Lake Chelan Real Estate Blog. Waterfront Manson Office! Lake Chelan Real Estate, Waterfront Homes and Vacation Home Specialists!

Life Isn’t Fair!! Especially in Real Estate…

It’s a fact.  Life isn’t fair.  And, it is a good thing it isn’t fair.  We have

Sellers raised asking prices in April

According to Realtor.com, median list prices rose by 0.7% in April from March to the highest level i

Carbon Monoxide detectors required of home and building sellers

Senate Bill 6472 takes effect on June 7, 2012 and requires  sellers in the State of Washington to i

Time to buy a home now, or not. Both sides of the issue!

The Wall Street Journal has a great posting with eloquent experts stating the arguments for both sid

 

Chelan County Commission approves Noise Ordinance

May 1, 2012 in Chelan What's Happening, Lake Chelan Land Use, Your Lake Chelan Home

At yesterday’s Chelan County Commission meeting, the commissioners approved a noise ordinance aimed at helping to resolve conflicts between residents and vacation rental properties.  The new rules states is it unlawful to create “loud, raucous, frequent, repetitive or continuous sounds that exceed a reasonable person standard so as to disturb or interfere with the peace, comfort and repose of another.”

The new rule replace an old rule that was deemed too vague to enforce.  The new rule leaves the responding deputy to make the reasonable person standard. This noise ordinance will not solve the issue, but will kick it down the road for awhile.

The resolution goes into effect May 16th.  Fines can be $250 or more.

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The April Home Sales numbers at Lake Chelan should be interesting!

April 30, 2012 in Chelan What's Happening, Lake Chelan Happenings, Lake Chelan Real Estate, Lake Chelan Real Estate Market

I haven’t been posting as much lately, because I haven’t had the time.  Other agents are also reporting an uptick in activity.

I will have the sales data for April out on Wednesday and we can see if that activity shows up as closed sales in April.  Stay Tuned!

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Is Lake Chelan the Greatest Lake in the World?

April 27, 2012 in Chelan What's Happening, Lake Chelan Local


Author John Fahey sure thinks it is.  He did some research and wrote a book supporting just that claim.

He says it has everything, mountains, wineries, clear water and more.  He visited Lake Tahoe, Flathead Lake and Lake Como to support his supposition.  You can learn more at greatestlakeintheworld.com.

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Get your mortgage at Costco

April 26, 2012 in Finance & Mortgage, Lake Chelan Real Estate

Throw a mortgage for your home into your cart stuffed with bulk packs of everything from asparagus to zip ties.

After a year of testing, Costco (COST, Fortune 500) is rolling out a full-service mortgage lending program on its website in partnership with First Choice Bank, a New Jersey-based community bank, and 10 other lenders.

Costco’s partners have issued more than 10,000 mortgages to members under the program. But Lauren Kutschka, Costco’s manager of financial services, expects that number to swell as the warehouse retailer markets the service more aggressively to millions of members in its stores and in its weekly publication Connection. – CNN.com

The offers available through Costco’s web site list mortgage rates, closing costs and terms  up front. Closing costs are reported to be as little as 1/3 of other lenders.

The site gathers quotes from multiple vendors.  Unlike other similar sites, the borrower’s identity is revealed only after they officially select the lender.  Why not shop for a mortgage where they have a huge selection of large screen televisions?

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Home Prices are up and interest at Lake Chelan is way up!

April 24, 2012 in Chelan What's Happening, Lake Chelan Real Estate, Lake Chelan Real Estate Market, Lake Chelan Waterfront Homes for Sale, The Real Estate Market

The Federal Housing Finance Agency just released a report that housing prices rose 0.3%  on a seasonally adjusted basis from January to February.  While prices in January were unchanged according to initial estimates reported in the last HPI release, the January result has been revised downward to reflect a 0.5 percent decrease.  For the 12 months ending in February, U.S. prices rose 0.4 percent, the first 12-month increase since the July 2006 – July 2007 interval.  The U.S. index remains 19.4 percent below its April 2007 peak and is roughly the same as the January 2004 index level.

February is ancient history though.  Based on calls and local interest, March was busier and April is going to look even better.  Buyers optimism is up that housing has bottomed out and deals won’t get much, if any, better.  I hope they are correct!

 

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Good and bad in latest National Association or Realtors housing report

April 20, 2012 in Lake Chelan Real Estate, The Real Estate Market

Thursday’s report from the National Association of Realtors shows existing-home sales decreased 2.6% in March from a month earlier to a seasonally adjusted annual rate of 4.48 million sales. The first quarter of 2012 had the strongest start to the year for existing-home sales since 2007.  March’s sales were 5.2% above March of 2011. The median sales price in March rose to $163,800 which is up 2.5% from $159,800 a year earlier.

The NAR attributed the rise in home prices to 29% of home sales this March being foreclosures as compared to 40% in March of 211.

Home buyers are more bullish on the housing market.  This Wall Street Journal poll is showing over 70% of respondents think now is a good time to buy a first home.

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Sellers’ Market? Asking Prices Rose in March

April 18, 2012 in Lake Chelan Real Estate, Lake Chelan Real Estate Market, The Real Estate Market, Your Lake Chelan Home

Realtor.com released a report that median asking prices in March jumped by 5.6% from a year ago, and were up 1% from February.  Not only were asking prices up, but inventory dropped 21.5% from one year ago.

The biggest monthly price gains were reported in San Francisco (6.1%), Seattle (5%) and Washington, D.C. (4.1%).

This is the best selling environment we’ve had in a long time.  It is far too early to tell if it will last, elections, tax hikes, fuel prices and more could impact the outlook.  But for now, sellers should be enjoying this window to get their home sold.

On the other hand, it may be a long term trend .  Many buyers clearly believe it is and are rushing to get into the market while prices and interest rates are low.

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Median Prices up in Wenatchee Market for the first quarter of 2012

April 17, 2012 in Lake Chelan Real Estate, Lake Chelan Real Estate Market, The Real Estate Market, Wenatchee Area Real Estate


The latest Snapshot Report from Pacific Appraisals is showing an uptick in median prices for homes and condos of 2% in the Wenatchee market and 4% in the overall MLS area.  Sales are up 17% by transaction volume in both Wenatchee and the MLS area!  By dollar volume, sales are up 12% in Wenatchee and 16% in the MLS area for the first quarter.

Those are some strong improvements!  Most sales are still on homes priced under $350,000.

It has been awhile since the graphs have been going up and to the right.  I look forward to the trend continuing.

Click for the full Snapshot Report from Pacific Appraisals.

 

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A little “Truth Check” on Obama’s claims of who to blame for housing crisis

April 12, 2012 in The Real Estate Market

IBD Editorials has a good editorial debunking the recent Obama administration claims that banks, not policy makers in Washington, created the housing crisis.  Without further ado:

The White House is still blaming banks for the mortgage crisis, and the media are going along, ignoring new evidence that federal credit quotas caused it.

This is not an academic debate. The housing industry is still on its back, and Obama’s regulatory takeover of the financial sector has made things worse.

Sorting out who got the nation into this mess — the social engineers on Pennsylvania Avenue or the bankers on Wall Street — will be central to the political debate throughout this critical election year.

President Obama and Democrats are acutely aware of this. They have the most to hide, and the most to lose if their false narrative is exposed.  (Read More – IBD Editorials)

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Why Regulating Noise won’t solve issues with Vacation Rentals in Chelan County

April 10, 2012 in Chelan What's Happening, Government, Lake Chelan Real Estate, Lake Chelan vacation homes, Your Lake Chelan Home

While Chelan County Commissioners wrestle with trying to write an enforceable noise ordinance to help control vacation rental issues, I have been pretty silent on the whole issue.

The reason is the solution the commission is working towards is political in nature, meaning it won’t make anybody completely happy or completely irritate anybody.  But it also means it isn’t going to work, and the issue won’t go away.

I understand both sides of the issue.  Vacation renting a property can generate big income, and help pay, or completely pay for a vacation home.  The Chamber of Commerce, vacation rental management companies and associated support businesses will tell you it is big business, generating millions in income in Chelan County.  Many people will pay more for a vacation home.

It is also extremely maddening to be a full time resident raising a family, in what is supposed to be a single family zone, and instead constantly be surrounded by partying revelers who are on vacation and really don’t care about your neighborhood.  It isn’t the usual American dream of home ownership.  Many people will also pay more to not be near a vacation rental.

There are two sides, I get it!  The problem in Chelan County is you don’t have any choice, the uses are not separated by code enforcement.  “Single Family” has no meaning to the county.  This noise compromise simply won’t work.  Vacation renting is a commercial business, has nothing to do with “single family” occupancy and the two uses are really not compatible.

The solution, which the commission has been trying to avoid, is not an easy transition.  That solution is to have separate, specific zones, like Tourist Accommodation in Chelan, that allow vacation rentals.   Other, Single Family Residential zones should not.  The difficulty is getting from where we are now, where the issue hasn’t been addressed for a decade, to the solution.  Even though the longer they wait, the harder it will be to solve, I still expect it will take another decade for the county to really solve it.

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