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wenatchee construction: How Greek pensions affect your house payment - 05/12/10 02:36 AM
Last week's stock market jitters proved once again that the financial markets are not back to normal by any means. So what is happening to interest rates? Well, since we are in a global economy, what you pay per month for your house is affected by the government pensions being paid out in Greece.
The short answer is that when we really are in an economic recovery, mortgage rates will rise; but for the short term, while things are shaky, we have these great low rates, with 30 year mortgages in the 4.75%- 4.875% range. If someone is on the fence … (3 comments)
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wenatchee construction: Partially Complete Homes - 04/23/10 01:58 AM
I have encountered several clients who started construction of a home on their own nickle, expecting to get a construction loan to finish the last 10 -20 or 50%. Only to find that most banks won't lend on a house if construction has already started. I can't speak for the rest of the markets, but at least in our area of Eastern Washington, you have some choices. You CAN get a construction loan to finish a house, or to buy a partially completed home. We have several spec homes in our market that the builders walked away from; fortunately they were dried … (2 comments)
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wenatchee construction: Owner-Builders Saving Money - 07/07/09 02:27 PM
This year, probably half of the construction loans I have done have been for owner-builders. This is the term we use for people who are building a home without a general contractor. In reality, the projects vary from individuals who never lift a hammer and just schedule all the subcontractors, to the people who are out there on the project themselves setting their own concrete forms and doing all their own framing and finish work.
For those who are a little nervous about being completely in charge, there are now lots of consultants available, as well as companies who will build … (1 comments)
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wenatchee construction: Land Finanancing continues in Eastern Washington - 06/17/09 12:39 AM
I was at a meeting with Realtors from Western Washington, and they were amazed that we were still doing lot and land financing. Actually in our market areas of Wenatchee, Chelan, Winthrop, and Leavenworth (plus surrounding Counties), there are actually several community lenders that will lend on land. Each bank has different programs and terms, so it is worth calling around to compare programs before making a decision.
I have seen some great deals out there; your dollar really goes a lot farther than it did a few years ago.
… (0 comments)
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wenatchee construction: Construction Financing Continues - 03/03/09 01:37 PM
I cringe whenever people ask, "Are you still lending money?"; but I suppose it is a fair question these days. In my markets of Wenatchee, Leavenworth, Chelan, Winthrop and Okanogan County, most of the banks that used to do a lot of construction lending have severely cut back their programs. Some of the things that other lenders have dropped but we still do are:
Owner-Builder Construction Loans
Lot Loans, Land Loans
Modular Home Loans (those delivered in sections)
Kit Home Construction Loans, or panelized home Loans such as Lindal, Viceroy, etc.
Loans for homes where construction has already started
SIP Construction loans, or … (0 comments)
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wenatchee construction: Financing an As-Is Home in Wenatchee - 12/02/08 01:05 AM
One fallout from the current market is the increase in homes being sold As-Is. Either a builder was unable to finish, or maybe the house went back to the bank in less than perfect condition. Either way, you end up with Sellers who don't want to put more cash into the house, they just want to sell it. While there are many more in other parts of the country, we in Wenatchee and all over Eastern Washington are seeing more and more of these.
These are huge opportunities; you will see homes for $150,000 that with $30,000 worth of work would be worth $250,000. Instant … (0 comments)
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wenatchee construction: Mortgage Rates Headed Up - 10/09/08 10:37 PM
I am not one that likes to make negative predictions, but the recent financial news leads me to conclude that mortgage rates will be going up. For those who are ready to buy or refinance, I believe now is a good time to lock in your interest rate.
If you want the long version, read on:
Normally a drop in the stock market leads to lower mortgage rates. This is because investors get worried about the future returns from their stocks, and decide instead to put part of their money into guaranteed returns of bonds, including Mortgage Backed Securities. With supply and … (0 comments)
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wenatchee construction: Market support for Wenatchee Homes - 07/17/08 01:18 AM
In the Wenatchee Real Estate market, you have to be careful about too many statistics. I actually took a statistics class or two back at UW many years ago, and we learned about something called sample size. Basically, if you don't have a lot of pieces to measure and slice and dice, it is hard to come up with statistics that mean anything. In Seattle, you can study trends; in Wenatchee, one good weekend of home sales can skew the numbers. It is best to look at the overall picture to see what is happening in Wenatchee Real Estate.
In Wenatchee, we have … (0 comments)
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wenatchee construction: Wenatchee Home Builders Home Show This Weekend - 02/06/08 01:53 AM
This weekend is the 5th Annual NCHBA Home Show in Wenatchee. NCHBA is the North Central Homebuilders Association; so the show is all about construction, remodeling ideas, doors, flooring, decks , windows etc. And of course I am there to help people finance their construction or remodel project. There are no pots and pans or ginsu knives. I have participated in all 5 and I like the fact that it is construction focused and that there is an admission charge. As a vendor, the price of admission keeps it from being overrun with people who are just bored on a weekend, … (0 comments)
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wenatchee construction: Wenatchee Construction Update - 01/29/08 12:31 AM
I have talked to several people this month who are buying land in our area with plans to have a home built in the near future. As most of the questions are similar, I thought I would fill people in on Construction Lending in Wenatchee, Leavenworth and Chelan.
First of all, its Winter here, which is very pretty, but if you didn't pour your foundation beforehand, you'll need to wait until it thaws. Depending on where you are in the area, that can be anywhere from February to May. Also, people who are finishing homes right now are generally moving in … (0 comments)
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wenatchee construction: Wenatchee Fall Construction Race - 10/15/07 12:02 AM
It's that time again; every Fall in the Wenatchee area, builders scramble to get their foundations poured before it freezes, giving them a chance to get their homes framed in so they can work inside during the Winter. Some years have been mild, where you could excavate and pour concrete all Winter long. But more typically, we see someone get a late start and be delayed for 2 months and finally pour in February.
Good news this year for people planning a custom home, many good builders are holding off on their spec building to see where the market goes. This means … (3 comments)
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wenatchee construction: Wenatchee Tour of Homes - This Week - 09/12/07 02:29 PM
If you have read about the great Real Estate market in Wenatchee and want to check it out, this week provides a perfect opportunity. High temps will be in the 80's and the Tour of homes runs Thursday through Sunday.
Thirteen homes will be on display, all from local builders. Plus while you are in town, peaches, apples and pears are all coming out of the orchards right now, so take home some fresh picked fruit.
You can get your Tour tickets and get more info including maps online.
… (0 comments)
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wenatchee construction: Wenatchee Tour of Homes Update - 06/26/07 01:27 AM
Here is an update on the Wenatchee Tour of Homes.
The tour is put on by the North Central Homebuilders Association and sponsored by a car dealership in Wenatchee, so it is officially called the 2007 NCHBA and Sangster Motors Tour of Homes. It will be held September 13, 14, 15 & 16 in the greater Wenatchee, Washington area. The homes this year will be built by 14 different builders and are located throughout our valley, on both sides of the Columbia River
This will be a great show, and September is the perfect time to visit the Wenatchee area; average temperature in … (0 comments)
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wenatchee construction: Wenatchee Construction- Going cheap may cost you - 05/22/07 01:07 AM
I heard about 2 Wenatchee/ Leavenworth area builders last week who are being impacted by the continued housing boom in our area. They both have had their projects delayed by a lack of available workers. This brings up a thought when shopping for a contractor to build your custom home: the lowest bidder probably doesn't pay top dollar for his framers. So when you award the contract to Mr. low-bid Builder and he calls up his framers, guess what-they won't show up, because they just got a better offer to work another project.
Meanwhile, while you are waiting, you end up paying … (2 comments)
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Darel Ansley
Wenatchee,
WA
More about me…
Peoples Bank
Office Phone: (509) 664-5324
Cell Phone: (509) 860-3301
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