For potential buyers that are waiting to see if housing prices go lower, take notice that interest rates recently rose for the first time in 5 months (average above 4%), and there is talk of further increases as the economy improves. Great article on KCM blog that includes chart which details the affect of changing prices and changing rates on monthly payments.
The Seattle Times has a good article on the FHA financing rules changes for condominiums that take effect on November 2nd, 2011. These rules may make FHA loans more difficult to obtain for some condominiums.
FHA financing can enable borrowers to get loans with less downpayment (as little as 3.5%), and are kinder to applicants with lower credit scores, then conventional mortgage loans (usually require 20% down payment.)
Because of the smaller down payments and that it goes easier on people with low credit scores, about one-third of homebuyers are getting FHA loans this year.
If you are interested in buying a condominium, it is a good idea to investigate the following rule changes in addition to reviewing the resale certificate, review of board meeting minutes, and conducting physical inspections.
• “Spot approvals” are eliminated, and now the entire project has to meet FHA approval before a borrower can get an FHA-insured loan.
• A maximum of 30 percent of the condo project’s units can have FHA-insured mortgages. There was no such limitation previously.
• Before the FHA will insure a mortgage on a condo, at least half the units must have already been sold. Again, there was no such limitation previously.
See full article for more information: Seattle Times Article
Good information on how your homeowner insurance policy changes if your home is rented or vacant.
See Article in Seattle Times
Follow our State Champion Baseball team next week as they start the Regional Tournament in California. See Article in Whidbey News Times for more info. Donations are needed, support the team by donating at any Wells Fargo branch. Donations made payable to “CWLL”. On to Victory!
The Island County Historical Museum, located on Coupeville’s waterfront, appreciated the help the Coupeville Windermere office provided on 
June 18th, 2010. The front garden area, in which one walks through to enter the museum, needed attention . 
It was a beautiful, warm, sunny day and everyone was grateful for that! The day started at 9:00 AM, barbeque lunch and finished-up about 2:00 PM. With everyone’s help, a lot was accomplished; weeding, transplanting, cleaning out the storage area, 2 pick-up loads to the dump, placing donation bricks into the patio…please read what the Whidbey Examiner had to say! [Read more...]
For the first four months of 2010, the number of homes placed under contract (pending sales) was 51.7% more than the same period in 2009. The number of sold homes was 36% higher than the previous year, with the median sales price down 6% from $268,000 in 2009 to $252,000. The median sales price has fallen 10% from April 2008 – April 2010.
Homes sold for an average of 89 – 92% of original listing price, and were on the market for an average of 185-200 days before being placed in a purchase contract.
The number of homes available for sale, at the end of April, was 9.8% higher than the previous year, but given the current rate of pending sales, the present supply represents around 8.2 months of inventory. Historically, an inventory of around 6 months indicates a balanced market.
Today, Windermere Real Estate’s Coupeville office completed an energy saving renovation of all lighting fixtures. The lighting changes, completed by CK Electric, will save 8,247 kWh/Year. This reduction will save an estimated $730 per year, which will pay for the remodel in four years (including a generous incentive from Puget Sound Energy). A big Thank you to Cathy Dalmeida and the Town of Coupeville’s Commercial Outreach Program for introducing the concept.
For More information on PSE’s Green Programs
Carmen McFadyen, a Real Estate agent in our Coupeville office for 21 years, is off to Africa for the 4th time. She will be using her nursing degree of 32 years on this medical mission to a small village 2 ½ hours from the area in which they are familiar. She leaves the day after Easter, Monday, April 5th, for 3 weeks.
Thanks for all you do, Carmen!
Read more about Carmen’s trip in the Whidbey Examiner.
I have been contacted by several potential clients during the last six months who are interested in updating the exterior of their home or who are purchasing an existing home. In most of these cases the homeowners are satisfied with the size, functionality and location of their homes but have become dissatisfied with or tired of the exterior style. The customer purchasing an existing home is doing so because it is located in a great area, has a mature landscape and generally meets their needs.
In 2009 we worked to complete a facelift on a home in Coupeville. The owners of the home needed to replace the roof and add insulation to their 25 year old home. They decided to take advantage of the federal government’s energy credit, reduce their federal income taxes and update the style of their home at the same time. Although no new heated square footage was added, the new entry porch on the front of the existing house totally transformed the streetscape of the home. See the before and after photos at Cascade Custom Homes - Click on RENOVATIONS – Morgenstern.
Another couple simply wanted to rid their home of the old drafty wood fireplace and replace it with a fuel efficient gas fireplace. At the same time, we replaced all of the old aluminum windows with super energy efficient vinyl windows. This renovation was made more affordable by the energy tax credits available to the homeowner.
Many buyers still don’t understand the tax credit or realize it is available to them. Visit energystar and energy for more information about the available credits.
Article written by Jon Roberts, Cascade Custom Homes, owner
Today, all Windermere Real Estate Listings are now on Zillow.com! Windermere will also show the Zillow valuation (Zestimate) for all current listings on Windermere.com (with Seller’s permission).
