Tuesday, March 30, 2010

Internet Showings

According to a survey done by the National Association of Realtors, 40 percent of all buyers found their future home on the internet. The second largest source was through an agent, at 38 percent. Getting your home maximum exposure on the internet is critical to finding a qualified buyer and an important part of my marketing plan.

JohnLScott.com gets over 350,000 unique visitors per month. Our online property search is the best in the market. I have even heard of buyers who, for one reason or another are working with another broker, but using our site to look for property! We also have thousands of buyers who have signed up for our property tracker program. They get automatic e-mail updates everytime a property comes on the market that fits their criteria.

This all sounds great--but how can you know how much online attention your home is getting? That's where the online showings report comes in. Every week, I e-mail my clients their weekly update, which tells them exactly how many online showings their property received during the week.

If you want to work with an agent who understands today's market and maximizes new technology, give me a call or send me an e-mail to schedule your seller consultation.

Friday, March 26, 2010

New Government Housing Initiative

The White House announced this morning a new program to help homeowners who are struggling. The two main points of the initiative are:
  • Refinancing through FHA with principal reduction for owners who owe more than their house is worth. This part of the program depends on investors who purchased mortgage backed securities accepting a loss. However, the loss might be less than if they had to go to foreclosure.
  • Encouraging banks to reduce principal amounts for loans that are underwater. This coincides with an announcement by Bank of America earlier in the week that it would begin forgiving prinicpal on over 45,000 loans.

Read the complete NY Times article here.

Regardless of the politics, what impact might this have on the real estate market? Many people have chosen to walk away from their homes because they believed it would take years for them to get back to a place where they owed less than their house was worth. The option of principal reduction might keep some of these people in their houses. Homeowners who received prinicpal reduction might also be less likely to sell their home as a short sale. If this new program succeeds in shrinking the number of short sales and foreclosures on the market, it would have a positive impact on home values. However, this will only work if banks and investors choose to cooperate on a large enough scale to have a meaningful impact.

Monday, March 22, 2010

Renovation Costs

If you are thinking about doing some renovations or remodelling, but want a rough estimate of how much your project will cost, Pillar to Post Home Inspections has put together an estimated cost sheet for all kinds of projects. Every project, like every home, is different, but these at least give you a ballpark figure to help you start to formulate your budget.

Here are their estimates for some common projects and a link to the full list:
  • New kitchen cabinets - $50 to $100 per linear foot
  • Hardwood floors (prefinished) -$10 to $15 per square foot
  • Add a patio door - $2000 to $3000
  • Reshingle the roof (over existing shingles) - $1 to $2 per square foot

Tuesday, March 16, 2010

February Market Action Report

The RMLS released the latest Market Action Report for SW Washington yesterday. Here are some highlights:
  • Compared with February 2009, closed sales increased 35.1%, while pending sales went up 37%
  • Both pending and closed for February increased from January, with pending up 27.3% and closed up 10.6%
  • Based on current active listings and sales trends, inventory is currently at 11.6 months, down from 18.6 months in February 2009

If you would like a copy of the complete Market Action Report, e-mail me at johnblom@johnlscott.com.

Thursday, March 11, 2010

Battle Grounds Coffee

The Columbian reviewed Battle Grounds Coffee, my favorite coffee shop in Clark County. They recently moved into a new location: an old Catholic church. It has great atmosphere, drinks, and food. It is definitely worth checking out! Some highlights from the review, as well as the link, are below.

Move to Former Church Proves Heavenly

By Karen Persson for the Columbian

Why: If you’ve never had a reason to check this place out, the new location will likely pique your interest. A mere half a block from its former location, Battle Grounds Coffee House has taken up residence in a building that was established as a Catholic church in 1928. The coffee house still serves Stumptown brews, but it has added Premium Boar’s Head deli meats to expand the lunchtime options.


Atmosphere: With the additional space that came with the new address, the coffee house has more family appeal than it used to. Seating extends onto an outdoor porch for enjoying those warm weather days that are just around the corner. The building still has a churchy feel, with cathedral-style windows trimmed in green glass and a wood floor, but the altar has been replaced with a cozy electric fireplace, leather sofas and club chairs. The coffee house also has meeting rooms downstairs for large groups.

Tuesday, March 9, 2010

2010 Property Tax Statements

wnersEach spring, Washington homeowners receive tax statements based on the assessed value of their homes. A large portion of revenues from property taxes go toward educating our community’s young people. In addition, our police, fire, libraries, and parks and recreation are funded with this money. During difficult economic times, these revenues are especially important.

As many in Washington have seen their property values decrease, it’s not unreasonable to expect that property assessments would go down as well. However, that’s not always the case. In the state of Washington, approximately half of your property tax is determined by levies for schools and community services.

While you can’t do much to avoid paying property taxes, if you disagree with the value your local assessor has placed on your house, you are entitled to an appeal. For more information about appealing your home’s assessment, as well as the petition form you will need to fill out go to http://dor.wa.gov/content/findtaxesandrates/propertytax/

If your property assessment has piqued your curiosity about the value of your home, please feel free to contact me. I’d be happy to discuss a comparative market analysis of your home, and, if appropriate, a property marketing and price strategy plan.

Saturday, March 6, 2010

Open House -- Saturday 11 AM to 2 PM -- Washougal

Beautiful 3 bedroom, 2.5 bathroom house with amazing views in Washougal. Wrap around deck that is covered in the back, with a water feature in the backyard. Great room floorplan with office on the main. Bamboo floors in living and dining room. Stop by and check out this amazing home.

1698 N 9th St
Washougal, WA

Call or text (360) 977-8329 for more details






Tuesday, March 2, 2010

Tax Tips from Houselogic.com

With taxes due in about six weeks, now is a good time to do some tax planning for the future. Houselogic.com gives some great tips on how to maximize your deductions for mortgage interest and home equity loans. Here's a "preview" of the article:

"In general, individuals and couples filing jointly can deduct the interest on up to $1 million ($500,000 if you’re married and filing separately) in combined home loans, as long as the money was used for acquisition costs, that is the cost to buy, build, or substantially improve a home."


Read the full article here. And of course, be sure to consult with a tax professional if you have questions.