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The Senate unanimously voted 98-0 on Wednesday to extend the first time home buyer tax credit. It passed overwhelmingly in the House on Thursday with a vote of 403-12 and President Obama signed the bill today.
Not only was the first time home buyer tax credit extended, a new $6,500 tax credit for existing homeowners who have lived in their homes for at least five of the last eight years was added to the bill. The purchase must be made after November 30, 2009.
These tax credits will be available through June 30th of 2010; however, buyers who qualify for either of these credits MUST enter into a binding contract before April 30, 2010.
The bill also increases the income cap to $125,000 for a single person and $250,000 for a couple. And the credit is available for all homes purchased for $800,000 or less. This is ideal, as it will break up the middle part of the market that is currently stalled.
I've been predicting that home values will likely bottom in the fourth quarter of 2010. But the tax credit could change that. This is because of the extension to existing homeowners and the doubling of the salary limits for applicants. The new tax credits represent a substantial increase in the pool of eligible buyers, thus translating into more demand for housing.
This increased demand due to the tax credits will soak up some of the foreclosures expected to flood the market in 2010. I still expect foreclosures to increase over the coming months before peaking next year, bringing more cheap inventory into the market.
The spur in demand comes during the real estate market’s slow winter season, so it may help overcome the seasonal declines in home sales, which were expected to translate into downward price pressure. The presence of the tax credits, however, which would expire at the end of June (for contracts completed by April) could bring increased demand to the market during this normally slow season.
Best Regards!
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
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1619 106th St South, Tacoma, WA, 98444
Closing Date: November 2nd 2009
Listing Price: $160,000
Sold Price: $170,000
Bedrooms:3
Bathrooms: 2
Year Built: 1976
Square Feet: 1360
Lot Size: 10454
MLS: 29129100
The Home Has Three Bedrooms, Two Baths, An Updated Kitchen & Dining Room And A Large Family Room. It Is Located On A Large, Flat Lot With Ample Space For Parking. The Backyard Is Fully Fenced. The Roof Was Recently Replaced & The Windows Were Upgraded To Double Pane Insulated Vinyl. Easy Access To Freeways! For more information visit: www.davidjedwards.com/36455.asp or Call 425-890-8045
This home is no longer available. However, if you would like to preview homes similiar to this, please contact me to arrange for a free buyer's consultation.
Best Regards!
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week's Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
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2110 NE 36th Street, Renton, WA, 98056
OPEN HOUSE on Saturday November 7th From 1:00 to 4:00
Price: $782,900
Bedrooms: 6
Bathrooms:5.50
Year Built: 2007
Square Feet: 5260
MLS: 29149079
This 6 Bedroom, 6 Bathroom Home Has All The Space You'll Ever Need. The Home Requires Appliances, A Few Fixtures And Some Finishing Touches But Is Essentially Move-In Ready. There Is An Office And Gourmet Kitchen On The Main Floor. The Upper Level Has Four Bedrooms And Three Bathrooms. The Lower Level Boasts 1720 Square Feet, Two Bedrooms, Two Bathrooms, A Family Room, A Den And Outside Access. Once Landscaped, The Yard Will Require Very Little Maintenance. This Home Has Great Access To I-405.
For more Information Visit:www.davidjedwards.com/37325.asp or Call 425-890-8045
http://www.flyinside.com/tour.php?id=37325
Driving Directions: From I-405, Take Exit 7. Head East on NE 44th St (Left from 405 South & Right from 405 north). Head up the hill. The street turns into Lincoln Ave. Turn right on NE 36th Street. House is on the right
If you would like to preview this home, please contact me to arrange for a private showing.
Best Regards!
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
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5136 N Seaview Street, Tacoma, WA, 98407
Closing Date: October 30th 2009
Listing Price: $ 219,000
Sold Price: $215,000
Bedrooms: 3
Bathrooms: 1
Year Built: 1976
Square Feet: 1008
Lot Size: 5000
MLS: 29122527
This Home Is Move-In Ready And Features Three Bedrooms, One Bathroom, A Large Kitchen With An Eating Space, A Dining Room, A Fireplace And A One Car Garage. There Is A Large Private Backyard Complete With A Patio And Perimeter Fence. Skip The Bank! The Owner Will Finance Your Purchase Or Enter Into A Lease Agreement With An Option To Buy. Call The Listing Agent To Discuss The Terms. For more information visit: http://www.davidjedwards.com/36152.asp or Call 425-890-8045
This home is no longer available. However, if you would like to preview homes similiar to this, please contact me to arrange for a free buyer's consultation.
Best Regards!
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week's Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
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8905 McIntosh Court SE, Snoqualmie, WA 98065
Listing Price: $550.000
Bedrooms: 4
Bathrooms: 3.50
Year Built: 2008
Square Feet: 3170
Lot Size: 7369
MLS: 29151122
This Murray-Franklin home in Snoqualmie Ridge’s Deer Park, sits on a quiet cul-de-sac with a greenbelt on 2 sides! There’s a 3 car garage, large office, 3/4 bath, formal dining & living room, family room, a gourmet kitchen with eating space & granite counters on the main. The 2nd floor has an incredible master suite, walk-in closet, 5 piece bath, 3 additional beds, a bonus room & full bath. Boasting the highest quality finishes throughout, this craftsman property is ready for you to call home.
For more information visit:www.davidjedwards.com/37413.asp or Call 425/890/8045
Virtual Tour: http://www.flyinside.com/tour.php?id=37413
Driving Directions: From I-90 take exit 25. Drive N on Snoqualmie Parkway. Turn R on Swensen Drive. R onto McIntosh Ct SE.
If you would like to preview this home, please contact me to arrange for a private showing.
Best Regards!
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
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2110 NE 36th Street, Renton, WA, 98056
Price: $782,900
Bedrooms: 6
Bathrooms:5.50
Year Built: 2007
Square Feet: 5260
MLS: 29149079
This 6 Bedroom, 6 Bathroom Home Has All The Space You'll Ever Need. The Home Requires Appliances, A Few Fixtures And Some Finishing Touches But Is Essentially Move-In Ready. There Is An Office And Gourmet Kitchen On The Main Floor. The Upper Level Has Four Bedrooms And Three Bathrooms. The Lower Level Boasts 1720 Square Feet, Two Bedrooms, Two Bathrooms, A Family Room, A Den And Outside Access. Once Landscaped, The Yard Will Require Very Little Maintenance. This Home Has Great Access To I-405.
For more Information Visit:www.davidjedwards.com/37325.asp or Call 425-890-8045
http://www.flyinside.com/tour.php?id=37325
Driving Directions: From I-405, Take Exit 7. Head East on NE 44th St (Left from 405 South & Right from 405 north). Head up the hill. The street turns into Lincoln Ave. Turn right on NE 36th Street. House is on the right
If you would like to preview this home, please contact me to arrange for a private showing.
Best Regards!
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
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KIRKLAND, WA, October 5, 2009. "There's a lot to be optimistic about," according to one director of the Northwest Multiple Listing Service upon reviewing summary statistics for September's housing activity. The report shows a big jump in pending sales compared to a year ago (up almost 27%), continued drops in inventory (down 17.7% versus a year ago) and brisk demand for homes at the lower end of the price spectrum.
Distressed properties in the system continue to be a drag on prices – median prices for last month's sales were down about 7.5% from a year ago – and brokers continue to voice frustration with slow response time by lenders. (Banks are taking 9.5 weeks to respond to short-sale requests, versus 4.5 weeks a year ago, according to research by Campbell Communications of Washington, D.C.) Joe Spencer, president and COO of John L. Scott Real Estate, estimates up to 10% of pending sales do not close because they're caught in the short sale cycle. Still, he comments, "There is a lot to be optimistic about." He cites interest rates that are now in the high four percents as bordering "on being epic" and the federal tax credit as stimulants to the market.
Northwest MLS brokers reported 7,581 pending sales (offers made and accepted but not yet closed) during September, outgaining the same period a year ago by 1,599 transactions for a 26.7% increase. Last month's condominium sales surged, with pending sales up nearly 25% from a year ago after languishing in negative year-over-year figures for the first five months of 2009 and only modest gains over the past three months.
During September, members added 10,054 new listings of single family homes and condominiums to inventory, about 7.6% fewer than a year ago. With the combination of fewer new listings and more sales, inventory at month end dipped to its lowest level since March. At month end, the selection included 40,041 properties for sale (33,332 single family homes and 6,709 condominiums). That's down 17.7% from twelve months ago.
"Our market has certainly come a long way since this time last year," said Ron Sparks, managing vice president of Coldwell Banker Bain, who said demand is at its highest level in two years. "For all the challenges that remain, it would be difficult to not appreciate the reemerging market vitality that continues to build even as the summer buying season closes," he added. Activity at open houses is reported to be brisk in many areas, which MLS directors attribute to a combination of factors, including expanded use of a "Public Open House" program. This program allows buyers to search schedules of all open houses in the NWMLS system from the website of any member broker that uses the feature.
Brokers also credit improved affordability, incentives and the looming deadline for the $8,000 tax credit for first-time home buyers as boosting activity. As the Nov. 30 deadline for the federal $8,000 tax credit program approaches, Spencer advises buyers to "be under contract by the third week of October, to close by Thanksgiving, and to stay away from short sales." "Because there are so many short sales and bank owned property sales, it was inevitable that prices would fall slightly," explained NWMLS director Dick Beeson, the broker/owner of Windermere Commencement Associates in Tacoma.
Year-over-year prices are down nearly 7.5 percent across the 19 counties served by NWMLS, but the median sales price of $273,000 for last month's sales of single family homes and condominiums (combined) equaled the figure for January. Beeson described the price drops as "a necessary adjustment given the number of short sales and bank owned property sales in the mix. (A survey by the National Association of REALTORS indicates distressed homes accounted for 31 percent of transactions in August and July.)
A comparison of year-over-year prices of closed sales by county shows wide variation for September, from a decline of almost 17 percent in Cowlitz County to an increase of nine percent in San Juan County. For the four-county Puget Sound region (King, Snohomish, Pierce and Kitsap counties), prices were down about 7.6 percent from twelve months ago. On a brighter note, Beeson said activity is brisk for lower priced homes in many areas. "Multiple offers are occurring on a regular basis and many buyers have to make two or three offers on different properties just to secure one," he reports.
Sparks echoed that report, saying, "Describing much of the current market as 'lively' is probably a bit of an understatement," adding, "I've heard agents describe open houses as 'mayhem' and 'chaos." Modestly priced homes in good condition and in popular neighborhoods can certainly draw more than one offer, according to Sparks, who also noted, "This is not to say that all neighborhoods and price points are rebounding at the same pace, but there is an awful lot of economic momentum in our region, including our housing market, that can't be ignored."
Emphasizing recovery comes in stages, Beeson acknowledged some "hard adjustments" are being made in higher priced homes where inventories remain high, but expects that segment to recover. He said the main focus of many agents is meeting the needs of the first-time buyers and those who have needs because of lifestyle changes due to advancing age, change in marital status, the birth of children or death of a family member. "These people always need help solving their real estate problems," he observed.
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 19 counties in western and central Washington.
Best Regards!
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
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20623 SE 198th Street, Renton, WA, 98058 
New Price: $775,000
Bedrooms: 4
Bathrooms: 3.5
Year Built: 1989
MLS: FSBO31406
This beautiful four bedroom home sits on five acres of fenced land complete with mature landscaping, a large stand alone shop and a separate stable. The home has undergone $50,000 in renovations and benefits from a new roof as well as fresh paint and new flooring throughout. Boasting a kitchen with double ovens as well as a formal living room, family room, loft, den, recreation room and billiards room, this home provides functional space for every need.
For more information visit www.davidjedwards.com/31406.asp
Virtual Tour: http://www.flyinside.com/tour.php?id=31406
Directions: SE Renton Maple Valley Rd/WA 169. Turn Right onto 196th Ave SE. Turn Left onto SE 192nd St. Turn Right onto 208th Ave SE. Turn Right onto SE 198th St. End at 20623.
If you would like to preview this home, please contact me to arrange for a private showing.
Best Regards!
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
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10922 Lundstrom Dr Southwest, Lakewood, WA, 98498
Price: $225,000
Bedrooms: 5
Bathrooms: 1.5
Year Built: 1973
Square Feet: 2600
Lot Size: 0.250 acres
MLS: 29140381
This Five Bedroom Home Sits On A Large Lot In A Well Maintained Neighborhood. It Has Been Updated With A Newer Roof, Fresh Paint, Vinyl Windows, Kitchen Cabinets & Counters, Hardwood Floors, And New Carpet Throughout! With 2600 Square Feet, An Attached Two Car Garage And Large Fenced Lot, This Home Offers All The Space You'll Ever Need. Come See For Yourself.
For more information visit:www.davidjedwards.com/36940.asp or Call 425/890/8045
Virtual Tour: http://www.flyinside.com/tour.php?id=36940
Driving Directions: I-5 South, take Exit 124. Right @ Gravelly Lk Dr. Slight Left, stay on Gravelly Lk Dr. Left @ Washington Blvd. Right @ Vernon Ave. Vernon Ave. becomes Butte Dr. Left @ 112th St. Right @ Lundstrom Dr.
If you would like to preview this home, please contact me to arrange for a private showing.
Best Regards!
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
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A client just forwarded a note about post traumatic stress disorder and selling real estate. She said it made her laugh. I'm glad she was able to find some humor in the article because we have her house on the market right now.
"Today's market has created unprecedented levels of seller stress that mirror symptoms of post-traumatic stress disorder," says Dr. Peter Lambrou, chair of psychology at Scripps Memorial Hospital in La Jolla, Calif.
It's definitely more challenging to sell homes in today's market then it has been in prior years but listing with the correct list price, professional photography and an effective marketing campaign can overcome most of the obstacles presented by today's market conditions.
Realtors should keep an open line of communication with their clients. If sellers are feeling a bit overwhelmed by the stress factors associated with selling their home, they should try to focus on feedback from buyers and agents who previewed their home but didn't make an offer. They should address the issues with their home that they can control as the feedback comes in so that they are in a position to put their best foot forward for the next showing. If a seller is not getting any showings at all, it's probably an issue with the price, the quality of the photography or the effectiveness of the marketing campaign.
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
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712 2nd Ave North, Kent, WA, 98032
Price: $225,000
Bedrooms: 3
Bathrooms: 2
Year Built: 1922
Square Feet: 1200
Lot Size: 5227
MLS: 29131047
This Classic Single Family Home Is Located In The Heart Of Downtown Kent With Easy Access To The Sounder Commuter Train, Showare Center & Kent Stations, Great Dining, Shopping And Entertainment. The Home Benefits From A Large, Flat Lot, An Open Floor Plan, Three Bedrooms, Two Full Bathrooms, Large Closets, Insulated Windows, Tile Counters, New Carpet And Fresh Paint. This Turn Key Home Is Ready For You To Move In Today. For more information visit: www.davidjedwards.com/36509.asp or Call 425/890/8045
Driving Directions: From 405, take SR-167 South, take 84th Ave. exit, turn left on 84th Ave. S. Keep straight on Central, right onto James, right onto 2nd Ave.
If you would like to preview this home, please contact me to arrange for a private showing.
Best Regards!
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
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