Here is a link to my "November Real Estate Update":

This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.

This month's issue includes topics such as:

"Vital Information for First-Time Buyers";
"Relieving the Stress of Packing";
"Making Your Home Age Appropriate Creates Appeal";
"Real Estate Investment Buying Tips";
"Extending Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery";

Plus a roundup of November real estate activity as well as much more advice and information.

I hope you enjoy this monthly newsletter. If you have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in future months, let me know that too!

Well, a huge and collective sigh of relief for a lot of homeowners and wannabe homeowners has been let out this week with the passage of the tax credit extension.  The big bonus is that there is an expanded package available and so to keep you all abreast of the new changes, here is a link to a chart that spells out all the new details.

For those that weren't aware of it, the expansion part includes a new $6500 tax credit for purchasers who are moving into a different property (must be $800,000 or less) and who have lived in their current home for at least 5 consecutive years out of the past 8 years.  This means current homeowners who may have been sitting on the sidelines wishing there was more in it for them to sell now and move into a new place (move up or downsizing, or just getting into a new neighborhood), there are some incentives to go along with the lower prices now available. Be sure to read all the provisions and limitations because the tax credits do also have income limitations and phase out rules.

Everyone has been waiting with baited breath to hear what will happen with the 1st time homebuyer tax credit that currently has a deadline of November 30th for closings in 2009.  Congress passed the extension as of last Wednesday and now the Senate is considering it. Today, an article from REALTOR.com notes that key lawmakers have tentatively agreed to not only the extension through April (to get under contract) but to also put a new element in for buyers who have owned and lived in a home for 5 consecutive out of the past 8 years. Tax credit available to these buyers will be $6,500 but does have some maximum income limitations and/or phase out details that you'll need to check out for your own personal situation.

For our listing clients who have perfect starter type homes and now even our "move up" buyers, this is all really great news!!!!  We'll continue monitoring the situation and keeping you up to date.

At the early part of my career, I used to manage 3 stores and a warehouse for a locally owned children's furniture store called Kid's Quarters.  A big part of my job was to work with my staff and to make sure that the displays were kept up with current inventory/styles and to rotate vignettes into the display windows and on the sales floor.  While the store is no longer in business in the Seattle area, the experience I gained in merchandising has stayed with me and for the past 6 years has been useful in my real estate business but now re-titled "staging".

We've had a philosophy of providing Concierge Services ever since Team Reba decided to put a focus on listing properties and one of the services we provide to all of our clients, no matter the price point, is staging. We also provide professional photography on each listing as well so that our online and print advertising of any home is top notch.

A good case in point would be a recent 1bd/1ba house in South Park that my colleague, Robin Tomazic, just put on market. The house by itself was not much to look at as the owner made it overly beige and bland. But we added a few things to give it depth, color and a hint as to what a new owner could do with it and we've had strong activity in showings and buyer activity - enough to get a cash offer submitted as of today. This house is listed just under $150,000 in Seattle so you can see that price point is not high (for our area at least).

We've got another redesign of our own coming up soon in the Ballard/Phinney Ridge area soon so I hope to post some "before" and "after" photos of that when it's done.

We love to post information about upcoming events and fun happenings in various Seattle and surrounding areas of Puget Sound.  See below for info on the Haunted History Tour that's going on in Georgetown (South Seattle)... come for the tour and stay for some of the great local pubs, clubs and restaurants like Smarty Pants, 9lb Hammer, or Slim's Last Chance Chili Shack.

Still not sure what you are doing next weekend? Why not join the Friends of Georgetown History as we present the 5th Annual Haunted History Tour.... meet some ghosts, learn more about Georgetown, and have a fun night out.  October 23rd and 24th

Tours will depart from the Coliman Restaurant on E Marginal Way - first one leaves at 6pm.

Tickets can be purchased at http://www.brownpapertickets.com/event/85916

A couple of days ago, I wrote an article that highlighted issues in King County, WA regarding closings in November 2009 that could impact a buyer's ability to get the $8,000 tax credit for 1st time buyers.  More news is coming out that impacts this as well and buyers should be prepared that lenders are wary of the volume that will hit at the end of this month as well and they're putting up barriers for any legal action that may come from a rush of paperwork and deadlines culminating at the end of the month during one of our Nation's biggest holidays.

See below for a warning sent out by one of my lending contacts with regard to news they're being given of banks trying to reduce liability for missing the deadline. Be sure to be talking to your lender about their policies and volume that is expected for this month. The last day of the month is a Monday:

One major lender has reminded us that, for the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the homeowner. This must take place before December 1, 2009.  This lender is also suggesting that a disclaimer be signed absolving them of any liability should the mortgage loan not get closed in time for the credit. There is a movement to extend the deadline at least 6 months, and even to drop the first time buyer requirement. Who knows what the future of that is. Good Luck Jerry Rutherford Professional Mortgage, Inc.
22659 Pacific Hwy So Suite 101
Des Moines, WA 98198
Phone: (206) 870-5050 Cell: (206) 356-1711
Toll Free: 1-800 764-5626 Fax: (206) 870-5051
Email: jrutherford@pmiloans.com
www.pmiloans.com
WA Lic. # 510-LO-35158

A friend of mine emailed me today asking if I might be able to help her out in a situation.  She's in a lease in a property in the Kenmore area and needs to move - quickly - but the lease has a provision saying that she's responsible for the full rent unless she assists in finding a new tenant.  She's in her final year of medical school and hasn't the first clue about how to find a renter, having only been one herself for many years.

Anyhooo... here's where I step in.  Might be a great opportunity for someone who needs shorter term rental than a year but wants more time to get to know the area (can you say "relocation?") before purchasing.

Details of the property that she's given me so far are below.  I've asked her to forward some photos when she can as well. Rent is $1000 a month.

The place is in Kenmore at 6150 NE 184th St. zip is 98028

It is a MIL apt above a garage/studio apt.  2 bd, 2 ba, w/d, hardwood floors, skylight in the kitchen, new windows and screens.  there is a small patio in back, I landscaped a little and there is potential to do more if someone is interested.  It's a nice space, good amount of light, quiet. The landlords are actually pretty nice and laid back. They even let us use their wireless internet for free.

Many people know that local governments and municipalities have been cash strapped and have implemented budget cuts in various departments as of late, but not everyone who is in the process of home shopping realizes that this could impact them directly.  In King County, there were forced furlough days implemented throughout the 2009 calendar year so all cities lying within this county area will be affected.  See the note below that I received from a local title & escrow firm to know which dates in November and December are affected.  The 28th and 29th of November are on a weekend, when NO closings can occur anyway so don't schedule yours for the 30th thinking that there will be plenty of time.  As a first time home buyer you might find yourself out of luck with the $8,000 tax credit if you miss the timing and have your sale bumped past the November 30th cut-off date for that benefit.

Many people are expecting a last minute rush of activity this week for those that are hoping to utilize the tax credit as it usually takes 30-45 days to get through the underwriting process for lending so most contracts are written to close within that period of time.  The next week or two will be interesting for everyone involved in the real estate and lending industry as we wait to see what buyers will do.  If you're in that camp of people trying to take advantage of the credit, then you better get crackin' this weekend and narrow down your choices fast.

We also wanted to provide you a reminder that the King County Courthouse has scheduled the following furlough days and holidays between now and the end of the year.  These courthouse closures will impact your closing date selection as well. 

King County Furlough Days and Holidays

November 11th, 25th, 26th and 27th. 

December 24th and 25th