Team Reba Real Estate

Everyone has been waiting with baited breath to hear what will happen with the 1st time homebuyer tax credit that currently has a deadline of November 30th for closings in 2009.  Congress passed the extension as of last Wednesday and now the Senate is considering it. Today, an article from REALTOR.com notes that key lawmakers have tentatively agreed to not only the extension through April (to get under contract) but to also put a new element in for buyers who have owned and lived in a home for 5 consecutive out of the past 8 years. Tax credit available to these buyers will be $6,500 but does have some maximum income limitations and/or phase out details that you’ll need to check out for your own personal situation.

“Agents:
If you have a listing where the property is hooked up to septic, but sewer is now available then the following rule applies for FHA/Va financing:  The connection must be made to a public water/sewer system or a community water/sewer system, if connection costs to the public or community system are reasonable.  Reasonable is defined by 3% or less of the estimated value of the property.   If the connection costs exceed 3%, then the existing on-site systems will be acceptable provided they are functioning properly and meet the requirements of the local health department.  

On Coventional loans, there is no requirement to hook up to the community sewer system.”

We received this message from a local lender regarding properties on septic being REQUIRED to connect to local sewer systems, if a system is available.  There are certain areas of King, Snohomish, and Pierce County where this may affect your sale.  I can think offhand of areas in or near Kirkland’s Rose Hill, Bridle Trails, and Juanita neighborhoods that would likely fit this description and requirement.

So, why is it a big deal?  A few reasons…

1.  Hooking up to sewer usually means higher fees for the homeowner because there is the connection fee. 

2.  Plus, King County has a 15 year assessment worth a few thousand bucks for any new home connecting to the Metro sewer system.  It would need to be researched to confirm if the 15 year fee applies, but I’m guessing it would be.  I’ll check with Michelle Britt the gal that works at King County in this department and report back later with a confirmation.

3.  Sewage fees typically run much higher in cost than septic, plus they are ongoing monthly fees while septic has most of its costs associated with occasional inspections, pumping, and repairs. If you’re not a heavy water user, and especially if you have a gravity system rather than a pump system in your septic design then it’s pretty low cost overall.

Other considerations…

1.  If you’re a seller who is house rich and cash poor - this could mean anyone in financial hardship or elderly on fixed incomes, you may not have the money to make the connection. 

2.  That may mean that a buyer has to take on this risk in a transaction which may be unlikely unless they feel they’re getting a “deal” on the home itself (read, lower sale price).

3.  If you need to try and sell quickly, or you didn’t know about this in advance of trying to sell and move out of area, it could derail or complicate your plans because of the time needed to get it completed.

When you think about the fact that home sales aren’t always done because of good circumstances, having this be a requirement when selling can make it a hardship on some.  The fact that FHA is a strong percentage of the loans being financed today means it will also affect some sales negatively.  Anyone with less than 20% down is currently getting directed toward FHA loans, and VA loans are picking up with more and more people going to, and coming back from, military action overseas.

Finally, when you think of 3% as property value - consider the housing prices we have here in the Seattle/Bellevue metro area.  Just in those Kirkland neighborhoods alone these are the sales stats on 184 properties that met septic and sewer available notation in the NWMLS since January 2007 using the following parameters:

 Property Type  Residential    City  Kirkland
Statuses  Active, Contingent, Pending BU Requested (2/21/2009 or after) , Pending Inspection (2/21/2009 or after) , Pending (2/21/2009 or after) , Sold (1/1/2007 or after)
Sewer  Sewer Available OR Septic

If 3% is the “reasonable” test for requiring the change, then the cost be upwards of $20,000 based on the average sale price and a seller would be required to pay for it.  Ouch!

If you are a seller who will be impacted by this lending requirement, then be sure to discuss it with your agent and do your homework in advance of going on market.  FHA max JUMBO loan guidelines have $567,500 as their top loan value so if you’re priced under $709,375 this could apply to you.

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4-County Puget Sound Region Pending Sales (SFH + Condo combined)
(Totals include King, Snohomish, Pierce & Kitsap counties)

It would be easy to look at this and with a broad stroke look at it and think, “Whew, I’m glad we’re done with that real estate downturn!” but it’s not that simple.  Other news that came out in June’s numbers shows that in real estate it still is the same story of “location, location, location” plus there is a bit of a chicken and egg issue.  Is the lower inventory level because there are picked up sales, or because people who would have sold aren’t doing so now and are instead holding on till later?  Either way, it’s probably just as well given that it will be a little while before appreciation picks up to make up for the loss of value of the past 2 years.

Statistical Summary by Counties: Market Activity Summary - June 2009

Some of the news released talks about the decline in the number of condo units being sold in downtown Seattle but what has affected that sector has been the financing market as almost all lenders have required larger down payments (minimum 10%) which many buyers don’t have available.  When 5% purchase options were available more people were able to save those kinds of funds, but when the median price $449,450 you can see why a change from 5% to 10% can put a dent in sales.

We’ll keep putting out information on the local market areas so that you can keep up to speed on market changes. If there is a specific market area you’d like to see highlighted or reviewed, feel free to comment or email us with your request.

Famous for its lutefisk and cedar shingles from the early settlers days in the area, this neighborhood has grown into a more sleek version of itself in the 2000’s. New density has arrived by way of condos and townhomes fueled somewhat by the thought there would be the Monorail to support the increased traffic.  Alas, that didn’t happen but the building continued once the financing was underway and the economy at the time supported it.  Granted, not all neighbors have been fans of these changes, but the Growth Management Act enacted in 1990 in WA State required cities to embrace and create density. Which led to a new zoning overlay of Ballard providing the ability for some of the old single family housing stock to be taken out for new, larger housing projects like these.

Market times for the Ballard area have been better than many others with an average on market of 68 days for homes in the $400-500k range. Higher priced homes from $600k-$1M have been taking much longer and have experienced major price reductions, particularly in new construction single family homes.

Because of the hit many builders are taking, don’t expect much new construction in this area - and nearby Greenlake, Phinney, etc, for the next 2 years. What’s out there in inventory now is what we’ll have for a while unless it’s a project already in process.

May 2009 sales activity shows year to date average price at $440,557 down 14% from last year’s average of $514,696. But, the good news for May was that sales volume was up 1% over last year. Always ahead of other market areas in terms of volume (because of the size of the area) there were 145 transactions closed in May for MLS market area 705.

June also had strong activity and is expected to come in July’s numbers due out in about a week.

Of all these neighborhoods, the furthest south locales are where the better (read lower) prices are at. The closer to downtown Seattle you get, you’ll tend to see prices going up, unless the street or individual house hasn’t had good upkeep.  With the current expiration date for the $8,000 1st-time buyer tax credit coming up on the last day of November, if you’re going to buy now is a good time to get moving (pun intended)!  I will note that there is talk of extending the tax credit, but it’s not a “for sure” thing so take advantage of the credit while you can.

Architects have been focusing on the renovated areas of Madison and the Central District because they still feel it’s “where the best sales prices are” for them, but that’s not always true for the buyers.  We’ve been trying for years to get more architects to look at the light rail areas along MLK and Beacon Hill where prices fit more into the busier price ranges of $250-450k.  One of our builder clients is about to release a listing on a new construction 2900-sqft home in the next week or so that will have easy access to light rail and I-5, along with having some nice views out to Mt. Rainier and the Cascades.

Back up in central district, not everyone is savvy to the cuteness that is the Madrona neighborhood just east of MLK, right before you hit the pricier areas of the Lake Washington view homes which are down below the steep hill dropoff. The Central District has a widely varying demographic giving it an eclectic vibe. Many neighborhood areas actually fit into the CD (area 390) - Jackson, First Hill, Judkins, Madison Valley.

This is reflected in the breakdown of the MLS market areas that encompass these areas. Examples:
Mt. Baker/Rainier (area 380) had an average sales price in May 2009 of $404,060 and average YTD of $409,048, down 10% from last year.

Beacon Hill (area 385) average sales price for May was $345,767 and YTD of 337,958 down only 4% from last year.

Central Seattle/Madison Park (area 390) had an average sales price of $714,221 and a YTD average of $723,942. That’s down 25% from last year’s average of $968,625 proving again that it’s the higher priced homes are getting hit hardest in our local economy and primarily by the reduced ability for buyers to get funding for loans in these higher price ranges.http://mymaryetta.com/?p=7648 a
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