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Life Isn’t Fair!! Especially in Real Estate…

It’s a fact.  Life isn’t fair.  And, it is a good thing it isn’t fair.  We have

Sellers raised asking prices in April

According to Realtor.com, median list prices rose by 0.7% in April from March to the highest level i

Carbon Monoxide detectors required of home and building sellers

Senate Bill 6472 takes effect on June 7, 2012 and requires  sellers in the State of Washington to i

Time to buy a home now, or not. Both sides of the issue!

The Wall Street Journal has a great posting with eloquent experts stating the arguments for both sid

 

Life Isn’t Fair!! Especially in Real Estate…

March 10, 2010 in Buying your Lake Chelan home, General Interest, Lake Chelan Happenings, Lake Chelan Real Estate, Selling your Lake Chelan home

Lake Chelan View

It’s a fact.  Life isn’t fair.  And, it is a good thing it isn’t fair.  We have choices and the opportunity to make good choices, in real estate, and in life.

Foreclosures, underwater mortgages and short sales can be anything but fair.  They can be one of the most aggravating processes ever for a homeowner.  For a buyer, they can also be a nightmare if you don’t have all the information you need to be successful.

Whether you’re buying property, selling your home, searching the mls for homes & real estate for sale or investing in Lake Chelan Real Estate, you’ve come to the right place! Of course, you want a Realtor and broker who knows, lives in, and understands Lake Chelan Real Estate. But, maybe you need an expert in commercial and investment real estate.  Or possibly, you need someone who understands the intricacies of Lake Chelan Waterfront. Whether you’re buying or selling, you definitely want to be up to date on development, land use, coming projects and the trends in the Lake Chelan area. Market savvy?  You bet!

Of course, you want only the best in internet technology, advertising and marketing in the Lake Chelan valleyIn real estate, results matter! Criterion Properties is the trustworthy savvy and motivated guide you’ve been looking for in our digital world.

We’re a very different kind of real estate company from anything you’ll find in the Lake Chelan area.  Explore this site, or check out our blogging. When you work with us, you will know get far more information than you are used to getting.  We work harder and do more to market your property. Start with this web site, which is full of information about how we work.

Say you’re doing something as simple as looking for Lake Chelan Homes for sale.  Other companies make you register and give them your contact information to just search for Chelan homes for sale!  Not me!  I will never contact you unless you call, e-mail or track me down on the street.  I won’t send you anything without you requesting it.

So what really matters when you select a real estate practitioner?  Quality is the only distinction that really matters.  A quality real estate agent will provide you with the effort, ethics and skills to do whatever it takes to get the job done right.  We’re happy to talk about it with you here on the web, by phone  or in person.

Are you ready to find your ideal Lake Chelan Real Estate?  Do you need to search the MLS statewide, locally or for commercial properties?  Do you want to really search Lake Chelan Homes for sale? Criterion Properties is proud of its strength listing and marketing homes and business property.  Shall we get together and chat about selling your home or property?  Do you have a question about Criterion Properties and how we work?  Email Criterion Properties and we’ll get back to you right away.  The choice is yours, but nothing will happen unless you take the first step.

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Sellers raised asking prices in April

May 17, 2012 in Lake Chelan Real Estate Market, The Real Estate Market

According to Realtor.com, median list prices rose by 0.7% in April from March to the highest level in nearly one year, even as the number of homes listed for sale stood at levels down nearly 19% from a year ago.  Also reported is a rise in median asking prices  in 72 markets, no change in 14 markets, and 60 markets showed a decline in median prices.   Compared to the previous month, only 5 markets showed a decline.

Homes across the country are also staying on the market for less time.  The median age of inventory listed for sale in April stood at 84 days, down by 11.6% from one year ago.

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Carbon Monoxide detectors required of home and building sellers

May 16, 2012 in Government, Lake Chelan Real Estate, Selling your Lake Chelan home

Senate Bill 6472 takes effect on June 7, 2012 and requires  sellers in the State of Washington to install carbon monoxide detectors on any homes and buildings sold in Washington.

The legislature has amended the state’s real estate seller disclosure forms to ensure that the responsibility for carbon 10 monoxide alarms is that of the seller of a home or building.

Real estate brokers were given a pass on liability for carbon monoxide detectors:

Real estate brokers licensed under chapter 18.85 RCW shall not be liable in any civil, administrative, or other proceeding for the failure of any seller or other property owner to comply with the requirements of this section or rules adopted by the building code council.

The seller disclosure statements are being modified.  Here are the two new questions that are on Form 17 Commercial after June 7th in Section 5 (Systems and Fixtures):

E. Is the property equipped with carbon monoxide alarms? (Note: Pursuant to RCW 19.27.530, Seller must equip the residence with carbon monoxide alarms as required by the state building code.)
F. Is the property equipped with smoke alarms?

Sellers will be on notice that hey must equip a residence being sold with working carbon monoxide detectors and will have signed a statement to the effect.

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Time to buy a home now, or not. Both sides of the issue!

May 14, 2012 in Buying your Lake Chelan home, Criterion Properties Lake Chelan Real Estate, Lake Chelan Real Estate Market, The Real Estate Market

The Wall Street Journal has a great posting with eloquent experts stating the arguments for both sides of the time to buy a home, or not question.

Mr. Eric Lascelles believes it is “the mother of all buyer’s markets, and won’t last forever.”  He sees record low interest rates and the 34% drop in prices since the peak as reasons that now is the time to buy.  He notes investors have ramped their purchases 64% across 2011.  Further, home affordability as measured by the monthly income it takes to buy a home, is an astonishing 1/3 below historical norms.  Mr. Lascelles is the chief economist at money-management firm RBC Global Asset Management Inc.

Mr. A. Gary Shilling has a different view.  He believes you should not buy a house unless you are willing to lose 20% or its value or more over the next several years.  He believes the problem is excess inventory.  Mr. Shilling makes the case that it will take  22% drop to return median single-family house prices to the trend identified by Robert Shiller of Yale University that stretches back to the 1890s and prevailed until the housing bubble began.  That trend line adjusts for inflation and the tendency for houses to get bigger over time.  Inventories of homes are in excess of 2 million homes to high without including future foreclosures.  Mr. Shilling is President of an economic consulting firm.

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Fannie Mae won’t need an additional bailout this quarter for the first time since 2008!

May 10, 2012 in General Interest, Government, Lake Chelan Real Estate Market, The Real Estate Market

Fanne Mae announced it won’t need a taxpayer bailout this quarter because it actually made a profit.  This is the first time that has occurred for the mortgage giant since the government took over Fannie Mae in 2008.

For the first quarter, Fannie Mae reported a net income of $2.7 billion compared to a $6.5 billion loss they reported in the first quarter of 2011.

If Fannie Mae made a profit, maybe things are really starting to stabilize in the housing industry.

 

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State Regulators to Monitor and Fine those using too much Energy in their new homes!

May 9, 2012 in Chelan What's Happening, Construction, General Interest, Government, Lake Chelan Real Estate

Washington State Senate Bill 5854, which was passed in 2009, required the State Building Code Council to adopt state energy codes that require homes and buildings constructed from 2013 through 2031 to incrementally move towards a 70 percent reduction in energy use by 2031.  To accomplish that goal, owners of homes built after 2012 might be required to disclose their utility bills to regulatory agencies who would issue fines, require the purchase of carbon credits and/or require building upgrades if they were using what was deemed as too much energy.

The proposed rules would require every new building to certify the amount of energy the building would use to receive a Certificate of Occupancy.  Then, for the next several years, the occupant has to turn over their utility records to local building officials who would have to certify whether the occupant is consuming energy within the certified levels.  If the occupant uses too much, the building official would be required to fine the building owner with a tax requirement.  That owner would have to purchase CO2 credits to offset the added amount of energy use.

But, it doesn’t stop there (as if that weren’t enough), wood burning equipment of all types would be banned in new construction, even high efficiency wood stoves.

If you want to know who to blame, SB 5854 was passed strictly along party lines, with two conservative democrats voting no along with all republicans.

As far as what is happening now, a citizen group is trying to write fule to comply with SB5854.  The job is not going to be easy and it will likely be corrupted by special interests:

Banning wood stoves means that all new construction would be obligated to use only electricity or natural gas.  Who as a monopoly provides both services?  By obtaining state standards for energy efficiency measures, it relieves utilities of the cost to pay for utility efficiency incentives.  Utility stockholders benefit as the utilities are able to avoid expensive investments in traditional generation sources which, historically have diluted stockholder equity.  Finally, these requirements will assure that utilities can eventually petition regulators for earnings on speculative energy resources such as wind, geothermal or solar installations.  Utilities win, stockholders win and new homeowners lose.

This is a pretty good gimmick if it is tolerated by the public.   The Building Code Council is now faced with a workload on the energy issue that is unprecedented.  The Energy TAG is scheduled to meet all day, every Thursday, from now through June.  They are even considering additional meetings in an attempt to get through the petition of 171 amendments.  If members of the TAG fail to show up and stay for the meetings, they will be removed from the ability to vote on issues.  This means that experts who are paid to attend such meetings, like utility representative, environmental representatives or people from the Department of Commerce, will always be in attendance to forward their agenda.  For Building Officials who must take a day from work, business owners or others who are donating their time, the chances are that they will ultimately be denied a voice in the Energy TAG process. – wabo.org

The public should not just take this from their state government.  If you plan on having any discussions with your legislators or legislative candidates this election year, this would be a good topic to discuss.

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Corelogic reports the bottom of housing appears to be here

May 8, 2012 in Lake Chelan Real Estate, Lake Chelan Real Estate Market, The Real Estate Market

The Corelogic Housing Price Index (HPI) shows a .6% decrease in year to year pricing in March and a .6% increase from February.  Excluding distressed sales, home prices increased .9% in March from one year ago.  With changes fluctuating at fractions of a percent, the indication is the U.S. housing market has found its bottom for the time being.

Dr. Mark Fleming, the chief economist for CoreLogic said it this way “This spring the housing market is responding to an improving balance between real estate supply and demand which is causing stabilization in house prices.  Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales.”

 

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New owners of Bear Mountain Golf Course now own 4 area golf courses!

May 7, 2012 in Lake Chelan Real Estate

AB Golf LLC, owned by Don Barth and Randy and Lyn Anderson, recently purchased Bear Mountain Ranch golf course making it the fourth golf course in North Central Washington under their ownership.  Their other courses include Rock Island, Desert Canyon and Alta Lake.

Don Barth was one of the original owners of Bear Mountain and helped design and build the golf course.  The new owners are excited about the opportunities that ownership of all four courses opens for their ability to sell golf vacation packages.

Bear Mountain Golf Course is open and operating for the 2012 season.

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According to Trulia, Housing Prices have Bottomed

May 4, 2012 in Lake Chelan Real Estate

Dr. Jed Kolko, Trulia’s Chief Economist, says “Housing prices have already bottomed with asking prices on the rise for three straight months. Aside from a stumble in December, asking prices have been stable or rising for the last eight months.  Prices have joined the recovery, alongside sales and construction. But foreclosures threaten prices, especially in judicial-foreclosure states like Florida, New Jersey, Illinois and New York, where many more distressed sales are still to come.”

The Trulia Price Monitor showed asking prices of homes for sale up 0.5 percent for the month of April for the third month in a row of increases.  Asking prices are up 0.2 percent year over year at the end of April.

Dr. Kolko went further to say that the single-family housing market has already begun to recover.  He cited new home starts being 30% above their low from early 2009 and the rise in asking prices for 3 months in a row on the Trulia Price Monitor.  He also acknowledged risks, including a possible rise in foreclosures that could depress prices.  But, he believes local conditions will be most important with the highest risks in judicial foreclosure states with large backlogs of foreclosures.

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For the first time in 50 months, home prices inch upward in the NWMLS

May 3, 2012 in Lake Chelan Real Estate Market, The Real Estate Market

For the first time in 50 months, home prices moved up in the Northwest Multiple Listing Service (NWMLS) on a year over year basis.  The month to month price gain was a modest 1.27 percent for last month’s sales of single family homes and condominiums that closed in the 21 counties served by Northwest MLS. For single family homes (excluding condominiums) the price gain compared to 12 months ago was 2.9 percent. Condo prices fell 7.9 percent.

The median price for April’s closed sales of single family homes was $250,000, up from both a year ago ($242,950) and from March ($234,487).

Inventory is down more than 27 percent for the Northwest MLS market overall, and by even larger margins in three counties: Snohomish (down 46.2 percent), King (down 39.4 percent), and Pierce (down 28.6 percent).  Pending sales and closed sales both showed double digit gains over 2011 in April.

Some areas are being called “sellers’ markets.”  But, that doesn’t mean homes are suddenly worth more.  That is going to take awhile.  It does mean that sellers have a better negotiating position over the details of a deal and well priced homes will sell more quickly.

April looks to have been a pretty good month in Washington state, as it was here for home sales in Chelan.

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Home Sale Prices at Lake Chelan rise over 28% in April over last year!

May 2, 2012 in Lake Chelan Real Estate, Lake Chelan Real Estate Market, Lake Chelan vacation homes, Sold Lake Chelan Homes

The average sale price of homes at Lake Chelan rose 28.2% in April over April of 2011.  There was a waterfront home that sold for $2.2 million that had a big impact on average price.  That sale is the highest price sale in the area since 2010 and over double any sale price in 2011.  It went beyond one big sale because there were also several sales of community waterfront in Beebe Ranch and around Chelan that kept prices up in April.

The volume of home sales was down 11% in April from last year, 16 closed sales in the reporting area versus 18 last year.  The number of homes listed in April dropped 40%, from 75 in April last year to only 49 this year.

There has been a shift in distressed sales as well with short sales outnumbering bank owned sales 4 to 1 in April.  That is a national trend that the Lake Chelan area is seeing as well as banks discover that they have lower losses working with a seller in a short sale than they do by pursuing a foreclosure.

We publish our Lake Chelan Residential Real Estate Sales Summary each month!

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