The housing market gets a boost in April
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Housing starts in April were strong, increasing by 4.7 percent to a 685,000 annual rate, according to the median estimate of 80 economists surveyed by Bloomberg News. The Associated Press reports a slightly higher annual pace of 717,000 homes, based on Commerce Department figures.
Time reports these strides in the housing market:
- Construction went up for both single-family homes and apartments.
- Overall housing starts around the nation have hovered around 700,000 over the last six months, which is 100,000 more than levels for the previous six months.
- Even though the rate of construction is at 50% of the 1.5 million annual pace economists believe to be ideal, the recent gains coupled with job growth and builder confidence indicate that the nation is on the right track.
- Single-family home construction increased 39% from its low point during the recession.
Economists watch the number of starts because new homes, which comprise about one-fifth of the total housing market, create an average of three jobs over a year and approximately $90,000 in taxes. Based on 717,000 units, the housing market would support over 2.15 million jobs.
Spotlight on Pacific NW gardening
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Everything comes alive in the Pacific Northwest with fair May weather. The last frost of the season is likely behind us, and gardeners have the next 200 days, approximately, to cultivate the annuals, perennials, and vegetables of their choice.
The Pacific Northwest, which is defined by the area bounded by the Pacific Ocean to the west and the Cascade Mountains on the east, has a cool growing season. Oregon, Washington, and Idaho as well as the Canadian province of British Columbia are commonly considered to be part of this region, while looser definitions also include the northernmost part of California. Trees and shrubs like rhododendrons and redwoods do well in this part of the country, but so do a plethora of other plants.
There are many resources available to both novice and professional gardeners. The National Gardening Association provides key information on zonal gardening, seasonal plant trends, and how-to videos. Better Homes and Gardens features articles that range from the highly specific to the general, accompanied by helpful visuals, and Sunset is another magazine full of guidelines and inspirational ideas for gardeners as well as home decorators and entertainers.
When choosing plants, don’t discount the benefit of native species, which are proven to thrive in the region’s growing climate and are ideal for creating a Pacific Northwest-themed garden. Consider the goatsbeard with its tall plumes of white bloom or the broadleaf lupine, an evergreen perennial with silvery leaves and blue-violet flowers. Gardeners who want long-blooming perennials need look no further than the blanket flower, which produces vivid red, yellow, orange, or rust colors throughout the summer months.
Seattle touts job growth and sustainability
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Seattle ranked fifth in the nation for job growth during the period between January 2011 and January 2012, according to the Puget Sound Business Journal. Washington state was fifteenth in the nation. The W.P. School of Business at Arizona State University conducted the study, indicating these percentage increases.
- Houston – 3.7 percent
- Atlanta – 3.1 percent
- Denver – 2.5 percent
- Dallas – 2.4 percent
- Seattle – 2.2 percent
The state’s overall employment base grew by 1.49 percent for the same period. And that’s not all. Seattle has become a significant player in green technology.
Green Chip Stocks, a blog that tracks developments in the cleantech industry, ranks the Emerald City fifth for its strides toward raising green standards. Here are the highlights:
- The Green Building Sustainable Communities Program creates city projects that meet sustainable outcomes.
- Seattle invests in deriving electricity from garbage landfills.
- The Green Fleet Plan, housed in Seattle, looks for alternative sources of fuel, advanced technology vehicles, fuel reduction policies, and educational programs.
- The local community demonstrates initiative and participation in energy efficiency policies.
For additional updates on the region, see the Seattle Times Market Review.
Modernize your grandmother’s kitchen
By · CommentsHomeowners Desiree and Brian Bell wanted to change the look of their 1950′s kitchen into a room they could call their own. Lauren Lake of Spice Up My Kitchen recreated the old space into a traditional one with modern flair and functionality. See the results on this HGTV video.
Kitchen islands aren’t going away
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Better Homes & Gardens
The kitchen island is often the hub of the home, the place where family members and guests gather to eat and socialize. While the island’s function remains the same as it has been for years, its look and feel are changing.
“Pare it down to the basics, and anything else is a great addition but not necessary,” says Samantha Emmerling, a senior editor at House Beautiful, as reported in the Chicago Tribune. She notes that since most homeowners want an area for prep, additional counter space, seating, and storage, the form of the actual island ought to follow its function.
What about size? The National Kitchen and Bath Association recommends a minimum of 3 feet by 4 feet. Maximum size should be determined by the aisle space that surrounds the island. A clearance of 42 inches is ideal for providing ease of movement. Kitchens accommodating more than one home cook, however, should have at least 48 inches of aisle space.
Homeowners can get creative with design, because the best islands are not necessarily custom-built. Better Homes and Gardens features furniture pieces that are up to the task — antique table, workbench, and stainless steel restaurant-grade shelf. Repurposing antiques and salvaged pieces or buying shelves that aren’t expressly made for the kitchen add unique style and charm to the single-most utilized room of the home.
Major Housing Market Shift by J. Lennox Scott
By · CommentsThis is a unique time in the real estate market. Here are the market facts for the Puget Sound region 
Strong Sales Activity Being Driven by Local Home Buyer Surge
Driven by the return of local home buyers, a positive market psychology has returned. Low inventory, adjusted prices and the historically low interest rates combined with improving job growth have created a positive market for local home buyers. Starting in 2010 an elevated level of residential investors seized the opportunity to purchase homes and helped reestablish the market by bringing sales activity back to a healthy level. By November 2011, we saw the return of the local home buyer to the marketplace and as market activity began to heat up, the level of available inventory could not sustain the demand. This brings us to Spring 2012 where there is a shortage of inventory available to a backlog of buyers looking to take advantage of the superb market conditions.
Shortage of Inventory will Continue
It is foreseeable that this shortage of inventory will continue for some time. With both residential investors and local home buyers competing in the market place for a restricted amount of homes the supply will not find much relief. The restriction of supply is being caused by several factors; underwater sellers not able to bring their home on the market and sellers with equity thinking they can’t currently sell or waiting for prices to rise.
Stabilizing Prices and Multiple Offers
The shortage of inventory and the flood of local home buyers to the market falls in line with the classic principals of supply and demand, which is why we are now seeing a slow but steady stabilization and the beginning of price increases, as is evidenced by the multiple offer situations. 40% of new properties brought on the market are selling in the first 30 days. Compare this to the Fall of 2010 where only 40% were selling within 6 months. This is happening across the board through the mid-price ranges as well as the upper end close to job centers.
If you are not “Buyer Ready” you may not get a home in today’s market
Buyers who want to win their dream home, in these multiple offer situations, need to come to the table prepared. There are three important things a buyer can do to be “buyer ready.” The first is to have a detailed market review consultation with your trusted broker. The second is to get pre-approved by a lender. The third is to get in the flow of information. Sign up to receive email notifications when new properties come on the market within your desired market area and price range. You can also download a mobile app on your smart phone which will let you look up property information on the go.
Housing news for April
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Housing prices for King County in the month of April were strong, and inventory was down 37 percent from one year ago, reports the Seattle Times based on data released by the Northwest Multiple Listing Service. The median house price in King County went up to $360,000, which is 9 percent better than last month and about 3 percent higher than April 2011.
Snohomish County’s median house price jumped to $255,502, which is almost 10 percent better than a year ago. A total of 741 homes were sold, 25 percent more than the number closed in April 2011.
Sales in April 2012 grew, year-over-year, in each of the following regions:
- Eastside — up 17 percent
- North King County — up 54 percent
- Southwest King County — up 39 percent
- Southeast King County – up 7 percent
However, median prices in North, Southwest, and Southeast King Counties as well as on the Eastside dipped at varying levels.
Glenn Crellin, associate director of research at the University of Washington’s Runstad Center for Real Estate Studies, remains hopeful. “We’re at the beginning of the prime selling season, so to see this sort of strength coming out … this is very good news for the industry.”
See the full story, “King County home prices rise with fewer houses for sale,” at the Seattle Times.
Herb container gardening 101
By · CommentsGrowing herbs does not require lots of space or raised beds. In fact, all you need is a container. Watch this Six Minute Style video with Susan Doherty, plant your own potted garden, and enjoy the fragrance and taste of herbs throughout the spring and summer months.
Nation’s biggest warehouse rolls out mortgages
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Costco Wholesale Corporation has added home loans to its growing list of financial services, reports CNNMoney. The biggest warehouse membership chain is partnering with First Choice Bank, a New Jersey-based community bank, and 10 other lenders. Thus far, Costco’s partners have loaned 10,000 mortgages to members. Lauren Kutschka, manager of financial services, expects this number to grow as the program moves from its testing phase into a full-scale retail offering.
The company’s website advertises that the program offers “low fees, competitive rates, and excellent service” with the chance to save up to $5,000 for a typical loan. While individual household savings will vary, the estimated savings are calculated over a 7-year period, based on lender fees, rates, and points on a 4.125 % APR for a $250,000, 30-year fixed loan. Costco is paid for marketing the mortgage program, not for securing individual loans.
It’s no wonder that lenders want to tap into the warehouse giant’s tribe. In July of last year, Costco became the sixth largest retailer in the nation and seventh in the world. The new offering marks the increasing girth of the wholesale operation from retail goods to financial products. Costco plans to roll out auto and higher education loans in the near future. Members who utilize the Costco Mortgage and Refinancing Program ought to exercise the same judgment they would with any other provider. Shop, compare prices, and find the mortgage with the best terms at the lowest available interest rate.
Add curb appeal
By · CommentsOne of the best ways to increase your home’s value is to boost its curb appeal, which has everything to do with landscaping design, the color palette, and architectural interest. HGTV’s Curb Appeal highlights the transformation of one Cape Cod style property into an Arts & Crafts wonder. Now when homeowners Eric and Dominique Butters drive up to their home, they are dazzled by the bungalow-style entryway.
http://www.hgtv.com/video/cape-cod-goes-arts-and-crafts-video/index.html
