Do you know how the credit agencies assess your credit worthiness--which is translated into your credit score?
Here's what I learned from a lender who looks at these things all the time:
The three credit bureaus divide your score into different elements, assigning a percentage of importance to each. For example,
Your payment history is 35% of your score and represents a total of 297.5 possible points
The length of your credit history is 15% of your score and represents a total of 127.5 possible points
New credit is 10% or a total of 85 possible points
The amount you owe is 30% for a total of 255 possible points
and the type of credit used is 10% for a total of 85 possible points.
I also learned that problems that might have affected your credit score, probably won't hurt you all that much after they are older than 24 months. And, here's another suggestion: if you have a credit card you haven't used in a while, do NOT cut it up. That card relates to your credit history. The longer that credit history, the better!
Finally, you are entitled to request one free report from each of the three credit bureaus once a year at no charge to you! It's a good idea to do that--if only to make sure that someone else's bad credit has not erroneously been attached to your name. Knowing your credit score can help you make a decision based on knowledge rather than guesswork or what you wish is the case.
Questions? Call your favorite lender for details.
Tuesday, May 19, 2009
Friday, April 3, 2009
Looking for a job?
According to the US Bureau of Labor Statistics most recent jobs report, 10 cities are the places to look to find a job. Of those ten, Seattle is one!
People working in Seattle are often seeking less costly housing. The Bellingham/Whatcom County area is one place where commuters are settling. It's a straight shot down I-5 to Seattle from our area.
Come see why so many people are buying here, even though they are working elsewhere. And, if you are a telecommuter (or have that capability), you can still call Seattle your workplace even as you conduct your business in your jammies while watching the birds at the birdfeeder or the kids on the deck!
People working in Seattle are often seeking less costly housing. The Bellingham/Whatcom County area is one place where commuters are settling. It's a straight shot down I-5 to Seattle from our area.
Come see why so many people are buying here, even though they are working elsewhere. And, if you are a telecommuter (or have that capability), you can still call Seattle your workplace even as you conduct your business in your jammies while watching the birds at the birdfeeder or the kids on the deck!
Tuesday, May 27, 2008
2008 Ski-to-Sea Parade
In 2007, the local Keller Williams Western Realty office joined the parade with a fabulous float featuring various 50's songs and TV characters and swept the field, taking all three grand prizes, including that for the commercial division.
This year, we entered our new float, which featured a magic carpet (Transportation was the theme for all floats and other parade entries) and we won the grand prize for the commercial division again!
Our participation is one of the many ways in which we support our community. If you haven't already enjoyed the many festivities surrounding the Ski-to-Sea weekend over the Memorial Day weekend, why not join us in 2009?
This year, we entered our new float, which featured a magic carpet (Transportation was the theme for all floats and other parade entries) and we won the grand prize for the commercial division again!
Our participation is one of the many ways in which we support our community. If you haven't already enjoyed the many festivities surrounding the Ski-to-Sea weekend over the Memorial Day weekend, why not join us in 2009?
Monday, December 31, 2007
Semiahmoo Waterfront Living!
Is your dream to live overlooking or near a golf course? This beautiful community is minutes from the Canadian border and will nicely fill the bill. The 18-hole golf course was designed by Arnold Palmer and was rated Washington State’s #3 public course by Golf Digest in 2005. Degree of placement challenges golfers at all skill levels and the course includes a driving range, and putting and chipping greens.
Homes range in price from $350,000 to more than $2 Million and include cozy cottages nestled in the trees as well as manor homes with more than 4,000 square feet of elegant ambience.
Waterfront Homes
Gated Semiahmoo is a community with many homes that overlook the saltwater, providing expansive views of Drayton Harbor and/or the Straits of Georgia, and several of the islands between the mainland and Vancouver Island, British Columbia. Home prices range from around $600,000 t0 over $3,000,000. Park you boat at the Semiahmoo Marina, and enjoy waterfront living throughout the year.
Semiahmoo Condos
Have you decided that you want to buy a condo? As a second home? For year-round living? Gated Semiahmoo could be your first choice. Several such groupings overlook the Semiahmoo Golf Course; still others offer privacy as they nestle among the native Western Red Cedars, where birds of all kinds abound. And other clusters overlook Drayton Harbor and nearby White Rock, BC across the bay. Prices for these condos range from $200,000 for a studio to more than $1 million for condos with more than 2,000 square feet of living space!
For a personal showing, or to see what is available in this beautiful Semiahmoo area, contact me today!
Saturday, October 13, 2007
The TRUTH about Today’s Market
Many media outlets have generated doom and gloom stories about the real estate market. While the situation may be less than terrific in some areas of the United States, such conclusions do not apply to Washington state. What is happening in Florida, southern California, and some states in the Midwest does not represent the market in Washington. Consider the following facts:
1) The market for homes in Washington is not keeping pace with the growth in population, which continues to climb at about 1.8% per year. Expected population growth is anticipated to increase by another 1 million people over this decade and to reach 6.8 million by 2010. Approximately 2/3 of that growth is anticipated to result from in-migration; the remainder represents expected growth of families already living in Washington state.
2) The real estate market in Washington state is a stable and responsible marketplace for home buyers.
3) Foreclosure rates today are the same as they were 10 years ago. Fewer than 1% of all mortgages end in default in Washington state. Although subprime, adjustable-rate loans represented 20% of loans nationally in June 2007, they represented only 6% of home loans in Washington state.
4) Home appreciation in Washington continues to outperform the rest of the nation with year-to-year price increases every quarter since Spring 1995.
5) Home prices in Washington state have increased, on average, 8.1% since last year. Some counties have experienced much higher price increases: for example, Chelan county has experienced a 29.8% increase, Okanogan county 24.5%, Douglas county, 22.2%, and Lewis county 19.3. In Whatcom county, Bellingham continues to experience 4-5% price increases over 2006. In some neighborhoods, price increases approach double digits.
6) The demand for median-priced homes continues to grow. In fact, the housing shortage is forcing some families to take on more debt than they is desirable; others are compensating with longer commutes than preferred, and affordable housing continues to be an issue of concern to many.
7) Loans continue to be available for all manner of purchases, including no down packages, VA, and FHA loans, and both first and second conventional programs.
8) Interest rates continue to hover at around 6.25% for borrowers with good credit. The so-called “liar loans” have disappeared in favor of the appropriate expectation that a borrower should be able to show proof of income and ability to pay a mortgage at the time of application and thereafter!
9) In Bellingham/Whatcom county in the first nine months of 2007, 3151 home and condo purchases occurred. In 2006 in the first nine months of the year, 3404 homes and condos occurred. Thus, 2007 represents home purchases only 7.5% lower than occurred in the first nine months of 2006. Does this qualify as doom and gloom? Not at all.
10) Buyers have many homes to choose from in all price ranges; in established and new neighborhoods; in town and in the country; on small lots, large acreages, and everything in between; and, from little studio condos to homes that truly can be called mansions.
1) The market for homes in Washington is not keeping pace with the growth in population, which continues to climb at about 1.8% per year. Expected population growth is anticipated to increase by another 1 million people over this decade and to reach 6.8 million by 2010. Approximately 2/3 of that growth is anticipated to result from in-migration; the remainder represents expected growth of families already living in Washington state.
2) The real estate market in Washington state is a stable and responsible marketplace for home buyers.
3) Foreclosure rates today are the same as they were 10 years ago. Fewer than 1% of all mortgages end in default in Washington state. Although subprime, adjustable-rate loans represented 20% of loans nationally in June 2007, they represented only 6% of home loans in Washington state.
4) Home appreciation in Washington continues to outperform the rest of the nation with year-to-year price increases every quarter since Spring 1995.
5) Home prices in Washington state have increased, on average, 8.1% since last year. Some counties have experienced much higher price increases: for example, Chelan county has experienced a 29.8% increase, Okanogan county 24.5%, Douglas county, 22.2%, and Lewis county 19.3. In Whatcom county, Bellingham continues to experience 4-5% price increases over 2006. In some neighborhoods, price increases approach double digits.
6) The demand for median-priced homes continues to grow. In fact, the housing shortage is forcing some families to take on more debt than they is desirable; others are compensating with longer commutes than preferred, and affordable housing continues to be an issue of concern to many.
7) Loans continue to be available for all manner of purchases, including no down packages, VA, and FHA loans, and both first and second conventional programs.
8) Interest rates continue to hover at around 6.25% for borrowers with good credit. The so-called “liar loans” have disappeared in favor of the appropriate expectation that a borrower should be able to show proof of income and ability to pay a mortgage at the time of application and thereafter!
9) In Bellingham/Whatcom county in the first nine months of 2007, 3151 home and condo purchases occurred. In 2006 in the first nine months of the year, 3404 homes and condos occurred. Thus, 2007 represents home purchases only 7.5% lower than occurred in the first nine months of 2006. Does this qualify as doom and gloom? Not at all.
10) Buyers have many homes to choose from in all price ranges; in established and new neighborhoods; in town and in the country; on small lots, large acreages, and everything in between; and, from little studio condos to homes that truly can be called mansions.
Wednesday, August 8, 2007
How "Green" is Your Mansion?
The average US household spends approximately $1,700/year on energy in the home. How is this divided? Approximately 1/3 covers heating, 1/3 relates to lighting and appliances (not counting refrigerators), and the final third on air conditioning, water heating, and refrigeration. Thus, the first place energy-efficiency experts check is a home’s “envelope;” that is, how tightly the house is sealed. A “leaky” house costs many dollars in lost energy consumption.
With bows to Kermit the frog, going green at home is more likely these days, and one doesn’t have to wear tie-dye, either! Below are several different elements of the “green” revolution that homeowners are considering. Perhaps one or more of them would work for you!
1) Insulation – Common escape points of heating and cooling occur at openings for plumbing, wiring, and recessed lighting, as well as basement cracks, attic vents, and plumbing stacks. Duct leaks alone have been found to reduce household energy efficiency by as much as 20 percent. Step one in becoming more energy efficient is to reduce escape points by optimizing the home’s envelope.
2) Lighting – Compact fluorescent light bulbs are all the rage in some areas. Their benefits? They last 8-15 times longer than incandescent bulbs, use 2/3 less energy and save approximately 2,000 times their own weight in greenhouse gasses. Are they worth it? Absolutely! Some homeowners have switched completely to these CFL bulbs; others are gradually replacing incandescent bulbs with CFL bulbs as the former burn out. Whatever your choice, the more CFL bulbs in place, the lower each homeowner’s contribution to global warming from greenhouse gas emissions.
3) Know the R- and U-value of your windows. R-value measures how much heat a window retains; U-value indicates how much heat passes through. To cut cooling energy needs, low-E (emissivity) windows have a special coating that lets in light but reduces heat transfer. In cooler climates, gas-filled and vinyl windows will cut heating costs.
4) Recycle – Use a local recycling drop-off center if your trash service does not already include recycling pickup. You can reduce the amount of material to be recycled by reducing your consumption of packaging materials, containers, magazines, and newspapers. Also important: know where to safely dispose of chemical waste (used car oils), old televisions, computers, fax machines, batteries and similar materials.
5) Roofing – using roofing materials that reflect solar radiation and thus reduce the absorbance of heat will cut a home’s cooling energy needs 10-30 percent. Not only does this help the individual homeowner; it can also reduce the “urban heat island” that is the result of densely-populated areas whose neighborhood roofs absorb heat and then reflect it into the atmosphere. Cool roofs cost about the same (or only a bit more) than the “uncool” competition; thus, homeowners can quickly recoup any cost differences in energy bill savings.
6) Solar power— Whether it is active or passive, this is the “green” form of that has been around the longest. Some people go passive, meaning they place the windows in the home to take advantage of the heating potential as sunlight warms brick walls, tile floors, and the like. Using active solar can be more costly, although local, state, and federal tax credits can substantially cut the upfront costs. Most active solar projects involve solar roof panels. Flat ones are rarely seen from the street, but are more costly than those that are installed at a slant. Persons with active solar systems may actually make money by selling their excess power back to the local power company. Tax credits up to 30 percent, capped at $2,000, are available for qualified photovoltaic systems, fuel cells, and solar water heating systems. Such credits are not possible for solar heating systems for hot tubs or swimming pools.
7) Square footage – Although the average size of a single-family home has increased steadily in the past 20 years to about 2,400 square feet, more homeowners are now rethinking the overall cost of “mini-mansions” in light of their purchase price and their heating and cooling costs. Superior design is linked to a home’s character, functionality, details, and improving how people experience their homes. Newer homes that are well-designed to maximize light and space are gaining in popularity—for families of all sizes, not just down-sizers.
8) Water – Use a tankless water heater; it heats the water as it is needed. Such a unit costs between $500-$1000 and saves $100-400/year in heating energy, thus enabling the homeowner to recoup the upfront costs in a relatively short time. Another option might be a solar water heater. Water-saving showerheads also are reduce water usage. Close to two-thirds of a home’s water-heating energy goes to showers.
9) Wood – Some is sustainable and eco-friendly. Look for the fsc.org logo for the Forest Stewardship Council logo. Wood products with this logo were obtained from forests that meet standards for responsible management. Some wood has been recycled or salvaged; many green builders are now using recycled or reclaimed wood for floors, furniture and many things in between!
With bows to Kermit the frog, going green at home is more likely these days, and one doesn’t have to wear tie-dye, either! Below are several different elements of the “green” revolution that homeowners are considering. Perhaps one or more of them would work for you!
1) Insulation – Common escape points of heating and cooling occur at openings for plumbing, wiring, and recessed lighting, as well as basement cracks, attic vents, and plumbing stacks. Duct leaks alone have been found to reduce household energy efficiency by as much as 20 percent. Step one in becoming more energy efficient is to reduce escape points by optimizing the home’s envelope.
2) Lighting – Compact fluorescent light bulbs are all the rage in some areas. Their benefits? They last 8-15 times longer than incandescent bulbs, use 2/3 less energy and save approximately 2,000 times their own weight in greenhouse gasses. Are they worth it? Absolutely! Some homeowners have switched completely to these CFL bulbs; others are gradually replacing incandescent bulbs with CFL bulbs as the former burn out. Whatever your choice, the more CFL bulbs in place, the lower each homeowner’s contribution to global warming from greenhouse gas emissions.
3) Know the R- and U-value of your windows. R-value measures how much heat a window retains; U-value indicates how much heat passes through. To cut cooling energy needs, low-E (emissivity) windows have a special coating that lets in light but reduces heat transfer. In cooler climates, gas-filled and vinyl windows will cut heating costs.
4) Recycle – Use a local recycling drop-off center if your trash service does not already include recycling pickup. You can reduce the amount of material to be recycled by reducing your consumption of packaging materials, containers, magazines, and newspapers. Also important: know where to safely dispose of chemical waste (used car oils), old televisions, computers, fax machines, batteries and similar materials.
5) Roofing – using roofing materials that reflect solar radiation and thus reduce the absorbance of heat will cut a home’s cooling energy needs 10-30 percent. Not only does this help the individual homeowner; it can also reduce the “urban heat island” that is the result of densely-populated areas whose neighborhood roofs absorb heat and then reflect it into the atmosphere. Cool roofs cost about the same (or only a bit more) than the “uncool” competition; thus, homeowners can quickly recoup any cost differences in energy bill savings.
6) Solar power— Whether it is active or passive, this is the “green” form of that has been around the longest. Some people go passive, meaning they place the windows in the home to take advantage of the heating potential as sunlight warms brick walls, tile floors, and the like. Using active solar can be more costly, although local, state, and federal tax credits can substantially cut the upfront costs. Most active solar projects involve solar roof panels. Flat ones are rarely seen from the street, but are more costly than those that are installed at a slant. Persons with active solar systems may actually make money by selling their excess power back to the local power company. Tax credits up to 30 percent, capped at $2,000, are available for qualified photovoltaic systems, fuel cells, and solar water heating systems. Such credits are not possible for solar heating systems for hot tubs or swimming pools.
7) Square footage – Although the average size of a single-family home has increased steadily in the past 20 years to about 2,400 square feet, more homeowners are now rethinking the overall cost of “mini-mansions” in light of their purchase price and their heating and cooling costs. Superior design is linked to a home’s character, functionality, details, and improving how people experience their homes. Newer homes that are well-designed to maximize light and space are gaining in popularity—for families of all sizes, not just down-sizers.
8) Water – Use a tankless water heater; it heats the water as it is needed. Such a unit costs between $500-$1000 and saves $100-400/year in heating energy, thus enabling the homeowner to recoup the upfront costs in a relatively short time. Another option might be a solar water heater. Water-saving showerheads also are reduce water usage. Close to two-thirds of a home’s water-heating energy goes to showers.
9) Wood – Some is sustainable and eco-friendly. Look for the fsc.org logo for the Forest Stewardship Council logo. Wood products with this logo were obtained from forests that meet standards for responsible management. Some wood has been recycled or salvaged; many green builders are now using recycled or reclaimed wood for floors, furniture and many things in between!
Saturday, July 14, 2007
Beat the competition: "stage" your home
Has your listing agent suggested that you “stage” your home prior to putting it on the market? Have you been encouraged to stage it because several weeks have elapsed with no forthcoming offer? Have you concluded that “staging” is that little “extra” that will elevate your home above the competition?
If so, focus on the following “looks” for different rooms:
The living room – if there is a key feature, such as a fireplace, arrange furniture to focus on the fireplace.
If hardwood flooring is a positive feature, use a small area rug to call attention to it.
Enhance light from outside by keeping window coverings to a minimum.
Reduce distractions by removing bookshelves and their contents or reducing same by at least half.
The home office – if cluttered with more than a few pieces of furniture, open up the traffic pattern from entry to windows (light sources).
Remove all but one or two pieces of furniture.
Use a contrasting accent piece on one wall to highlight one “use” area (if you have both a desk and a sitting area in the room).
The master bedroom – consider the color of the room; it should have a restful, soft color.
The carpet should be in neutral shades, the better to “fit” with the buyer’s furnishings.
Open the traffic flow to key areas, such as the master bath and the closet/storage areas.
Keep wall decorations to a minimum and depersonalized (i.e., no family pictures).
In all rooms, consider whether each piece of furniture is necessary. Less is more; that antique end table you inherited from Grandmother may be valuable to you, but if it doesn’t fit with the one couch you leave in the living room, take Grandma’s piece with you when you leave or put it in storage until the home sells.
Key elements include…
light (from the windows) in addition to well-placed interior lighting;
all walking areas, including stairs and their landings should be free of stopping points, such as small tables or similar decorations;and,
neutral colors with contrasting elements such as occasional pictures or carefully placed plants will show well.
Staging does not require furniture in every room; if the home is going to be vacant, concentrate on the living room, master bedroom, and one other center of activity, such as the kitchen, family room, or office. The point is to show how the room might be used without overwhelming the buyer with the seller’s personal “stamp.”
If so, focus on the following “looks” for different rooms:
The living room – if there is a key feature, such as a fireplace, arrange furniture to focus on the fireplace.
If hardwood flooring is a positive feature, use a small area rug to call attention to it.
Enhance light from outside by keeping window coverings to a minimum.
Reduce distractions by removing bookshelves and their contents or reducing same by at least half.
The home office – if cluttered with more than a few pieces of furniture, open up the traffic pattern from entry to windows (light sources).
Remove all but one or two pieces of furniture.
Use a contrasting accent piece on one wall to highlight one “use” area (if you have both a desk and a sitting area in the room).
The master bedroom – consider the color of the room; it should have a restful, soft color.
The carpet should be in neutral shades, the better to “fit” with the buyer’s furnishings.
Open the traffic flow to key areas, such as the master bath and the closet/storage areas.
Keep wall decorations to a minimum and depersonalized (i.e., no family pictures).
In all rooms, consider whether each piece of furniture is necessary. Less is more; that antique end table you inherited from Grandmother may be valuable to you, but if it doesn’t fit with the one couch you leave in the living room, take Grandma’s piece with you when you leave or put it in storage until the home sells.
Key elements include…
light (from the windows) in addition to well-placed interior lighting;
all walking areas, including stairs and their landings should be free of stopping points, such as small tables or similar decorations;and,
neutral colors with contrasting elements such as occasional pictures or carefully placed plants will show well.
Staging does not require furniture in every room; if the home is going to be vacant, concentrate on the living room, master bedroom, and one other center of activity, such as the kitchen, family room, or office. The point is to show how the room might be used without overwhelming the buyer with the seller’s personal “stamp.”
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