Queen Anne Real Estate - May 2015

Serving Queen Anne & Magnolia since 1919

& Real Estate QueenAnne&Magnolia newsand Uber Expedia The pros and cons of QueenAnne

MAY 13, 2015

Magnolia news

Vol. 96, No. 20

Queenannenews.com

reverse mortgages

O

ver the last decade, reverse mortgages have been marketed as an easy way for seniors to cash in their home equity to pay for living expenses. However, many have learned that improper use of the product — such as pulling all their cash out at one time to pay bills — has led to significant financial problems later, including foreclosure.

In actuality, there are some cases where reverse mortgages can be helpful to borrowers. However, it is imperative to do extensive research on these products before you sign.

Reverse mortgages are special kinds of home loans that let borrowers convert some of their home equity into cash. They come in three varieties: singlepurpose reverse mortgages, Home Equity Conversion Mortgages (HECMs) and proprietary reverse mortgages.

Who can apply? Homeowners can apply for a reverse mortgage if they are at least 62 years old, own their home outright or have a low mortgage balance that can be paid off with the proceeds of the reverse loan.

Qualifying homeowners also must have no delinquent federal debt, the financial resources to pay for upkeep, taxes and insurance and live in the home during the life of the loan.

Consider the following pros and cons as a starting point for trying or bypassing this loan choice. Even though HECM

Jason Alderman PRACTICAL MONEY MATTERS loans require a discussion with a loan counselor, you should bring in your own financial, tax or estate advisor to help you decide whether you have a safe and appropriate use for this product.

The pros of reverse mortgages: •They’re a source of cash — Borrowers can select that the amount of the loan be payable in a lump sum or regular payments.

•Proceeds are generally tax-free — Final tax treatment may rely on a variety of personal factors, so check with a tax professional.

•Generally, they don’t impact Social Security or Medicare payments — Again, important to check personal circumstances.

•You won’t owe more than the home is worth — Most reverse mortgages have a “non-recourse” clause, which prevents you or your estate from owing more than the value of your home when the loan becomes due and the home is sold.

•Reverse mortgages may be a smarter borrowing option for some downsizing seniors. — With proper advice, some borrowers

use them to buy new homes.

The cons of reverse mortgages: •You may outlive your equity — Reverse mortgages are viewed as a “last-resort” loan option and certainly not a singular solution to spending problems.

You and your heirs won’t get to keep your house unless you repay the loan. If your children hope to inherit your home outright, try to find some other funding solution (family loans, other conventional loan products) first.

•Fees can be more expensive than conventional loans — Reverse mortgage lenders typically charge an origination fee and higher closing costs than conventional loans. This adds up to several percentage points of your home’s value.

•Many reverse mortgages are adjustable rate products — Adjustable rates affect the cost of the loan over time.

•If you need to move out for any reason, your loan becomes due — If you have to suddenly move into a nursing home or assisted-living facility, the loan becomes due after you’ve left your home for a continuous year.

The bottom line: Reverse mortgages may be a good fit for some, but all applicants should get qualified financial advice before they apply.

JASON ALDERMAN directs Visa’s financial education programs. To comment on this column, write to qamagnews@nwlink.com.

and Alibaba, oh my!

Home sale trends in Queen Anne and Magnolia and what they mean for homeowners, buyers and sellers

W

ith the bevy of successful, highgrowth companies moving into or opening offices in Seattle¾adding to the expanding footprint of other giants—the appeal of Queen Anne and Magnolia homes continues to increase. For decades, our neighborhoods have offered cozy, amenity-packed communities to people working in Seattle. As these growing companies settle in and expand in Seattle, homes in Queen Anne and Magnolia become even more valuable.

What does major corporate expansion in Seattle mean to the Queen Anne and Magnolia real estate market in the short and long term?

Kim Wesselman Windermere Real Estate The Expedia Impact What can we expect when Expedia moves their 3,000 jobs to Interbay and adds the expected 1,500 more jobs? Roughly 75 ➧ TRENDS, Page 4

Pot or plot?

‘Right-size’ plant picks for gardening success

H

ave you ever walked into a room that was so full of over-sized furniture it made an already small space feel miniscule and unusable? Or tricked your tummy into being satisfied with less food by using a small plate to make a modest portion look huge? Scale makes a decided difference in many aspects of life, and gardening is no different.

Whether you’re gardening in containers or have a big plot in ➧ POT OR PLOT, Page 7

— S e r v i n g c li e n t s i n — QUEEN ANNE , MAGNOLIA & SURROUNDING NEIGHBORHOODS

SELLING?

Understand the 5 keys to successfully selling a home, in any market.

BUYING?

Windermere Queen Anne Your Neighborhood Realtors® 214 W McGraw Street | Seattle, WA 98119 Office: 206-283-8080 Email: queenanne@windermere.com www.windermere-queenanne.com

Select a broker that understands current market conditions, uses strategies which will ensure your offer stands out among others, and understands your needs and timeline.

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| robbie@windermere.com | robbiewaldtradal.com

Residential Listing Broker | Accredited Buyers Representative | Relocation Specialist

WINDERMERE REAL ESTATE/WALL STREET, INC . | 214 W MCGRAW STREET

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May 13, 2015 | www.QueenAnneNews.com

Lack of listings drives home prices higher

A

ccording to the Northwest Multiple Listing Service (NWMLS), pending sales surged almost 19 percent in February compared to one year ago.

At the same time, the inventory of homes for sale is near a 10-year low.

There is speculation the increase in sales might be even higher but for the low supply of listings.

In King County, there were 3,217 pending (new) sales in February, but just 2,919 new listings for the month. Clearly, demand is exceeding supply. (Sellers, take note.)

Across the 23-county NWMLS system, listing inventory is down at least 12 percent from one year ago.

Anecdotally, I believe the volume of listings in Seattle has declined more than that. Open houses are mobbed, drawing 100 groups of visitors and fueling bidding wars.

In the Brighton neighborhood in Southeast Seattle, an affordably priced home drew at least 20 bids, pushing the sale price more than $100,000 above the asking price.

And I’m hearing from agents that this is a pretty common occurrence.

Among the most-surprising data, one of the strongest markets is for homes priced more than $900,000.

In Bellevue, there were 88 sales in January and February. In Seattle, there were 176 sales of homes priced more than $900,000 in January and February.

The average sale price of a single-family home increased 7.4 percent over the same time last year; by comparison, home prices nationwide increased 5.7 percent during the same period. The jump in prices is attributed to the tight supply of listings and also Seattle’s robust local economy.

Current market won’t last So why is the inventory of listings so tight? There is speculation that sellers won’t list their homes because they fear not finding a suitable replacement home. For some homeowners, the tight lending climate means they may not qualify for a new mortgage

H Ray Akers ask ray about real estate for that move-up home. Still others remain hesitant about taking on more debt, a hangover-effect of the Great Recession.

Right now, the housing market is red-hot. Realtors haven’t seen a market like this for at least 10 years.

For those sellers who list their homes, they can expect multiple offers. But don’t expect these market conditions to last forever.

Interest rates will rise, and the inventory of listings will increase, restoring more balance to our real estate market. But for now, this may be the best market in a decade for sellers.

“With real incomes rising rapidly and consumer confidence soaring, the conditions are certainly in place for a temporary period of faster house-price inflation,” said Ed Stansfield, chief property economist for Capital Economics. And, homeprice appreciation has been stronger in the western United States, according to data from CoreLogic.

“However, we don’t expect such rapid price rises to be sustained in the longer term. Increased homebuilding and the acceleration in prices will bring more sellers into the market, helping to keep a lid on prices,” Stansfield said.

Experts forecast interest rates will rise, an increasing inventory of listings will bring balance back to the market and home prices are expected to moderate later in the year. In other words, if you snooze, you lose.

5 projects to recreate your basement

ave you ever wished you had more space in your home? Maybe you’d use the space to pursue a hobby, host out-of-town guests or just spread out and get some quiet time to yourself. The space you desire could already be in your home in your basement. If your cellar is nothing but a series of unfinished areas used for storage, you’re not getting all the benefits you could be from the space.

Making the most of your basement doesn’t have to mean costly contractors and expensive remodeling scenarios. Several easy DIY projects that you can take on alone, with the aid of the right tools, can help you gain that extra space you wish for.

Ready to get started?

Give these projects a try: * Build walls. Adding drywall to your basement has a big impact on the space immediately. Use 2-by-4s to mark where the walls will stand and place studs 16 inches apart.

Then nail the panels to the wall where the edges meet the studs and cover the seams with drywall tape.

Once the walls are up, mud the seams and areas where nail pops appear. A drywall saw or power saw will help you shape your drywall perfectly, but if you don’t own one, you don’t have to buy one.

It’s more cost efficient to simply rent it instead for this one-time project. Your local American Rental Association member rental store will have what you need. Don’t forget to add drywall stands to your rental list.

• A touch of paint. A fresh coat

of paint means you won’t have to stare at those drab walls in your new space. You can paint the space by hand, but if you have a large basement and you want to give every room that professional look, rent a paint sprayer instead. The cost is worth the time saved.

• Freshen up your floor. If your basement is completely unfinished, you probably have cold, concrete floors. How you improve them is up to you. If you want the polished, marbled look, consider renting concrete floor finishing equipment for a look that’s sure to amaze. And if the appearance of hardwood is more your style, laminate flooring panels are inexpensive and easy to install. Lastly, if you want the feel of carpet beneath your feet, don’t forget to add the pad first to make those future steps a pleasure.

• Eliminate the stink. Your new basement is coming together, now what can you do about that musty basement smell? A dehumidifier can help. You can purchase one at your local home goods store and when you get it home, try to place

How modern fenestration improves a home’s energy efficiency

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Get Started on the path to homeownership!

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NMLS #120442 | Loan Originator

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I look forward to working with you!

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Glass act:

RAY AKERS is a licensed Realtor for Lake & Co. Real Estate in Seattle. Send your questions to ray@ akerscargill.com or call (206) 7224444.

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it near the washtub sink if your basement has one. This will allow you to drain right into the sink and save you from having to empty the dehumidifier regularly. * Install a sump pump. Now that you’ve refinished your basement, don’t let water damage ruin all your hard work. A sump pump can protect against flooding issues and installing one is easy. Most new homes have a location marked for a sump pump; it will look like a small well. Follow the water pipes in your home and you can find it. Once you do, purchase a sump pump from your local home goods store and follow the easy instructions to install in less than an hour.

The extra space you have dreamed of has been with you all along. Transform your basement from barren to beautiful and you’ll be creating a space you can enjoy for years to come. To learn more about renting the tools you need for your home improvement projects, visit RentalHQ.com.

Client Nominated & Awarded Seattle Magazine’s 5 Star Real Estate Broker Annually from 2007-2014.

Christine Field, REALTOR® ABR, CIPS, CRS

206.999.0290 | ChristineField@cbbain.com

ost people probably think of windows and skylights only when they’re buying or selling a house, when they get dirty, when they leak, or when the kid next door lobs a baseball through one. Yet the glass in your home is arguably among its most important features, directly impacting the structure’s overall energy efficiency and livability.

Well-maintained, operational windows and skylights provide abundant natural light and passive ventilation, and models are available that maximize insulation values as well. If you’ve been overlooking the glass in your home even while you’ve been looking through it, take a moment to reflect on its condition, and whether it’s helping you save energy or costing ➧GLASS, Page 7

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Garden senses and sensibility

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ure, all of nature engage our senses — whether it be the sound of cottonwood leaves rustling in the summer, the painful spines of a blackberry or the sweet fragrance of lilac in bloom.

While this is a fact of life, the act of beginning to connect with the natural world in a personal way is catalyzed with an amplified and direct sensual experience with the plant world. Such interactions may inspire healing, calm, creative expression or even connection with others.

So while all gardens have the potential to heal, sensory gardens exaggerate the garden visitor’s experience to create a more interactive experience, thus initiating a restorative plant-human relationship.

Various strategies exist to achieve this effect, though some are more accessible to people of all abilities than others. For instance, a garden that is not ADA-accessible or is identifiable only by visual signage will engage a far smaller audience than one with wide, stable pathways and an alternative approach to plant identification.

One simple way to distinguish between the senses is to create a separate bed or area of the space dedicated to each sense. Even if one plant is visually appealing and tasty, setting it into one category simplifies the visitor’s experience and allows them to hone one particular sense at a time.

Another option is to combine two senses in each space, such as sight and touch, and encourage garden goers to explore both at once while exploring.

A final option is the free-for-all approach that considers all five senses, yet fills the space full with nontoxic, safe plants arranged in an artful manner for visitors to explore on their own without any sensedesignation.

Regardless of whether you decide to create an all-out sensory garden or simply integrate a few sensory highlights into your yard, here are a few suggestions inspired by the sense organs.

Sound

Katie Vincent garden hotline

Sight •Emphasize bright colors — Swiss chard, sunflower, marigolds, daffodils, roses •Organize garden beds by color (i.e. blue) — Grape hyacinths, Salvia ‘Black and Blue,’ cornflowers, etc.

•Large fruits, leaves or flowers — Apples, pumpkins, dahlias, Gunnera, rhubarb •Visual texture — Ornamental grasses, conifers, baby’s breath, hostas •Interesting form — Corkscrew willow or filbert, Corokia, Sedum ‘Autumn Joy,’ Sky Pencil Japanese holly •Artful additions — Mirrors, gazing globes, sculptures, lighting, mobiles

Smell •Fragrance in day — Lilac, roses, sweet pea, heliotrope, mock orange, stock •Fragrance in evening — Evening primrose, Nicotiana sylvestris, honeysuckle, moonflower •Fragrance when crushed — Wintergreen, rosemary, thyme, Artemesia, lemon verbena, scented geraniums •Fragrance in winter — Sarcococca, Osmanthus rotundifolia, winter honeysuckle, Edgeworthia, Daphne odora, witch hazel •Unique fragrance — Azara microphylla, Voodoo lily, Helichrysum italicum, chocolate cosmos

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•Wind-generated — Bamboo, ornamental grasses, cattails, cottonwood, willow, poplar, poppy or Nigella (seed heads) •Wildlife — Oregon grape, salal, serviceberry, Pacific madrone, red twig dogwood, hazelnut, oceanspray, snowberry, evergreen huckleberry, highbush cranberry •Artful additions — Wind chimes, water feature

Touch •Soft — Lamb’s ears, mullein, rose petals, Coreopsis ‘Moonbeam,’ Gaura, dusty miller, maidenhair fern •Rigid — Corkscrew willow or filbert, Dracaena, Yucca, monkey puzzle tree, red twig dogwood, Juncus grass •Rough — Tree bark, conifers, Gunnera, Rodgersia, Western sword fern, Ceanothus, heliotrope •Smooth — Tibetan cherry bark, hosta, Pacific madrone bark, Eucalyptus, southern magnolia •Spined — Sea holly, rose, blackberry, barberry, hawthorn, gooseberry, Oregon grape •Squishy — Water lilies, aloe, hen and chicks, daylily buds, carnivorous plants, Sedums

Taste •Sweet — Grapes, stevia, strawberry, blueberry, anise hyssop, fennel, honeysuckle •Sour — Sorrel, Oregon grape berries, Mexican sour gherkin cucumber •Bitter — Dandelion, kale, arugula, lettuce, fenugreek •Astringent — Cranberries, rosemary, apple, basil, grapes, Aronia •Floral — Violet, lavender, rose petals, calendula petals •Pungent — Chives, mustard greens, ginger, wild ginger, mint, nasturtium •Mineral/salty — Spinach, Swiss chard, nettles, amaranth, quinoa

A Flanders poppy at Burien Community Garden. Photo by Katie Vincent Note: Always be 100-percent certain of a plant’s identity prior to consumption.

For inspiration, take a visit to the Seattle Sensory Garden, on the east end of the Woodland Park Zoo’s Rose Garden. For more information, visit www.seattlesensorygarden.com.

To learn more about sensory plants, contact the Garden Hotline at (206) 633-0224 or www.gardenhotline.org.

KATIE VINCENT is an educator for Seattle Tilth’s Garden Hotline (seattletilth.org). To comment on this column, write to MPTimes@nwlink. com.

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Demand for Housing Will Continue ➧ TRENDS, from Page 1 percent of Expedia employees live on the eastside. Changing schools and leaving a community you know is tough, so many employees will stay put.

But certainly some employees will move to be closer to the new headquarters. Nearby Queen Anne and Magnolia neighborhoods will be wildly attractive to many of those employees. But with the move scheduled for 2018, there won’t be an immediate influx. We can expect a gradual migration of employees before, during, and after the corporate move. Of bigger concern to many is the traffic impact the Expedia commuters will have on the Mercer Mess. (Yowza…)

The More Imminent Impact We will experience a direct real estate impact sooner from the companies that are expanding or opening local area offices like Uber, Alibaba and Google. Many of these companies’ new employees already live here, but we can expect new hires to transfer to Seattle. So demand will increase for homes offering easy commutes, good schools and great neighborhoods like Queen Anne and Magnolia.

Thus, our predicament: demand for homes in Seattle is high and getting higher. But the number of homes available for sale is at the lowest level we’ve seen in a decade.

Here’s some historical perspective. In 2007, we were in a

sellers’ market—like today—where sellers typically received multiple offers for their homes. The number of homes for sale in Queen Anne averaged 96 per month that year. In Magnolia, there was an average of 86 available for sale per month.

Contrast that with 2015: year to date, we’ve seen an average of 29 homes for sale per month in Queen Anne and 33 in Magnolia. Just a fraction of the scenario eight years ago.

Breaking the Housing Logjam The conundrum is that Seattle’s area economy is strong; one of the healthiest in the country. People have confidence in the economy and their lives are changing. They want to move—move to larger house as their family expands or downsize as the family moves on.

But there’s a housing logjam.

There’s a “held-back inventory” of homes from owners who haven’t put their homes on the market because they fear they won’t be able to buy elsewhere. So now what?

Hangover from the Recession According to the Pew Research Center, roughly 10,000 baby boomers will turn 65 today and every day for the next 15 years.

Prior to the recession, economists predicted that the real estate market would be flooded with homes because baby boomers would retire, want to sell their family home, and

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move on to a new lifestyle.

Then the recession happened.

Home equity and investment portfolios declined to the point where many people had to postpone their retirement plans and stay in their homes. So the bubble of homes expected to come onto

the market never transpired and we’re still feeling the residual effect of that slow down. The shortage of available home for sale is partly due to increased demand, but also due to our hangover from the recession.

Here’s a thought for baby boomers: the value of your home is back to, or exceeds, pre-2008 levels. Sounds like a great time to put your home on the market!

Oh, wait. That means me too…

Have a real estate question?

Do you have specific real estate topics or questions you’d like to hear about? Please send your ideas and questions to kwesselman@ windermere.com.

Kim Wesselman is Managing Broker at Windermere Real Estate.

She has advised clients on buying and selling properties in Queen Anne and Magnolia for 12 years.

Queen Anne Home Sales for April 2015 Address

Bed

Bath

Sq Ft

Year Built

Days on Mkt

Asking Price

Sold Price

2020 Dexter Ave N 1611 Taylor Ave N 1615 4th Ave W #2 41 W Etruria St #C 552 McGraw St

5 1 2 3 3

2 1 1.5 3.5 3.25

1,290 760 1,230 1,450 1,714

1906 1923 1916 2007 2008

56 147 74 4 14

$450,000 $495,000 $479,950 $550,000 $609,000

$410,000 $490,000 $490,000 $550,000 $600,000

Asking Price/Sold Price 91.11% 98.99% 102.09% 100.00% 98.52%

2558 14th Ave W #B 2606 Mayfair Ave N 161 Aloha St 2668 9th Ave W 14 W Crockett St 568 McGraw St 2006 Warren Ave N 2515 Nob Hill Place N 1912 10th Ave W 509 W Olympic Pl #509C 3205 13th Ave W 360 Boston St 1528 4th Ave W 2810 1st Ave W 409 Lynn St 2118 4th Ave W 2512 11th Ave W 1209 Warren Ave N

3 3 3 2 4 3 3 3 3 3 3 3 3 4 3 3 4 4

2.25 2.75 1 1 1.75 3.25 1.5 2.25 2.5 2.25 1.5 2 1.5 3 2.5 2.75 3.5 3.25

1,715 2,260 2,350 2,300 2,318 1,714 1,140 2,890 1,623 1,860 2,856 2,006 2,920 2,813 2,130 2,710 2,590 4,050

2014 1956 1910 1914 1909 2008 1915 1931 2015 2007 1949 1910 1912 1919 1990 1913 1928 2014

2 6 5 7 18 6 25 15 13 3 25 22 7 7 15 21 7 157

$629,950 $624,950 $699,000 $669,000 $799,000 $650,000 $729,000 $749,999 $827,000 $869,500 $649,900 $950,000 $875,000 $950,000 $1,095,000 $1,095,000 $1,150,000 $1,950,999

$629,950 $705,000 $707,500 $710,000 $710,000 $710,200 $716,000 $740,000 $818,000 $874,000 $911,911 $935,000 $940,000 $950,000 $1,065,000 $1,112,000 $1,236,000 $1,805,000

100.00% 112.81% 101.22% 106.13% 88.86% 109.26% 98.22% 98.67% 98.67% 100.52% 140.32% 98.42% 107.43% 100.00% 97.26% 101.55% 107.48% 92.52%

Magnolia Home Sales for April 2015 Address 2203 4026 3227 2525 2617 3042 3446 3446 2841 3213

Thorndyke Ave W 33rd Ave W 21st Ave W #D 29th Ave W 24th Ave W A 21st Ave W 22nd Ave W #B 22nd Ave W #A 35th Ave W Whalley Place W

Bed 2 4 3 2 3 3 3 3 4 3

Bath 2.25 1.75 2.25 1.75 1.5 2.25 3 3 2.75 1.75

Sq Ft 1,440 1,550 1,550 1,540 2,180 1,750 1,549 1,549 1,955 2,180

Year Built 2006 1944 2013 1946 1955 2009 2015 2015 1942 1950

Days on Mkt 5 8 2 6 7 5 8 11 3 3

Asking Price $399,950 $495,000 $550,000 $559,000 $499,950 $529,000 $649,950 $665,000 $649,000 $689,800

Sold Price $475,000 $557,800 $570,000 $600,000 $605,000 $615,000 $649,950 $655,000 $676,000 $689,800

2607 2611 2909 2351 4320 2909 4012 2521 2211 2816 2812 3230 2610 2538 2521 2602 2306

32nd Ave W 24th Ave W W Bertona St 24th Ave W 32nd Ave W 27th Ave W 34th Ave W 29th Ave W 26th Ave W Viewmont Way W 24th Ave W 44th Ave W 43rd Ave W 29th Ave W 27th Ave W 36th Ave W Viewmont Way W

4 4 4 3 3 4 4 4 5 3 4 5 4 5 6 5 4

1.75 2 1.75 2.75 2.5 1.75 3 2.25 1.75 2.25 2.5 2.5 2.5 3.5 3.5 4.25 2.75

2,770 2,340 2,160 2,320 1,940 3,400 2,420 2,429 2,740 2,623 2,580 2,770 3,980 3,180 4,450 3,470 3,830

1949 1956 1941 1956 2000 1937 1968 1932 1949 1940 2003 1959 1951 2001 2010 2007 1925

26 4 13 2 7 5 8 6 129 8 9 7 126 7 4 3 58

$725,000 $699,000 $709,500 $749,950 $699,950 $749,000 $739,000 $759,000 $899,950 $950,000 $979,000 $1,050,000 $1,150,000 $1,150,000 $1,295,000 $1,395,000 $1,298,000

$700,000 $708,000 $710,000 $775,000 $807,000 $825,000 $830,000 $862,000 $905,000 $978,500 $990,000 $1,080,000 $1,115,000 $1,236,300 $1,300,000 $1,445,000 $1,295,000

Asking Price/Sold Price 118.76% 112.69% 103.64% 107.33% 121.01% 116.26% 100.00% 98.50% 104.16% 100.00% 96.55% 101.29% 100.07% 103.34% 115.29% 110.51% 112.31% 113.57% 100.56% 103.00% 101.12% 102.86% 96.96% 107.50% 100.39% 103.58% 99.77%

Information supplied by Northwest Multiple Listing Service.

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www.QueenAnneNews.com | May 13, 2015 Queen Anne & Magnolia News_5.13.15_Queen Anne 5.13.15 4/30/15 10:51 AM Page 1

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May 13, 2015 | www.QueenAnneNews.com

Competing with Cash

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or folks thinking about buying a new home in our current market – and especially first-time homebuyers – being able to make the dream of homeownership a reality can seem incredibly daunting in the Seattle area. With all the rumors and whispers of “cash buyers”, “foreign investors”, “bidding wars”, and “escalation clauses”, a prospective buyer is left wondering if it’s even worth the time and effort of going out to look at homes…and for some, that intimidation is where the process stops – before they even speak to a realtor or lender and find out the truth!

The truth is: YES, all of those scary, buzz-word things do exist.

And in our current market, with the limited amount of inventory in Seattle, buyers are almost certainly going to run up against at least one of these situations as a competitor if the home they’re looking at purchasing is even halfway decent (and even if not – there are plenty of investors still looking for renovation projects, as well). But there are several things you can do as a buyer to arm yourself in order to compete with cash, even if you haven’t hit the lottery or stumbled onto buried treasure!

First things first – and this cannot be stressed or overemphasized strongly enough – it is absolutely CRITICAL that buyers work with an agent who is experienced and knows not only the neighborhood that their clients are looking in, but also knows other agents in the area where the buyers are mainly interested in, and is well networked in their community. In the world of competitive real estate offers, every single advantage counts, and when a listing agent is asked by their sellers for advice about which offer

Umar Gebril, JD Market Manager Academy Mortgage

to accept, you better believe that prior relationships and mutual transactions matter. Also, a good realtor will inquire to try and find out as much about the sellers as possible from the listing agent – are they a growing family who is leaving their first home, full of fond memories? Or was the house simply a rental property, that the landlord has grown tired of dealing with?

Does the seller need time to pack their belongings and find their next home, or have they been carrying two mortgages and want to close as fast as possible? All of these things are important factors to consider and definitely matter when it comes time to craft an offer – and if your agent knows the listing agent or has closed a transaction with them previously, it is much easier to get this sort of information.

Equally important – if you are obtaining financing (as 90% of buyers do) but want to be able to compete with cash, it is imperative that you are able to close QUICKLY! Oftentimes, a seller may be willing to entertain a less-than-ideal sales price, if they’ve got a buyer willing to pay cash – and investors (who are the most common cash buyers) are fully well aware of this. The two primary reasons for this are 1) reducing the risk of having the buyer run into issues when trying

to obtain a loan that either delay the closing date or worse, end up not panning out, and 2) knowing that a cash buyer is typically able and willing to close much faster than a buyer with financing can traditionally close – oftentimes, in as little as a week to ten days.

Savvy buyers oftentimes interview and screen their real estate agent, and this type of background homework is something that should also be extended to selecting a lender.

Most homebuyers don’t realize that a “preapproval” in most cases is simply a loan officer reviewing a buyer’s financials, credit report, and bank statements, and making a judgement call as to whether or not they believe the buyer qualifies for financing. In this model, a human underwriter never gets involved or even sees a buyer’s name until AFTER they have found a home, had their offer accepted, and are under contract to purchase a home.

This is where many lenders can run into issues that cause delays or complications that can threaten the deal; an underwriter may have a very different interpretation of a buyer’s application than their loan officer did. Hence, the last minute surprises and 11th hour questions from underwriting, even though a buyer may have been “preapproved” for several months in advance.

Conversely, there are some lenders who fully underwrite a buyer up front, during the preapproval process. Getting this completed up front means that a buyer can be absolutely certain their application is solid, won’t run into last minute issues, and can close quickly. Typically, if a lender has fully underwritten a preapproval, they are also willing to say this in their preapproval letter, ➧CASH, Page 7

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Remodeling a kitchen?

Draw inspiration from locations and cultures around the world

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raditional, rustic, contemporary, modern - which style will you choose for your kitchen remodel? While each design style has its own appealing characteristics, what if you want a look that is worldly and inspired?

You can add flare to any kitchen and any kitchen design style - by incorporating cultural influences from around the world.

Here are some simple ways to draw inspiration from beautiful locations and cultures: • Create with color - Color transforms mood and can evoke specific world cultures, regions and locations. Manipulating color in your kitchen design can allow you to either create a complete ethnically inspired theme or simply hint at a regional influence. For example, walls in a soft, glowing orange paired with dark red accents (think cabinetry or window treatments) can build an Asianinfluenced backdrop for a kitchen.

Or, a tile backsplash with Aegean blue and pale sand hues can speak of a subtle Mediterranean influence.

For a Tuscan effect, incorporate rustic, earthy hues like umbers, creams and forest green.

• Count on countertops - As one of the largest design elements in any kitchen, countertops can be a great way to underscore a globally inspired design. Not sure what material, pattern or color might match your chosen theme?

Wilsonart Quartz countertops offer creative guidance with a line of durable, beautiful countertops inspired by locations around the world. Underscore your Asian look with Niwa, a subtle marriage of white and gray that harkens to the sacred spaces in the Shinto religion that are often demarked by white and gray pebbles. For upscale European styling, Vittorio incorporates two tones of gray with brown and blue highlights in homage to the Galleria Vittorio, a high-fashion shopping mall in Milan. Wilsonart has made engineered decorative surfaces for more than 50 years. To learn more

about Wilsonart Quartz natural stone countertops, visit www. wilsonart.com.

• A way with walls - Kitchens in different areas of the world have different signature design elements.

For example, wood paneling on the walls is a hallmark of English country kitchens, while modern Japanese kitchens, which are often limited in space, are made to look larger with walls of floor-to-ceiling windows. Tile on walls can create a Spanish or Italian effect, while arches, sandy hues and bright tile accents speak of a Mexican influence.

• Open up with cabinetry - Just as countertops significantly impact a kitchen’s look, cabinetry has a fashionable and functional effect.

The material and color you choose for cabinets will play a defining role in the overall appearance of your kitchen. For example, flat white or frosted glass doors can impart a very modern Asian flare, while distressed woods in rustic hues create a Tuscan effect.

White wooden cabinets paired with pops of blue in door knobs and accessories are reminiscent of kitchens in Greece.

• Flooring is a foundation - Certain materials establish a regional look because they are widely available in that region. In India, where quarries make natural stones easily affordable, kitchens commonly feature floors of glossy marble or other stone. Tile is also abundant and beautiful in Spain and Italy, and a wide variety of styles is available to create the underpinning for any regionally inspired kitchen design.

Finally, remember the power of accessories and wall art to bring a look together. A wallpaper mural of a Tuscan countryside can bring the charm of Italy into your kitchen, while window treatments and wall art with a cherry blossom theme serve to transport the imagination to Italy. Whatever your design tastes, you’ll create a kitchen that’s inspired, beautiful and practical when you draw together influences from around the world.

(BPT)

Visit: queenannenews.com

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www.QueenAnneNews.com | May 13, 2015

How windows work in your favor ➧ GLASS, from Page 2 you money.

The advantages glass brings to a home may seem obvious, but a deeper look reveals just how important it really is. Over time, homes have become much more energy efficient - which is good for the environment and your wallet - and better windows and skylights have a lot to do with that improvement.

The National Fenestration Rating Council rates windows based on a number of basic criteria, including the U-factor, which measures heat loss through the glass, and solar heat gain, which indicates how much heat enters a room through the glass. Understanding how those two measures work and what they mean can help you choose the type of window that’s best for where you live. For example, if you live in a hot climate you may want to consider selecting windows that minimize solar heat gain.

Many new technologies in glass design have enhanced the efficiency of windows. For example, the insulating effect of double-pane windows gets an added boost with the addition of blinds. Electrostatic film allows homeowners to make window glass clear or opaque with the touch of a button. Another type of window coating admits natural light, but blocks out most of the infrared energy and ultraviolet rays that, along with artificial lighting and other factors, create heat and cause fading of materials inside the home.

In addition to the energy efficiency of the glass itself, the quality and maintenance of the structure surrounding the glass - the framework that makes it a window instead of just a pane of glass - also affect its efficiency.

Whatever type of window you choose - vinyl, wood, fiberglass or metal - or the age of existing windows, properly sealing them helps ensure they’ll do their job as efficiently as possible. You can learn more about energy performance ratings and energy-efficient windows at www.energy.gov.

The advantages of skylights Skylights have always offered many functional and aesthetic advantages for homeowners. They

Garden Right for Your Space ➧ POT OR PLOT from Page 1 your backyard, right-sizing your plant picks to coincide with your available garden space can yield a more productive and pleasurable gardening experience. More than a third of all American households now grow some type of food themselves, making food gardening the third largest yard activity after landscaping and lawn care, the National Gardening Survey shows.

Whether you aim to trim grocery bills by growing your own produce, add your own fresh herbs to your summer cooking, or just plain love to garden, choosing the right plants for your gardening space - pot or plot - is your best bet for great success.

Get your garden growing

admit natural light, which can help reduce dependence on artificial light sources. Fresh air skylights can also provide passive ventilation to remove humidity, fumes and excess heat from a home - all of which improves indoor air quality. Today, high-tech, energy-efficient glass in modern skylights also works hard to help your home function optimally.

Manufacturers like Velux America utilize glass in their no leak solar powered fresh air skylights that stays cleaner and clearer, reduces outside noise, and protects the contents of your home - such as carpet and furnishings - from the fading effects of the sun. Velux’s “Clean, Quiet & Safe Glass” is laminated with a super-thin coating of titanium dioxide and silicone dioxide to help keep the glass cleaner, and reduce outside noise by up to 25 percent compared to

a standard double-pane glass and 50 percent compared to a plastic skylight. The glass sheds water more effectively and has a U-value and UV protection superior to regular tempered glass.

Remote-controlled, solarpowered blinds in decorator styles and colors further improve a skylight’s overall energy efficiency.

And you may be eligible for a 30 percent federal tax credit on solar skylights, blinds and installation cost. Visit www.veluxusa.com to learn more.

Humans have been making glass and using it in windows for thousands of years. Today’s windows and skylights draw on thousands of years of human innovation and some very recent modern technological advances to help keep homes comfortable, secure and efficient.

(BPT)

An Experienced Agent is Critical ➧ CASH, from Page 6 and are willing to state in writing that the buyer is subject only to a satisfactory appraisal and title report (the only things dependent on a specific home).

Finding out whether or not this service is something a lender can provide is crucial for buyers who need to obtain financing, but wish to compete with cash buyers when it comes time to making an offer. The ability to use financing, but close quickly (lenders who provide full underwriting upfront can oftentimes close transactions in

the same 7-10 timeframe as a cash buyer), is gaining popularity and becoming one of the main ways that buyers are able to compete in a heated market like Seattle.

Buyers are also well advised to get as many other potential hurdles out of the way as possible, aside from financing – things like a pre-inspection, sewer scopes, and other services to demonstrate the seriousness and commitment of the buyer to the seller in advance.

This is another area where having a strong real estate agent can be priceless, as they help to navigate

the balancing act between making a competitive offer versus protecting the interests of the buyers.

Umar Gebril, J.D. Market Manager

Academy Mortgage 2825 Eastlake Ave E. Suite #115 Seattle, WA 98102 Office: 206.582.5979 Mobile: 425.273.0633 Fax: 206.316.9136 umar.gebril@academymortgage.com

Veggie and herb gardens need plenty of sunshine and water, no matter what you’re planting, or growing them in. Six to eight hours of bright light every day is best, so choose a sun-drenched spot in your yard for raised beds or larger gardens, and place pots and containers on sunny porches, decks or patios.

Use a good potting mix for containers and raised beds; it should be light weight and provide fast drainage. For garden plots, till soil, test for quality and work any necessary amendments into the soil before planting. All food plants need to be fed. Consistent and frequent watering, good drainage and a quality plant food such as Bonnie Plant Food are needed for good plant health and harvest.

Cultivating in containers and raised beds Gardening doesn’t require a huge plot of land for hefty harvests and good success. Planting in containers can solve space problems and raised beds allow you to enjoy a garden if you’re short on space or have poor soil quality in your yard.

Place containers in a sunny spot, whether it’s an apartment balcony or backyard patio. Make sure the pots are large enough for the plants you’ll put in them and have good drainage holes. Consider container color; dark containers will absorb more heat, so try using lighter colored containers.

Plants suited for containers include: • All herbs.

• All greens. Add flowers to the same pot for an ornamental touch.

• Tomatoes like Bonnie Plants’ popular Husky Cherry Red, Patio,

Bush Early Girl, Bush Goliath and Better Bush. For larger varieties, use a large pot, at least 5 gallons for each plant and support plants with a cage.

• Smaller eggplants such as Patio Baby Mini Eggplants.

• Peppers, like Lunchbox Sweet Snacking Peppers, that are smaller in size and high in yield.

• Cucumbers if you add a trellis to the pot and train them to climb.

Raised beds can host bigger veggies like Beefmaster Tomatoes, or varieties that require more room to spread on the ground like zucchini. They’re also great for greens like collards, lettuce, mustard and Swiss chard, and a variety of peppers, beans and eggplants.

Planting plots In-ground gardens allow you much more room for larger plants.

Even if your plot isn’t huge, it can accommodate plants that require more room, like watermelon and corn. In addition to staples for your table like greens, tomatoes and peppers, a garden plot allows you to incorporate a greater variety of veggies, like beans, peas and squash, in your garden plans.

No matter where you live or how much or little space you might have, you can enjoy growing your own food. Be sure to rightsize, according to your space and need. Once you get growing, you’ll love the homegrown flavor of your harvest and the enjoyment gardening brings.

For more gardening tips, how to’s, trouble shooting and to learn about plants that fit your garden environment, visit www. bonnieplants.com.

(BPT)

specializing in residential & condominiums

Jan slaWson

jslawson@windermere.com www.janslawson.com 206-949-4Jan (4526)

Windermere Real Estate/Wall St., Inc.

Queen anne | magnolia | doWntoWn

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