How has home buying changed? Take a look at what a difference 10 years makes:

Percentage of U.S. homebuyers who:        1999                2009

Bought a single-family home                      82%                 78%

Bought in a suburban neighborhood             46%                 54%

Began their home search online                 37%                 90%

Were married couples                              68%                 60%

Were single women                               15%                 21%

Were single men                                    7%                   10%

Median home values                       $137,600         $172,600

Median age of homebuyers              Age 39             Age 39

Whether you are a first time buyer, downsizing to a smaller home or upgrading to accomodate family or lifestyle changes, Coldwell Banker Island Living keeps up with the ever changing real estate market and any of our agents can get you current information on any real estate needs you may have. Contact anyone of our professional agents at 360-293-4511 or e-mail us at  IslandLiving@ColdwellBanker.com

Northwest MLS member brokers reported 9,438 pending sales during April, an increase of more than 36 percent from the same month a year ago. Of these mutually accepted offers, 7,368 of them were in the four county Puget Sound regions – the highest volume in this area since August 2006. Two counties, Grant and Pacific, reported a twofold increase in the number of units sold last month versus a year ago.

MLS figures show inventory is nearly equal to year-ago levels, closed sales jumped almost 51 percent, and sales prices in many areas reflect little variation during the past six months.  

Commenting on the latest report, two industry leaders referred to market stability. “The home buyer tax credit did what it was designed to do; it helped with stabilizing the housing market which in turn helped stimulate economic recovery,” and “It’s exciting to see the stability of the real estate market continue to improve,” said NWMLS director Bobbie Chipman, co-managing broker for Coldwell Banker Bain-Tacoma/Puyallup. “The tax credit seems to have accomplished its purpose,” she added, noting, “It motivated home buyers to enter the market place, creating a synergy that should propel us through the summer months.” 

Brokers were also upbeat when commenting on inventory and the pace of sales. NWMLS members added 12,664 new listings of single family homes and condominiums during April, up from 10,824 for the same period a year ago. At month’s end, with these additions, there were 39,999 active listings in the MLS database, about the same number as a year ago when inventory totaled 40,147 listings.

 With pending sales outperforming a year ago (9,438 for last month compared to 6,918 for April 2009), the months’ supply (an industry indicator of sales velocity) is shrinking. System-wide, there’s about a 4.24 month supply, meaning at the current sales rate, if no other homes were put on the market it would take just over four months to exhaust the supply. For the four-county Puget Sound market, there is a supply of about 3.5 months.

 The current ratio of listings to pending sales speaks favorably to market growth. “Whereas listings were static compared to April ’09, the number of pending sales increased more than 36 percent.”

  NWMLS figures show big gains in the number of high-end sales. Last month, members reported 93 closed sales of homes priced at $1 million or more, improving on the year-ago total of 52 such sales. Through the first four months of 2010, the number of closed sales that fetched $1 million or more increased 65 percent from a year ago (304 versus 184 transactions).

 Closed sales area-wide jumped nearly 51 percent from a year ago. Members notched 5,243 closings during April, up from the year-ago total of 3,478. Condo sales jumped nearly 74 percent last month for all counties combined.

 There are two types of homes on today’s market: Well priced homes in good condition that are selling within 30 days, and over-priced homes that will be sitting on the market a long time. As long as sellers remain realistic about the market value of their homes and the expectations of buyers, the strength of the market will grow.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes more than 24,000 brokers and agents. The organization, based in Kirkland, currently serves 21 counties in Western and Central Washington.

Time is running out to get
 the home buyer tax credit! 

Get the key to your new home & money back,
but you have to act NOW!

 Homebuyers who qualify and have not owned a home for 3 years, can receive up to an $8,000 tax credit.  
Existing homeowners who qualify and have lived in their current residence for five of the last eight years can now receive up to a $6,500 tax credit.

 In addition, low interest rates and a large inventory of homes to choose from could put your dream home within reach. To learn more about the tax credit, or just want information about buying or selling a home, contact any of our experienced

Coldwell Banker Agents @  360-293-4511
or e-mail us for more info.

 There is only 3 weeks and 3 days left to find your home to benefit from the tax credit.

You must have a written contract in place by April 30, 2010.

March 29, 2010—As the April 15 deadline to file 2009 federal tax returns approaches, the National Association of Home Builders (NAHB) is providing answers to some of the questions home buyers are most frequently asking about the home buyer tax credit.

“NAHB’s website that provides information about the home buyer tax credit, www.FederalHousingTaxCredit.com, has received more than 8 million visits,” said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “We are doing everything we can to make sure home buyers are informed about this outstanding opportunity to benefit from buying a home before it expires April 30.”

Some of the more commonly-asked questions, and the answers, include:

1. How does a home buyer claim the tax credit?

The credit is claimed when the home buyer files or amends their federal income taxes. For qualifying homes purchased in 2009 or 2010, the taxpayer must complete IRS Form 5405 and attach a copy of the settlement statement. In most cases, the settlement statement is a properly executed Form HUD-1.

In circumstances where a HUD-1 is not provided, such as purchasing a mobile home or a newly constructed home, the IRS will accept an executed retail sales contract (mobile homes) or a copy of the certificate of occupancy (new homes).

2. Does the home buyer have to sell their current home in order to qualify for the $6,500 repeat home buyer tax credit?

A home buyer does not need to sell their current home in order to be eligible for the repeat buyer credit. They can continue to own both homes, and rent or use their former home for something else, as long as it no longer serves as their principal residence. The taxpayer is required to use the new home as their principal residence, and live in it for at least 36 months, or they will have to repay the credit.

3. Do married couples both have to meet the eligibility requirements in order to claim the credit, even if they file taxes separately?

Both spouses must fully meet all the eligibility requirements for either the $8,000 first-time home buyer tax credit or the $6,500 repeat buyer tax credit, regardless of if they file joint or separate tax returns. However, if an unmarried couple purchases a home and only one person qualifies, the eligible person may claim the full credit.

4. Do all home purchases need to be completed by April 30, 2010, in order to be eligible for the credit?

There are two exceptions to the April 30 deadline. If the buyer enters into a binding contract by the deadline, they have until June 30, 2010, to complete the purchase. The deadline has been extended a year, to April 30, 2011, for members of the uniformed services, Foreign Service or employees of the intelligence community who have been on qualified extended duty outside the United States for at least 90 days between January 1, 2009, and April 30, 2010.  Contact any of our professional Real Estate Agents to find out more! Coldwell Banker Island Living … our door is always open to help you find your dream home!

Here area few tips for planning a your home remodel:

1. Review your  list of home remodeling ideas with your REALTOR

2.  Set a budget and stick to it.  (This is the hard part)  Do the remodel in phases if necessary.

3. Get at least 2 and preferably three bides from professionals. 

4. Research the company!   Check the references, BBB, licensing  and background of the company you hire.
 

5. Agree on a contract.  Ask about warranties, time lines, what happens if the project is not finished on time, who pays for what and when, and will the person who are hiring be the one to do the work or someone else?  Ask to see the contract of all of the people you are interviewing.

 6. Research energy efficiency tax credits.  There are lots of great ones right now!

7.  Be patient!

If you want to know if you are making the right decision for the resale value of your home, please call one of our professional real estate agents to assist you!  Or visit us at www.CBIslandLiving.com

(360) 293-4511

“We are entering what is traditionally our busiest home selling season,” said NWMLS director. The NWMLS director also reported “significant traffic” at open houses, which he attributes to the first-time homebuyer tax credit and rising consumer confidence.

Pending sales (offers made and accepted, but not yet closed) jumped nearly 45 percent last month compared to a year ago, marking the 11^th straight month of month-over-month increases. Closed sales also outperformed year-ago totals, rising 33.5 percent. Members tallied 3,214 completed transactions last month, up from the 2,407 closed sales for February 2009.

 MLS members added 10,663 new listings to inventory last month, bringing the total number of active listings in the system to 36,350. That total is down 7.5 percent from the same month a year ago, creating a more balanced market that favors neither buyers nor sellers.

 Move-up buyers are accounting for some of the surge in activity. Brokers credit the combination of a $6,500 tax incentive for qualified repeat buyers and thawing jumbo loan market as factors in spurring activity for this segment.

 Interest rates on jumbo loans fell to 5.79 percent on a 30-year fixed-rate loan in the past few weeks. That’s a five-year low, according to Informa Research Services, whose clients include the nation’s top 25 banks.

Noting the peak real estate season is approaching, the MLS director pointed to several encouraging signs. “Homes are more affordable, mortgage rates are at all-time lows, and employment in the state appears to be on the rise,” said the MLS Director.

“All signs point to a strong spring,” she added.

 Earlier in the week, the state Employment Security Department reported the state’s economy “picked up some steam in January,” adding an estimated 12,400 jobs – the first monthly gain since November 2008. The plethora of shorts sales and foreclosures has diluted the price point of many homes that are selling, making appraisals more challenging. Buyers should be reminded of the possibility of rising mortgage interest rates due to the Federal Reserve’s plan to stop buying mortgages by the end of March.

Click Chart to View Full Size

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest.

Do your part to help the economy recover and buy that dream home today! Home sales produce vital economic activity that includes not only the transaction but also other related actions such as preparing and marketing the home for sale as well as purchases by the new buyers to equip and furnish the home.

Home and property sales generate jobs. The housing market accounts for 24% of the state’s employment.

KEY POINTS

• A first time home sale generates more than $15,00 in state and local revenue needed for vital services, from schools and roads, to health care and clean water.

• Every 1,000 first time home sales produce $112.4 million in economic activity in our state.

• Every 1,000 first time home sales produce 700 jobs – almost one job per home sale*

*Impact Report: Economic on Fiscal Impact of First-time Home Buyers, Feb 2009

Shirnking inventory, the extension of the first-time home buyer tax credit and favorable interest rates are among factors brokers believe will sustain activity.

“Affordability has never been better,” said Dick Fulton, a past NWMLS chairman and executive VP of Coldwell Banker Bain. Fulton suggests would-be sellers list their property soon, rather than wait until spring, to take advantage of favorable conditions which include inventory much smaller than a year ago.

Dick Beeson, owner/broker of Windermere Commencement Assoc. said the Market is “chugging along”. Beeson also suggests first time buyers will still lead the charge in sales.

Northwest Multiple Listing Service, is owned and operated by it member brokers and is the largest full service MLS in the Northwest. For more infomation on Skagit Valley inventory, www.CBIslandLiving.com

This year’s report shows that exterior projects are the most profitable at resale.  On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000, indicating the importance of curb appeal as well as preventiative maintenance.

Certain types of door and siding replacements, as well as wood deck additions returned more than 80% of project costs upon resale. A steel entry door replacement–a new addition to this year’s list–recouped 128.9% of costs, followed by upscale fiber-cement sliding replacements at 83.6%. Wood deck additions recouped 80.6% of costs.

“Once again, this year’s Remodeling Cost vs. Value Report highlights the importance of a home’s first impression,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “With exterior projects returning a high percent of project costs upon resale, Realtors can help give your home curb appeal while adding value to the real estate transaction.

The 2009 Remodeling Cost vs. Value Report compares construction costs with resale values for 33 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 12th consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with Realtor Magazine, as Realtors provided their insight into local markets and buyer home preferences within those markets.

On a national level, the project with the biggest improvement from 2008 was the attic bedroom addition, recouping 83.1% of remodeling costs compared to 73.8% in 2008. The only other interior project that landed in the top 10 was a minor kitchen remodel with 78.3% costs recouped.

Other exterior projects in the top 10 include midrange vinyl and upscale foam-backed vinyl sliding replacements, which returned more than 79% of costs. In addition, several types of window replacements–midrange wood, midrange vinyl, and upscale vinyl–all returned more than 76% of costs upon sale.

Similar to last year’s report, the least profitable remodeling projects in terms of resale value were home office remodels and sunroom additions, returning only 48.1% and 50.7% of project costs.

If you would like information on Skagit County homes for sale or Anacortes real estate, please visit www.CBIslandLiving.com or contact any of our professional real estate agents at 360-293-4511.

or www.AnacortesHomeTeam.com

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Please click on the graph to enlarge.  If you would like to see this chart for your price range, for a different time period, or for a different geographic area, please contact on of our Coldwell Banker Island Living real estate agents for more information.