Windermere/K-2 Realty LLC is a full service real estate agency located in Moses Lake, WA. Our experienced residential agents sell homes, condominiums, residential lots and multi-family properties. Our commercial agents sell and lease commercial, industrial, agricultural, investment and development properties. Our property management division handles rentals including single-family homes, duplexes and apartments.
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What’s New in Moses Lake
February 2nd, 2010
January 2010 Moses Lake Home Market News
By: Lois Kincaid
Owner/ Broker
Windermere/K-2 Realty LLC
GREETINGS
People always ask me, “How’s the market?” As promised, here’s the latest statistics just released from the Northwest Multiple Listing Service.
MY THOUGHTS
The tax credit stimulus has buyers out of their caves. If you are a first time home buyer it means $8,000 in your pocket. If you are repeat home buyer it means $6,500 in your pocket. A contract must be in place by April 30, 2010. Home purchases must close by June 30, 2010. Act now…call me today!
Interest rates are at 4.87% for 30 year fixed on a 30 day lock. How can you beat that?
Please stop in and say hello the next time you are going by.
We would love to see you!
January 27th, 2010
NEW JOB GROWTH IN GRANT COUNTY SHOULD REVIVE EPHRATA AND MOSES LAKE REAL ESTATE MARKET
Owner/Realtor
Windermere/K-2 Realty
he total number of single family homes sold in Grant County declined 29% in 2009 as the local economy reflected the national recession. The median price of single family homes sold in 2009 fell only 4.5%.Graph Source: Realist/ NWMLS
However, two recent announcements should translate to a needed boost in the local real estate market.
The recent news that the BMW/SGL joint venture company is considering building a plant in Moses Lake to manufacture carbon fibers that would ultimately be used in the making of the electric “Megacity Vehicle” in Germany (See Columbia Basin Herald Article Link.) Moses Lake is one of only two sites in the world that is being considered. One of the reasons that Moses Lake is in the final running for this plant is the fact that BMW/SGL wants the production of this next generation vehicle to be a “Green” process including the use of hydro-electric power in the manufacturing process. This plant would eventually provide about 180 jobs when completed and would stimulate the local economy in the interim during construction of the plant.
The Port of Ephrata and a Washington Tire representative announced recently that construction will begin in April of 2010 on the first phase of a tire manufacturing plant on property sold by the Port. An import tax of 35% on tires manufactured in China has made it financially feasible to manufacture in the U.S. This will be one of the first tire manufacturing plants built in the U.S. in the last 25 years. If all goes well they could have the first phase of the project operational by end of 2010. The company representative said that by the end of the third phase of the project (likely in 4 to 5 years) they expect to offer more than 2,000 jobs to the local economy. (See Columbia Basin Herald Article Link)
Like the ongoing REC Silicon project and other completed construction projects, these two projects will provide a significant number of construction jobs which will stimulate the weakening rental housing market. The flow of employment dollars and capital expenditures during construction should shore up the home market and eventually the commercial real estate market.
Other projects like the $100 million bio-oilseed plant in Warden and the startup of the nearly completed Guardian Industries insulation plant in Moses Lake will also contribute to the speedy recovery. Eventually, (maybe as early as 2011) the permanent job hiring will begin on these projects and bring back the severely depressed new housing construction market. Both Moses Lake and Ephrata have new housing subdivision projects that have stalled or been stopped due to the current economic slump.
In my opinion the needed recovery in the local residential real estate market should begin by early 2011. The recovery in the commercial real estate market including expansion of retailing should follow in 2012. This year (2010) will provide a good opportunities for buyers.
January 25th, 2010
10 Best Real Estate Developments of the 00’s
This is a really good read! Brian Summerfield, Online Editor, Realtor Magazine, posted this article on December 23, 2009. #1 according to Brian is the Boom and Bust of the U.S. Housing Market, #2 is the Fall of Fannie and Freddie, #3 is the Government-Led Recovery, #4 is The Practitioner Explosion, i.e., the Realtor gold rush of the 2,000’s. But wait, there is more. You will not want to miss reading about the #5 is the Commercial Crash, #6 is the HVCC, #7 is the Record Lows in Mortgage Rates, #8 is the RE.net, #9 is Real Estate on TV, and last, but not least - #10 Going Green!
#1: Housing Goes Boom and Bust
I have to be honest: I feel like this entry is kind of cheating. It just seems too broad to offer up as a single development. Why not talk about something more specific, like the subprime crisis? Surely that’s emblematic of the larger issue, isn’t it?
But, really, the boom and bust in housing wasn’t just the real estate story of the decade, it was the economic story of the decade. And even that’s not really doing it justice. To put it another way, it would be impossible to write the Great American Novel about this time period without including the tumultuous real estate market in some way. For that reason, I feel like there’s no getting around putting it at the top of this list.
I’m not going to go through all of the events that produced the explosion in housing values and the ensuing drop, partly because I’ve already touched on some of them in previous #Top10inRE blogs, and it’s simply too much to cover in a single post.
But I would like to discuss, briefly, what we’ll take from all this into the next decade and beyond. There are some obvious lessons, such as scaling back on exotic mortgages and easy credit. Then there are some that are more problematic.
The one I find most troubling is how we’ve perceived homes as an asset. In the housing mania that lasted roughly from 2001 to 2006, consumers came to view their homes as a very safe, sustainable investment that would yield high returns for everyone in a short amount of time. The fact that there has never been such an investment in the history of investing did not seem to deter them in the least.
But after the housing bubble burst, the pendulum swung too far in the other direction. The conventional wisdom came to be that houses were no longer investments, but rather mere shelter. This isn’t quite right, either. While home ownership does provide a roof over one’s head, so does renting. And there’s a reason why, even now, the majority of people in this country prefer the former.
Real estate is a store of wealth, one that does appreciate in value. But it’s not the kind of investment that’s going to provide 50 percent or greater returns in just a couple of years for an indefinite period of time. The sooner everyone—practitioners, lenders, buyers, sellers—realizes this, the sooner we’ll be on the road to a long-term, tenable recovery in real estate.
Well, that’s my list for this decade. Let me know if you think I left anything out!”
I hope you enjoy this information. Want to discuss theories? Please stop by my office. The coffee is always on… Look for the second top real estate development of the 00’s to come next week!
January 19th, 2010
Moses Lake Museum
Moses Lake boasts a fantastic opportunity for artists around the Columbia Basin as well as families interested in being involved in the community. Aptly referred to as the MAC, the museum is home to the Adam East Collection of Native American artifacts from the Columbia Basin Region. They also frequently change out the subsequent art on the walls with ever-evolving Columbia Basin Artists and traveling exhibitions. The best part is that the museum is always FREE!
As well as offering you those opportunities of learning the history of the Columbia Basin they also offer weekly classes for you or your family on a variety of topics that may interest you. Just two weeks ago I was able to take my kids to a Family Free Saturday where they made igloos out of marshmallows! Coming up on January 23 they are offering a class on Origami.
Within the quarterly brochure that goes out to all families in Moses Lake from the Moses Lake Parks and Rec Department you will find a full schedule of all the classes offered by the museum for you and family. Once a month they offer a Family Free day for you and your family to enjoy. Don’t miss out on the opportunity to take full advantage of all the community has to offer!
January 13th, 2010
Small Projects, Big Bang
I saw this great article in Realtor Magazine last week, by G.M. Fillsko. Most home sellers have projects that could help get their home sold, but are not sure which projects would return the most bang for the buck. Although our market is not exactly the same as some of the big markets surveyed, the conclusions are the same. Some of these remodeling projects could be the difference in receiving an acceptable offer for your home.
Take a look at this article and see what projects could help sell your home.
2009 Cost vs. Value Report: Small Projects, Big Bang
December 16th, 2009
Long-Term Rates Set Another Low in Freddie Mac Weekly Survey
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.71 percent with an average 0.7 point for the week ending December 3, 2009, down from last week when it averaged 4.78 percent. One year ago, the 30-year FRM averaged 5.53 percent. The 30-year has never been this low since Freddie Mac began its weekly survey in 1971.
The 15-year FRM this week averaged 4.27 percent with an average 0.6 point, down from last week when it averaged 4.29 percent. A year ago at this time, the 15-year FRM averaged 5.77 percent. The 15-year FRM has never been this low since Freddie Mac started tracking it in 1991, and breaks the record low set last week.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.19 percent this week, with an average 0.6 point, up slightly from last week when it averaged 4.18 percent. A year ago, the 5-year ARM averaged 5.77 percent.
The 1-year Treasury-indexed ARM averaged 4.25 percent this week with an average 0.6 point, down from last week when it averaged 4.35 percent. At this time last year, the 1-year ARM averaged 5.02 percent. The 1-year ARM has not been this low since the week ending June 30, 2005, when it averaged 4.24 percent.
Credit: National Association of Realtors Weekly Newsletter
December 10th, 2009
Homebuyer Tax Credit Update
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April30,2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Information provided by The National Association of Realtors and National Association of Home Builders.
December 7th, 2009
Home Equity Protection
New Product For Home Owners
By: Graciela Dano
Are you worried about the declining home values? You can buy yourself some peace of mind. A revolutionary new product called Equity Protection, from San Francisco’s Working Equity Inc. is offering to insure the value of your home so that you will not lose equity should your home be worth less when you decide to sell. Equity protection allows the home owner to protect 100% of the value of their home for as long as they own the home. We buy car insurance, medical insurance, and even life insurance… shouldn’t we insure our most important asset? Owners pay a one time fee of 1-2.5% of their home’s current market value; this in essence guarantees that when they sell their home, they will not lose money if the market has gone down. Click here for the entire article.
November 12th, 2009
October 2009 Moses Lake Home Market News
People always ask me, “How’s the market?” As promised, here’s the latest statistics just released from the Northwest Multiple Listing Service.
MY THOUGHTS
Homes are still coming on market. Sellers have to be priced slightly under the current market price to get any action as buyers continue to want a deal.
Interest rates are a bargain at 5% for 30 year fixed.
Fall is my favorite time of the year. I love to see the falling leaves, and watch both football and the MLB playoffs. I am a diehard Yankee fan, but please don’t hold that against me. It is a lifelong passion I can’t get over.
Please stop in and say hello the next time you are going by. I would love to see you.
October 2009
| 9/30/08 | 9/30/09 | +/- | % | |
| Homes on Market | 322 | 344 | +22 | +6.8% |
| In 2006 182 homes were on the market. 2007- 296. There has been a steady rise in inventory. Sellers have to be priced right to get any action. | ||||
| YTD 2008 | YTD 2009 | +/- | % | |
| Closed Sales | 338 | 214 | -124 | -36.6% |
| In 2006 homes sold YTD totaled 470; 2007- 398; number of homes sold YTD is now 36% lower than the same time last year. | ||||
| YTD 2008 | YTD 2009 | +/- | % | |
| Avg. Sold Price | $200,341 | $190,900 | -9,441 | -4.7% |
| Med. Sold Price | $169,998 | $170,000 | +$2.00 | +0.0% |
| Average and median prices are about the same but buyers are getting more for their money. | ||||
| YTD 2008 | YTD 2009 | +/- | % | |
| Avg. Days On Market | 90 | 123 | +33 | +36.6% |
| Average time on market for sold homes increased by 33 days or 36%. Supply is still high and loans are taking longer to close. Patience, persistence and price are key! | ||||
November 11th, 2009
Federal Housing Tax Credit
8,000 First-time Home Buyer
Tax Credit at a Glance
- The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The tax credit applies only to homes priced at $800,000 or less.
- The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
- For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
- For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax
Credit at a Glance
- To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
- The tax credit applies only to homes priced at $800,000 or less.
- The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
NAHB has provided this information for general guidance only.
Information deemed reliable but not guaranteed.