How the Housing Market Could be Affected by the Government Shutdown

Photo Courtesy of Puget Sound Business Journal

Just as the housing market is getting better there is now a possibility of it to begin to slightly decline again. With government workers facing possible furloughs, consumers may not have the confidence to purchase a home. A steady income is needed to be able to make payments on a mortgage but some will not be receiving paychecks and may back out of deals and put off buying a new home until things become more stable again. Most lending companies will not be affected and will resume lending for mortgages since they are not federally owned. Other government funded sources for the housing market such as the Federal Housing Administration and the Department of Veterans’ Affairs may be shut down and therefore will not process applications and requests for assistance. If people are not getting the money they need, they will not be renting or buying homes during a government shut down. That being said, a short term disruption of funds during that time would certainly be detrimental, but shouldn’t have a long term affect on demand or housing affordability.

Stanford Hotels Bought Downtown Lot for $16.75M

San Francisco’s Stanford Hotels Corp. is buying a downtown Seattle development site for a whopping $16.75 million dollars! According to the Puget Sound Business Journal, the price that the Hotel folks are forking over is significantly less than the $30 million that the previous New York Group had paid for it back in 2007 (and has since lost in foreclosure) but is also almost twice the offer another company previously offered for the lot. The lot is located at 1903 Fifth Avenue, across from the Westin Seattle, and Stanford has declined to comment on any future plans for the lot at this time. According to the PSBJ, Stanford is also planning a 15 story hotel at 300 Terry Ave N in South Lake Union. There were a number of offers for the property which was originally listed in 2012 at $7.5M, but the finally selling price clearly indicated that Seattle is a highly sought after marketplace for development sites.

Tips for Seattle Home Buyers

Even if you’re an experienced buyer, buying real estate takes time and patience, and hard work to find the right home. Is it an investment home you’re after, or your first home? Zillow has compiled a list of things all buyer should keep in mind when thinking about buying real estate, and here is the synopsis:
Even though mortgage interest rates have slightly risen, they are still at historic lows. This has caused many people to put a pause on their home search, scared by the recent change in rates, but that could be a mistake, as rates will likely continue to increase over the next few years. Buyers should also keep in mind that while you’re real estate agent can give you guidance,it is your job at the end of the day to make every decision. Be sure that the home your purchasing is a smart financial investment for you, and review the title documents, mortgage loan documents and disclosures, etc. Do your research to avoid any problems down the road. Generally speaking, shopping around for 4-12 months is a good time frame to give yourself to look at dozens of properties before zoning in on the right one. Drive around the neighborhoods you think you’d like to live in regularly, and be realistic about the price range. No home is absolutely perfect, so do your research and shop around before you choose the right home for you. For more information on Seattle real estate, contact your local real estate agent today.

DSA Density Report Shows Spike in Residential Growth

The DSA has released a detailed report of all of the benefits of the density of Downtown Seattle, and their findings examine everything from employment and residential density, to the effect on transportation and farm growth. Downtown residents only make up 4% of the city’s total land mass, but you might be surprised by some of the impressive stats showed compared to the rest of Seattle. By encouraging growth in residential and employment density, the benefits may finally  outweigh the challenges.
They’ve documented that the efficient use of space should contribute to our area’s jobs, salaries, and revenue. Downtown density also increases transportation efficiency through increased public transit, and a more efficient system. The DSA’s report also indicated that there are environmental benefits to downtown density, a direct result from a decrease in carbon emissions from downtown workers and residents. You can view the full DSA report online, check it out for more information. You might be surprised to find that the downtown area is 4 times as dense as the rest of Seattle!

Tips to Redecorating Your Family Room

If you’re looking into a full family room update with new furniture, a fresh coat of paint, and accessories beginning the process can be very exciting, but also quite expensive. If you’re getting tired of looking at the same space everyday, you’ll be pleasantly surprised by the difference a little change can make. The folks over at Zillow have compiled a list of a few changes to consider when redecorating on a budget that won’t break the bank. The first change that can surely drastically change the look and feel of the space is giving it a fresh coat of paint – and if you have a large family room that will require alot of paint, try painting only an accent wall to spice things up. A splash of a vibrant color on one wall can create a drastic change, and is relatively affordable. Try neutrals if you’re painting the whole room, and try something bold or bright if you’re choosing an accent wall.
Updating the mill work can be a game changer many don’t initially think about when beginning the decorating process, but new crown molding, or larger baseboards can really make a difference. Choosing a new rug can also spice up a room, even a new rug layered over your carpet can define a space. New furniture can of course completely change the look and feel of your room, and your wallet, but try searching for a new end table, or painting your coffee table a new bright color. You can also update accessories like pillows on your couch, or new lamps on your table to change the look and feel of the larger pieces of furniture. Without fail, getting rid of the items you don’t like or need in your room and cleaning it up can really make a huge difference as well. For more decorating tips on a budget, visit Zillow.

How Does Seattle Stack Up in Priciest Cities for New Parents?

Any new parent can tell you that having children will cost you a pretty penny, but which cities will have new parents reaching deeper into their pockets? According to the Seattle Pi, the average cost for that first year for new parents is around $26,000 in the US after insurance, upgrading the house to make room,daycare and other expenses. Most parents factor in the cost of diaper runs, baby prepping the home and feedings etc, but some have trouble wrapping their head around the bigger expenses like expanding the home.
In Pi article, an agent reportedly reviewed the cost of adding an extra room, nine months of childcare, out of pocket cost for prenatal care, and first year of post delivery health care, as well as everyday items like diapers, strollers etc. when figuring out which US cities are the priciest for new parents. The stats are in, and the results might surprise you. The most expensive city for new parents was listed as San Jose, Calif. with a total cost for the first year reported to be $41,600. Out of the 20 cities listed, Chicago was the least expensive city for new parents, with a first year cost reported to be $25,500. Where does Seattle stack up among these cities? Seattle was listed as number 13 on the list, with an average first year cost reported to be $27,400 for new parents. To view a list of other US cities cost for new parents, visit the Seattle Pi today.

End of Summer Tips to Keep Your Home Cool

Now that we’re right in the thick of summer weather, the heat might have gotten to some of us fair weathered Seattleites- but never fear, there are plenty of ways to enjoy the sunshine while staying cool! There are several things you can do these last weeks of summer, most of which come at little or no expense to you, which other options might cost you, but might be worth it in summers to come. Seeking shaded areas in these later summer months is a great way to keep cool, under the tree in the backyard, or putting up an umbrella over that patio furniture on the deck. Cooking outdoors is another great way to keep it cool indoors- turning on the oven or boiling water for pasta can make it stifling in the kitchen, why not grill some burgers on the BBQ, and keep the heat outside?
Keeping the air circulating inside is crucial to staying cool, and bringing that cool night air inside with window fans and house fans is a great way to maximize the circulation in the evening. If you don’t own too many fans, you can open windows on the upper floor and lower floor to create a stacked effect, drawing out hot air on the upper floor, and bringing in the cooler air on the lower level. Sealing the leaks in your home, is as important in the summer as it is in the winter. Air leaking in and out can mean that the cool air is escaping just as soon as you’re able to circulate it, so be sure to check your wall and ceiling openings, or ask your landlord about what options you might have. For more information on Seattle residential real estate, contact your local real estate agent today.