, mortgage rates have been up and down, credit availability has been higher and lower, and home prices have varied immensely from neighborhood to neighborhood.
There's another 6 months until 2010 and there's no reason to expect the current volatility and uncertainty to change. Yesterday, a new client asked me what I thought would happen in our Renton housing market in the next year or so and my answer was "more of the same"...... still flat with rates up and down and another load of adjustable rate mortgages coming due this fall to increase our distressed housing supply."
The world is unpredictable and so is the U.S. economy. Therefore, consider making your personal finance decisions based on the information at hand today instead of on an educated guess about the future. Remember we only have 3 months to find the right home and get an offer written if you are using the "first time home buyer $8000 tax credit." Do not hesitate on this one.
National Open House Sunday -- Come See Us in Ashburn
Today is National Realtor Association Open House Sunday. Realtors from all over are holding open houses to highlight the great inventory of homes and we have lots of homes for sale in Renton.
Jamie Dorn and I are highlighting a beautiful one bedroom townhome in Ashburn. Come see us just south of Valley Medical Center in Renton. We'll be there from 1Pm to 4Pm.
Please take a look at this great Ashburn condo virtual tour.
Environmentally Smart and Green, how about Propane Powered Lawn Tools
Why Propane-Powered Lawn Care Tools Are Earning EPA Accolades
Motorized garden tools come in two varieties -- gas-powered and electric-powered.
If you take a close look, however, you'll notice that professional landscapers and gardening experts almost always choose the gas-powered types. This is because gas-powered garden tools both outperform and outlast their electric counterparts.Plus I always loved to whack down the biggest weeds especially after a long shift chasing down speeders and felons. I could space out, relax, get dirty and get back to my farm roots.
On the downside, gas engines are an environmental nightmare.
According to the California Air Resources Board, a typical 5-horsepower, gasoline-powered lawnmower produces more pollution in 60 minutes of operation than a Toyota Prius produces in 800 miles of driving. And I like my new Prius lots (43+ mpg no matter what).
The environmental pollution created by lawn care products is one of the reasons why the Eco Trimmer by Lehr is getting such good buzz. As the first propane-powered garden tool, the Eco Trimmer combines the lawn care power of a gas-powered tool with the environmental accountability of an electric one.
The propane-powered tool emits 96 percent fewer carcinogens than a gas-powered tool and is completely non-toxic to ground and soil. Its performance is highly-rated, too. Now that we live in the Ashburn townhomes, I can do a little (very little) flower gardening, but no more weed wacking, moving, trimming etc. Oh well at least I won't be polluting the earth like the olden days. Gonna head out and put together the new barbeque now. Enjoy your week.
The Eco Trimmer sells for about $200 on Amazon.com and is available in most major hardware stores, in fact I saw it at McLendons in Renton and Home Depot in Tukwila the other day. You can read more about the product and its environmental impact at the official Lehr website. Gary McNinch Team Renton Wa Real Estate with more good information for all home owners, from approval, to purchase to maintenance too.
Tighter mortgage guidelines since late-2008 are forcing home buyers to make bigger downpayments. Anecdotally, the change has led to a surge in buyers taking gifts of cash from family members. Especially First Time Home Buyers taking advantage of the $8,000 Tax Credit.
If you're among those accepting a cash gift from family, it's important to know that you can't just deposit the money in your bank account.
There is a proper way to accept a cash gift and it requires 3 distinct steps:
Complete and sign an acceptable gift letter
Document the gifter's withdrawal of funds with teller receipts
Document the giftee's deposit of funds with teller receipts
See, mortgage lenders pay close attention to gifts-for-downpayments. For one, lenders have to make sure that downpayment cash is "clean" (i.e. not laundered). And, secondly, they want the gift to really be a gift and not a loan-in-disguise. Underwriters see this as a red flag, but once you have the proper paperwork in place the purchase of the home can proceed.
This is why lenders will often require that a signed, dated letter accompany the home loan application.
As an example:
I am the [relationship to recipient] of [name of recipient] and this letter serves as evidence that I am gifting [name of recipient] [amount of gift] to be used for the purchase of the home at [complete address of property].
This is a gift -- not a loan -- and there is no expectation of repayment.
Signed, [Signature of gifter]
To further appease lenders, gift recipients should make sure that gift funds are not commingled at the time of deposit. If the gift is for $12,000, for example, the bank's deposit slip should indicate that a $12,000 deposit was made -- nothing more, nothing less. Instead of trying to do this yourselves, call the Gary McNinch Team and we will get you directly in touch with a great lender that we trust Evergreen Home Loans. They have helped our clients with this process in the past.
Don't add a random $50 check to the deposit, in other words. If you have a separate deposit to make, make it as a subsequent transaction with its own receipt.
It's also worth noting that gifting funds between family members can create both legal and tax liabilities. If you're unsure about how donating or receiving a gift may impact you, call or email me directly. If I can't help you with your questions, I can refer you to Cheryl Clark, CPA. I ask Cheryl's advice quite often to help our clients. Gary McNinch Team Renton Wa Realtor with more great info to make sure you purchase exactly the Renton home that fits your needs.
Trulia Answer -- Will He Call Me and Get Some Help to Buy Maple Valley Home??
love this house Trulia Question on a Property in Maple Valley from a buyer named Chris Home BuyerRenton, WA
i would love to know how much they bought this house for as i like the house and would seriously consider an offer at around 265k do you think this would be pushing my luck ?--This question is about this property: http://www.trulia.com/property/1079842663-23804-SE-281st-Ln-…
This home is in Glacier Park development, across the street and one block from highly rated Glacier Park Elementary. Originally Bill Ruth owned this property and sold it to Capstone Homes who built these homes in 03,04,05.
The current owners purchased in November 05 for $299K and appear to have a first and second loan for $285K at the time of purchase. Probably put 5% or 15K down payment. Anyway, it is hard to tell because the square footage on the King County Tax records appears to be in error. I'm not sure exactly which model this home was, since there were quite a few floorplans.
These homes were great with high ceilings, lots of windows and bright, and location to the school and Elk Run Golf Course is great. These homes sold quickly in the hot market of 04 and 05. If the current owners paid off a normal amount in 4 years, they probably have about 25-35K equity. They were originally priced at 309K and did a 10K reduction after two weeks. At 8.2% cost of sale on current list price of $300K, they are just about even if they sell for full price. This is actually better than people who got loans up to 103% of value and now are way underwater on their value and are selling their distressed homes or short sale.
If you are interested in taking a look at this home and are a serious and qualified buyer call me and my buyers agent will help you out. The listing agent is a veteran too, so it should be fun, if you like it and we decide to make an offer. I think that $265K is too low, but in this market you never know, especially considering the amount of loss of value in Maple Valley market the past two years.
Let me know if our team can help, call, shoot me an email or text. Good luck, Gary
Gary McNinch Keller Williams SES Renton 206-696-2329 Trulia Pro gary@garymcninch.com Web Reference: http://www.RentonHomeFinder.com
So, the question is ??? Will he call me for help. Some buyers don't know that the sellers pay all the commission so our services for the buyer are paid by the SELLER.
Discount Points and Financing When You Buy a Renton Home
What Are Discount Points?
Most often referred to as just-plain "points", discount points are an up-front fee charged by a mortgage lender in exchange for a lower mortgage rate.
The dollar value of one point is one percent on the loan size. Discount points appear on Good Faith Estimates and HUD-1 Settlement Statements on Line 802.
Historically, each 1 point paid by a borrower lowers an offered interest rate by a quarter-percent. Since the late-2008, however, this relationship is skewed.
Depending on market conditions, 1 point paid by a borrower can lower a mortgage rate by up to 0.875 percent.
As an example of how points work, a $200,000 home loan may be offered at 5.500 percent with 0 points. With 1 discount point paid at closing -- $2,000 -- the mortgage rate may lower to 5.125 percent.
In addition to lowering your interest rate, discount points may be tax-deductible, too. Therefore, be sure to provide your home settlement statements from the previous calendar year to your accountant during Tax Season.
Open house is Wednesday June 3 from 3pm to 7pm. Stop by on the way home from work or when going back out. Perfect for first time home buyers and $8000 tax credit.
NE 30th Exit off 405, go east on 30th one block, turn left into Canyon Oaks Townhomes (across from Kennydale Elementary School), follow signs to far end unit
serving Renton, Kennydale, Newcastle, Renton Highlands, Tukwila, Fairwood, Kent, Maple Valley, Issaquah, Covington, Cascade, Talbot Hill, Skyway and your family.
On a Monthly Basis, Home Values Look Better Than Press-Reported Annual Figures, Gary McNinch Team Renton Realtor has Local Renton Home Sales Values
On A Monthly Basis, Home Values Look Better Than Press-Reported Annual Figures
Each month, researchers measure home values in 20 large U.S. cities, then compile their findings in a report called the Case-Shiller Index. It's a popular measurement of housing health across the country, but it's far from perfect.
As 3 examples:
It gives more weight to expensive homes than inexpensive ones
Its sample set includes just 37 states of 50 states
Real estate isn't a "national" market -- it's local (We preach this over and over, that is why you must contact a Renton Realtor for neighborhood info)
All that said, however, the data is still important. The Case-Shiller Index helps identify broader trends in housing and it's widely believed that the economy won't recover until the sector starts to stabilize.
We may be at that recovery point now.
Despite newspaper headlines blaring about 19 percent drops from March 2008, the month-to-month values appear to be stabilizing and the latter is the more important development. 15 of the 20 markets covered by Case-Shiller either improved, stayed flat, or declined by 0.2 percent or less.
Versus 2008, the rate of speed at which home values are falling is slowing.
Furthermore, because the Case-Shiller Index is on a 2-month delay, it doesn't account for all of this year's Spring Buyers, or first-timers taking the $8,000 first-time homebuyer tax credit.
Two months don't make a trend, but if Case-Shiller Index continues to report similar data for April and May, it could be the signal that housing finally bottomed. And a national bottom will have a direct effect on our local market.
OOPS! Maybe Not, Left Hand Doesn't Know What the Right Hand is Doing! Info on First Time Buyer Assistance from Obama Administration.
Well apparently the left hand doesn't know what the right hand is doing, read on... (sheesh the government did it again) .....
On Tuesday May 12, 2009, I posted about the HUD Secretary making the announcement that the $8000 first time home buyer tax creditcould be used as a down payment. For a little historical perspective, I spent years working in the State Government and know how politics works and usually I don't spout off about a new program until it is for sure in place.
HOWEVER, I made an error.Shame on me, I figured if the HUD Secretary made an announcement he would have already checked with his Boss President Obama. I mean they sit in the same cabinet room, and the HUD Secretary along with the Treasury Secretary are supposed to be the policy makers for the President on Housing and Finance. NOT!!!!!
Apparently the Secretary jumped the gun. NO, YOU CAN NOT USE THE $8000 TAX CREDIT AS A DOWN PAYMENT. If I got your hopes up, well my error, and when I make a mistake I take responsibility. That being said, it is a great time to buy a new home. Lots of inventory, great priced properties, lowest interest rates in recent history.
So even though I made the mistake of thinking one of the TOP TEN CABINET government officials had worked out the issues and probably gotten everyone's approval BEFORE he announced the program, IT IS STILL A GREAT TIME TO BUY A RENTON HOME, LET ME SAY THIS AGAIN, IT IS STILL A GREAT TIME TO BUY A RENTON HOME. give me a call, tweet, text or even send an email.
I have several great loan officers that know the programs available to get you in a home now. And remember (unless the government changes this too?!?1!?) you have to close the purchase before December 1, 2009 to get the $8000 rebate.
Call the Gary McNinch Team, Renton WA Realtor, to buy a Renton home or townhome, gary@garymcninch.com tweet me @rentonhomefinde or search the mls on my website map www.RentonHomeFinder.com
Thanks, I'm done burning up and ranting about the Administration and the smoke is not coming out my ears anymore now.
I do all this to connect with people I enjoy, those I haven't seen in years and those I hope to meet. Any my business is to help these people buy and sell homes in Seattle and Renton. Great business to own, great way to help invest in their future, and lots of fun too.
Gary McNinch Team Realtor Renton WA Real Estate Keller Williams Realty Renton WA. Call us 206-696-2329 email easy Gary@GaryMcNinch.com tweet us, text us, or send us a snail mail. We like our clients.
Keller Williams Renton WA Helps Out A Former Colleague and His Family RED Day to Honor Mo Anderson
Today, about 25 of us from the Keller Williams office here in Renton came together to celebrate the First Annual Keller Williams RED Day. Standing for Renew Energize Donate it is the international day of service by the entire Keller Williams Realty Company, which has over 70,000 Realtors in the US and Canade. The Keller Williams motto of God, Family then Business was seen in the service that we completed today.
We chose to help the Steve and Karen Morris family in the Renton Highlands. Steve retired from the military and became a KW Renton agent several years. He was stricken with a MS like disease, which has caused him to have problems with his balance and lack of strength and energy. Steve was unable to continue his real estate business has been unable to work for the past couple of years. Steve and his family (4 kids) have decided to move to a different part of the state where they could be more self sufficient and the cost of housing was much lower.
The Keller Williams Renton office came together to do yard work, help pack household items and transport several loads to a mini storage plus clean and get the home prepared for sale. With over 25 of us enjoying the camaraderie of hard labor away from the office, we visited, helped out and had a great day. Of course being busy Realtors, the cell phones were ringing on and off as we worked.
Business continued on, Two short sales were approved, a couple new listings went on the market, one referral from across the state was received, and several closings happened as we worked along side the Morris family in the Highlands. The best part of the day for me was to see the care that was shared with Steve. It was a nice reunion for several folks to catch up with him too.
After a contractor replaces the roof, does some minor interior repair, puts in some new carpet, we will put the home on the market, probably in a couple of weeks. And we're gonna donate the seller side of the commission to the family too.
Yes today lots of folks in our office were RED - Renewed (seeing old friends), Energized (working together), Donate (yes, time, energy, labor and love).
Enjoy the photos (Steve is in the chair in front and his kids are standing around him). Steve has had help from his church ( the God part), Family(today we were in RED) and business (yep we are blessed by the give first then receive philosophy). I think is says that in the "Book" and I don't mean the MREA book or the Shift book this time. Tonight I'm tired and really happy too.
KW Cares is our charity, and quietly we donate to a lot of worthy causes. Today we showed that "KW Cares" for a wonderful Renton family. And as our humble friend Steve said, "you guys are so wonderful". Thanks to everybody who helped, lots of hands make for short work and the Renton office proved it again.
HUD Allows $8,000 Tax Credit to be Used as Downpayment, Time to Buy A Renton Home
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.
Donovan’s remarks came in an address to several thousand Realtors® gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors® Midyear Legislative Meetings & Trade Expo here.
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Donovan said the Obama administration plans to further stabilize the housing market. “I do think we have some early signs hat the market overall is stabilizing,” said Donovan. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said, “As the leading advocate for housing issues and homeownership, NAR continues to take a leadership role in promoting ideas for improving our economy by stabilizing the housing and real estate markets. Today we have the best of the best to begin a dialogue, develop solutions and initiate action toward real estate and economic recovery.”
The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. The 13 panelists and Realtors® in attendance examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.
The list of distinguished panelists include Dr. Martin Feldstein, professor of Economics from Harvard University; Dr. Barry Bluestone, professor of Political Economy from Northeastern University; John Taylor, CEO of the National Community Reinvestment Coalition; Maria Kong, president of the National Association of Real Estate Brokers; and Sarah Rosen Wartell, executive vice president for the Center for American Progress.
“Right now the Federal Reserve is the market,” said Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.
HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit WASHINGTON DC, May 12, 2009
ONE MORE TIME --- Lots of quality homes available, historically low interest rates, and now FREE DOWN PAYMENT ASSISTANCE. This is the perfect opportunity to buy a Renton home and the Gary McNinch Team is Ready, Willing and Able to Help YOU. And the seller pays me to do it. Please call 206-696-2329, email gary@garymcninch.com , check the website www.RentonHomeFinder.com or tweet @rentonhomefinde CAN'T SAY IT LOUD ENOUGH
Pending Home Sales Rise in March - Another Sign that the Renton Housing Market is Recovering
Pending Home Sales Rise In March -- Another Sign That Housing Is Recovering
For the second consecutive month, the number of homes under contract to sell increased -- further evidence that housing markets may have already bottomed.
A "pending" home is one that's under contract but has yet to close. This is one reason why the Pending Home Sales Index is an imperfect statistic.
Just because a home is under contract doesn't mean it will actually sell. A lot can go wrong between the date of agreement and the date of closing. Transactions fall apart due to inspections, poor agents, financing issues and we make sure that doesn't happen to our clients. But, when the number of pending contracts rises, we can infer that buy-side demand for homes is strong.
The number of homes under contract is being influenced by a combination of historically low mortgage rates, relatively inexpensive homes, and various tax credits for certain homebuyers, such as the new tax credit for Washington State home buyers. Overall, it's spurring demand and that's part of what's captured by the Pending Home Sales Index.
So long as the demand for homes outpaces its supply, home prices are expected to rise. We are close to balanced here in the Renton housing market, with a mix of equity resales, preforeclosure homes and bank owned properties available. So pricing to sell is critical and buyers have to realize that now is a great time to buy a home.Call, email or tweet the Gary McNinch Team Renton Realtors and we will help you get the loan process going and find you a great new home.
Dear Mr. President. How to Fix the Current Economic Problem, EASY.
How to fix the current economic problem...(seriously) This will work. And it's so darn simple...
Dear Mr. President: Please find below my suggestion for fixing America 's economy. Instead of giving billions of dollars to companies that will squander the money on lavish parties and unearned bonuses, use the following plan.
You can call it the Patriotic Retirement Plan:
There are about 40 million people over 50 in the work force.
Pay them $1 million apiece severance for early retirement with thefollowing stipulations:
1) They MUST retire. Forty million job openings - Unemployment fixed.
2) They MUST buy a new American CAR. Forty million cars ordered - Auto Industry fixed.
3) They MUST either buy a house or pay off their mortgage - Housing Crisis fixed.
It can't get any easier than that! If more money is needed, have all members of Congress and their constituents pay their taxes...
This plan is courtesy of my friend Lee Duncan from Renton. And like Lee I am over 50 so I REALLY LIKE THIS PLAN! I could retire (again) and buy a new Ford and pay off my Mortgage AND buy a new Renton house. But I would miss helping all my good clients buy and sell Renton houses.
Tax Credit State Bridge Loan for First Time Home Buyer Program is Approved
The Washington State Legislature passed the state budget with a provision authorizing the State Treasurer to invest $25 million in a Tax Credit Advance Loan Program. There are still details to be worked out, but the loan program would allow first-time home buyers to utilize the Federal $8,000 tax credit as down payment when closing the sale of their first home:
We are monitoring the progress of this program and will update members as soon as this program is available to WA home buyers. This was an effort spearheaded by the Seattle King County Realtors and will most likely be administered through the Washington State Housing Finance Commission. The Gary McNinch Team will be conducting First Time Home Buyer Seminars to help first time home buyers become eligible for State Bond financing. Call, email, text or twit us @RentonHomeFinde to get info.
Appraisal Less than Purchase Price, What Happens Now?
A Buyer asked the following question on a real estate question board for the general public:
appraisal price came back $6K less than agreed to price. seller was paying half our closing costs. i dont think i should pay anything more or pay the closing costs he agreed to pay now. we will pay the appraisal price and still expect the sellar to pay his agreed to closing cost contribution. can we ask the sellars agent or the bank to pick this portion of the closing costs if he flat out refuses. any advice ?
This is likely to happen more often as the market values trend down and pricing is behind market values.
I had a couple of questions before giving an answer?
1) Why don't you ask your agent? Did you make the mistake of trying to buy a house unrepresented?
2) How come the offer is more than appraisal? A good agent would have been able to get you a purchase price under the appraisal price in this market.
My answer to the anonymous buyer:
This is a great question to ask your Realtor. If you used the standard MLS contracts, receiving an appraisal less than purchase price reopens the negotiations in several ways. It also allows you to cancel the transaction without penalty. Have your agent explain all the options to you. You can ask for any of those options, but you need a negotiation expert to get everyone to come together. Did your agent discuss this possibilty and various options when you first signed the purchase and sale agreement?
You, as the buyer, may not want to pay any more than the appraised price and your lender will not lend you more. The seller may want you to make up the difference since they already are giving you money for costs. The agents (provided you didn't try and do this yourself) will try and get this to closing if that is what is in the best interest of each client. The lender will want it to close because they have already done work and spent money to get this far. Do not expect the bank to offer the $6,000.
Under your scenario the seller will end up with $6K less in their pocket at closing. They may be willing to let your offer go away, put the home back on the market or take it off the market altogether.
With only a $6K difference you should all be able to come to mutual agreement especially if you are serious about buying and the sellers are serious about selling. It will be necessary for there to be some give and take on everyone's part.
Good luck getting this together.
Gary McNinch holds the industry designation of Certified Negotiation Expert. Our job is to represent our clients strongly, anticipate situations and options and plan negotiation strategies. The question above highlights the importance of having successful veteran negotiators.
Another great home for sale proudly presented by the Gary McNinch Team, Renton Wa Realtor. Call us at 206-696-2329 for a private showing. And make sure you look at the rest of the home on this virtual tour.
Explaining the Federal Reserve in Plain English April 30 Edition
Explaining What The Federal Reserve Did In Plain English (April 30 2009 Edition)
The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today within its target range of 0.000-0.250 percent. The Fed also reiterated its plan to support the mortgage market to the tune of $1.5 trillion.
In its press release, the FOMC noted that the economy may still be contracting, but that it's not happening with the same speed as in prior months. Household spending is stabilizing and financial markets are "easing". Since the FOMC was a year late to realize our economy was in a recession, I am hoping they are actually late in noting the "easing" and that they are in fact accurate.
Nevertheless, threats to the recovery are everywhere with the following items on the Fed's short list:
The growing ranks of unemployed workers
The reduction of housing wealth nationally
Reduced inventories and investment from business
Furthermore, the FOMC fingered today's inflation levels as too low to support economic growth. This justifies the Fed's plan to hold the Fed Funds Rate near zero percent "for an extended period".
For home buyers and refinancing homeowners, today's press release was not favorable.
After the Fed's announcement, stock markets rallied on the idea that the worst of the economy really is over and that led to a broad bond market sell-off. Mortgage rates spiked in response, adding as much as 0.125 percent, in some cases. And as we have said, "now is the time to purchase a Renton home or Kennydale townhome." I don't foresee interest rates going much lower than the historical lows they are pushing.
Source Parsing the Fed Statement The Wall Street Journal Online http://online.wsj.com/public/resources/documents/info-fedparse0904.html
Don't Lump Your Renton Real Estate Research With the 128,203,000 Other Homes In America,
Don't Lump Your Renton Real Estate Research With The 128,203,000 Other Homes In America
National real estate data helps economists identify trends in the housing market. It shapes policy and influences markets.
For active home buyers and home sellers, though, national real estate data is irrevelant. This is because national data says nothing for the factors determining home prices in any given zip code.
See, national real estate news is mash-up of data. It's 128,203,000 homes from all 50 states. Each of these states has its own economy and there are different factors that drive home values in each
Most Americans understand this.
But, if we dig deeper, we see that within those states, there are more than 19,000 incorporated cities -- plus thousands of unincorporated ones. And like the 50 states, city-to-city home values vary by economy, too.
Furthermore, each city is comprised of areas, and those areas can be broken down into neighborhoods and then sub-divided again into streets, with blocks.
It's apparent that a random home in Alabama can't be compared to a random home in California. Yet, that comparison is exactly what you're getting with national real estate data and why we can't rely on it to say "values are up" or "values are down".
Values depend on what's happening locally.
For buyers and sellers, the underlying goal is to meet at "the right price". To reach that sort of price discovery, you have to look local.
It's not as easy as it sounds.
Local real estate trends is a topic that's too narrow to be covered by the national press. It's even too narrow for local papers. Therefore, buyers and sellers have two places to turn:
Using both sources for local data is common among today's buyers and sellers.
National real estate news offers little value with respect to home price negotiation. Because all real estate is local, your real estate data should be, too. Give the Gary McNinch Team a call or use our map search of Renton Homes and Townhomes for Sale to start your search. There are huge differences between communities and neighborhoods and we have been inside homes and condos in most all of them.
Retired Boeing 727, A 2 Bedroom Suite, Pretty NEAT.
Are you thinking it's time to buy a two bedroom home with great connections to the Renton Boeing plant. Lots of those here in Renton and Kent where the Boeing mechanics, electricians, sealers, engineers, designers, pilots etc have called home and raised their families. But the latest place to reside is a 1965 Boeing 727 which has been retired. It is very unique hotel nestled deep in the Costa Verde National Park in Costa Rica.
The Fuselage room is a two-bedroom suite that has been built inside a retired Boeing 727. The team salvaged the aircraft from San Jose airport, where it had been left in state of disrepair after years of service for South Africa Air and a Colombian airline called Avianca Airlines.
It was then transported piece-by-piece on five trucks to the jungles of Manuel Antonio where it has been re-assembled and refitted to become a luxury room amid the treetops.
Interesting and odd. I could never sleep on an airplane. Most of the info from this article comes from Inhabitat website. Get more interesting and local Renton housing information from the Gary McNinch Team Renton Real Estate on our website. No we probabby won't sell you an airplane house, but we could.
Home Safety Tip: An Easier, Better, Cheaper Fire Extinguisher for your Renton Home.
Home Safety : An Easier, Better, Cheaper Fire Extinguisher
Sure, you've got a fire extinguisher at your home in Renton, but if you ever had a fire, would you know what to do with it?
Like any tool, reading the directions can only get you so far. If you've never "pulled the pin" and discharged a fire extinguisher before, fighting an actual fire can be a frightening intiation. Having spent years running up and down the highways with the Washington State Patrol, I got pretty good at using a fire extinguisher. And you usually can't get a car fire out with one extinguisher, just to put an old wife's tale to rest.
For non-firefighters, there's an alternative. It's an aerosol spray from the First Alert company called the Tundra Fire Extinguishing Sprayand it's billed as an intuitive fire safety product.
According to a First Alert product fact sheet, aside from its ease-of-use, the Tundra product boasts several advantages over traditional fire extinguishers:
Tundra sprays for 32 seconds -- double a traditional fire extinguisher
Tundra spray covers 3 times more surface area than a traditional extinguisher
Tundra cleans up with a damp sponge
The Tundra Fire Extinguishing Spray is recommended for cooking fires, electrical fires and household fires involving wood, paper and fabrics. You can buy it at most hardware stores such as McLendons in Renton or Home Depot or Lowe's in Tukwila or for cheap at Amazon.com.
More good home info to protect your home and family courtesy of your local Renton Realtor Gary McNinch Team. Who do you know who is talking about buying or selling Real Estate? Well give us a call and we'll be glad to help them out. Thanks.
Kid Humor Sorry Mommy I Peed on the Stove from one of my Great Clients
One of my great clients Leandra Hoyne and her husband Jeff have sold a house in Lake Tapps and bought a house in Enumclaw. Then her mom and dad bought a home and a rental property in Enumclaw, so they have been friends and clients for a long time.
I have seen their family go from no kids to 3 kids. All healthy and full blast. We've shared meals and stories about kids. Plus Jeff is a Police Officer and Leandra was a police dispatcher so we have that in common as well from my 26 years in the State Patrol.
So this morning I'm on facebook and this is what I see from Leandra.
Sorry Mommy I Peed on the Stove. (see above)
COFFEE OUT MY NOSE!!!!!!! LMAO!!!!!!! I raised 2 little boys and nothing surprises me.
Life is good. If you are interested in buying or selling a home and want to know about the Satisfaction Guaranteed Service of the Gary McNinch Team, then you can call Leandra and get a good recommendation for real estate service. If she has time to answer the phone or get on the computer, because she has 3 little kids and is a really busy mommy. Or maybe she is just too busy. Hope this makes your day smile as well as mine.
Buy a Kennydale Home, A Few Reasons Why Now May Be The Least Expensive and Easiest Time to "Go FHA"
A Few Reasons Why Now May Be The Least Expensive And Easiest Time To "Go FHA" when you buy a Renton townhome or Kennydale house.
Shopping for low mortgage rates is a game of luck.
Some days, mortgage rates are favorable. Other days, they're not. And while you can sometimes make an educated guess about where rates might be headed, you're not always going to guess right. Plus they change several times a day. That is why the Gary McNinch Team can refer you to a couple of tremendous loan officers for your home purchase.
Even the experts get it wrong more often than they'd like.
But some parts of the rate shopping process can be predicted and one of them is the future of mortgage guidelines.
In general, the more often homeowners default on their respective mortgages, the harder it is for future mortgage applicants to be approved.
This is why "now" may be the best time to apply for a FHA mortgage. Defaults are climbing, suggesting that FHA underwriting guidelines are about to tighten.
Indeed, the FHA has implemented two major changes since last summer:
These changes create barriers to entry for potential FHA borrowers, improving the overall quality of the FHA loan pool.
For a taxpayer-funded agency like FHA, loan performance is an important goal. Therefore, as the number of defaults grows, expect FHA guideline to get tighter.
The problem is, though, we can't predict just where the FHA will tighten. Maybe the FHA raises its minimum FICO score requirement, or maybe it gets tough on seller-paid closing costs. A hike in loan fees isn't out of the question, either -- that's the path Fannie Mae took, after all.
Whatever the FHA does, fewer people will qualify for FHA mortgages once it's done. So, if you're planning to buy a home and your downpayment is limited, or your credit scores are suspect, or there's some other "red flag" in your profile, consider moving up your timeframe to act.
In fact three of my current home sales contracts, an Ashburn townhome, a preforeclosure sale, and a Kent single family home, have buyers utilizing FHA financing. And for them it is a great program.
Mortgage rates may rise or mortgage rates may fall, but neither is going to matter if you can't get qualified for a home loan. And, for FHA mortgage applicants, tougher mortgage guidelines are only a matter of time. Get going now, get off the fence and buy a Fairwood or Renton Highlands home while there is great inventory and the lowest interest rates in nearly 50 years. And of course, call, email or tweet the Gary McNinch Team Renton Wa Realtors Keller Williams Realty Renton.
10 Strange Things For Which You Can Claim A Tax Deduction, Mortgage Interest on Your Renton Home is Just Normal
10 Strange Things For Which You Can Claim A Tax Deduction, Mortgage Interest on Your Renton Home is Just Normal
It's Tax Day today and who among us doesn't love a legitimate tax deduction?
The IRS expects to process 138 million tax returns this year and accompanying those returns will be a melange of tax deduction requests.
Most will be run-of-the-mill including such staples as mortgage interest when you own a Renton home orKennydale townhome, vehicle mileage, and child care deductions. Others, however, will be less ordinary.
On its website, TurboTax pays homage to some of the most off-the-wall, offbeat tax deductions through the years permitted by the IRS.
A bodybuilder's body oil so his muscles would glisten in competition
A private airplane for owners of investment properties
Landscaping for a sole proprietor that meets clients at home
A swimming pool for a man with emphysema
Tax deductions are prized by U.S. taxpayers. Hopefully, your 2008 tax returns included some good ones, too. Call the Gary McNinch Team Renton Wa Real Estate if you want to learn the tax advantages of Renton home ownership. Mortgage interest deduction is the still one of the best reasons to own a home. And if you need great tax advice we will be glad to give you a referral to a veteran local CPA.
Good luck on your taxes for this year, we pay the business taxes on our Limited Liability Corporation (our real estate business) a quarterly basis, so ours are in the mail. And we hope you enjoyed this crazy look at our "interesting tax deductions."
How Would You Feel If Someone Ask You To Adopt A Different Last Name For The Ease of Others?
Please read Loreena Yeo's post about the comments from an idiot Texas congresswoman. I'll add my comments to Loreena here. Timely on Easter Sunday, 2009.
Lo -- reeee -- na, Good Lord how hard is that to say?
This is what everyone in Texas should do. So take this idiot uninformed and totally offensive Texas politician number one, then have her open her mouth real wide, then stick both feet clear in. There should be room in her head for both feet, since there is a shortage of brain matter. Her prejudice is obvious when she says "you and your citizens". That is as prejudiced as saying "you and your people", which was and still is tremendously offensive to many black or native Americans who lived through years of discrimination.
A person's family name is a sign of connection, something to be tremendously proud of and to be honored. My grandfather had our name and was so proud of it that his logging and farming operation was "E. J. McNinch and Sons". Our family worked long hard physical hours and we didn't have much. But, I remember how proud I was to see our name painted on the side of the logging truck doors.
Now my 3 grand kids proudly bear this name and even Audrey Anne McNinch (who is almost 3 years old now) understands that she shares the last name with her mommy and daddy and both her brothers and her Grandpa Gary and her Grandma Jessie-Joy. She was dancing around the other day, singing and swinging her arms and saying her name over and over. Not only pretty cute, but a very honest example.
In Keller Williams Realty our Company priorities are God,FAMILY (tracked by our last name) then Business. Interesting that Mrs. Brown, the Texas congresswoman, would come out with this "slip of the tongue" the week before Easter?
One of the reasons I like the Seattle Renton area for my home and my business are the many cultures that live here. In fact you can read a blog I wrote last year about world cultures in Renton. One of the best parts of living here is the great diversity of people with whom to share and learn from.
Some of my great customers have last names ofDyken, Gebregorgous, Proskin, Tran, Wood, Engan, Singh, Sacha, Conte, Sakai, Doerschel, Hong, Balsara, Susan, Wu, Doerflinger, Schemm, Liu, McInnis, Kans, Strecker, Tolmachyov, Avis, Truong, Stolberg, Confortti, Jackson, Smith and on and on. Thank you to all my great friends and clients for helping expand my understanding of this country and our world. And since these are people that I care about I learned to say each last name correctly. It is important to them and important to me. And come to think of it many of these folks are married to someone from a different race or entirely different part of the world.
This is my two cents worth, which is 3 cents more than the idiot legislator in Texas deserves.
List and Sell (Gary Lee [the middle name was my uncles and my great great grandfather's] McNinch) RentonHomeFinder.com
Texas state representative Betty Brown made some controversial comments, putting her public position in jeopardy. Her comment was that Asian American voters should adopt simpler, easier-to-pronounce more "American" last names. Her spokesperson insisted that her comment was not racially motivated, but an attempt to reduce voter identification problems.
In her own words, she asked, "Rather than everyone here having to learn Chinese - I understand it's a rather difficult language - do you think that it would behoove you and your citizens to adopt a name that we could deal with more readily here?"
You know me by now that I'm not going to just be quiet about this. Many Asian Americans demanded an apology from Betty, including me. My first reaction was anger, but then it quickly subsided to disappointment thinking that there could possibly be some of my American friends secretly wishing I would change my last name in order to make them pronounce it easier. They must be over-board with their demands!
So, how do you feel if it's difficult to pronounce your last name, so the government asks you to change it to make it easier for others to read and not get it wrong? I'm very sorry, but if you cannot employ better educated people at the voting polls to differentiate ABCs, then I got nothing to say. Apparently, some of them even picked on "hyphens" in people's names.
I've seen some difficult to pronounce American, European, African, whatever cultural last names. I dont see the need to ask anyone to change to make it easier for the government personnels to process our federal or state government documents easier. If education or better screening of employees are needed, that's what should be done.
If you ask me to "adopt" a different last name to make it easier for Americans to avoid confusion, what I am hearing is asking me to Change My Last Name Because You Can't Pronounce or tell a difference.
Please dont go telling me that I need to change my FAMILY name in order to make it easier for you. Changing my FAMILY name means I'm no longer a part of my family roots and family origins. With that come generational history. That's what you are telling me to leave behind. Just to suit you?
If you didn't know, Asians, especially Asians are BIG on family. Many of us Asians (especially in Asia) still live with our parents despite being working adults! That's not to say we can't afford a place of our own or not having our own independence. We believe in taking care of our family (especially our parents and grandparents) for generations. Living together is a part of the process. It is not uncommon to see 3 or 4 generations of a family living in the same home. Some are multi-millionaires. That's how we are. Where my husband grew up, he lived in a house filled with grandparents and uncles, aunts and cousins too. 20-30 people live in that home and there was a house helper that just caters to their meals in the home.
So, don't even go there. I'm proud of my FAMILY name and don't ask me to change it. In fact, I feel offended. Yes, Chinese is a difficult language to master, but if immigrant Asian Americans can speak at least 2 languages, you can learn to read our Asian last names in English.
PS: My Family Name is YEO. To correctly pronounce it, it's a silent "E". You actually just say "Yo"... almost like a greeting. It is not "yau" or "yeeeeooooow". And many times, for whatever reason the brain tricks the hand, people could say YEO repeating it back to me, but they write WEO. I don't know why but it happens.
So, this is how you say my name correctly .... Lo-reeeee-na Yo. Not Lo-re-na Yau. Yes, you have butchered it in the past but now you know. I still love you just the same as long as you don't ask me to change my family name to make it easier for you.
These are photos of my recent trip to visit my ancestral home in Toishan, Southern China. It had always been my dream to visit and last year, I saw it for the first time.
I'm a proud Asian - born and raised in Malaysia. My grandpa left China for Malaysia during the 2nd World War and all he thought was he was going to make some money for a few short years in Malaysia. Then, communism took over China and he only returned HOME after over 40 years. Now, his granddaughter ie me, left Malaysia to seek my own future here in America. We just keep moving! Family at the front door of our ancestral home. We finally made it there!
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She hits this right on the nose. When times get tough and good people get a little desperate the creeps come out to lie, steal, and outright take advantage.
Call a local trusted Renton Realtor or Loan Officer who will help you with the available Programs and help. Most of it is FREE.
As a real estate professional, I get calls from people that are struggling to pay their mortgage, or concerned because they have to sell, and they owe more than their homes are worth.
Many in my profession have been recommending services from "professional negotiators". These are companies that brag about large success rates and large volumes of completed transactions - either in loan modifications or short sales, or both. But, these "professional negotiators" cost money - anywhere from a few hundred dollars to several thousand. Most of their fee is not contingency based, and it's often required to be paid up front.
No, I do not believe that the agents who are referring these companies recognize they are scams... I think they've been duped like everyone else. I think these agents and loan officers want to help the consumer, but they simply don't know where to send troubled homeowners to get the assistance they need.
Here's the straight truth: There are different groups of consumers, with different needs, and each should be seeking the type of help they need from different types of professionals. So, WHO YA GONNA CALL?
Some homeowners want to stay in their homes, but are struggling to make ends meet. These people need to be talking to their lenders, particularly if the reason they are struggling financially is a temporary hardship which will be resolved in the foreseeable future. When homeowners are overwhelmed or unsuccessful they can ask for help through HUD approved loan counselors who do not charge a fee to the consumer for their services.
The reality is very few loan modifications have been done, and of those that were completed, many homeowners are delinquent, AGAIN, despite the temporary reprieve. So, they may have to find a way to sell or allow the bank to foreclose.
Some owners MUST sell - perhaps because of a job relocation, divorce, or other life change, but they owe more than their homes are worth. These people need to be talking to a real estate agent they trust and working on a short sale to avoid a foreclosure.Real estate agents will charge a commission, and the fee is usually only paid if there is a successful sale.
Some agents will require the use of a professional negotiator. If that negotiator's fee is a large, upfront, non-refundable fee to the seller... run. If the negotiator charges a fee to the seller, the buyer, the agent, the buyers agent, the title company and anyone involved in your transaction- run, run, as far as you can, as fast as you can. These are definately scam artists - and if they are going to require that everyone who is involved in the transaction pays a fee, then your house's chance of successfully selling is significantly reduced.
Some very busy real estate agents may think it makes sense to hire professional negotiators to assist them with getting the sale from contract to close. If the agent is paying for this, and it is included in their fee, then I think this is okay - it would be the same as if the agent was hiring more administrative help to support the increased work load.
I also think it is fair when agents charge more for a short sale than another type of transaction.But, commissions are negotiable, and any consumer (and agent) involved in a transaction needs to know that the bank - who is ultimately paying the commission - will have to approve the commission expense, so it must be within certain limits. [Fannie Mae issued a guideline that a maximum of 6%, with a small administrative fee is acceptable.]
Still other owners are comfortable paying their mortgage and may or may not have equity, but want to take advantage of programs that are available that may help make them more comfortable - forgiving part of the debt, lowering payments, whatever is available.
These people need to make friends with a good loan originator who stays up on the current trends and can tell them when there is an incentive or a loan program that will benefit them. Loan officers do get paid for originating any loan that is successfully closed, but again, only if they are successful.
Consumers - watch your back. Many people out there see you as vulnerable, and they will take every last dollar you have. The government has made free help available to you, and true professional loan officers and real estate agents will be skilled in helping you navigate the ins and outs of today's market - for selling or refinancing.
Thanks, Vicki, for sharing this with us, so we can help our short sale sellers in Cascade, bank owned buyers in South Seattle, and anyone needing a loan modification in Kent or Maple Valley. Gary McNinch Team Renton Realtor give us a call and we will steer you toward the right person to help you. And remember MOST of these PROGRAMS ARE FREE!
About Gary McNinch's Renton, WA Real Estate Website: The www.rentonhomefinder.com web site provides Downtown Renton, Renton Highlands, Kennydale, Newcastle, Talbot Hill, Cascade, Kent, Skyway and Fairwood, Washington real estate information and resources to guide homeowners, homebuyers and real estate investors through the process of selling and buying a house, condo or other realty property in the Renton area. Gary McNinch Garie, Garry, McNich, McNitch, or McInch has services to help you get the best value for your Renton home and this website offers home buyers and home sellers a superior comparative market analysis (CMA), a way to view real estate and MLS IDX listings including virtual tours, prepare your home for sale, and more. Investors looking for real estate investment properties to invest in need look no farther. Anyone selling a home, buying a home or seeking housing can learn more about our realty services, and will appreciate working with a Renton REALTOR who knows the area so well. Through trusted partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Renton, WA, such as mortgages, credit history, new homes, foreclosures and other services. If you've already tried to go the for sale by owner (FSBO) route and find you are needing a partner who you can trust in the sale of your most precious asset, Gary McNinch can take care of your special needs. It really doesn't matter if you spell it REALTOR, Realator or Realter, realty, realety or reality, real estate or realestate, Gary speaks your language.
Motorized garden tools come in two varieties -- gas-powered and electric-powered. 
is getting such good buzz. As the first propane-powered garden tool, the Eco Trimmer combines the lawn care power of a gas-powered tool with the environmental accountability of an electric one. 
Tighter mortgage guidelines since late-2008 are forcing home buyers to make bigger downpayments. Anecdotally, the change has led to a surge in buyers taking gifts of cash from family members. Especially First Time Home Buyers taking advantage of the $8,000 Tax Credit.
Most often referred to as just-plain "points", 
National real estate data helps economists identify trends in the housing market. It shapes policy and influences markets. 
Shopping for low mortgage rates is a game of luck. 
Contact: 
