Link: http://123relocation.com/Washington/Walla_Walla

I recently took a walk in Walla Walla, Washington.  I was there for a short visit, and the original intent was a brisk morning walk. There was fog however, and I managed to make the short jaunt a long and thorough walk through the historic district, and beyond.

What I noticed as the fog lifted (beyond the fact that I was lost), was the beauty of the trees and variety of architectural time periods present in the homes of Walla Walla.  As I retraced my steps back to the motel, I also noticed a lack of real estate "For Sale" signs.  In an era where the health of a community can be measured by the amount of signs on the lawns,  Walla Walla appeared to have avoided the worst of the problems plaguing much of our country.

The day of my elongated walk, I had the opportunity to have lunch with local Real Estate expert Susan Akers.  I asked her about the current real estate trends of Walla Walla, and if my impression were correct.  Had Walla Walla avoided the worst of the real estate melt down?

"There has been some effect" she said, "However we tend to be more conservative here.  Our lending community doesn't make high risk home loans, and our real estate agents don't oversell what a person can afford.  The inventory of homes for sale is up slightly, and the prices are slightly down.  Which, of course, makes it a great time to buy". 

Susan also informed me about the construction of a four lane highway between Walla Walla and the Tri-Cities.  This expanded highway will speed commutes and commerce, and should be a boon to the economies of Walla Walla and the surrounding areas.

This, along with low interest rates, a buyers market, and a beautiful place to live, makes now a great time to move to Walla Walla.

Link: http://magnoliamortgage.com

Is Timing, Timing, Timing
the new
Location, Location, Location?

by Steve Gray

The US housing market has seen the highest highs and lowest lows over the past three years.  Reduced demand for new and existing inventory have pushed home prices to their lowest level in years.  When today’s historically low interest rates and reduced sale prices are linked to the Federal Government’s tax credit programs, this sets the stage for an unprecedented home buying opportunity. 

The face of the home loan industry has changed in recent years.  The once popular stated income, reduced documentation, and subprime lending is a thing of the past.  In place of these more liberal underwriting practices, a more conservative, sustainable, and appropriate industry standard has taken root.  Lenders are only approving mortgages that make sense and are affordable to the homeowner.  Conventional Fannie Mae and Freddie Mac mortgages generally require at least 10% down and a 680 credit score.  These are only guidelines, as each underwriting decision is unique to the individual loan applicant.  Government backed FHA programs offer reduced downpayment and credit score requirements.  The USDA rural lending programs can offer first time buyers fixed rate financing with zero downpayment.  These have become very popular in the face of tightening Conventional approval standards.  Plenty of money is available for buyers who have looked after there credit history and are being realistic about their expectations for a new home. 

Many move-up buyers are realizing that even as they sell their existing home for a less than ideal price, they are seeing great value in the home they are purchasing.  In the end these transactions can be a win-win for both buyer and seller. 

The great rates, reduced prices, available selection, and government tax credits are the key ingredients to this amazing time to invest in real estate.  As I said in the beginning, its all about Timing, Timing, Timing.     

Steve Gray is the Broker/Owner of Magnolia Mortgage Company.  He has been meeting the mortgage needs of Washington State homeowners since 1992.  For more information, please contact Steve at 360-715-2001, extension 12 or steve@magnoliamortgage.com.