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.

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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

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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.

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1. What are your qualifications? Are you a member of the American Society of Home Inspectors or National Association of Home Inspectors?
2. Do you have a current Washington State Home Inspector License?
3. How many inspections of properties such as this do you do a year?
4. Do you have a list of past clients I can contact?
5. Do you carry professional errors and omission insurance? May I have a copy of the policy?
6. Do you provide any guarantees of your work?
7. What specifically will the inspection cover?
8. What type of report will I receive after the inspection?
9. How long will the inspection take and how long will it take to receive the report?
10. How much will the inspection cost?

This information was provided by the Washinton Realtors Association.

As a buyer you should be concerned over each of these issues and make sure that the home inspector you will be working with meets all of your expectations. Please feel free to call the Windermere Moses Lake office to get a list of inspectors in the area, 509-765-3337.

 Portions adapted from Real Estate Checklists and Systems and used with permission. www.realestatechecklists.com

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Genie Industries is one of our largest employers. Here is some good news from the Grant County EDC about an expansion of their Moses Lake production facilities which will bring more jobs.

Genie Industries to Add New Production Line

Genie Industritelehandler manufacturing line from Baraga, Mich., to Moses Lake during the first quarter of 2010, the company announced Thursday. The production line will be staffed with existing employees in Moses Lake, according to Melinda Zimmerman- Smith, a company spokesperson for the aerial lift manufacturer.

In Moses Lake, production start-up will also take place during the first quarter of 2010. “Adding volume to any plant is always positive. The telehandler marketis partially related to the residential housing market, she stated. “As the housing market returns to growth, then the volume requirements for telehandlers will increase,” she stated. “Having those products in Moses Lake means increasing volumes in the future for that facility.

She described a telehandler as being short for “telescopic handler” and “as a multi-purpose machine with a telescopic boom that accepts different attachments to lift, move and place materials ranging from bricks and gravel to lumber.” “They’re often the first machines on the job and the last to leave because they can be used for so many different applications,” she commented. “Consolidating this product line into our established manufacturing plant in Moses Lake will allow us to share best practices, facilities and resources,” she stated. “The actions we are taking today are extremely difficult given the talented group of employees and management in Baraga …That said, we are confident that this decision will help us remain competitive in the industry and will ensure a strong future for our telehandler business in and through the challenging market ahead.” Genie reduced its worldwide workforce by about 11 percent in September, with 15 positions cut in Moses Lake.

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There are many pitfalls of doing a “For Sale By Owner”. The following are some of the things a professional “realtor” should handle for you:

1. Marketplace- the single biggest advantage to lisitng your home with a realtor is the simple fact that over 80% of all buyers (particularly in the higher end homes) engage a realtor to work for them. By trying to sell the house yourself, your home is not exposed to over 80% of the buyers. By listing with a realtor who will place your property on the local Multiple Listing Service (MLS) you immediately expose your home to the entire marketplace. There are over 100 Moses Lake agents on the MLS- and they will immediately start looking through their prospects for a qualified buyer. Furthermore, many of the high end buyers are coming from out of town. This group of buyers will always work through a realtor in order to take advantage of their local knowledge.
2. Advertising- will your sign on your house and ad in the paper attract prospective buyers? The best advertisement is listing your house with a realtor who will place the home on the local MLS. Advertising on the internet is also extremely valuable as over 80% of all buyers begin searching for properties online. You will want your home on Trulia, Yahoo, Google, Zillow and Craigslist.
3. Curiosity Seekers- can you be certain that everyone that comes to see your home is sincerely interested? A good realtor should eliminate all but the serious buyers. These buyers work with successful and qualified realtors who know the Moses Lake inventory. They expect us to do our job while they (the buyers) are doing their job and/or jobs.
4. Terms of Sale- how will you determine the buyer’s financial history? What about their credit? Do you know the details of FHA, VA, Conventional, etc., types of financing? Do you know the availability of mortgage funds? The terms you are willing to accept are very complicated. You will need help!
5. Bargaining- most buyers make offers on “For Sale By Owner” houses that are substantially below the asking price. It will be difficult to discuss price, terms, possession, etc. As the principal in the transaction, you will have little or no freedom to negotiate. Your realtor serves as an intermediary, a negotiator, and an advisor. If you get several offers, a realtor can help you determine which offer is best for you.
6. Selling Your House- what if the buyer is not quite sure about your house? Your realtor should be able to focus on the benefits of home ownership and help the prospective buyer overcome any fears they may have about purchasing a home.
7. Time- as you know, selling a home is time-consuming. It can be a full time hectic job. Your realtor should answer all questions, prequalify all prospects, and escort all prospects through your home or with another realtor who has a qualified buyer. Most people don’t have the time to spend taking care of all the details of selling their own home.

Windermere/K-2 Realty LLC specializes in providing maximum service and attention to our clients. We would be more that happy to list your home and go to work expediting its sale.

Please give me a call. We are ready to go to work for you!

509-765-3337

Life is like a coin- you can spend it like you want to, but you can spend it only once. - Unknown

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