Is This A Good Time To Buy A Home In Washington State? For Many It Certainly Is!

“The oldest and strongest emotion in mankind is fear.” - H.P. Lovecraft

If you watch only national news of financial turmoil and declining housing prices you may fear now is not the time to buy a home. While that may be the case in other states, it’s not an accurate picture of the market in Washington. Washington State has a unique set of positive economic variables that sets us apart from much of the country.

As the financial regulator responsible for overseeing the financial safety and soundness of our state-chartered banks and credit unions, the Department of Financial Institutions stays in close touch with local real estate market conditions. This message is prompted by that “local knowledge” and a concern that the true nature of the Washington State real estate market has been lost among the national headlines.

Is it a great time for everyone in Washington to buy a home? No. However, we can truthfully say this may be a great time for you to buy.

There may be at this time an historic opportunity to buy in Washington State. There are many reasons for optimism. Long-term mortgage rates are in historically low ranges and, contrary to what you may think, our state’s banks, credit unions, consumer loan companies and mortgage brokers have money available for buyers with reasonably good credit.

Also, Congress acted to expand a number of home loan programs. Washington’s financial institutions have a strong presence in your communities and have excellent financing options for home buyers, including great programs for first time homebuyers. With the addition of expanded FHA guidelines, they can meet a variety of different borrower needs.

Additionally, there is a good selection of new and existing homes available on the market right now. Reports of plummeting home values are almost always coming from markets far from Washington State. Here, home values are generally stable, experiencing only modest fluctuations up or down over the past year.

Perhaps the most important factor to consider is the reality that the Washington State economy continues to outperform the national economy.

If you want to buy a home, expect to live in the home for at least three years. If the only reason you are hesitating to buy the home you want in Washington State is an expectation that you are likely to get the same home for considerably less money if you wait a few months, you may want to reconsider. Very few of us are lucky enough to pick the bottom of a stock market downturn — and that also holds true for the housing market.

For many buyers looking for that perfect home NOW may be the time to buy and be comfortable in your new home. Depending on your personal financial situation, this could be an opportune time to contact a Washington State REALTOR®, or home builder to help you find that perfect home and a Washington State financial institution or mortgage broker to assist with your financing.

There are many resources available to assist you with your decision. The Washington State Department of Financial institutions, the Washington State Housing Finance Commission, our state’s financial institutions, mortgage brokers, REALTORS®, and your local home builders association are among the organizations providing valuable information to assist you with your home purchase decision.

Free State of Washington-sponsored pre-purchase counseling is available to Washington residents thinking of buying a home or considering refinancing. To speak with a counselor, call the Washington Homeownership Information Hotline at 1.877.894.HOME (1.877.894.4663) or find a participating counselor near you at www.homeownership.wa.gov. You can also visit http://www.dfi.wa.gov/consumers/homeownership and http://www.wshfc.org to educate yourself about mortgages and homeownership and find links to other homebuyer resources.

Press release courtesy of Washington State Department of Financial Institutions, dated June 27, 2008 by Scott Jarvis, Director.

Back to top

Why Choose a REALTOR®?

Many people believe that when buying or selling a home, it is more cost effective to do it themselves. This is true...to a point. When uneducated buyers and sellers enter into the real estate market, there are many pitfalls that can appear out of the blue. The legal issues alone, are enough to deter most savvy home buyers and sellers from attempting to enter the real estate market without a REALTOR®. In most cases, choosing to use a REALTOR® can save both buyers and sellers money, time, headaches and avoid costly mistakes.

A REALTOR® is a member of the local, state and national real estate professional associations who subscribe to a strict Code of Ethics and high professional standards. The REALTOR® Code of Ethics contains rules of fairness and honesty that govern conduct and provide access to arbitration and dispute resolution.

REALTORS® have many resources and tools available to help them sell homes. They often have access to the Multiple Listing Service, professional websites and other networks that make it easy for them to promote your home. They usually have not only clients of their own but also a vast network of other agents representing clients seeking to buy and sell homes.

An experienced REALTOR® can usually give valuable advice that will help sell a home faster, and most importantly for more money. They often work with many local reputable contractors and other licensed professionals that they can recommend when a home needs renovations prior to the sale.

A local REALTOR® can easily guide both buyers and sellers through the home buying process. Often home sales run into loopholes and clauses that often create confusion between parties. The legal requirements involved in buying and selling a home vary from state to state and are often loaded down with mounds of paperwork that a REALTOR® can help both buyers and sellers wade through.

Keep in mind that A REALTOR® can also weed out qualified buyers from those who are just wanting to take a peek inside your home, but do not have the means to purchase it. This can save a seller a lot of time and help keep your home and it's contents safe.

When consulting a professional Realtor® in the buying or selling of one of your most important investments, it is advised that you interview several REALTORS® at different firms. By asking some of the following questions, you can find the right REALTOR® that will meet your needs:

1. How many homes have you sold this year? How many buyers have you worked with this year? Their answers to these questions are obvious. The greater their client list for both buyers and sellers, the more experience they have.

2. How are you going to market my property? How will you find me the perfect home? Their answer should be in depth and include multiple avenues of marketing/searching. If their only marketing is by networking, find someone else. For buyers, if it only includes you doing all the searching via their website, also look elsewhere.

3. Will I work with you or your assistant? If the agent is so busy they can't give you their full attention, then they do not need your business.

4. Is this a full time job for you? When can you be reached? Generally those who are not working full time, are not available when the need arises, like when an offer comes in, or you wish to view a property. Make sure you know when, where and how they can be reached.

5. If I'm not happy with your representation, what are my options. This is especially important for sellers when they are working within a set time frame to sell. If the agent is not putting any effort into marketing your property, there should be a written agreement in how and when you can exit the contract.

In the long run, when you hire a REALTOR®, remember that they are providing an important service. Most REALTORS® charge fair rates for the amount of time and effort they put into selling your home. As a buyer, you can rest assured that your best interests are well represented.

Back to top

Mortgage Basics

Two types of mortgage instruments are used in the United States: the mortgage (sometimes called a mortgage deed) and the deed of trust. In all but a few states, a mortgage creates a lien on the title to the mortgaged property. Foreclosure of that lien almost always requires a judicial proceeding declaring the debt to be due and in default and ordering a sale of the property to pay the debt.

Deed of Trust
The deed of trust is a deed by the borrower to a trustee for the purposes of securing a debt. In most states, it also merely creates a lien on the title and not a title transfer, regardless of its terms. It differs from a mortgage in that, in many states, it can be foreclosed by a non-judicial sale held by the trustee. It is also possible to foreclose them through a judicial proceeding.

Deeds of trust to secure repayments of debts should not be confused with trust instruments that are sometimes called deeds of trust but that are used to create trusts for other purposes, such as estate planning. Though there are superficial similarities in the form, many states hold deeds of trust to secure repayment of debts do not create true trust arrangements.

Fixed Rate
A fixed rate mortgage is a mortgage where your interest rate does not change, and your monthly payment does not change. There are two main types of fixed rate mortgages, 30 year fixed rate mortgage and 15 year fixed rate mortgage.

With a 30 year fixed rate mortgage, your interest rate does not change, your payment does not change, and you pay the loan off in 30 years. Traditionally, this has been the most popular mortgage when interest rates are low because you can lock in and secure a low interest rate. The advantages are: 1-Lower monthly payments than a 15 year fixed rate mortgage; 2-Interest rate does not go up if interest rates go up; 3-Payment does not go up, it stays the same for 30 years. The disadvantages are: 1-Pay a higher interest rate than a 15 year fixed rate mortgage; 2-Interest rate stays the same if interest rates go down.

With a 15 year fixed rate mortgage, your interest rate does not change, your payment does not change, and you pay the loan off in 15 years. This has been popular among people who are refinancing their 30 year loan. The advantages are: 1-Lower interest rate than a 30 year fixed rate mortgage; 2-Build up equity in your home faster than with a 30 year loan; 3-Interest rate does not go up if interest rates go up; 4-Payment does not go up, it stays the same for 15 years. The disadvantages are higher monthly payment than a 30 year fixed rate mortgage.

Adjustable Rate
An adjustable rate mortgage (ARM), variable rate mortgage or floating rate mortgage is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. This is done to ensure a steady margin for the lender, whose own cost of funding will usually be related to the index. Consequently, payments made by the borrower may change over time with the changing interest rate (alternatively, the term of the loan may change). This is not to be confused with the graduated payment mortgage, which offers changing payment amounts but a fixed interest rate. Adjustable rates transfer part of the interest rate risk from the lender to the borrower. They can be used where unpredictable interest rates make fixed rate loans difficult to obtain. The borrower benefits if the interest rate falls and loses out if interest rates rise.

Option (Flexible Payments)
The option product is an adjustable rate mortgage; a caffeine stoked ARM. One of the biggest selling points is an incredibly low initial interest rate, some as low as 1 percent. Notice the words “initial rate.” “Teaser rate” is probably more appropriate and borrowers should enjoy it while they can. The option arm mortgage adjusts frequently, every few months or even every month, based on an index such as the London Interbank Offered Rate (LIBOR) plus a margin set by the lender. Therefore, as with a traditional mortgage, if the LIBOR index or other index goes up, the mortgage rate rises with it, only much more frequently. Nothing we have read indicates whether these loans have a rate cap that controls the speed of rate increases or the lifetime maximum interest, but given the low initial rates that first step is bound to be a doozie. Many do seem to have a period during which the initial “teaser” rate is fixed. One lender advertises “for up to 60 months.” But “up to” are among the world’s best weasel words.

The option part of this loan however comes in the many alternative payments that the borrower can make. Most of the option loans allow the borrower to make a decision, each and every month, as to the payment they will make. A payment based on a 30 year amortization table which, if made every month, will pay off the mortgage, in 30 years of course. A payment based on a 15 year amortization table. An interest only payment. The principal balance will remain unchanged after the payment is applied for that month. The programs we looked at did not seem to put a limit, at least in their marketing materials, on the number of months this option could be utilized. A partial interest payment in which part of the interest is deferred and added to the principal balance (where one would assume it also accrues interest.)

Balloon Mortgages
A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.

Biweekly, Bimonthly, Weekly Payments
Normally, you make twelve mortgage payments a year. Since there are fifty two weeks in a year, a bi-weekly mortgage equals 26 half-payments a year. The equivalent would be making thirteen mortgage payments a year instead of twelve. By applying that extra payment directly to the loan balance as a principal reduction, your loan amortizes more quickly, requiring fewer payments.You save money. The ads are true.

Here’s how it actually works. You cannot simply mail in half a payment every two weeks to your mortgage lender. Since they do not accept partial payments for legal and accounting reasons, the mortgage company would just mail your half payment back to you.

Instead, the bi-weekly mortgage company is an intermediary between you and your mortgage lender. They automatically debit your checking account every two weeks for half of your mortgage payment, then place your funds into a trust account. Basically, this is just a holding account for your money. In another two weeks, there is another automatic deduction from your checking account, and so on. When your mortgage payment is due, your funds are withdrawn from the trust account and forwarded to your mortgage lender.

Since you are placing funds into the trust account faster than your mortgage payments are due, you eventually accumulate enough money to make an “extra” payment. The way the cycle works, this occurs once a year. The extra payment is applied directly to your principal balance, which causes your loan to amortize faster, pay off more quickly and saves you thousands of dollars.

FHA & FHA Mortgages
The Federal Housing Administration (FHA) is a United States government agency created as part of the National Housing Act of 1934. The goals of this organization are: to improve housing standards and conditions; to provide an adequate home financing system through insurance of mortgage loans; and to stabilize the mortgage market.

The Federal Housing Administration offers various types of housing loans. These include: adjustable rate mortgages, fixed rate mortgage loans, energy efficient, mortgages, graduated payment mortgages, mortgages for condominium units, and growing equity mortgages.

In order to qualify for an FHA housing loan, applicants must meet certain criteria, including employment, credit ratings and income levels. The specific requirements are: Steady employment history, at least two years with the same employer, Consistent or increasing income over the past two years, Credit report should be in good standing with less than two thirty day late payments in the past two years, Any bankruptcy on record must be at least two years old with good credit for the two consecutive years, Any foreclosure must be at least three years old, Mortgage payment qualified for must be approximately thirty percent of your total monthly gross income.

VA Mortgages
A VA loan is a mortgage loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to American veterans or their surviving spouses (provided they do not remarry).

The VA loan allows veterans 100% financing without private mortgage insurance or 20% second mortgage. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed.

In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. In a refinance, veterans may borrow up to 90% of reasonable value, where allowed by state laws. As of January 1st, 2006, the maximum VA loan amount with no down payment is $417,000 and can be as high as $625,500 in certain high cost areas.

The VA also allows the seller to pay all of the veteran’s closing cost as long as the cost do not exceed 6% of the sales price of the home.

Shared Appreciation
A shared appreciation mortgage is a mortgage in which the lender agrees to an interest rate lower than the prevailing market rate, in exchange for a share of the appreciated value of the collateral property. The share of the appreciated value is known as the contingent interest, which is determined and due at the sale of the property or at the termination of the mortgage.

For instance, suppose the current prevailing interest rate is 6%, and the property was purchased for $500,000. The borrower puts down $100,000 and takes out a mortgage of $400,000 amortized over 30 years. The lender and the borrower agree to a lower interest rate of 5%, and to a contingent interest of 20% of appreciated value of the property. Because of the lower interest rate, the monthly payment is reduced from $2,398 to $2,147.

However, this saving in monthly payments comes with a trade-off. Suppose the property is later sold for $700,000. Because of the agreement on the contingent interest, the borrower must pay the lender 20% of the profit, namely, $40,000.

By participating in the appreciation of the property, the lender takes an additional risk that is related to its value. Hence, whether this is a favorable trade-off depends on the conditions of the housing market. A shared appreciation mortgage differs from an equity-sharing agreement in that the principal of the loan is an unconditional obligation (to the extent collateralized by the property). Thus, if the property’s value decreases, the borrower would still owe whatever principal is outstanding, and if the borrowers sells the property for a loss, the contingent interest is simply zero.

Revenue Ruling 83-51 (1983) of the Internal Revenue Service specifies conditions under which the contingent interest in a shared appreciation mortgage may be considered tax-deductible mortgage interest.

In particular, a shared appreciation mortgage must stipulate an unconditional obligation of payment of principal to avoid being re-characterized as an equity-sharing agreement, which may lead to different tax consequences. Because of the complexity of tax laws and terms tailored for individual situations, private, noncommercial mortgages involving shared appreciation should always be executed with the counsel of a real estate attorney.

Interest Only
An interest-only loan is a loan in which for a set term the borrower pays only the interest on the principal balance, with the principal balance unchanged. At the end of the interest-only term the borrower may enter an interest-only mortgage, pay the principal, or (with some lenders) convert the loan to a principal and interest payment (or amortized) loan at his/her option.

A five or ten year interest-only period is typical. After this time, the principal balance is amortized for the remaining term. In other words, if a borrower had a thirty-year mortgage loan and the first ten years were interest only, at the end of the first ten years, the principal balance would be amortized for the remaining period of twenty years. The practical result is that the early payments (in the interest- only period) are substantially lower than the later payments. This gives the borrower more flexibility because they are not forced to make payments towards principal. Indeed, it also enables a borrower who expects to increase their salary substantially over the course of the loan to borrow more than they would have otherwise been able to afford, or investors to generate cash flow when they might not otherwise be able to. During the interest only years of the mortgage, the loan balance will not decrease unless the borrower makes additional payments towards principal. Under a conventional amortizing mortgage, the portion of a payment that represents principal is very small in the early years (the same period of time that would be interest only). Interest only loans represent a somewhat higher risk for lenders, and therefore are subject to a slightly higher interest rate. Combined with little or no down payment, the adjustable rate (ARM) variety of interest only mortgages are sometimes indicative of a buyer taking on too much risk- especially when that buyer is unlikely to qualify under more conservative loan structures.

Because a homeowner does not build any equity in an interest-only loan they may be adversely affected by prevailing market conditions at the time they are either ready to sell the house or refinance. They may find themselves unable to afford the higher regularly amortized payments at the end of the interest only period, unable to refinance due to lack of equity and unable to sell if demand for housing has weakened. Due to the speculative aspects of relying on home appreciation which may or may not happen, many financial experts such as Suze Orman advise against interest only loans for which a borrower would not otherwise qualify for.

Graduated Payments
Graduated Payments are repayment terms involving gradual increases in the payments on a closed-end obligation. A graduated payment loan typically involves negative amortization, and are intended for young people who currently have low income but foresee a greater future income. These terms are only offered when banks have reason to assume that the borrowers income will rise during the 10 year loan period.

**NOTICE: The above information is to be considered unreliable as to specifics. It is offered only to give a very general understanding. Seek the advice of an attorney, mortgage lender or realtor.

Back to top

Monthly Mortgage Payment Chart

MONTHLY MORTGAGE PAYMENT - at 100% Financing
Interest Rate	Home Price
	100,000	150,000	200,000	250,000	300,000	350,000	400,000	450,000	500,000
5.50%	600.98	901.48	1201.97	1502.46	1802.95	2103.44	2403.95	2704.43	3004.92
5.75%	613.61	920.42	1227.22	1534.03	1840.83	2147.64	2454.44	2761.25	3068.06
6.00%	626.39	939.59	1252.79	1565.96	1879.18	2192.38	2505.57	2818.77	3131.97
6.25%	639.33	958.99	1278.65	1598.32	1917.98	2237.64	2557.31	2876.97	3196.63
6.50%	652.41	978.61	1304.81	1631.02	1957.22	2283.43	2609.63	2935.83	3262.04
6.75%	665.63	998.45	1331.26	1664.08	1996.89	2329.71	2662.53	2995.34	3328.16
7.00%	678.99	1018.49	1357.99	1697.49	2036.98	2376.48	2715.98	3055.97	3394.97
7.25%	692.49	1038.74	1384.99	1731.23	2077.48	2423.73	2769.98	3116.22	3462.47

Back to top

Renting and Leasing

So you’ve decided to move... now what? Should you sell the home you have now and buy another in the Northwest? If so, is it better to do that now or after you’ve lived here a while? If waiting a while is better for your family you still have to have a place to live. Right? Welcome to the world of renting & leasing. It may have been years, back in college or when the kids were little, since you last rented your primary domicile and the “rules” may have changed some since then. So, here are a few guidelines that might help make it easier and safer for you.

Be Realistic About What You Can Afford.
Take into consideration the cost of utilities such as electricity, gas, and water as well as other needs such as phone, cable TV, internet, etc. Many landlords expect a prospective tenant to earn at least 3x the monthly rent. Also will last month’s rent be required when you sign the rental agreement? How much will the deposit be?

Check Your Own Credit.
Most landlords will require that you pay a non-refundable screening fee when applying. It is in your best interest to know what’s on your report before then. It will also help you determine if you fit the criteria required by the landlord, before paying the screening fee. If you already know you won’t meet their criteria, then don’t waste your money or your time. Checking your own credit will also give you a chance to clean up any problems or discrepancies on your report before you actually start applying for places.

Go to www.EQUIFAX.com where, for a small fee, you can obtain a consumer copy of your credit report. You can choose to get a copy from all 3 National credit bureaus or one from EQUIFAX. Another information source you might want to check out is the Consumer Handbook to Credit Protection Laws by The Federal Reserve at www.federalreserve.gov/pubs/consumerhdbk. This handbook explains how the consumer credit laws can help you shop for credit, apply for it, maintain your credit standing, and, if need be, complain about an unfair deal. This handbook also explains what you should look for when using credit, details what creditors look for before extending credit, and reviews the laws' solutions to discriminatory practices that have made it difficult for women and minorities to get credit.

Establish Your Needs.
Be aware of what you are looking for: How many bedrooms? How many baths? What are the amenities? Dishwasher? Laundry facilities? High speed internet hook-up? Can you have pets? What is the smoking policy? What utilities are included in the rent? What utilities are not? Is there reserved parking? If so, is there an additional monthly fee for parking? How much visitor parking is available? Is there additional storage available? If so, what is the monthly fee? By knowing what you are looking for ahead of time, and asking these and other questions, you’ll save yourself and prospective landlords a lot of time.

Know This Glossary Of Common Terms:

Dwelling Unit: a structure or part of a structure used as a home, residence or sleeping place by one or more persons maintaining a common household.

Single Family Residence: A structure used or maintained as a single unit, notwithstanding whether it shares one or more walls with another unit, if it has direct access to a street and shares neither heating facilities, hot water equipment, not any other essential facility or service with any other dwelling unit.

Landlord: The owner, lessor or sublessor of a dwelling unit or property of which it is a part, as well as a designated representative of a landlord.

Owner: A person (including business entities) with legal title to a property or beneficial ownership and a right to present use and enjoyment of a property.

Tenant: A person entitled to occupy a dwelling unit primarily for living or dwelling purposes under a rental agreement (would include an oral tenancy as well).

Month to Month: A month to month agreement is when either party (the tenant or the landlord) has the right to terminate the agreement with 20 days notice.

Term: A term agreement is for a set amount of time. It may be from 3 months to a year. After said period, the agreement may turn into a month to month or it may terminate.

Screening fees: A landlord can charge the prospective tenant fees to cover the costs of obtaining background information on the prospective tenant. Waiting list and fee: For desirable properties, some people put their names on a “waiting list” for available units. Waiting lists are legal, but prospective tenants may not be charged a fee to place their name on the list.

Holding agreement and deposit: Some landlords or managers, rather than having you sign a lease immediately upon acceptance, may wait (possibly until move-in day) to have you sign the actual lease. In such cases, you may be asked to sign a “holding agreement.” Holding Agreements are permitted providing that the landlord complies with it. Specifically, you must receive a written statement of the conditions under which the deposit is refundable.

In most cases this language is found on the application form. To comply with the law, you should receive a copy of the application.

If you take occupancy, the holding deposit must be credited toward the first month’s rent and/or the security deposit. If you fail to take occupancy, the landlord can keep the deposit in accordance with the written agreement.

Security or damage or cleaning or pet deposit: Deposits are to protect the landlord from any damages or unpaid utilities.

Deposits may not be “applied” to the last month’s rent. Deposits do not apply to normal wear and tear. Deposits should only be collected after doing a move-in inspection and with checklist signed by both the tenant and the landlord.

The RLTA (Residential Landlord Tenant Act) makes no distinction between security deposits, damage deposits, key deposits, pet deposits, or any other kind of deposit. The term “security deposit” is sufficient to describe any refundable monies held by the landlord during your tenancy. In taking a security deposit, the landlord must comply with. The refundable security deposit must be placed in a trust account separate from the landlord’s other funds. It should be identified in the account name as a tenant trust account. The rental agreement must include a statement of the bank and branch at which the deposit is kept. The landlord may keep the interest generated by the deposits. On sale or transfer of the property, the deposit must be transferred to the new owner.

Non-refundable fees (these are not deposits): Often charged for cleaning or pets. These fees must be specific and written as non-refundable fees in the agreement. Non-refundable fees cannot be referred to as “deposits.”

Search on-line for rental housing:
Try one of these Northwest rental service providers.
Pacific Publishing: Buddy Logan, (206) 461-1302, classrep@nwlink.com, pacificpublishingcompany.com, queenannenews.com, capitolhilltimes.com
MyNewPlace.com: Mike LaBrae, (415) 348-2004, mlabrae@mynewplace.com, www.MyNewPlace.com
Rent.com: Todd Katler, (866) 713-7368, toddk@rent.com, www.rent.com
Rent Great Space: Margie Freeman, (206) 786-2897, margie@rentgreatspace.com, RentGreatSpace.com
Seattle Times: Karen Quilantang, (206) 652-6619, karenq@seattletimes.com, www.nwapartments.com

Check Out Neighborhoods: Become familiar with the neighborhoods in which you are interested. Drive by during the day and during the evening to see if it’s an area where you’d be comfortable. How convenient are the things important to you (your child’s school, Starbucks, the bus line)? Is there adequate street parking?

Make an appointment and keep it. Some, but not all, properties have 24-hour onsite managers. Even for those buildings that do, you have to expect the manager to be away from the phone taking care of the property. Call ahead of time to schedule an appointment to see the unit that interests you. If you get voice mail or an answering machine, leave a message with your name and phone number, and which unit (by address) interests you. Keep in mind that the manager may not hear your message until the evening.

Back to top

Temporary Housing

Growing organizations must explore nationally and globally to successfully recruit top staff. Relocating staff members expect and deserve comfortable, quality interim housing for themselves and their families. Today there are many companies that have grown up to fill this need.

Several high quality corporate housing companies offer the perfect housing solution for short and extended-stay needs in the Northwest. Five-star service is provided in numerous locations and several have gained the confidence of the world’s leading corporations by providing quality interim housing and destination services time and time again. As a result of the commitment to exceed client expectations, they have earned the opportunity to serve as corporate housing suppliers to many of the world’s leading corporations.

Corporate housing offers the perfect choice for business and leisure travelers who want the comfort of a home-away-from-home atmosphere, and the amenities of a hotel. The Northwest’s corporate housing companies offer the comfort of a private apartment home. Each apartment is equipped with fine furnishings, house wares, telephone service, and cable television service. Many also provide the conveniences of weekly housekeeping and on-call concierge and maintenance services.

Guests can choose from a variety of accommodations reflective of each area’s character from downtown convenience to suburban lifestyle and minimum stays vary by location. These companies help make corporate relocations happen more smoothly, leaving transferees free to focus on settling into a new community and workplace.

Several have a range of housing choices, cost-effectiveness, convenient corporate services, and comfortable accommodations that make them an excellent choice for companies with relocating employees.

Several companies have the expertise to offer specialized sales and to provide housing solutions for a diverse clientele. They are equipped to serve unique groups, including corporate transferees, government and military officials, business and leisure travelers, insurance professionals and displaced homeowners, and above and below-the-line entertainment industry professionals.

Many Northwest companies take pride in serving those who serve our country offering an exceptional value in temporary housing for government and military personnel. This makes the per diem go further than at a hotel by providing fully furnished apartment homes, at the cost of a hotel room.

Customized housing packages to meet the needs of large and small groups in the entertainment sector are often available. And most can work within project budgets, and offer special rates for large groups. They have the experience with all aspects of the industry, including music, theatre, film and television.

Insurance industry needs are served by several companies providing temporary housing solutions for people in every aspect of the industry, from displaced policyholders to adjusters, catastrophe teams, restoration companies, emergency crews, and others.

Some companies include premier service apartments designed for international travelers who demand luxury and style. Located in prime center city locations, they combine sumptuous apartments with five-star hotel service, such as daily housekeeping, airport limousine pickup, and onsite restaurants with room service and they often accept both daily and extended stays.

Temporary corporate housing may be the best fit for you while you locate a permanent domicile in the Northwest.

Back to top

Home Improvement for Resale Success

If you plan on placing a "For Sale" sign in your front yard soon, or even in a few months or years, you may want to consider how putting some money into the house now will pay off later. Here we will cover some of the most cost effective improvements you can make that will raise the value when it comes time to list your home on the market.

One of the hottest trends in home improvement features environmentally friendly living, recycled products, high-tech innovation and "open design" incorporated into the main living areas of your home, such as the kitchen, den, dining area and/or the living room.

Kitchen remodeling ranks first in popularity and in raising resale value. Kitchens are being redesigned to accommodate more people, food preparation, and storage. Space is being used more efficiently with rollout shelves, lazy Susans, trash compactors, recessed lighting, and underground cook-top venting. Many designs include dual work areas with separate sinks and cutting areas or large granite "islands" doubling as preparation and dining surfaces. Skylights, controlled lighting, stainless steel appliances, and wine coolers can make the kitchen an attractive setting for entertaining guests while preparing a meal. Energy efficient appliances are being added to cut down on energy costs and decrease cooking times.

Bathroom improvements are also extremely popular with homeowners. Upgrading tired bathtubs with jetted tubs, gleaming new sinks, faucets and countertops as well as natural stone flooring is very popular in today's market.

The latest trend is, "everything old is new again." Old houses might need updates, but leave the space's original character. Antique doors, lighting, hardware, and floors can be preserved and restored, even while adding the latest technology and materials. It might be time to do away with the fake wood paneling in the basement, but the wide-plank hardwood floors in the den can be refinished to give an old room new glory.

Recycled products are also making their way into home renovations; kitchen countertops can be made from recycled aluminum, glass and even paper. Kitchen and bathroom sinks are made from recycled aluminum and bronze. While recycled products have been around for some time, there's been a surge in interest. Prices have come down and aesthetics have improved.

There's also a growing interest in environmentally friendly renovations that makes ecological and economic sense. Using green products and systems can make your home more energy efficient, improve indoor air quality, save money and make your house healthier. Remodeling choices can include choosing eucalyptus woods, a fast-growing tree with wood that can be used for flooring and for countertops, installing water-saving devices in washers and toilets and choosing energy-saving products from lighting to Energy Star appliances.

The cool, sleek look of modern design is making way for a warmer, more inviting look. Stark and sterile is out, people are looking for welcoming and comfortable spaces. They don't want to feel like they're in a museum. Golden hues are growing in popularity, and bright colors are taking a back seat to more muted, natural colors and tones.

This is a great time for home renovations. With sophisticated new appliances and the addition of larger living areas, you can create beautiful, stress-relieving surroundings while also saving you time and money. Banks are eager to make home equity loans, and loan interest is tax deductible as well. Take the time to find a reputable contractor. Do the research, talk to your friends, check references, get several estimates, and most important, get the contract in writing. These simple steps could keep your home from becoming a "money pit." And, of course, the key to a great home renovation is making sure it fits your needs; a redesigned space is only worthwhile if you'll use it.

Back to top

Financing Your Remodeling Project

Consider the following before you decide how to finance your home improvement project:

• Talk to lenders about your options.
• Know that lenders are concerned about income, debts, credit history and property value.
• Select the kind of lender with which you are most comfortable.
• Consider a secured loan when you want to borrow more money, get a lower interest rate or reduce taxes.
• Refinance an existing loan if you have enough equity and if the rates are two points lower now than when you initially borrowed the money.
• Use a home equity line of credit that is secured by your home so that your interest is tax deductible.
• Take out a home equity loan to get fixed rates and payments.
• Consider a homeowner loan that is secured by your property. Use a value added loan when the improvement you make will have a substantial impact on the market value of your home.
• Use funds from savings only if you won’t break the bank.
• Use credit cards only for small projects that you will be able to pay off quickly.
• Do your research before using contractor financing.
• Make your decision only after doing your homework.

You can protect yourself from improper lending practices. Don’t:

• Agree to a home equity loan if you don’t have enough money to make the monthly payments.
• Sign any document you haven’t read or any document that has blank spaces to be filled in after you sign.
• Let anyone pressure you into signing any document.
• Agree to financing through your contractor without shopping around and comparing loan terms.
• Deed your property to anyone. First consult an attorney, knowledgeable family member, or someone else you trust.

Back to top

American Cities Comparison Chart - 2007

The comparison is of a 2,200-square-foot house with 4 bedrooms, 2 1/2 bathrooms, a family room and a two-car garage. The neighborhood - a more subjective measure - is one "typical for corporate middle-management transferees."

State	City	Median Home Value
Washington	Bellevue	$763,667
Washington	Everett	$349,000
Washington	Olympia	$340,000
Washington	Seattle	$555,839
Washington	Tacoma	$375,750
Arizona	Phoenix	$320,000
California	Long Beach	$1,000,442
California	San Diego	$618,750
California	San Francisco	$1,451,250
Colorado	Denver	$400,000
District of Columbia	Washington	$808,500
Florida	Orlando	$407,000
Hawaii	Honolulu	$843,750
Illinois	Chicago	$732,333
Michigan	Detroit	$248,750
Nevada	Las Vegas	$362,188
New York	Long Island	$640,000
Texas	Dallas	$302,198
Utah	Salt Lake City	$408,125

Back to top

NW Home Value Comparison Chart

NEIGHBORHOOD	Area	Avg Sq Ft	Value 2008	Value 2007	Value 2006	Value 2005	Value 2004
KING COUNTY
Admiral	S Sea	1590	541k	520k	480k	420k	370k
Alki	S Sea	1590	527k	515k	480k	410k	360k
Arbor Heights	S Sea	1440	392k	420k	365k	320k	277k
Atlantic	S Sea	1389	370k	370k	327k	265k	250k
Auburn	S King	1747	302k	320k	290k	240k	210k
Ballard	N Sea	1170	399k	470k	438k	387k	335k
Ballard East	N Sea	1390	475k	465k	430k	380k	320k
Ballard West	N Sea	1310	400k	475k	440k	400k	335k
Beacon Hill North	S Sea	1430	374k	380k	455k	300k	250k
Beacon Hill South	S Sea	1510	365k	365k	340k	280k	250k
Bitter Lake	N Sea	1450	354k	378k	345k	300k	260k
Black Diamond	S King	2000	405k	418k	395k	380k	370k
Blue Ridge	N Sea	2160	620k	575k	530k	470k	420k
Briarcliff	N Sea	2190	809k	825k	780k	650k	600k
Brighton	S King	1550	346k	349k	300k	255k	222k
Broadmoor	N Sea	3220	1874k	1700k	1600k	1500k	1380k
Broadview	N Sea	1880	484k	430k	400k	355k	310k
Broadway	N Sea	970	406k	395k	360k	305k	275k
Bryant	N Sea	1510	556k	515k	480k	410k	375k
Burien North	S King	1550	336k	340k	300k	255k	230k
Capitol Hill	N Sea	2140	689k	500k	452k	399k	352k
Cascade	N Sea	1250	465k	438k	400k	330k	290k
Cedar Park	N Sea	1870	510k	525k	480k	410k	355k
Central Area	N Sea	1500	454k	445k	415k	350k	305k
Columbia City	S Sea	1460	386k	362k	330k	270k	244k
Covington	S King	1640	294k	315k	280k	235k	220k
Crown Hill	N Sea	1370	408k	402k	380k	322k	283k
Delridge-North	S Sea	1210	440k	450k	410k	350k	310k
Delridge-South	S Sea	1160	293k	315k	275k	240k	210k
Denny-Blaine	S Sea	2830	1553k	1500k	1390k	1212k	1005k
Denny-Triangle	S Core	820	490k	400k	255k	240k	200k
Des Moines	S King	1500	293k	323k	280k	240k	220k
Downtown Seattle	S Core	1460	441k	450k	410k	355k	315k
Dunlap	S Sea	1460	307k	340k	285k	250k	210k
Eastlake	S Core	1108	480k	458k	450k	350k	325k
Enumclaw	S King	1710	334k	345k	315k	260k	230k
Enumclaw Plateau	S King	1980	420k	448k	415k	405k	390k
Fairmount Park	S Sea	1460	419k	425k	395k	340k	286k
Fairwood	S King	1730	320k	335k	315k	300k	280k
Fauntleroy	S Sea	1570	512k	550k	500k	435k	375k
Federal Way	S King	1710	291k	320k	280k	240k	210k
First Hill	S Core	687	347k	355k	310k	280k	260k
Fremont	N Sea	1440	490k	495k	460k	385k	342k
Garfield	E Sea	1440	436k	434k	400k	337k	290k
Genesee	S Sea	1400	417k	415k	380k	320k	285k
Georgetown	S Sea	1210	310k	315000	300k	225k	205k
Green Lake	N Sea	1550	534k	545k	500k	430k	390k
Greenwood	N Sea	1390	395k	407k	380k	322k	285k
Haller Lake	N Sea	1450	382k	364k	335k	290k	260k
Hawthorne Hills	N Sea	2090	820k	685k	610k	525k	455k
High Point	S Sea	1460	355k	348k	315k	260k	225k
Highland Park	S Sea	1240	303k	325k	285k	245k	210k
Hillman City	S Sea	1340	341k	345k	310k	252k	224k
Hobart	S King	2000	420k	418k	390k	370k	340k
Holly Park	S Sea	1460	339k	360k	310k	280k	246k
Interbay	S Core	1192	407k	440k	405k	350k	300k
International District	S Core	618	301k	320k	250k	225k	270k
Jackson Place	S Core	1392	390k	395k	345k	328k	260k
Jovita	S King	1810	330k	349k	325k	305k	275k
Judkins Park	S Core	1322	383k	387k	350k	295k	260k
Junction	S Sea	1460	447k	435k	425k	360k	310k
Kent	S King	1770	311k	340k	300k	255k	230k
Kent S.I.R.	S King	2140	340k	352k	335k	315k	298k
Kent Suburbs	S King	1990	405k	420k	400k	385k	370k
Kent West	S King	1550	280k	291k	275k	260k	250k
Kentridge	S King	1840	335k	340k	320k	305k	290k
Lake City	N King	1560	380k	392k	375k	360k	355k
Lake Forest Park	N King	2079	452k	490k	425k	360k	335k
Lake Morton	S King	2140	345k	352k	340k	330k	315k
Lake Youngs	S King	2233	460k	478k	460k	430k	410k
Lakewood	S Sea	1576	486k	502k	450k	400k	335k
Laurelhurst	N Sea	2510	987k	930k	870k	750k	675k
Lawton Park	N Sea	1460	517k	500k	455k	395k	345k
Leschi	S Core	1750	618k	604k	575k	480k	425k
Loyal Heights	N Sea	1390	480k	465k	435k	395k	330k
Madison Park	N Sea	2360	945k	930k	835k	700k	615k
Madrona	S Core	1830	676k	545k	510k	430k	380k
Magnolia+A129	N Sea	1870	651k	640k	580k	520k	435k
Maple Leaf	N Sea	1470	443k	440k	410k	360k	310k
Maple Valley	S King	1970	360k	390k	315k	280k	255k
Matthews Beach	N Sea	1870	509k	518k	482k	418k	355k
Meadowbrook	N Sea	1610	437k	430k	390k	342k	300k
Meridian	S King	1850	330k	335k	320k	305k	290k
Minor	S Core	1200	452k	425k	395k	340k	295k
Montlake	N Sea	2140	717k	752k	725k	620k	560k
Mount Baker	S Sea	1700	653k	628k	600k	505k	440k
Normandy Park	S King	2070	475k	490k	472k	455k	435k
North Beach	N Sea	1970	591k	615k	560k	495k	450k
North City	N Sea	1380	315k	330k	315k	295k	275k
North College Park	N Sea	1310	373k	390k	360k	310k	270k
North Gate	N Sea	1470	331k	320k	275k	245k	220k
Olympic Hills	N Sea	1460	386k	370k	340k	289k	260k
Olympic Manor	N Sea	2180	607k	647k	598k	520k	455k
Pacific	S King	1680	285k	299k	280k	265k	250k
Panther Lake	S King	1920	350k	360k	335k	305k	285k
Phinney Ridge	N Sea	1440	521k	500k	470k	415k	355k
Pinehurst	N Sea	1460	383k	362k	325k	285k	260k
Pioneer Square	S Core	1249	522k	440k	405k	385k	340k
Portage Bay	S Core	2150	745k	740k	700k	600k	590k
Queen Anne-Lower	N Sea	1070	449k	425k	385k	320k	280k
Queen Anne-North	N Sea	1775	631k	605k	560k	480k	415k
Queen Anne-West	N Sea	1590	663k	678k	605k	515k	450k
Rainier Beach	S Sea	1590	353k	355k	300k	290k	240k
Rainier Valley	S Sea	1430	345k	351k	340k	335k	325k
Ravenna	N Sea	1570	537k	510k	479k	410k	370k
Redondo	S King	2100	345k	353k	340k	315k	295k
Renton Suburbs	S King	1990	415k	420k	405k	390k	380k
Renton West	S King	1580	305k	320k	310k	290k	270k
Richmond Beach	N King	2420	550k	562k	540k	510k	480k
Richmond Highlands	N King	1770	375k	385k	360k	340k	315k
Riverview	S Sea	1460	338k	350k	315k	240k	223k
Roanoke	S Core	1670	784k	640k	600k	510k	450k
Roosevelt	N Sea	1420	476k	495k	452k	400k	355k
Roxhill	S Sea	1100	328k	342k	310k	275k	240k
Sand Point	N Sea	1950	651k	660k	560k	465k	410k
SeaTac	S King	1400	282k	289k	260k	220k	200k
Seward Park	S Sea	2000	552k	530k	480k	425k	355k
Sheridan Beach	N Sea	2290	675k	676k	660k	645k	625k
Shoreline	N Sea	1600	369k	380k	340k	290k	260k
Shorewood	S Sea	2070	485k	490k	475k	450k	430k
Skyway	S King	1580	315k	320k	305k	285k	255k
South Park	S Sea	1210	272k	280k	250k	200k	180k
Star Lake	S King	1750	295k	308k	285k	260k	250k
Sunset Hill	N Sea	2160	565k	540k	496k	440k	380k
Tukwila	S King	1330	283k	295k	260k	223k	190k
Twin Lakes	S King	1630	275k	285k	260k	240k	220k
University District	N Sea	1660	530k	525k	485k	405k	360k
Uptown-Seattle	S Core	716	352k	365k	340k	270k	236k
Victory Heights	N Sea	1420	398k	380k	375k	320k	290k
View Ridge	N Sea	2290	672k	615k	560k	469k	420k
Wallingford	N Sea	1540	561k	570k	525k	460k	410k
Waterfront	S Core	1070	516k	530k	480k	435k	375k
Wedgwood	N Sea	1570	493k	478k	440k	386k	342k
Westlake	S Core	1049	434k	440k	370k	330k	282k
Westwood	S Sea	1240	315k	322k	310k	295k	280k
White Center	S Sea	1240	300k	321k	308k	293k	275k
Whittier Heights	N Sea	1360	480k	470k	440k	390k	330k
Windermere	N Sea	2510	795k	595k	535k	475k	410k
Woodmont	S King	2100	345k	353k	340k	325k	290k
EASTSIDE METRO
Ames Lake	Eastside	2400	560k	574k	560k	540k	515k
Beaux Arts Village	Eastside	2700	1294k	1050k	997k	750k	675k
Bellevue North	Eastside	1592	784k	805k	650k	450k	400k
Bellevue-Downtown	Eastside	1410	608k	650k	525k	400k	350k
Bothell South	Eastside	2030	480k	485k	470k	450k	425k
Bridal Trails	Eastside	2240	706k	700k	595k	500k	400k
Carnation	Eastside	1710	355k	365k	345k	320k	305k
Central Bellevue	Eastside	2170	615k	622k	605k	580k	550k
Clyde Hill	Eastside	3020	1100k	1375k	1050k	950k	850k
Coal Creek	Eastside	2770	705k	728k	690k	670k	645k
Cottage Lake	Eastside	2970	782k	797k	725k	685k	670k
Crossroads	Eastside	1396	427k	420k	350k	295k	250k
Duval	Eastside	2000	414k	427k	404k	370k	325k
Eastgate	Eastside	2520	610k	633k	605k	575k	533k
Enatai	Eastside	952	282k	280k	240k	200k	176k
Everest	Eastside	1948	695k	500k	375k	310k	260k
Factoria	Eastside	1060	299k	295k	245k	200k	169k
Fall City	Eastside	1710	350k	365k	335k	305k	287k
Finn Hill	Eastside	1760	395k	415k	380k	360k	349k
Hidden Valley	Eastside	1500	709k	700k	560k	400k	365k
Highlands	Eastside	1920	595k	605k	520k	425k	355k
Hollywood Hill	Eastside	2320	630k	651k	615k	587k	528k
Houghton	Eastside	2250	740k	720k	650k	550k	480k
Hunts Point	Eastside	3020	1050k	1375k	950k	850k	790k
Inglewood	Eastside	2390	605k	664k	615k	570k	530k
Interlake	Eastside	1940	522k	520k	470k	365k	340k
Issaquah	Eastside	2040	510k	540k	460k	400k	350k
Juanita-North	Eastside	1237	364k	380k	325k	275k	245k
Junita-South	Eastside	1355	387k	415k	350k	300k	246k
Kenmore	Eastside	1930	426k	465k	400k	340k	300k
Kenmore South	Eastside	1760	395k	415k	390k	370k	315k
Kennydale	Eastside	2360	705k	740k	695k	650k	590k
Kingsgate	Eastside	1780	405k	425k	390k	360k	305k
Kirkland Downtown	Eastside	2230	1066k	1100k	900k	790k	640k
Kirkland East	Eastside	1860	505k	517k	502k	475k	425k
Lake Hills	Eastside	1740	444k	465k	410k	385k	278k
Lake Sammamish	Eastside	2390	575k	595k	570k	560k	525k
Lake View	Eastside	1660	757k	745k	670k	580k	490k
Lakemont	Eastside	3070	828k	835k	800k	675k	600k
Lower West Ridge	Eastside	1607	442k	452k	400k	325k	285k
Maplewood	Eastside	1870	420k	428k	415k	390k	375k
Medina	Eastside	3020	1150k	1375k	1200k	990k	920k
Mercer Island	Eastside	2660	954k	900k	880k	720k	620k
Meydenbauer	Eastside	2120	839k	755k	675k	575k	470k
Mirrormont	Eastside	2490	560k	580k	570k	523k	490k
Moss Bay	Eastside	1197	502k	510k	450k	375k	320k
Newcastle	Eastside	2370	558k	600k	550k	425k	375k
Newport Hills	Eastside	2040	475k	510k	455k	430k	335k
Newport Shores	Eastside	2360	790k	910k	805k	710k	650k
Norkirk	Eastside	1785	678k	675k	590k	465k	410k
Novelty Hill	Eastside	2400	543k	573k	530k	505k	464k
Overlake	Eastside	1558	474k	510k	420k	350k	300k
Phantom Lake	Eastside	2050	522k	545k	575k	400k	340k
Preston	Eastside	2480	555k	574k	545k	505k	425k
Queensgate	Eastside	1780	419k	425k	402k	370k	323k
Redmond	Eastside	2020	525k	540k	460k	375k	340k
Redmond North	Eastside	2320	639k	651k	640k	575k	505k
Reinwood Leota	Eastside	2130	658k	675k	625k	525k	475k
Renton	Eastside	1730	343k	343k	320k	265k	240k
Renton Highlands	Eastside	1680	330k	370k	335k	295k	265k
Robinswood	Eastside	1550	442k	455k	400k	340k	280k
Rose Hill- North	Eastside	1690	462k	490k	420k	350k	294k
Rose Hill- South	Eastside	1720	487k	500k	440k	350k	294k
Sammamish	Eastside	2560	610k	645k	550k	475k	405k
Sammamish Plateau	Eastside	1560	634k	651k	623k	593k	544k
Snoqualmie Valley	Eastside	2000	417k	427k	390k	356k	323k
Snoqualmie West	Eastside	2480	561k	574k	553k	465k	414k
Somerset	Eastside	2720	694k	720k	635k	530k	500k
Tam O Shanter	Eastside	2110	553k	565k	505k	400k	355k
Totem Lake	Eastside	958	244k	240k	180k	150k	134k
Upper West Ridge	Eastside	1970	443k	465k	410k	350k	288k
Vasa	Eastside	2030	535k	555k	505k	410k	350k
Wedge	Eastside	1990	448k	490k	425k	350k	279k