Why You Should Consider Getting A Loan PreQualification

If you’re toying with the idea of buying a home, it is generally in your best interest to get pre-qualified for a mortgage. Working with a lender to see if you qualify for a mortgage can be an excellent first step to estimate the amount of money you can borrow, and what price range you can afford in a home. Getting an estimate from a lender is not binding, and does not mean you must use them for representation. If you are not satisfied with the quote you receive, you’re encouraged to move on to another bank and shop around until you have an understanding of the best options for you. Getting an estimate is often free of charge, and will help your real estate agent and lender get a better understanding of a good starting point for your home search.
What is used to determine your mortgage pre-qualification? Your finances, including your assets, income credit report, etc, will all be used to assess your rates. Having your pre-qualification in order before you embark on the home search is great in a hot market like Seattle’s, as this will give you a head start from other applicants, and proves to the seller that you are a serious buyer. If you are interested in search for a Seattle area home, contact your local real estate agent today.

Pacific Place Sold For $271 Million

*Synced from the Seattle and Real Estate Blog
1998 was a big year for downtown Seattle. Nordstrom completed its move across Pine Street to its shiny new flagship, and just down the street the Pacific Place shopping center opened, finally giving shoppers an alternative to the then-dingy Westlake Center. Can anyone even remember what occupied that block before Pacific Place rose five stories above Pine and Olive?
It appears that the shopping center still has plenty of earning potential, as it was just sold to D.C.-based real estate management company Madison Marquette (along with other unnamed investors) for $271 million, which is believed to be a record for this type of property in Seattle. Additionally, investors are donating $14 million from the sale to the United Way of King County.
According to an article in the Puget Sound Business Journal, Pacific Place sees 6 million visitors annually and it is 90 percent leased. Many tenants have come and gone over the years, and it now houses such upscale retailers as Barney’s New York, Michael Kors, and Tiffany & Co, along with original tenants Williams Sonoma, Helly Hansen, Il Fornaio and what is now the AMC movie theater.
For more information on Seattle Real Estate, contact your local real estate agent today.

SDOT Program To Address Construction ‘Hubs’

*Synced From Seattle and Real Estate Blog
These days in Seattle it seems like there’s a construction project on every other block, and it’s not far from the truth. In June alone, there were 100 projects either under construction, permitted or recently completed in downtown Seattle, and the city has identified seven other hubs in Ballard, Capitol Hill, West Seattle, South Lake Union, the central Waterfront, Denny Triangle, and the north end of the Alaskan Way viaduct where there are large concentrations of construction projects in the works.
With construction come the inevitable road and sidewalk closures, and without adequate coordination among projects these areas can become a nightmare to navigate for pedestrians, cyclists and drivers. The Seattle Department of Transportation has formed the Construction Hub Coordination Program in order to do just that – act as the coordinator between these projects and everyone who is affected by them. According to the Daily Journal of Commerce, SDOT will be identifying scheduling conflicts between projects, creating a mapping system, responding to complaints and other issues in real time, providing on-site enforcement, and generally opening lines of communication between all parties involved.
The goal of the program is to proactively address problems related to this high rate of growth and to lessen impact on commuters and businesses in these hubs. If you would like more information on real estate in Seattle, contact your local real estate agent today.

Low Inventory In King Co. Continues To Push Home Prices Up

*Synced From Seattle and Real Estate Blog
A short supply of housing inventory in King County is continuing to push the median home price upward, and it now stands at $453,500, six percent higher than the median price for June 2013. In Seattle alone, the median price has risen 8.9 percent from June 2013 to $499,000. Though the number of home sales has risen 2 percent from a year ago, there is still less than two months’ supply of homes on the market, far lower than the six months’ supply that constitutes a healthy market. This shortage is sparking bidding wars, especially in highly desirable neighborhoods in Seattle such as Ballard, Queen Anne, and Capitol Hill.
According to an article in The Seattle Times, the homes that are available are selling like hotcakes, often within the first 30 days of being on the market. An impressive 68 percent of homes on the market in Seattle sold in the first 30 days, and 57 percent of homes on the Eastside sold within the first month. Northwest Multiple Listing Service Director John Deely told the Puget Sound Business Journal that even homes in the $1 million+ price range are selling at a higher volume than they have since 2007. So, if you’re looking to sell, it looks like this could be the ideal time. If you’re interested in buying or selling a home in the Seattle area, contact your local real estate agent today.