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Tuesday, October 18, 2016

VA Appraisals

Effective 10-31 VA has increased their appraisal fees to $800 SFR/ $900 Manufactured Home and increased their timeliness to 14 business days, up from 10.

Other AMC’s are also notifying me of an increase in appraisal fee, one of our best performing AMC’s is increasing the fee for a SFR in Thurston Co to $750, + $200 for 5 acres = $950 - effective Nov 1st.  

I am seeing turn times from 5 days to 45 days being quoted with an average turn time of 2 weeks depending on location and complexity of assignment.

Let me know if I can help you today.

Andrea C McGhee
Residential Mortgage Loan Originator
Goldwater Bank, N.A. - Mortgage Division
NMLS# 103092, Corporate NMLS# 452955
2620 RW Johnson Blvd SW Ste 104 Tumwater, WA 98512
Direct: 360.915.9609 | Cell: 360.451.2358  
Email: |
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Friday, October 14, 2016


The 2016 Legislative Session has changed what defines a "Flipper" in the Contractor Registration Act in Washington state.  Previously, it was:

"Anybody who modifies their home within the 12 months prior to selling"

The Contractor Registration Act in Washington state has since been revised to change the "contractor" definition to exclude:

"Any person that makes repairs by HIRING a licensed & bonded contractor".

Do you have questions?  Want to know if you're a flipper?  Call me.

Wednesday, October 5, 2016

Western Washington housing market still strong, but some see signs of rebalancing

KIRKLAND, Washington (Oct. 5, 2016) – It’s still a seller’s market, but some leaders from Northwest Multiple Listing Service think the imbalance may be easing in some areas, pointing to a slower pace of sales and moderating prices. Others aren’t convinced, citing mixed indicators.

Northwest MLS statistics summarizing September activity show year-over-year gains in the volumes of new listings (up 14.5%), pending sales (up 9.3%), closed sales (up 9.5%), and prices (up nearly 9%). Inventory for single family homes and condominiums across the 23 counties in the report dropped about 8 percent from a year ago.

Commenting on September’s activity, Northwest MLS director George Moorhead reported “rumblings on both sides of the fence” by buyers and sellers. “Buyers are getting antsy to make a move before interest rates rise and they’re looking harder at homes that have been on the market longer than 30 days.”

Sellers are considering remodeling instead of buying as they cannot find a suitable new home, according to Moorhead. He noted builders also face challenges in their searches for new development sites near metro areas.

MLS members continue to scramble to replenish inventory. Compared to a year ago, they added 1,275 more new listings during September, ending the month with 10,047 total new listings. Like most months this year, however, September’s pending sales of single family homes and condos exceeded the number of new listings. Brokers reported 10,463 pending sales (mutually accepted offers) last month for a 9.3 percent improvement over a year ago.

September’s new listings marked the lowest monthly total since February – but it may be an expected seasonal slowdown.

 “We have one month until November when new listings coming on the market drop by 50 percent on a monthly basis compared to spring and summer months,” explained J. Lennox. With the decrease typically lasting until the end of February, “the best opportunity for homebuyers to find a home will be in the next 30 days.”

The current selection includes 18,136 active listings, down about 8 percent from the year-ago inventory. Only two counties -- King and Clallam – reported year-over-year gains in inventory during September.

Area-wide supply, as measured by months of inventory, improved slightly from August, rising from about 1.9 months to 2 months. Supply remained below two months in King, Snohomish and Pierce counties.

Demand for homes around Puget Sound remains strong, with the market showing “no marked change throughout the summer months,” remarked MLS director Dick Beeson. Well-priced, well-conditioned homes continue to command attention and draw offers in record time, he noted.

September was “an interesting month for a few different reasons”.. Among factors he cited were the modest increase in the number of new listings in the tri-county region (King, Pierce, and Snohomish) and the slowing pace of sales and prices. “The good news is that all of this points towards a market that is slowly beginning to rebalance itself.”

MLS director Frank Wilson believes Kitsap County is moving into the fall cycle, evidenced in part by slowdowns in listings and sales when compared to mid-year activity. He also reported fewer people at open houses and fewer multiple offer situations. “We are still heavily weighted to a seller’s market, but a small shift might be telling – we’re seeing more price reductions than in the recent past,” said Wilson.

Sparse inventory in many close-in neighborhoods, a shortage of appraisers, and the likelihood of an interest rate hike before year-end are sources of concern, according to some MLS spokespersons.

“We continue to see a seller’s market expansion in peripheral counties, with absorption remaining high and prices continuing their relentless increases,” said Mike Grady. Additionally, he cited reports on healthy job creation and single-family building permits, and increases in investments in the local market by foreign buyers. “We don’t expect things to moderate significantly any time soon,” he remarked.

A shortage of real estate appraisers is concerning to Grady and other MLS officials. “We are hearing concerns from brokers that closing times are increasing because appraisals are more difficult to get completed in a timely manner given the frenzied pace of activity,” Grady stated, adding, how rush fees can also slow down the process for those not paying a premium for expedited service.

“With the current shortage of appraisers and the lengthened time and increased costs it takes to get an appraisal, this market is even more challenging,” said Wilson. “We’ve gone from reductions in closing time over the past 20 years to now lengthening the process because of changes to our industry and the requirements to be an appraiser.”

Beeson agreed, saying “Appraisals continue to plague brokers and sellers.” The number of certified appraisers statewide has diminished by half from 5,000 to around 2,500 since Dodd/Frank regulations took effect. Longer appraisal time isn’t the only challenge, he noted. “Appraisers are struggling to establish values based on the continued rise in sales prices. Many buyers are faced with the prospect of paying above appraised values if they want to secure a home,” according to Beeson, who noted this difference must be paid in cash so the mortgage amount doesn’t exceed the valuation.

Median sales prices system-wide jumped nearly 9 percent from a year ago, from $312,000 to $340,000. Compared to August, prices dropped by $10,000.

“It is normal for median home prices to fluctuate the second half of the year,” stated Lennox. He noted the median home price for single family homes that sold in King County dropped from $550,000 in August to $538,000 for September. Compared to 12 months ago, the countywide median rose 9.7 percent for single family homes and 16.4 percent for condos.
Condo prices area-wide rose 17.3 percent from a year ago, escalating from $260,000 to $305,000. Supplies are tight, with only 1.3 months of inventory. In King County, where last month’s median sales price was $355,000, there is only one month of supply. Similarly, Snohomish County has only a month of inventory; year-over-year prices there rose nearly 9.8 percent.

“We have had many conversations with sellers who wonder if they have missed the market as inventory levels slowly rise and the Feds signaling a desire to raise interest rates in December,” remarked Moorhead.

“The looming prospect of higher interest rates is fueling buyer interest and prompting many buyers to take the plunge now rather than wait for a reset in prices,” reported Beeson. “Knowledgeable brokers coach buyers that a 1% change in interest rates equates to a $200-plus increase in monthly payments on a $400,000 home and more than $160 a month on a $275,000 home. That means property values would have to decrease by over 12% to balance the increase in payment due to higher interest rates. That's not happening anytime soon,” he stated.

In a recent report on actions consumers can take in anticipation of rising interest rates, Bankrate, an aggregator of financial rate information, suggested “considering your home first.” On a $200,000 mortgage, half of one percentage point of interest means a difference of $20,000 or more over 30 years. “If you are on the fence about buying or refinancing, now is the time to act,” the author of the Bankrate report wrote.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership of nearly 2,100 member offices includes more than 25,000 real estate professionals.

Tuesday, October 4, 2016

Saturday, October 1, 2016

Utility Companies

Puget Sound Energy (Electric/Gas)
PO Box 97034
Bellevue, WA 98009
(425) 424-6537

The Water Company
H&R Waterworks, Inc.
Machine generated alternative text: (Water and Sewer)
PO Box 3
East Olympia, WA
(360) 357-3758

Machine generated alternative text: City of Lacey (Water/Sewer)
420 College St. SE
Lacey, WA 98503
(360) 491-5616

City of Olympia (Water/Sewer)
Machine generated alternative text: PO Box 7966
Olympia, WA 98507
(360) 753-8340

City of Tenino (Water/Sewer)
Machine generated alternative text: PO Box 4019 149 Hodgen St. S
Tenino, WA 98589
(360) 264-2368

Machine generated alternative text: City of Tumwater (Water/Sewer)
555 Israel Rd. SW
Tumwater, WA 98501
(360) 754-4133

City of Yelm (Water/Sewer)
901 Rhoton Rd. SE
Yelm, WA 98597
(360) 458-3244

Machine generated alternative text: WA Water Service Co.
PO Box 336
Gig Harbor, WA 98335
(877) 408-4060

LeMay Inc. (Garbage)
2910 Hogum Bay Rd. NE
Lacey, WA 98516
(360) 923-0111

1713 N. Pearl
Centralia, WA 98531
(360) 264-2368

Grays Harbor
4201 Olympic Hwy
Aberdeen, WA 98520
(360) 533-2507

Pierce County
4111 192nd St. E
Tacoma, WA 98446
(253) 875-5890 

Mason County PUD 3
PO Box 2148
Shelton, WA 98584
(360) 426-8255

PO Box 2148
Shelton, WA 98584
(360) 275-2833

PO Box 2148
Shelton, WA 98584
(360) 426-8255

Thurston PUD
912 Lakeridge Way, SW
Suite 301
Olympia, WA 98502

(360) 357-8703