| HeraldNet - Snohomish County's online news source |
 TUESDAY, FEBRUARY 9, 2010 3:18 pm |
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Business 
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Area's housing isn't doom and gloom, experts say A stronger local economy explains why it's a good time to buy or sell a house. Area real estate professionals and politicians want to clear something up.Now is a good time to buy and sell real estate in Snohomish County, no matter what people may be hearing about the national market. The panel of industry experts held a town hall meeting in Lynnwood on Thursday for that purpose that drew about 200 people. "There is no shortage of information or opinions, and so many reports seem to conflict with each other," said Ron Sparks, a moderator of the panel and a vice president at Coldwell Banker Bain. "It's no wonder people are confused." The local economy is strong, unemployment is low, rental prices are increasing faster than the price of homes, interest rates are low, inventory is good and "safe, stable financing" is available, Sparks said. It's not a bad time to sell, but sellers need to be more flexible at the negotiating table, he said. Many of the speakers, including Sparks, pointed the finger of blame firmly at the media, which he said are confusing the public by publishing headlines designed to appeal to emotions and reports that "mix and match" local and national information. Sparks compared the real estate market to the weather: What's happening in San Diego isn't helpful here. The answer, he said, is to take media reports with a grain of salt, look for the source of the data cited and work with a local real estate expert. The industry and area leaders also need to address other ways to get people into homes, said Nathan Gorton, executive vice president of the Snohomish County-Camano Association of Realtors. In 2003 the median house price in the county hovered around $220,000. Today, it's $368,000. That's great for homeowners, he said, but not so great for first-time buyers. Limits on Federal Housing Administration loans were recently raised, which should give buyers more homes to choose from, Gorton said. He expects President Bush to sign a bill that would lower the down payment requirement for FHA loans from 3 percent to 1.5 percent, making the loans more accessible to first-time buyers. The subprime mortgage mess has made lenders return to "old school" restrictions and requirements. Buyers may have to get help from family rather than use a riskier loan, Sparks said. That's a shift James Worth said is good for buyers. The senior loan officer with Landover Mortgage said the greatest frustration of his career has been dealing with buyers who don't want to talk about budgeting. This "normalizing" of the market gives people a chance to take a few months and get their finances in order before purchasing a home, he said. Reporter Debra Smith: 425-339-3197 or dsmith@heraldnet.com. |
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- Snohomish County's bargain housing won't last
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- Plan for I-5 closures this week
- A new bowling alley for Monroe?
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- Vote on school levies by Tuesday
(11) - A tidy lawn could be law in Lynnwood (10)
- Everett police officers cleared in 2008 shooting death (5)
- 1949 travel aid shows how few places blacks were welcome in Washington (4)
- I-5 bridge joint may give you a jolt, but it isn't damaged (4)
- Everett rethinks boutique wineries (4)
- Lynnwood sets height limit on grass: 8 inches (4)
- County archive software paid for but waiting for set-up (3)
- Three politicians who want Gregoire's job in 2012 (3)
- Toyota has powerful D.C. friends (3)
- Edmonds educator, famous announcer dies
- Mill Creek to appeal ruling on annexation
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- The path to citizenship
- EUUC puts on ‘Pants & Shoes’
- Wolfpack wins the ‘Battle'
- Lynnwood’s annexation plans OK’d
- Arlington's Cascade Valley Hospital celebrates expansion, national award and 100 years of service
- Business Licences Feb. 2010
- Technology tips for launching your own business
- Business Events Feb. 2010
- Tech Talk: No excuse today for going without a Web site
- State already raising fees and rates that restrict business growth
- Some legislators again targeting people’s initiative petition rights
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