If you were among the multitudes calling your lender last week when mortgage rates dropped, you may also have been disappointed when you finally got through. On the heels of the FED’s historic 3/4 point rate reduction mortage rates temporarily dropped to as low as 5.125%. [See the LA Times Article “Interest-rate drop spurs frenzy of refinancing calls”.] But something …
Diana’s Opinion Published in the Seattle Times
The “Letters To The Editor” section of the January 19 edition of the Seattle Times featured Diana MacDonald’s opinion regarding Elizabeth Rhode’s prior article “RealEstate Anxiety: What’s Next in ’08?” from Dec 30, ’07, which I also panned here under the title “Not The Sharpest Tool” (see Selling Concerns under categories, about 3 articles down from the top). Read Diana’s published opinion, …
Professionalism Lacking Among Local Agents: Cost To The Sellers…..
Diana and I thought we would take advantage of a nice day to preview some of the listings being held open in the Madison Park and Broadmoor neighborhoods. We viewed some nice listings, but were taken aback at how we were, or were not, greeted by the respective listing agents. Listing No. 1: A beautiful $1.8M home in Madison Park. …
The City, The Burbs, or The Sticks: What Are the Real Costs?
Location, Location, Location. The oldest cliche in real estate. How does one determine the real costs associated with the location of a home purchase? It is one of the most common, and challenging, aspects of satisfying home buying needs. She wants new. He wants close in. To get new means living farther from work. To get close to work means buying a …
Bank of America Acquisition of Countrywide
Bank of America agreed to purchase the remaining 84% it didn’t own for $4.1 Billion Dollars last week. Aside from a few regulatory hurdles it appears to be a done deal. The acquisition follows B of A’s August, 2007 investment of $2 Billion for stock in the company in an effort to stabilize Countrywide amidst looming foreclosures and credit woes. Hindsight points to B …
Not The Sharpest Tool….
Did you see the Sunday Seattle Times front page article by Elizabeth Rhodes? This condo owner, Paul Kelly, that is crying the blues over his inability to unload his $639,900 condo is NOT typical, as Ms. Rhodes would lead Times readers to believe. His situation is an anomaly, due almost entirely to his own folly, not the current real estate market …
The Peak Has Passed, Now What?
Graph From Seattle Times Article 12/07/07 We noticed early last Spring that prices had begun to soften on the Eastside. As we made listing presentations to potential clients, it was apparent that the media, and thus the public, had no clue. More than a few homeowners turned us away, saying our market evaluations were too low compared to others that …
Dangers of Misinformation About Buyer Agency….
The Seattle Times lay-ed an unfortunate egg last Saturday when it elected to reprint a column by Washington Post syndicated columnist Mary Ellen Slater entitled: “Factors to weigh before choosing a buyer’s agent”. Before jumping into this, I suggest reviewing the Washington State pamphlet: “The Law of Real Estate Agency”. There are parts of this article that are simply not true …
Thank You Mortgage Professor!
If it hasn’t happened to you, perhaps it has happened to someone you know. While interviewing potential lenders, whether to refinance or buy a new home, it is puzzling at best to discern what the various quotes mean. For example: (1) why is an interest lock free at one lender, but costs 1/4 pt (.25%) at another?; (2) why is the interest rate …
Hot Tub? Do It The Right Way…..
Did you see the Saturday, Nov 10, ’07 article in the Seattle Times about hot tubs? “If you don’t want hot tub, no need to get soaked”. We have experience with hot tubs, both owning one and selling houses that have them, and there are a few things you should know before you invest in one for your current home, or buy …