Great news and big news for the residents of Washington State regarding home ownership, buying and selling.

The Senate Ways and Means Committee last night unanimously approved a measure designed to help first-time homebuyers come up with a down-payment.  The committee adopted the measure as an amendment to the proposed Senate biennial operating budget.

The proposal would make the $8000 federal tax credit for first-time home buyers available at the closing of a home sale instead of when a buyer files a tax return. Homebuyers would repay the $8000 after filing for and receiving a tax refund. The amendment creates a Tax Credit Advance Loan Program and authorizes the State Treasurer to deposit $25 million in a financial institution giving it the ability to open a line of credit to the State Housing Finance Commission to provide the down payment loans. The deposit would not deplete state funds, but would provide liquidity for the financial Institution to lend its own funds. 

The program is the first of its kind in the nation and would work as follows:

•·        The State Treasurer's Office would make an off-setting deposit in an FDIC-insured short-term
 account with a selected financial institution. The investment would earn a low interest rate to 
 stay fully insured under federal guidelines.

•·         Realtors and other stakeholders back the loans with funds to provide security against losses.

•·        The financial institution provides the Washington State Housing Finance Commission a line of
 credit to advance up to $8000 to qualified first-time home buyers for a down-payment.

•·         Buyers repay the advance loan after filing for and receiving the tax credit.

 The amendment is the result of the efforts of the Washington REALTORS®, Washington State Treasurer's office, and Washington State Housing Finance Commission. State Treasurer James McIntire wrote the budget proviso and is helping to advance the measure through the state legislature. 

State Sen. Steve Hobbs (D-Lake Stevens), who offered the amendment, said that using the $8,000 tax credit to help first-time homebuyers make down payments could help jump-start the economy. Hobbs noted that home purchases have a significant impact on the retail and banking sectors of the economy and on state and local coffers. "In this recession we need to find new and innovative ways to stimulate the economy. This proviso will slow the decline of our housing market and stimulate the economy," Hobbs told the Senate Ways and Means Committee.

"Down-payment assistance to our first-time home buyers is the key we need to unlock economic activity throughout the state," said Greg Wright, President of the Washington Realtors. "This tax credit is new money that we can put to work now to help the housing market and ignite economic action statewide." According to a study by the Washington Research Council, each home sale by a first-time buyer generates $11,100 in state and local tax revenue. Every 1,000 home sales generate $126 million in general economic activity, supporting 711 jobs.

The goal of the program is to get the money to buyers efficiently and return the federal refund quickly so that the HFC can turn it around to provide more assistance.  The funds may revolve as many as three times before the tax credit expires, reaching up to 9000 first-time homebuyers.  These "bridge loans" would expire at the same time as the federal tax credit, on November 30, 2009.  All of the bridge loan funds return to the state system by early 2010 to use for capital projects in 2010-11.

"With homes at affordable prices and interest rates at historic lows the $8,000 tax credit opens a window of opportunity that may never be seen again," said Wright, a Chelan Realtor. "The Senate's budget helps bring that opportunity to families throughout our state."

Lack of a down-payment is the only barrier to home ownership for up to 50 percent of first-time home buyers, according to J. Lennox Scott, Chairman and CEO of John L. Scott Real Estate.  A recent study by the Federal Reserve Board showed that home ownership for people 35 years and younger increased by as much as 43 percent when a primary mortgage was combined with a down-payment assistance loan.

"First-time homebuyers are the most critical to the recovery of the housing market and our overall economy, because their purchases set off a chain reaction of buying and selling," Scott explained.  "The first step toward stimulating the state housing market is making the federal tax credit available at the closing table and increasing down-payment assistance."

The Snohomish County Camano Association of Realtors is planning a county-wide open house this weekend, April 18 and 19.  This worked so well last year, we had over 400 houses open and an increase in pending sales in August over the year before, they decided to do it again after surveying their members.

There will be special advertising in the Everett Herald, for all REALTOR® listings.  REALTOR® balloons, buyer handouts will be available explaining financing and most especially information on the $8000 tax stimulus for first time home buyers (defined as anybody who has not owned a home in the past three years.)  Particularly, there will be information for buyers who have  already filed their tax return for 2008, so they can amend that return for the tax rebate this year.

Given the lowest interest rates in 50+ years, a tax rebate of $8000 and plenty of inventory to choose from buyers are at an advantage. 

So Washington buyers, get ready for a great weekend of shopping. Look for the real estate signs with the REALTOR® balloons and get educated on our market. You don't want to miss this event.

Feel free to visit my website to learn more or call Karen Schweinfurth, 425-308-3669 for more information.

Karen Schweinfurth, ABR, CRS, SRES, e-PRO, RE/MAX Northwest Realtors, Mill Creek, Washington

Cmdr. Robert Bodvake stood on deck of the USS Momsen at Everett Naval Station and barked his first order to the deployed group "No Running".  Strange you say, well he was speaking to a group of children age 6 to 12 who has either one or both parents in the military. They were on a "one day deployment of the USS Momsen".

The program, sponsored by the base's Fleet and Family Service Center and Child and Youth Programs help kids in military families understand their parents' roles in servng their country.

Navy firefighters manned a learn-by-doing station and children got to use the extinguisher to put out flames coming from a grill-like device.  A nine year old was climbing the many stairs aboard the ship and exclaimed "I get seasick". Some completed a half mile run and some were working with the military dog handler.

Capping the ship's tour was a mock homecoming.  The children lined the deck waving to their parents pretending to be heading back to port.

"Camp Deployment" is in it's second year and helps families understand what happens when their loved one sail off.  Also the children see they aren't the only ones missing a parent that deploys. A sort of camaraderie.

The Everett Naval Station, the Jewel of the Military, proudly is home to the USS Abraham Lincoln and the USS Shoup.

It is the modern adaptation of acient shelter used by the Nomads. The circular structure of a yurt has a wood frame, rafters, a framed door and an insulated long-lasting fabric cover. Most of the Yurts have bunks and futons, a deck and furniture.

You know, my idea of camping was always the Holiday Inn (back in the day).  I didn't really like the "tent thing" or sleeping bag idea. However, you could probably convince me to spend the nite in a Yurt, considering it was the "fancy one with bedding, tea and coffee service, linens and a deck.

These have been placed in a local park to help boost the economy, located on a river. Well, folks, Yurt Away and have fun.

Beginning, Wednesday April 1 - 30 begins the 26th Annual Tulip Festival in Skagit County, WA, just a short ride from Everett.

In addition to the hundreds of acres of tulips and spring bulbs there are other attractions.

Take a boat tour through the turbulent waters ofDeception Pass, see Orcas Island. Visit the many restaurants in the area, especially visit LaConner, a little waterside village with darling shops, fun bars and fabulous waterfront restaurants.

Here are some of the activities that you and the family can enjoy. The best part is seeing all the tulip fields from the highway, just acres and acres of color. The cool March was perfect for these blooming beauties to pop sometime in April. During the first few days of the festival there are "early tulips" and, of course, the daffodils for your viewing pleasure. Before you plan a trip, check out the Bloom Map to make sure all the darlings are at full bloom.

So come on, and "Tiptoe Through The Tulips" and have fun doing it.

The Snohomish County Camano Association of Realtors® held it's Annual Installation and Awards Banquet recently at Floral Hall in Everett, WA.

It was time to install new offices and recognize Realtor® members for their contributions to the Realtor Association over their tenure.

Beth Cooper was installed as our new President.  The Board of Directors was also duly installed.

I was humbled to receive the "REALTOR® of the Year 2008" Award from last year's winner, Paul Chrysler. It certainly is an honor to follow in the footsteps of the previous winners.

It seems that with each season many of us are faced with some type of potential disaster, i.e., flood, tornado, winter storm, hurricane or wildfire.  It's important to organize an emergency kit with necessary items to sustain you and your family for a few days.

Hope you find these tips helpful.

Sign up at emergencyemail.org to be notified by phone, email or text when dangerous weather is approaching.

Emergency Kit Must Haves: One gallon of water, per person per day, canned food items and kids' favorite nonperishable treats, manual can opener, battery powered radio or tv, flashlight and extra batteries, whistle to signal for help, change of clothing for each person, several blankets or sleeping bags, toilet paper, personal hygiene items and garbage bags for disposal, first aid kit and supply of prescription medications, matches in a waterproof container, a tool kit, local maps, cash or traveler's checks

Critical Data: Keep these documents safe and accessible in a waterproof container in your emergency kit or burn copies onto a CD:  wills, insurance policies, mmortgage/property deeds, bank account and credit card numbers, passports, military records, social security cards, birth, marriage certificates.

Don't forget about your animals:  Divvy up duties, who will crate the cat or grab the dog, write out your plan and stick it inside the parntry so you'll know where to look. Give an extra set of keys to a friend who will rescue your pet in case you are not home on evacuation day.  Have your vet insert a microchip under your pet's skin.

Keep your emergency bag in a handy place where it can easily be accessed. Check it twice a year--when you set your clocks back and ahead.

Above all keep calm and keep the family and pets together.

The members of the Snohomish County-Camano Association of REALTORS® are committed to giving back to the communities in which they live, raise their families and derive their incomes. We provide community service, both individually and as a group, donating money talent and time to many worthy causes. The philosophy of our Association is that as members of this community, and as real estate professionals we are on the front lines to provide affordable housing. Since there is a lack of affordable housing for those above the poverty level, there certainly is an even greater need for those under the poverty level.

The Snohomish County REALTOR® Homeless Endowment Fund was established in 1991. The fund provides rental security deposits and emergency housing vouchers to individuals and families in need of housing. Many families or individuals qualify for a rental, but need assistance with the security deposit so they can get into their new home, and who otherwise might be homeless.

The Volunteers of America Western Washington screen the tenants, set up a no interest loan and repayment plan, provide casework services and counseling. The Association, upon receiving a signed note, writes the check directly to the landlord. The tenant repays the loan on a payment plan which takes into consideration their particular financial situation. Since the fund started operating in September 1991, we have raised over $550,000 and assisted over 4000 families.

This year's event will be a little bit different   The 2009 Homeless Endowment Fund Gala will be held at the Everett Train Station. It will be an elegent evening which will include; A High End Silent Auction Lip Reader Palm Reader Magician Live Band Gourmet Hors D'ourves 2 Local Wineries A Local Brewery Opportunity to win a one carat Diamond!

While the Homeless Endowment Fund Auction has been an SCCAR tradition for the past 18 years, this is the first ever SCCAR Homeless Endowment Fund Gala. Because this is a more intimate, upscale event space is limited. Make sure you reserve your tickets as soon as possible.

As Past President 2007 of this Association, I can tell you we are so proud to assist the Volunteers of America Western Washington in a worthy cause.