| |
Conforming |
High Balance |
| |
(< $ 417,000) |
(> $ 417,000 – $567,500**) |
| Conv. 30 Year Fixed |
5.125%/5.199 APR |
5.250%/5.851 APR |
| Conv. 15 Year Fixed |
4.375%/4.482 APR |
4.500%/4.649 APR |
| Conv. 5 Year ARM |
3.625%/3.702 APR |
5.000%/5.088 APR |
| FHA 30 Year Fixed |
4.875%/4.938 APR |
5.250%/5.339 APR |
| FHA 5 Year ARM |
4.125%/4.185 APR |
4.625%/4.711 APR |
| |
Jumbo (> $567,500) |
| 30 Year Fixed |
5.750%/5.860 APR |
| 15 Year Fixed |
5.500%/5.684 APR |
| 5 Year ARM |
4.750%/4.836 APR |
| |
|
| Sales Price $1,250,000 |
Loan Amount $1,000,000 |
| 5/1 ARM |
4.750%/4.888% APR |
| 7/1 ARM |
5.125%/5.266% APR |
Rates are for a Purchase or Refinance, based on 740+ credit score, Full Doc Income, 80% Loan To Value, 80% Combined Loan To Value, Primary Home, Single Family Residence, King County, 25 Day Lock with 1% Loan Origination Fee & 0% Discount Points and does not include any add-ons to rate or fee for such things as Cash Out, 2nd Home, Investment Property, 2nd Mortgages, etc. **County Limits Apply, Max for King, Pierce & Snohomish = $567,500.
Jennifer Fisher; Partner, Sr. Mortgage Advisor
WA Lic.#510-LO-52053
Cobalt Mortgage
About the Author: Most people who meet Jennifer Fisher instantly wonder what she does with all that positive energy. Luckily for her clients, she puts it into making sure that they get the best situation for their financial futures. She truly represents her clients best interests, and does so with extreme professionalism, honesty, and a touch of wit. You thought talking about mortgages would be a task? Jennifer actually makes it fun and interesting.
Jennifer has been in the industry for 10 years, and has lived in this area her entire life. She raised her child here and is familiar with schools, restaurants, and outdoor activities. Jennifer has an abundance of trusted referral partners for her clients, should they need anything from a plumber to a financial planner to a car dealer. She knows how to make your home and mortgage truly work for you.
Contact for more information:
Cell 206.423.3904
jennifer@jenniferjfisher.com
www.jenniferjfisher.com
The Federal Reserve met again this week and reiterated for the third time in a row that they will cease to purchase mortgage-backed securities on March 31st of this year. What does this mean to you as a homeowner or home buyer? Rates are going to go up! Without the benefit of mortgage-backed securities to falsely deflate interest rates the rates will have to start moving upwards. If you are in the market to purchase a home, sooner rather than later could benefit you.
| |
Conforming |
High Balance |
| |
(< $ 417,000) |
(> $ 417,000 – $567,500**) |
| Conv. 30 Year Fixed |
5.125%/5.199 APR |
5.250%/5.851 APR |
| Conv. 15 Year Fixed |
4.375%/4.482 APR |
4.625%/4.775 APR |
| Conv. 5 Year ARM |
3.625%/3.702 APR |
5.125%/5.213 APR |
| FHA 30 Year Fixed |
4.500%/4.571 APR |
4.750%/4.845 APR |
| FHA 5 Year ARM |
4.125%/4.185 APR |
5.125%/5.222 APR |
| |
Jumbo (> $ 567,500) |
| 30 Year Fixed |
5.750%/5.860 APR |
| 15 Year Fixed |
5.500%/5.684 APR |
| 5 Year ARM |
4.750%/4.836 APR |
| |
|
| Sales Price $1,250,000 |
Loan Amount $1,000,000 |
| 5/1 ARM |
4.750%/4.888% APR |
| 7/1 ARM |
5.125%/5.266% APR |
Rates are for a Purchase or Refinance, based on 740+ credit score, Full Doc Income, 80% Loan To Value, 80% Combined Loan To Value, Primary Home, Single Family Residence, King County, 25 Day Lock with 1% Loan Origination Fee & 0% Discount Points and does not include any add-ons to rate or fee for such things as Cash Out, 2nd Home, Investment Property, 2nd Mortgages, etc. **County Limits Apply, Max for King, Pierce & Snohomish = $567,500.
Jennifer Fisher WA Lic #510-LO-52053
About the Author: Most people who meet Jennifer Fisher instantly wonder what she does with all that positive energy. Luckily for her clients, she puts it into making sure that they get the best situation for their financial futures. She truly represents her clients best interests, and does so with extreme professionalism, honesty, and a touch of wit. You thought talking about mortgages would be a task? Jennifer actually makes it fun and interesting.
Jennifer has been in the industry for 10 years, and has lived in this area her entire life. She raised her child here and is familiar with schools, restaurants, and outdoor activities. Jennifer has an abundance of trusted referral partners for her clients, should they need anything from a plumber to a financial planner to a car dealer. She knows how to make your home and mortgage truly work for you.
Contact for more information:
jenniferjfisher@cobaltmortgage.com
Seattle Landlord Networking Hour
February 9th
8PM to 9PM
Gallery Condos – 7th Floor SkyLounge – RSVP Required to team@urbanabodegroup.com
Topic : Landlord Taxes
We are going to host Keith Tyacke from Clothier & Head with a brief presentation about tax issues for rental property owners.
Preliminary agenda for Keith’s presentation & subject to change:
• Basic record-keeping for Landlords
• Passive Activity Loss
o Limitations
o Suspended Loss Carryover’s
• Selling Rental Properties (tax effect)
• Cost Segregation Analysis
More information on Keith can be found at : http://www.clothierandhead.com/ourteam/directory/keith-tyacke.html
Are you a casual landlord that owns rental properties in Western Washington? Do you want to purchase investment properties, but have yet to do so? Our networking group is made up of property owners that want to build their rental portfolio. The goal is to share information to become better landlords and investors in the Seattle Metro area.
Format of the hour will be a 10 - 20 presentation with a question & answer session following – and then followed by casual chat. This will be a casual happy hour style meeting that is both fun and informative.
We meet the 2nd Tuesday of every month from 8PM to 9PM.
Next Month : March 9th : Topic Tenant Screening & How To Find Great Tenants with Sandee Baker with over 25 years experience in Residential and Commercial Sales, Property Management and Tenant Screening.
Upcoming topics will be:
- Financing for investors
- Foreclosures & Auctions
- Landlord Panel
- Property Management Services – Pros & Cons
- Top Referrals – Referral exchange bewtween landlords
- Move In & Move Out Process
Questions? Email or call Matt Warmack at matt@mattwarmack.com
Effective February 1, 2010 the Department of Housing and Urban Development (HUD) will relax FHA rules that prohibit insuring mortgages on homes that are owned by the seller for less than 90 days – a move that could help expedite the rehabilitation and resale of foreclosure properties.
In a housing market where tighter lending requirements have made FHA financing the only option for some buyers, this 90-day policy has (1) kept some homebuyers from being able to purchase affordable homes and (2) prevented the quick resale of foreclosed properties, which affects the ability of communities to stabilize and rebuild.
Research has shown that the buying, fixing, and reselling of foreclosed properties is often achieved in less than three months time.
The temporary waiver, which will expand access to FHA mortgage insurance to many, will be in effect for a period of one year, unless extended or withdrawn by the FHA. With this in mind, now may be an excellent time to contact clients who have recently purchased a foreclosed property and those who may be on the fence about purchasing a foreclosure as a short-term investment.
“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”
To ensure FHA borrowers are protected from inflated prices, the policy has certain restrictions, including:
• All transactions must be arms-length and there can be no identity of interest between the buyer and seller.
• If the sales price of the property is 20 percent or more above the seller’s acquisition cost, the lender must meet specific conditions for the waiver to apply.
• The waiver is limited to forward mortgages, and cannot be used under the Home Equity Conversion Mortgage (HECM) purchase program.
You can read the full text of the waiver on HUD.gov here
Want to know more about the home buying process in Washington State? Interested in buying a property, but don’t know where to start? The home buying process at times can feel overwhelming and confusing, but this class will help make it all clear. This free class requires registration. The class will be taught by local real estate, mortgage, escrow and inspection experts.
Seattle First Time Home Buyer Class
Price : Free
Date : January 20th, 2010
Time : 7PM to 10PM
Registration : RSVP Required to team@urbanabodegroup.com- 20 spots available
Location : Keller Williams Greater Seattle, 1307 N. 45th Street – 3rd Floor – Wallingford Neighborhood @ 45th & Stone - Seattle, WA 98103
Course Agenda
Introductions & Class Overview
- Introductions
- What you want to learn in the class?
Home Ownership vs Renting
- Responsibility
- How long do I need to own a house?
- Tax Benefits of home ownership
- Reason for purchasing
Home Finance
- How much can you afford?
- Credit Score & Credit Repair
- Loan Programs
- Down Payment & Closing Costs
- Appraisal Process : What you need to know
What to look for in a Real Estate and Mortgage Professional
- How do you find a great realtor & mortgage professional?
- What to look for in an agent
- Questions to ask
Finding your right home
- House, townhome or condo?
- Home Owners Associations
- You can’t have everything – what are you top “Must Haves”
- Neighborhood decision
End to End Process in Washington State
- Making an offer through getting your keys
Closing Documents
- Key documents to know such as Truth In Lending and HUD
Title & Escrow
- What is the duty of the title and escrow company
- How to ensure a successful closing
- What to expect at escrow
Home Inspection Process
- Home inspection process overview
- What is & is not in a home inspection
- Overview of various home inspections
Maintain Your Home
- What do you need to know to maintain your home
Overall, the Seattle residential real estate market saw a decent October and November for 2009 – especially compared with 2008. We are seeing many first time home buyers taking advantage of the tax credits. Prices are still hard to determine due to a high percentage of distressed properties on the market – with condo auctions, short sales, bank owned properties and other stages of distressed sellers dominating the market place.
Seattle Real Estate Market Update
The number of sales has gone up and the inventory has gone down – all great factors in stabilizing the real estate market for Seattle. The biggest wild card in the Seattle residential real estate market is the number of people wanting to sell their home, but unable to sell for a variety of reasons. Many of these sellers are renting out their place, doing short sales and walking away from the property all together – it can be challenging to sell your property in the current market. We will continue to witness distressed properties negatively impacting the Seattle market throughout 2010. Things are getting better, but we still are not in a balanced marketplace. This creates a great time to be buying Seattle real estate for those holding property for 3+ years. The $1,000,000+ market continues to be very challenging in these times.
Here are some of the Real Estate Industry ways to indicate the current market conditions:
1) Housing Inventory
One of the best resources for King County Real Estate inventory data is from www.alanpope.com (click on Market Overview, then King County). You can see that in October 2009 we had (12321 / 2951) 4.1 months worth of inventory on the market. Overall this indicator is showing a strong market for selling real estate. However, the problem is there are many home/condo owners who would prefer to sell but are currently renting their properties. We think the listing inventory is artificially low right now and would spike up if prices and sales were going up in King County enough to encourage these casual landlords to list their property for sale. Generally speaking, it is ideal to see less than 6 months of inventory on the market, which would indicate a seller’s market. King County is currently showing 4.1 months of inventory on the market. Again, this number is artificially low right now.
2) National Association of Realtors (PHSI) Pending Home Sales Index
According to NAR’s latest release, pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October 2009, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
Basically we went from ghost town last winter to a much improved marketplace, but we still have a ways to go!
3) Mortgage Applications Four-Week Moving Average
The Mortgage Bankers Association (MBA) provides this weekly loan application data. Here is their latest press release: http://www.mbaa.org/NewsandMedia/PressCenter/71231.htm Loan application are up for both purchases and refinances due to cheap money and lots of first time home buyers taking advantage of the tax credit – in our opinion.
4) HOI: Housing Opportunity Index
The National Association of Home Builders’ HOI is an index based on the fact that an affordable house is one that can be bought with 28% or less of median family income, which translates to an HOI score of 72 or better.
Please visit www.nahb.org/hoi for tables, historic data and details.
Their current release states (http://www.nahb.org/reference_list.aspx?sectionID=135) that nationwide housing affordability, bolstered by affordable interest rates and low house prices, hovered for the third consecutive quarter near its highest level since the series was first compiled 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). This indexing is showing that homes have never been more affordable to those willing to purchase or trade up. Does this show that we are nearing the bottom?
Sometimes you need to post the great news from a client – today is one of those days.
Customer Thank You Letter
Dear Matt,
I wanted to thank you for helping me buy my downtown Seattle penthouse which closed October 30th, 2009.
With so many fly by night Realtors out there it is hard to know what you are getting with an agent and if the value pays for itself. Now looking back at our amazing and nail biting transaction can hole heartedly support not just any Realtor but you, Matt Warmack, who has ethics, integrity, expertise, pro-technology resources, a solid network of advisers and business partners that clearly work as a team to service your client.
There were many complexities surrounding my dream penthouse that would have made it nearly otherwise impossible to attempt purchasing on my own or with an unqualified agent.
They include:
1) The condo had a full price contingent accepted offer from another buyer which we overcame by offering to close within 30 days and offered full financial pre-qualification support. Your recommended broker Jennifer Fisher from Cobalt Mortgage was able to quickly assess my financial situation which required special documentation regarding my rental property.
2) There was complexity surrounding the value and legal ownership of a second parking spot not clearly spelled out by the Seller. You used your instincts and advisors to negotiation this later as needed until clarity presented itself. You anticipated the sellers next move.
3) You recommended Farren West from Key Inspection Services to come ASAP who found fault with the stove, plumbing in kitchen and bathroom, as well an outdated hot water heater. You negotiated with the seller to have all this fixed which was successfully done. You personally walked through after the fixes were complete to ensure the job was done right for me.
4) You worked while you were on vacation to ensure no critical minute was lost; faxing documents, and collecting signatures, using email, texting, and software to expedite the process.
5) You inquired with my neighbors regarding potential other known assessments, issues, or unique complexities that could affect my decision to move forward; in this case my desire to install hardwood floors was critical to me and it required the unit below neighbor’s consent in order for me to move forward. You would walk down at happy hour and see who was coming and going to learn as much as possible from the owners of the building.
6) You realized early on that the second parking spot was legally mine and recommended we hire an attorney before signing to ensure nothing would get in the way of the deal. The Seller at this time still thought he could sell the parking spot separately for $25,000-50,000.
7) You personally were there at Escrow to ensure nothing last minute came up that was unethical or illegal.
8) We were down to the final hours of closing on Friday, and we still had the Seller refusing to acknowledge I owned the second spot and after you recommended getting an attorney – which allowed us to WIN the argument and closed on time!
9) By 4:00pm on the 30th I had my keys on time despite the many road blocks presented.
Had you not made every minute count every step of the way there is no way this deal would have had the outcome it did. You did not let the seller or his agent bully us around or use cheap tricks to not give me what was rightfully mine.
Quantitative benefits of working with Matt Warmack:
1) Over $5,000 off asking price on a one-of-a-kind unique downtown penthouse that already had a contingent offer accepted
2) $10,000 negotiated closing costs paid by Seller
3) $2000.00 in repairs after inspection
4) $10,000 hardwood floor upgrade that you found a way for me to get consent on
5) $50,000 estimated market value of second parking space in Belltown
Total: $77,000
Thank you Matt Warmack!
-Andrea
An inspiration for this blog post is one by Raymond Fong.
It’s very important to read the Raymond’s blog post about Yelp Advertising and the comments below his post – especially if you are a Realtor interested in advertising with Yelp. Even in Real Estate – the cost of impressions and clicks with Yelp isn’t worth the money. Bottom line – it’s not worth your money as a Realtor to advertise on Yelp.
My experience with Yelp Advertising
I’m a huge Yelp fan – I use it on my mobile phone & PC all the time – so I was excited to hear about their advertising options. I’ve since learned that it’s a great site for you to utilize for free, but don’t see the value in their sponsorship packages. I knew the value proposition was wrong, but as a Yelp fan had to try it.
I’ve written this blog post to warn other Realtors and small business owners about Yelp Advertising. Until they change their offering and pricing, it’s not worth your advertising budget to even test it – as I did.
My ads were supposed to start at the beginning of September ‘for free’ – but that never occurred until the last day or two of the month. They told me that my credit card had problems – which is untrue. This is probably a trick that they will continue to use in the future – so don’t get caught. “I will give you the month of September for free” but that will not occur due to their set up processing taking too long and taking you up to the contractual start date.
Once the ads starting displaying, my Yelp Page Views DID NOT go up with Yelp Advertising / Sponsorship – they went down or stayed the same. Advertising takes time and repetition, but with online ads you should see an increase in click activity if you have ads running. Here are the actual screen shots of my Yelp Business Account.
Yelp Page Views
Looking at the Page View Graphic above, in the month of September 16 of the 18 clicks occurred PRIOR to my advertisements starting with Yelp. So February, March and September all beat October – which is when the advertising contact started. The ads started running in the last few days of September after 16 clicks had already occurred.
Yelp Ad Clicks
My contact with Yelp is for three months at $350 per month for 450 impressions. Based on October 2009 I’m paying $175 per click on my ads! WHAT? This Yelp advertising model has to be exposed for what it is – a rip off. Based on my web statistics software – I have had ZERO clicks from Yelp to my web site under their advertising program. Don’t you think an interested party would click off Yelp and onto my web site to investigate my services in more detail? I would say yes. This has never occurred since starting the Yelp Advertising program.
When you are paying $100+ per click – can you afford to have your competition checking you out on Yelp?
Clicks occurred very, very late in the month – almost like they have automated clicks to boost clicks rates when there were no clicks for the month. All three of my clicks in September occurred in the last few days of the month. The same was true for October, both $175 clicks occurred in the last few days of the month. I’ve requested more detail in their reporting, but have received nothing to date. Below is all they give you for reporting. It’s very, very light on reporting. It makes me think they are hiding something about their program.
Following is your statement for November 2009:
Total Billed: $350.00
Amount Collected: $350.00
Details:
* Charge: Matt Warmack – Urban Abode Group, 1307 N 45th St, Ste 300, Seattle, WA 98103
* 11/1/2009 – 11/30/2009
* Program: 450 Impressions
* Fee: $350.00
My test with Yelp advertising was to see if I got one email or one phone call from their advertising program. I have received no inquiries to date. I track all leads and know where my business is generated. Other forms of online advertising work for me. Yelp does not. $1,050 will not be well spent and it does not appear I will be getting one quality inquiry – let alone one closed deal.
If you are a Realtor, please don’t spend any money with Yelp until you do your research. My experience shows that the customer acquisition cost is way too high with Yelp. You can get all the value out of Yelp with their free business listing. Free is better than paid with Yelp.
If you have been approached by a Yelp Advertising sales representative or have advertised on Yelp – I would be very interested to hearing your comments below.
YELP ADVERTISING LINKS:
http://www.pcworld.com/article/159839/is_yelp_manipulating_user_reviews.html
3247 38th Ave SW | Seattle | WA | 98126
MLS # 29150449
Welcome to this artfully renovated 1930’s brick tudor with plush designer finishes and top of the line improvements. Luxury master suite boasts a full-body spa shower, walk in closet, and private deck. Fully finished basement features stained concrete floors, rec-room, media room, and a mini wine cellar. Perfect for entertaining; the outdoor space comes alive with a professionally landscaped yard, outdoor lighting, and back patio. Turn key with amazing curb appeal, this home screams style.
