March 26th, 2009
Avoiding Foreclosure and Protect Your Investment
A statistic you might not be aware of is the growing number of Foreclosure listings. According to Foreclosure.com, as of this writing, there were 2,265,402 Foreclosure listings Nationwide.
The State of Washington, at the time of this article, has recorded 7,187 Pre-foreclosures, 1,530 Sheriffs Sales, 8,406 Foreclosures and 4,131 Bankruptcies.
Mason County posted 46 Pre-foreclosures, 10 Sheriffs Sales, 92 Foreclosures and 34 Bankruptcies. In zip code 98528 there were 6 Pre-foreclosures, 2 Sheriffs Sales, 20 Foreclosures and 4 Bankruptcies. The Foreclosure Stats for area 98524 recorded 5 Pre-foreclosures, 1 Sheriffs Sale, 5 Foreclosure and 2 Bankruptcies.
This past year our County has been affected with a bona fide Real Estate falling off. There have also been job losses, family changes and host of other unexpected challenges of life that have made the responsibility of homeownership a tough one.
If you or someone you know has lost a job, been through a divorce or suffered illness, you or they may be having a hard time making mortgage payments. If so, there is help available.
The very first thing you must do to help get your mortgage back on track is to call your mortgage company and find a solution that is right for your individual situation. Don’t risk losing your home or jeopardizing your credit when there is help available.
Your options are much better if you are only one or two payments behind. Waiting until the last moment is not an advisable option. The longer you wait the greater your chance of losing your home. If you are unable to make your mortgage payments, don’t delay. Call your mortgage company immediately.
There are a number of alternatives you can discuss with your mortgage company. There are Loan Modifications, Forbearance, Reinstatement and Repayment plans available to you.
Do you want to get the Straight answers on these alternatives or have a better understanding of Short Sales, Pre-Foreclosure, your rights and options then plan on attending a…
Free Workshop April 23,2009 from 6:00 – 8:00 pm at the LakeLand Village Club House in Allyn. An Attorney, Accountant and a Mortgage Bank professional will available to answer questions for homeowners, the real estate community and anyone interested in getting Straight answers on how to Avoid Foreclosure and protect your investment.
March 11th, 2009
Mason County Real Estate Data for February 2009
Here is a summary of the Mason County Real Estate Sales for February 2009.
There were 46 total real estate sales within the County in the amount of $8,255,163. Single family resales accounted for 18 of those sales followed by 11 platted lot sales and 8 short plat sales.
There was 1 sale of a new single family home and 1 Condo sale. Mobiles on land posted 3 sales and there were 3 sales of unplatted land parcels.
Real Estate Sales by Area:
Area A – (Shelton, Arcadia,Kamilche) 15 Sales $1,368,800
Area B – (Hartstene island, Agate) 10 Sales $4,125,910
Area C – (North Mason ) 12 Sales $1,431,903
Area D – (Hoodsport,Union) 9 Sales $1,328,550
Prices for single family resales ranged from 1 waterfront property selling for $500,000 and 1 cabin selling for $67,000. The average price for this period was $201,997 with a median price of $147,075. Lots averaged $30,697.
On the Loan and Mortgage side there were 291 loans closed in the amount of $67,519,114. It appears that refinancing is highly-flavored. Convention loans were the most common, totaling 190 loans, followed by 28 VA’s, 27 Private loans, 26 ARM’S and 20 FHA’s.
The average conventional 30 year real estate loans were 5.31%. Adjustable rate loans were 5.65%.
March 6th, 2009
Reverse Mortgage Loan limits are UP
Another new HUD announcement is the Home Equity Conversion Mortgage (HECM) which is an FHA Reverse Mortgage product that will have a new national mortgage limit of $625,500, up from the previous limit of $417,000.
This program is designed for homeowners age 62 and older. With a reverse mortgage plan you may be eligible to borrow against the value of your home without selling the home and not make any monthly repayments. There are several programs available to you under this plan. You could select a lump-sum amount, take monthly payments or have a line of credit. The great thing about this program is you do not have to make any repayments as long as you live in the home. The reverse mortgage is repaid however, with interest, when a homeowner sells the home or dies.
According to the news release “FHA loan limits are based on the County in which the property is located.” For additional details go to the HUD website.
March 5th, 2009
FHA Loan Limits Adjusted
As a part of the Presidents Economic Recovery Package, FHA implemented temporary higher mortgage limits which took effect on January 1st 2009. In Mason County the FHA loan limits on a one-unit house has been adjusted to $310,000.
In the Bremerton-Kitsap County area, the FHA limit on a one-unit house will be $475,000. In Olympia and Thurston County, the FHA limit has been raised to $361,250.
The American Recovery and Reinvestment Act of 2009 will allow HUD’s Federal Housing Administration (FHA) to temporarily increase its loan limits and insure larger mortgages at a more affordable price in high cost areas of the country.
The press release from the U.S. Department of Housing and Urban Development’s Homes and Communities web site points out the “under the American Recovery and Reinvestment Act of 2009, the revised FHA limits for 2009 are set at the higher of the loan limits established for 2008 under the Economic Stimulus Act of 2008.” The new Act permits FHA to insure loans on up to 125 percent of the 2007 area median house prices.
The limit changes are for all FHA-insured mortgage loans and are scheduled to last to December 31, 2009. The increased loan limits will help FHA to provide stability to the housing market.
February 27th, 2009
Are you Eligible for the New Tax Credit ?
If you think your eligible for the new first-time home buyer tax credit, here is a quick glance at the requirements:
- The tax credit is for first-time home buyers only.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
If you bought your first home in 2008? You may qualify for a different tax credit. Click here for more information
February 26th, 2009
Mason County Parks and Trails
There are 16 Mason County parks and trails within the Hood Canal and Puget Sound recreation areas.
If you have some free time one of these weekends why not enjoy one of the Parks in Allyn, Belfair, Shelton, Hoodsport or Union. Here is a map link to the County parks and names and directions to each of them.
Whether your up for digging clams and oysters, fishing, hiking, biking or boating, you are certain to find something to do at the County Parks.
Mason County Parks and trails are perfect for a weakend escape for outdoor activities and you are certain to have a terrific time!
Plan on a Visit soon.
February 23rd, 2009
Pacific Northwest Lifestyle on Hood Canal
Just when you think you can’t take another rainy Winter Day…
There is the Pacific Northwest sunset on Hood Canal with the sun dropping just below the Majestic Olympic Mountains.
Can you picture yourself sitting by a warming campfire? Can you Smell the salt air? Can you feel the evening dew? This is a moment to remember and cheerish. This is the Pacific Northwest Lifestyle.
February 23rd, 2009
Good News for Mason Real Estate
A morsel of good news for Mason County; Real Estate prices have actually increased in the 4th Quarter of 2008 over the third quarter of 2008!
Regionally prices have declined by an average of 13.2% over the past 12 months. Lewis County was the only county in the region that saw value increases over the same period in 2007. Prices did increase in Lewis county, even if was just a slight 0.7%. It is still Good News!
Regional transactions totaled 51,514 in 2008 which was 34% lower than in 2007. What is really interesting is that the percentage decrease of the 4th quarter was very similar to 3rd quarter. Could this be a sign of stability?
Another statistic pointing to more positive real estate news is that inventory levels of single-family homes on the market are beginning to decline in many of the surrounding counties. Even though Inventory Levels are still a bit elevated it is hopeful that this trend of declining inventory may continue into the spring.
Mason County was not the only county to see prices actually increase – Skagit, Thurston, San Juan and Clallam all had slightly higher prices over the third quarter of 2008!
Mason County’s closed sales of existing single-family and Condominiums numbered 646 for the year- to-date Dec. 08 compared to 919 year-to-date Dec. 2007. The Year-to-Date percentage change in closed sales for Mason County was -30%.
Mason County’s Median Home Price of $191,298 had a home price escalation in 4th quarter 2008 of 3.4%. Home Price Escalation for 1 year was -14.0%, 2 year is -13%. It is the 5 year price escalation that pleases me, a positive 66.0%!
This weeks report is encouraging. If you have been watching the market for some time as we Realtors do, you might come to the conclusion that this is a great time to buy! Interest rates are at an all time low, there is a huge amount of inventory available and if you’re a renter or a first time homebuyer there are programs that allow for flexibility on issues such as down payment assistance.
Don’t let the Doom and Gloom in the national media estrange you, there are Realtors around the County that are ready to match clients to communities and priorities to properties
Please visit my Blogs at http://therealstateofrealestate.com or http://surferdude.activerain.com. Also visit the LOCALISM Channel at: http://localism.com/wa/counties/mason_county.
February 16th, 2009
Mason County Real Estate Sales Statistics- Jan. 16-31, 2009
The Mason County Real Estate Sales for January 16 through January 31, 2009 is nearly identical to the numbers reported in the first two weeks of January 2009.
The total number of Real Estate sold for the entire County in the last two weeks January of 2009 came in at 19 in the amount of $2,894,100. In the first two weeks January 2009 it was reported that 19 were also sold but in an amount slightly higher at $3,090,200.
Of the 19 sold the last two weeks of January, only 6 were single family resales on less than 5 acres. Of the 6 homes sold, 3 were sold in the Shelton area and 1 in the Belfair area and 2 in the Hoodsport, Union area.
There was 1 single family resale on more than 5 acres that was sold in the Hoodsport area. There were no new single family homes or Condominiums sold.
Land sold with a Mobile posted 1 sold. There were also 4 platted parcels sold and 3 short plats sold and 2 Unplatted parcels sold. In addition, the County recorded 2 Multi family sales.
Area A (Shelton, Arcadia, Kamilche) totaled 5 real estate sales in the amount of $488,800. Area B (Hartstene,Agate) total sold was 2 in the amount of $257,400. Area C (Ayers Point, Belfair, East Shore) had 7 sales in the amount of $1,053,000 and Area D ( Triton Head, Hoodsport, Union) recorded 5 sales totaling $1,094.900.
Prices for the 6 single family resales that sold ranged from a high of $295,000 to a low of $37,000. During this period the County’s average price for a single family home on less than 5 acres was 178,167 and the median of $186,000. Lot sold average $43,675.
The total loan counts for the County during this time period was 133 loans in the amount of $24,190,079. The average conventional 30 year real estate loan was 5%.
So far the Mason County Sales year to date volume by Dollars shows that 35.167% of the sales are in Single Family Resales on less than 5 acres, followed by 14.053% in Commercial Sales. 10.058% of the Dollar volume was for Single family resales with acreage and 10.451% in Multi-family. Unplatted Land Parcels was next at 9.859% followed closely by Short plats at 9.191%. Mobile home on land was 6.564% and Land Lots were 4.657% of the year to date dollar volume.
This weeks report is a little dismal but, if you have been watching the market for some time as we Realtors do, you might come to the conclusion that this is a great time to buy! Interest rates are at an all time low, there is a huge amount of inventory available and if you’re a renter or a first time homebuyer there are programs that allow for flexibility on issues such as down payment assistance.
Don’t let the Doom and Gloom in the national media estrange you, there are Realtors around the County that are ready to match clients to communities and priorities to properties