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Seattle Twist

Friday, July 30, 2010
By David Losh

There is always something going on in Seattle. When you are planning a fund raiser you have to check a dozen sources of information to see who, or what you are competing with. That’s what I was doing when I came across the Seattle Twist. It is owned by a friend of mine who always has her finger on the pulse of Seattle.

There are a couple of things about it that make it interesting to explore, and spend time with. First is some of the poster art work. Seattle is big on poster art for advertising an event. We are the coffee shop capital of the world, and when you walk into one you are blasted with poster art, each wants your attention.  The second thing is the diversity of events Seattle has to offer.

There are a wide variety of event calenders, but you can only go to so many. The Seattle Twist site is a chronicle of a hip, happening couple, and their quest to make the Elvis Mobile a house of worship. By following the events of the site you will have a chance of encountering an experience that adds to the landscape of Seattle. It’s an uplifting site worth it’s own link on the side panel.

Go Jet City Home Improvement

Sunday, July 25, 2010
By David Losh

We are launching a new project this week. Jet City Home Improvement has been a dream of mine for the past ten years. This site was originally called Jet City Real Estate, that’s why it has the plane.

Jet City Real Estate was to be a one stop shopping experience for those people who owned property, and needed help. Buying, and Selling are just a couple of things in a process of home ownership. Maintaining the property is also a challenge. Our web site at www.FixerFixer.com is a resource,of sorts, in how to buy, and improve, your property.

Jet City Home Improvement is one of a set of sub domains that relate to home ownership. We offer painting, landscaping, rockeries, decks, custom cabinets, rot work, and home repair. Every part of the business is controlled by our network of contractors. My part is done with people who have asked for my help to start businesses, and to do marketing for them.

These web sites are a part of the marketing. We give you options. You can always contact me for advice which is free. Our hope is that you will find a value in our services, and contract with us for the best results.

Buying your First home

Saturday, July 24, 2010
By David Losh

In the 1980s a Real Estate wealth course was being given by a gentleman my father introduced me to. He was winding down, and I started doing a similar presentation. As rates were going up it was easier to talk about the evils of mortgages. When rates declined banks insinuated themselves into the Real Estate sales industry. Today mortgages, and Real Estate sales, are hand in hand. 

This is a sales trap that you need to be more aware of. From 1980 to today we have had massive inflation, and home price appreciation. It’s my opinion, those days are over, and you will need to be smarter about your approach to a First Time Home Buyer purchase.

At today’s prices you still need the mortgage. What you also need is to pay off the mortgage, or pay it down to get equity. Equity has been an appreciation gift these past twenty five years. We will be paying for that for some years to come. So, you need to settle on a loan amount you can pay off. This means, once again, your dream home may be a few years off. Once again, as has been the case since the Great Depression, you will need to trade up.

In the next few months I will promise to post more about your ability to trade into a very nice home to raise the kids, but in the mean time you are going to have to work for it. You are building an estate to leave your children, or a nest egg to travel, and enjoy retirement.

So, you are buying a property of value, that you can pay down the principle balance on. You want a thirty year fixed mortgage, and with any extra money you throw at the principle balance. If you can double down your mortgage payments you will save hundreds of thousands of dollars, do the math.

The first home purchase needs to have a value. If you look at the www.FixerFixer.com site you may find something that gives you an idea of what constitutes value. Maybe I’ll do a post over there about that.  

I’m just saying, be smart, buy low, so you can sell high. As always, if you have questions, I have a secure e-mail page you can use for confidential advice. There is a button at the top of the page.

Waiting for the Tax Credit to Expire

Sunday, July 4, 2010
By David Losh

It’s been a month since my last post, and we are now seeing the results of the tax credit on the Real Estate market place. Sales have dropped 30% since the expiration. The closing dates have been extended so those who did purchase through the hype can arrange to pay back that $8K tax credit over the next thirty years. Prices are also dropping.

What we have seen is that more properties are preparing to come onto the market. Essentially people are spending more so they can sell for less. Your property needs to be in top condition for buyers, qualified buyers, to look at it seriously. You also need a qualified Real Estate agent to move you through the process.

I have been surprised by some of the agents who are doing well in today’s market place. Actually it is more surprising that some of the agents that I truly respect and admire are kind of floundering. Experience really is going a long way in getting a property sold today. Experienced agents are bringing more to the table.

If you are a buyer you have some very difficult choices to make. The easiest choice is to wait. We’ll see if the government will interfere in the Real Estate market place again, but I sincerely doubt they will. In my opinion it will be next November before we see stability in the Real Estate market place.

Goldman Sachs published an opinion about Real Estate pricing last month that was hotly debated. It projected another 22% decline in Real Estate prices in Seattle. The first leg down will be before the end of the year. We should see that by November.

We already have seen the drops in condo pricing. It seems a $100K drop is the most common in the $300K to $650K prices. For me the $500 a square foot is kind of hard to imagine, but it is what it is. Down Town condos, for me seem like an excellent position to be in, at the right price.

My point about condos is that residential Real Estate won’t be far behind. This year we will see prices dropping more steadily as the sales data becomes more in line with value. The real trick will be to qualify for a loan, but that will be a post for another time. The theme today is the waiting.

You need a good Real Estate Agent

Friday, June 4, 2010
By David Losh

Our company A Spring Cleaning has been working on some listings that will be coming on the market. The difference in Real Estate agent styles is noticeable. Some are extremely good.

In the very good category are the people who have a plan, and take charge. A client who wants to do things his, or her way, can make some blunders. Most of the best agents will pass on a client who has strong opinions. The first thing to keep in mind is that there are very few good agents, and if an agent is good, they are always in demand.

A second thought is the amount of experience the agent has in different settings. A good agent has brought hundreds of houses to the market place, and through trial, and error, knows what will get you the most money for a repair. Roger Turner is one of those agents who, over twenty some years, has tried a lot of things that worked out well.

One of the main points about this web site is to high light what is good about Real Estate agency. It is one of the few well paying jobs that is based on experience. At this time when every one thinks they are an expert, about Real Estate, I just want to stress that your property is a niche, it’s unique, and you need an agent to guide you.

I’m going to throw in about how it’s best you have a Buyer’s Agent, but we are working on that. Getting a good Buyer’s Agent is a little tougher, because of so many people having had to do it themselves. It’s kind of a lost art. Anne Babbs-Nordling is the only Buyer’s Agent I can think of. There again Brent Fosso will probably be a break out star in the coming year.

Waiting to Buy, or Refinance

Saturday, May 29, 2010
By David Losh

There are a couple of local blogs that I follow and the second one is at www.RainCityGuide.com that was the original inspiration for this blog. They have an article about refinancing a second mortgage that reminded me that we are still a ways away from being in a buyers market for Real Estate in Seattle.

A friend of mine who owns a Real Estate company has an investor/ agent that just bought a used new construction house in Puyallup for $162K, at auction, for cash! The house probably sold for about $140K new, about 2000. He intends to sell the house in two months for a profit, and he might get a buyer.

The math for home prices in the Seattle area is far from being a signal for a “good” buy. There are individual properties that are good well rounded purchases, but to say the market is at an equilibrium is more fair. You have to know what to buy, and structure a transaction so you can pay the property off quickly.

As always my advice is you need the help of an experienced Real Estate professional if you are buying, or selling in today’s market place.

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