xmlns:og='http://ogp.me/ns#' Wil Coloma: 2013

Sunday, April 28, 2013

Free Fun in Seattle!


Have some spare time?

Take in some of the many cultural experiences
in and around the Seattle area!

Best of all, they are FREE!


Klondike Gold Rush Museum


Center for Wooden Boats


Frye Art Museum













Many others are free on First Thursdays of each month!
Check their site, or here, for more information.

Seattle Art Museum
Museum of Flight




Museum of History and Industry














Tuesday, April 16, 2013

Homebuyers take note - housing prices are on the rise!


With the housing market changing, take a minute to gain some powerful knowledge before getting into the homebuyer game!

Inventory is tight, and bidding wars are back in some parts of the country.  To snag your dream home, you’ll have to pay up and contend with continuing strict loan requirements.  The bright side: Despite rising prices and mortgage rates that are edging upward, buying a home is still cheaper than renting in the majority of the top 100 markets.

Don’t waste time with a low-ball offer.

Yes, home prices are still way down from their highs, but the days when you could scoop up a house for 20% less than the list price are long gone.  The typical home sells for pretty close to what the owners asked for, and even in shaky markets, sellers have gotten more realistic about pricing.

Be the winner in a bidding war.

You win bidding wars, of course, by raising your price, it also helps to have few contingencies and to move quickly, since today’s sellers don’t want multiple go-arounds.  You have to give your best offer.

Be flexible about closing too:  Quick deals – the median time on the market for homes is 71 days, down from 99 a year ago – have left many sellers scrambling for alternative housing.  Leave the closing date blank on your contract for the seller to fill in, or negotiate a leaseback if the seller needs to stay put for a while.

Outsmart the pros who bring cash.

Lead with your best offer, investors count on nabbing properties at a big discount and are unlikely to boost their bid by more than 5-10%.  Also include a bank prequalification letter or statement of funds to show that your money is as reliable as investors’ cash.

Assess the risk in your local market.

Though prices have revived in most areas of the country, they don’t all have the same staying power.  In markets that bounced back last year merely because prices had fallen so far, you can’t assume a continued streak; once investors clear out, demand will die down.

Play bankers off one another.

Get multiple Good Faith Estimates.  A good Mortgage Loan Broker will be able to do this for you and can explain, line by line, what the pros and cons are for each potential lender.

It’s an exciting time to be a homebuyer, but also a very beneficial time to be a seller.  Demand is high, which is driving prices up.  Be aggressive, and hold the keys to your new home knowing that you’ve been a smart player!


Questions?  Give me a call!
~Wil
425.772.1713

Friday, April 12, 2013

Advice on how to close on your home quickly!


 




1
Bring the money needed to close the transaction in certified funds. Do not bring a check of any kind to closing because this may cause a delay of up to two weeks while the escrow company cashes and certifies the funds. Ask the escrow company staff members whether they prefer wire transfer or a cashier's check. Do not send the money through the mail without using a tracking number.
2
Hire a knowledgeable real estate agent that will actively manage the escrow process. When selecting a real estate agent, ask "Why should I hire you?" A good agent is often able to respond with a list of the ways that he works to make sure that escrow closes in a timely manner. While real estate agents can't fix every problem that could occur in a transaction, a good agent will have a plan to head off most of the problems that prevent escrow from closing on time.
3
Write the sales contract as cleanly as possible. Do not include lots of complicated terms. Once these details are specified in writing, the escrow will require that each item is met prior to closing, even if the buyer has changed his mind about a particular detail. Write the sales contract to include the buyer's right to rescind the offer and be made whole upon any dissatisfaction during the contingency period. This way, the buyer is protected in the case that he decides not to purchase the home or wants to renegotiate the contract.
4
Hire an escrow company with a good reputation. If the real estate agent hired is in business for any length of time, he is typically able to provide referrals to a good escrow company. Stay in communication with the escrow company at least twice per week. Communicate in writing, in order to create a paper trail.
5
Line up a homeowners insurance policy and any other insurance, such as a flood policy, on the first day that escrow is opened. Give the policy numbers and insurance broker's telephone number to the escrow officer as soon as possible.


Have a question?  Let me know!
~Wil
425.772.1713

Thursday, April 11, 2013

The top 10 things you need to know when buying a home.

Tips for buying a house

1. Don't buy if you can't stay put.

If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market. When prices are falling, it's an even worse proposition.
2. Start by shoring up your credit.
Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.
3. Aim for a home you can really afford.
The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.
4. If you can't put down the usual 20 percent, you may still qualify for a loan.
There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a small down payment.
5. Buy in a district with good schools.
In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.
6. Get professional help.
Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.
7. Choose carefully between points and rate.
When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say three to five years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.
8. Before house hunting, get pre-approved.
Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.
9. Do your homework before bidding.
Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.
10. Hire a home inspector.
Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

Tuesday, March 12, 2013

10 Best-Kept Secrets for Selling Your Home!

This article includes valuable information to get your home ready to list.



Do you have creative ideas for preparing your home for sale?
Comment below!








Friday, March 1, 2013

Should I refinance my new mortgage?


"...it's still better to refinance, even after just seven months in your existing mortgage, and even with a fairly steep bill for closing costs."


This article breaks down the numbers and will allow you to make an informed decision about the status of your unique mortgage situation.

Have questions?  Give me a call!
425-772-1713

Saturday, February 16, 2013

Should I buy Real Estate in 2013?

Very interesting article!


If you don't have time to watch the entire video,
be sure to watch from the 7 minute mark to the end!



Monday, February 4, 2013

Use Your Noodle!

Here is a short guide to some of the delicious noodle spots in Seattle!


This next restaurant is one of our personal favorites -
Sun-Ya in Chinatown.
Visit Sun-Ya for authentic, traditional Chinese dishes, including Dim Sum and live seafood, and do not miss out on the roast duck!


So, take some time out of your busy life and have a nice evening out, or pop into any of these places for lunch.
Any way you cut it, you can't lose!  Enjoy!




Saturday, February 2, 2013

Seattle Ingenuity!


This gives a whole new meaning to Upcycling!
Inspiration for all of us to think
of new ways to create our own space!

Friday, January 18, 2013

Friday, January 4, 2013

First Time Home Buyer? - A Few Tips.




If you are currently in the market for your first home, you probably have lots of questions. You are about to be making an important decision for your future, a great investment of both money and time. I have a wealth of experience helping first time buyers like you make sound, informed decisions. Here are some tips that can help make your home buying process successful:


Tip #1: Do Your Homework
The perfect home won’t find you by itself. The key step in buying a home is doing the proper research. Educate yourself on local schools, neighborhoods, and the kinds of homes available. By reading available materials and talking with experts, you can start to put together your idea of the perfect home.

Tip #2: Start Planning
Most decisions benefit greatly from proper planning, and home buying is certainly no exception. Start a filing system with sections such as home buying, home financing, and service providers. By forming a home buying plan you can more easily focus on the most important factors and help give structure to the entire process. My website is a great resource for property information.

Tip #3: Get Pre-Qualified
Getting pre-qualified for a loan normally only requires a short phone conversation with a lender, and can greatly help your home search. Pre-qualification does not guarantee you a loan, but it does provide you with an estimated monthly payment and a price range to use as a guide when shopping for homes. Being pre-qualified can also often indicate to sellers that you are a serious, prepared buyer.

Tip #4: Look for Value
When shopping for homes, it’s important to consider potential value. Even if you’re not planning to sell the home some time down the line, it’s a good idea to consider the future value of the home. Protect yourself against things like falling prices and gradual shifts in the nature of the neighborhood. You may not think of a new home as a means to make money, but it’s an important investment that requires caution.

Tip #5: Decide What You’re Looking For
Settle on the home features that are important to you (covered parking, hardwood floors, architectural style, etc.) and make an ordered list. Having well established guidelines will help narrow down your search and will prevent you from being shown properties that lack your key amenities. It can help you make the decision not to buy an attractive property that doesn’t really fit your needs. My website has a search feature that allows you to filter thousands of listings based on attributes that you select. If you know you want a brick house with gas heat and a garage, you can get the results you’re looking for.

Tip #6: Relax
You don’t have to make an offer on the first home you see. Make sure to look at other listings in the area to get a feel for the marketplace. When you decide to make an offer on a house, consult with your real estate professional so that all of your questions are answered.

Tip #7: Shop Around for Your Mortgage
Deciding on the financing for your home can be as important as choosing a home itself. The first step is deciding what kind of loan best fits you: a fixed rate mortgage, or an Adjustable Rate Mortgage (ARM). There are benefits to each form of loan, and your real estate professional can provide you with more information. Next you’ll want to begin to shop around for different lenders.

Tip #8: Protect Yourself
Be careful when signing a contract on a home that allows you to find financing, have the home inspected, and work through any problem areas that may arise. Paying for a quality home inspection is absolutely crucial! You can save yourself thousands in repair costs by being sure of what you’re getting into.


More information for first time buyers can be found on my website, or by giving me a call. I’m confident that I can provide the kind of exceptional service that will make this process an exciting one. Don’t hesitate to contact me with any questions you may have, I would love to be of assistance to you.


Wil, 425.772.1713


Tuesday, January 1, 2013

Happy New Year! Exit the Dragon, enter the Snake.



Taking a moment to wish family and friends
a happy and prosperous New Year!

Hang loose, everybody!

The Seattle Colomas