Wenatchee Real Estate: Travel Preparedness

My last post on Emergency Preparedness for your home got me to thinking about travel preparedness as well... especially in the winter when a breakdown can be more dangerous to your health and safety.

I found an article on the Department of Motor Vehicle website that has a comprehensive list of things to put in an emergency preparedness kit for your car.  You probably aren't going to actually carry them ALL, but please read through the article and highlight the ones you really think you might need, based on your personal travel habits.

Stay safe and warm this winter while on the road.

Erin Davidson
Wenatchee Real Estate Agent  

Free search of the entire Wenatchee area MLS

Current Wenatchee real estate news, info and trends
Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth, Washington

Wenatchee Real Estate: Emergency Preparedness

As the cold weather rolls in to our region, it brings to my mind the need to be prepared for possible emergencies, such as powers outages or a storm that could cause you to become home-bound for a few days.  Peace of mind is a wonderful thing when it comes to finding yourself in an emergency situation.

I found a good article on this subject at HouseLogic.  I encourage you to check it out and, if you don't already have one, please consider having an emergency preparedness kit in your home.

Stay safe and warm!

Erin Davidson
Wenatchee real estate agent

Free search of the entire Wenatchee area MLS

Current Wenatchee real estate news, info and trends
Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth, Washington

Wenatchee Real Estate: November statistics

The November Snapshot from Pacific Appraisal Associates in Wenatchee is out.  You really need to see it to analyze it, so click on the link above.  For the most part, the market is fairly flat but if you just look at some of the "percentage" numbers, it can be deceiving.

The report is divided into the "MLS Market Totals" and "Wenatchee Market Totals",and taking both into consideration will reveal the most accurate picture of what is happening in the entire Wenatchee Valley.  The MLS Market area is greater than just Wenatchee.  It includes the surrounding areas... Cashmere, Leavenworth, Waterville, and some Chelan.

For example, the number of Mobile Homes sold last month is up 11%.  However, there were 10 sold this year and 9 sold the same month last year.  So, one unit isn't significant one way or the other.

The statistic to watch is going to be number of homes listed.  That is the noticeably declining number and can affect supply and demand, causing prices to increase.  This is indicating if you or someone you know is interested in buying, making a decision sooner rather than later could be beneficial.

Interest rates are still good, so it IS a good time to buy.

Please continue to stay warm and safe this winter!

Erin Davidson
Wenatchee real estate agent

Free search of the entire Wenatchee area MLS

Current Wenatchee real estate news, info and trends
Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth, Washington

Wenatchee Real Estate: Maintenance Time

It's hard to imagine, but here we are at the first of November already!  I thought it would be useful to share a few maintenance reminders.

1.  Inspect the Chimney:  Always have your chimney and it's cap inspected (and cleaned and serviced if necessary) before going into a new winter season.  Without proper maintenance, water can get behind the crown and drip down into the interior framing, causing mold and rot that can be extremely expensive to repair later.  In addition, if the interior of the chimney is not properly maintained, embers can get into the framing and cause a house fire.

2.  Prevent Ice Daming:  Ice daming is fairly simple to avoice by taking the necessary steps to keep the entire roof the same temperature as the eaves.  It involves a combination of ventilation, insulation and sealing warm air leaks from the interior of the home.  Here is a link to additional information on preventing ice daming.   Also clean the gutters to avoid water back up against the roof.  It is better to have no gutters than improperly maintaned gutters.  Can you spell  D-I-S-A-S-T-E-R ?

3.  Inspect Water Shut Off Valves:  Be sure you know where your water shut off valves are and that they work properly.  If you experience frozen pipes, when they thaw out your pipes will probably burst spewing water everywhere.  You need to know where the main water valve is and that it is working properly.  Be sure everyone in your household knows too!  While you're at it, be sure the water supply valves behind toilets, in the kitchen and the laundry room work properly.

Hope these tips help!

Stay warm and safe this winter!

Erin Davidson
Wenatchee real estate agent

Free search of the entire Wenatchee area MLS

Current Wenatchee real estate news, info and trends
Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth, Washington


Wenatchee Real Estate: Fractional Ownership

In my last post, I wrote about the vacation rental investment opportunity.  If that is something of interest, but you don't have the funds to pull it off yourself, you might consider "fractional" (shared) ownership.  You can pool with a group of friends, or purchase a fractional resale.

Here is a link to a good article on the Pros and Cons of Fractional Ownership.

There are a lot of ways to invest in real estate, and they are all good if done properly.

I would love to answer your real estate questions.

Happy Investing...
Erin Davidson
Wenatchee real estate agent

Free search of the entire Wenatchee MLS


Current Wenatchee real estate news, info and trends
Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth, Washington


Wenatchee Real Estate: Vacation Rentals

Have you ever thought of buying a vacation home?  There is a huge market for this kind of property, especially in destinations like Wenatchee, Chelan and Leavenworth where there are vacationers coming year round.

If you own a vacation home, in a popular destination, you can use it when it's convenient for you and rent it the rest of the year.  The rental income can cover a significant amount (or all) of the cost of owning the property.

Check out the Vacation Rental By Owner website.  Do a search for any city (perhaps your city) and see what a huge market this is.

Also check out a couple other articles I found about the vacation rental option:
7 Tips for Buying the Perfect Vacation Rental 
How To Market Your Vacation Rental
5 Simple Ways to Maximize Your Vacation Rental Profits
An Introduction To Investing in Vacation Rentals (A Podcast)

Well, that should give you a good start on thinking about the vacation rental investment option.

I'd love to answer any questions you may have about local real estate in the Wenatchee valley and surrounding areas.

Happy Investing...
Erin Davidson

Wenatchee real estate agent

Free Search of entire Wenatchee MLS

Current Wenatchee real estate news, info and trends
Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth, Washington

Wenatchee Real Estate: Buying Misconceptions



Do you have these two misconceptions about buying a home in Wenatchee?

1:  I don't need a home inspection if I am buying a new construction.
     Although newly constructed homes don't have the "age" related issues as resale homes, a home inspection is still a very valuable tool in identifying any quality of construction issues.  New construction home inspections have revealed termite infected lumber to have been used, faulty roof installation, and subpar construction practices and... believe it or not... that the sewer line was never hooked up!  Don't ever let anyone talk you out of having a home inspection... ever!  And, by-the-way... you absolutely should attend the inspection. You will learn soooo much about your new home.  

2:  Comparing the cost of Rent vs Mortgage Payment is the best way to determine whether I should buy a home or keep renting. 
     Calculating the cost of renting is much simpler than calculating the "net" investment required to buy a home.  When you buy a home, the mortgage payment is only one piece of your investment.  You must also take into consideration the cost of insurange and taxes and, of course, ongoing maintenance and optional improvements.  When you buy a home, there are significant tax benefits which offset much of the cost of buying a home.  Rent is pure "cost", with no tax or investment benefit.  Consulting with your accountant or financial planner can help you identify the "net" investment in purchasing a home.  

I would love to answer any of your real estate questions.

Best Regards,
Erin Davidson
Wenatchee real estate agent

Free Search of entire Wenatchee MLS

Current Wenatchee real estate news, info and trends
Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth, Washington


Wenatchee Real Estate: 2014 3rd Quarter report

Here is the link to the complete Pacific Appraisal Associates report on monthly and year-to-date Wenatchee area real estate activity through September of this year.  This is the October report, but includes statistics for activity through September, the end of the third quarter of 2014.

Wenatchee appears to have a pretty healthy real estate market.  Inventory volume is down, and prices have increased.  This has caused the average days-on-market to decrease AND the total number of months of inventory to decline.  If interest rates continue to stay down and inventory continues to decrease, we will most likely continue to see a trend toward higher prices.

I am always happy to answer questions about the current real estate market.

Best Regards,
Erin Davidson
Wenatchee real estate agent

Free Search of entire Wenatchee MLS

Current Wenatchee real estate news, info and trends
Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth, Washington

Wenatchee Real Estate: Creating Wealth Through Investments

Real Estate is one of the surest ways of creating future wealth than any other thing I can think of. It isn't even difficult, with a realistic plan, AND dedicated and disciplined execution.  A real estate portfolio can truly be your ticket to a secure retirement.

Have you ever considered investing in Wenatchee real estate but don't have the funds to get started? Here is a link to an article that outlines several sources of real estate investment funding.  It's worth a read, and may get your creative juices flowing and be the motivation you need to get serious about creating financial security through real estate.

It is also worth subscribing the the Bigger Pockets Blog, for a daily dose of investment knowledge and motivation.

When you are ready to discuss some real estate investment options, please give me a call and let's discuss all the possibilities.

Best Regards,
Erin Davidson
Wenatchee real estate agent

Free Search of entire Wenatchee MLS

Current Wenatchee real estate news, info and trends
Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth, Washington


Wenatchee Real Estate: What is a Reverse Mortgage?

Question:  What is a Reverse Mortgage?

Answer:  A "reverse mortgage" is a home loan that allows people 62 years and older to tap into the equity of their home, without making loan payments.   A reverse mortgage provides cash payments to the homeowners, based on the equity value in the home.  Homeowners can defer payments on the loan until they die or sell the home.  Upon the owners death, their heirs either give up ownership to the home or must refinance the home to purchase the title from the reverse mortgage holder.

This option can be very beneficial to senior citizens who own their homes, but are on a limited income and need the income from the equity of their home to make ends meet.   It can be a complicated instrument, so be sure to clearly understand ALL terms and conditions before making a decision.

Please contact me if you have any Wenatchee real estate questions.

Best Regards,
Erin Davison
Wenatchee Real Estate Agent

Free Search of entire Wenatchee MLS

Current Wenatchee real estate news, info and trends
Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth, Washington

Wenatchee Real Estate: Q & A

Question:  What is the difference between a mortgage "re-finance" and a "loan modification".

Answer:
A "refinance" is creating a completely new loan, and paying off the current loan.  It is, essentially, just like getting the original loan.  You have to go through the same process.   This is most often done when interest rates decline and/or the  loan amount falls below 80% of the property value.  When the loan is higher than 80% of the value, it is necessary to pay "mortgage insurance", which is an additional cost you don't need to pay as the loan amount declines and the value increases.  This is called "loan-to-value" ratio.  The major drawback of a refinance is the "refinancing fees".  Be careful that the refinancing fees don't outweigh the benefits of refinancing the mortgage.  It can add thousands of dollars on to the loan balance, even if the payments are less.

A "loan modification" is rewiting the terms of your current loan.  A lender may consider this option if your financial situation has changed and the mortgage payment is now creating a financial "hardship".  The "hardship" factor is the key to a "loan modification", and must be documented.   Factors such as a job loss or medical bills may be causing a financial hardship.  In a loan modification, the lender may reduce the interest rate and/or increase the amount of time allowed to repay.

It is always helpful to talk to a professional loan specialist or housing counselor in order to get all the most current information and determine the best option for each individual situation.  

Next up:  What is a "reverse mortgage"?

Best Regards,
Erin Davidson
Wenatchee Real Estate Agent

Free Search of the entire Wenatchee MLS

Current Wenatchee real estate news, info and trends
Home for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth, Washington

Wenatchee Real Estate: September 2014 Report

Onward and upward...

Here is a link to the comprehensive Wenatchee housing market report for September 2014 (which reflects activity for August).

As you review the report for monthly and year-to-date numbers, you will find YTD numbers lagging, but current numbers more positive.  The number of homes being sold and the price average is increasing.

The majority of activity is in the under $300,000 price range, where there is a 2.5 to 3 month supply of inventory.  As the price increases, the indicated selling time increases too.  In other words, higher priced homes are taking longer to sell.  The higher the price, the longer the average selling period.

If you have any questions about the current Wenatchee real estate market, please contact me.  I will be happy to answer your questions.

Best Regards,
Erin Davidson
Wenatchee Real Estate Agent

Free search of the entire Wenatchee real estate MLS

Current Wenatchee real estate news, info and trends
Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth   


Interested in Wenatchee Investment Real Estate?

For those of you interested in Wenatchee investment real estate, here are a couple of great information resources. Perhaps, I have mentioned them before.

Mr. Landlord, forms and tons of other resources for landlords.

Bigger Pockets, an online real estate magazine.  There are usually several articles posted per day by practicing real estate investors.

There are numerous investment options in Wenatchee.  I am always willing to assist you.

Best Regards,
Erin Davidson
Wenatchee Real Estate Agent

Free search of the entire Wenatchee real estate MLS

Current Wenatchee real estate news, info and trends
Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth  

Free Mortgage Calculator

Have you ever been curious about how much your monthly payment would be on a loan, whether for a home or something else?  Bankrate.com has an easy to use loan calculator where you can play with various scenarios. 

Keep in mind, if you are considering the purchase of a home, do NOT apply for any other credit until you consult with a professional loan officer!  Even an inquiry on your credit can negatively affect your credit score. 

Best Regards,
Erin Davidson
Wenatchee Real Estate Agent

Free Search of the entire Wenatchee MLS

Current Wenatchee real estate news, info and trends
Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth  

Wenatchee Real Estate: July 2014 Statistics


The July issue of the Pacific Appraisal home sales statistics indicates the trend from the first half of the year has changed!  Although the overall MLS market area (including outlying areas) is down, the local Wenatchee market area is showing recovery. 

Here is a link to the January - June 2014 statistics, as provided by Pacific Appraisal Associates last month.  This report includes Month-to-Month and Year-to-date information.  It is interesting to compare both.

Unlike the first half of the year, sales volume AND prices are now increasing.  New listing data indicates there are still fewer homes coming onto the market than a year ago at this time.  This would indicate an increase in prices will probably continue.  Because the inventory of homes is less robust than a year ago, it is beneficial to work with your favorite REALTOR to keep you notified as new home choices come onto the market.

I am always happy to answer any of your real estate questions.

Best Regards,
Erin Davidson
Wenatchee real estate agent

Free search of the entire Wenatchee real estate MLS
Current Wenatchee real estate news, info and trends
Wenatchee homes, East Wenatchee homes, Malaga homes,
Cashmere homes, and Leavenworth homes.

Wenatchee, Washington: A Historical Report of the early People and Buildings

I recently came across this very interesting article on the history of Wenatchee and thought you might enjoy reading it too.  The objective of the project (and 2007 report) was to "identify intact, historically significant buildings, objects, sites, structures, and places in downtown Wenatchee".

It discusses some history of the original Native Americans in the area and eventual settlement and growth, closely tied to the arrival of the railroad in 1892

It includes lots of old pictures and a list of historic buildings.

Enjoy...
Erin Davidson
Wenatchee Real Estate Agent

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Homes for sale in: Wenatchee, East Wenatchee, Malaga,
Cashmere, and Leavenworth

Wenatchee Real Estate: 2 Myths Real Estate Agents Hate

Myth #1:  In order to get the most money when we sell our home, we should price it just over market value, expecting buyers to make a lower offer.

Fact:  In order to get the most money, you should price your home just under market value.  YES!  By pricing your home just under market value, you will probably get an offer much sooner and not have your home languish on the market.  This has many advantages, not the least of which is reducing the inconvenience to you and your family.  You will most likely get a full price offer quickly and save time in negotiations and close much quicker than pricing it over market.  When you price your home under market value, buyers know it will sell quickly and they have to be ready to make an offer that will be acceptable.

Myth #2: If we get an offer from a pre-qualified buyer, we are guaranteed a quick closing.

Fact #2:  "Pre-qualified" is meaningless.   Pre-qualification merely means the buyer has gone to a lender and said their credit is good, income is X dollars, and they have X debt. Nothing has been verified.    "Pre-approval" is what you must see and hear.  Don't ever accept an offer from a buyer that is not "pre-approved"!  Pre-approval means the information has been verified and the lender can offer assurance a loan, for the specified amount, will be approved... if the information does not change.  This information is again verified just before closing, so if a buyer loses their job or buys something else on credit, a new pre-approval process is required and the buyer may or may not still qualify for the original loan amount.  It rarely happens, but it does happen if a buyer is not savvy to these rules of loan approval.

It's going to be hot again this week... so stay cool and pray for our firefighters!

Erin Davidson
Wenatchee Real Estate Agent

Free Search of the entire Wenatchee real estate MLS
Current Wenatchee real estate news, info and trends
Wenatchee homes, East Wenatchee homes, Malaga homes,
Cashmere homes, and Leavenworth homes
 

Wenatchee Real Estate: First Half 2014 Review

The North Central Washington real estate statistics for the first six months of 2014 are out!

Overall, Wenatchee area home prices are up from a year ago, but the number of homes sold is down.  How can the price be up, with sales down?  Supply and Demand.  There are considerably fewer homes being listed for sale.  Limited inventory creates higher prices.

I could list all the details here but, better yet, you can see all the details for yourself... direct from the source on the Pacific Appraisal July 2014 SNAPSHOT report.

If you are interested in more North Central Washington real estate historical statistics, you can access as far back as the beginning of 2010 by following that link from the Pacific Appraisal website.  It covers the market areas in Wenatchee/East Wenatchee, Cashmere, Leavenworth and Chelan.

Hope you are having a great summer!

Erin Davidson
Wenatchee Real Estate Agent

Free Search of the entire Wenatchee real estate MLS
Current Wenatchee real estate new, info and trends
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Wenatchee Real Estate: What We Learned This Week

Disaster Strikes!  No one ever thinks it will happen to them, but it happens... and it could happen to you, regardless of where you live!

Anyone who follows the news in North Central Washington (or the Pacific Northwest for that matter) knows disaster has stricken in the form of forest fires.  Dozens of Central Washington homes have been lost, with many more currently in danger.

All this news brings to the forefront the extreme importance of being prepared in case of disaster, regardless of what form it comes in.  We don't have any control over the whims of Mother Nature, but we can be prepared.  Are you prepared?

I came across a couple of good articles outlining what to do in order to be as prepared as possible in case of the need to evacuate your home in a hurry.  It is definitely worth taking the time to read and follow through.

How To Be Prepared For An Emergency Evacuation.

Even though it comes out of the Virginia Cooperative Extension, here is another article on:
Emergency Preparedness

Are you prepared?  If not, please take the time to follow-through on this process.  It will give you tremendous peace of mind, knowing you have the necessary documents to get help when you need it most.

Be Safe.  Be Prepared.

Erin Davidson
Wenatchee Real Estate Agent

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Cashmere homes, and Leavenworth homes





A Vacation Checklist... Things NOT To Forget

For the most part, I try to keep this blog specifically focused on Wenatchee real estate.  It' vacation season, though, so when I saw an article titled "14 Things You Forget To Do Before Leaving For Vacation", I decided it was a good topic to share.

Hope you are having a great summer and ARE planning a fun vacation!

Stay cool!
Erin Davidson
Wenatchee real estate agent

Free Search of the entire Wenatchee real estate MLS
Current Wenatchee real estate new, info and trends
Wenatchee homes, East Wenatchee homes, Malaga homes,
Cashmere homes, and Leavenworth homes

Wenatchee Real Estate: Overcoming Size and Location Issues

My last post outlined the factors that affect the value of your Wenatchee home (or a home anywhere). Some of those factors included "hard facts" that cannot be changed (without considerable cost).  Today, I would like to discuss ways to maximize the value of your property in spite of these set factors.

Square footage:  If your home is small, it is important to make it look "spacious".  It is always important to declutter when you put a home on the market and even more so if the living space is limited. Keep counter spaces clean, remove any unnecessary furniture, decorative trinkets and other items (in all rooms) that aren't necessary for daily living. This will open up the available space and make it seem more spacious. Also, don't stuff things in storage spaces.  Make them look spacious, as well.  If all available storage (including the garage) looks FULL, it will give a perception of not enough storage space in the home. It may behoove you to rent a storage unit or borrow some space from a family member or friend.  The article, linked above, also has some painting and design tip to help.

Location:  This is a tricky one... and a good example of why you should understand the importance of the link between value and location BEFORE you ever buy a home.  Location is probably the most critical factor in a property's value.  The ugliest home in a good location is of greater value than a similar, beautifully maintained, home in a poor location.   If you find yourself in a situation where you ARE trying to sell a home in a poor location, look around and see if there is anything you can do to improve the surroundings. Perhaps, a few dollars (and hours) invested in helping the neighbors spruce up their property would be a good investment.  This must be done in a tactful way, of course.  And, being on good terms with your neighbors is always helpful in getting them to cooperate in helping you attract a desirable buyer.   If you love your location, but your home is just too small or doesn't meet your needs for another reason, remodeling or an addition may be a good choice.  When you factor the cost of the remodeling (offset by the cost of selling), it very well may be a good choice to stay put.

Lot size:  Again, as with square footage, the lot size is what it is.  If the lot is small, you must attempt to make it look as spacious as possible.  Keep it clean and minimally cluttered.  If the lot is large, keep it well maintained and look as low maintenance as possible.  You don't want people loving the lot size but cringing at the thought of all the time that will be required to maintain it.  Some people LOVE yard work, but most people are busy and want to "play" in their spare time.

Please contact me if I can help you navigate through the decisions involved in buying or selling your Wenatchee area home.

Erin Davidson
Wenatchee Real Estate Agent

Free Search of the entire Wenatchee real estate MLS
Current Wenatchee real estate new, info and trends
Wenatchee homes, East Wenatchee homes, Malaga homes,
Cashmere homes, and Leavenworth homes

Wenatchee Real Estate: Factors That Influence The Value Of Your Home

It goes without saying that all homeowners want to realize the best price possible when it's time to sell their home. 
What factors do affect the ultimate selling price?
  • Current real estate market conditions:  Market conditions change constantly, and I mean constantly.  It is critical to be aware of the most current selling & buying environment.  How many homes are currently on the local market? How many homes are selling per month in each price range?  How many home listings "expire" due to over pricing?  What is the "pending" to "closing" ratio?  If you and your agent aren't aware of the most current conditions, your home could get left in the proverbial dust, while other homes sell.
  • The market knowledge, marketing ability, and reputation of your real estate agent:   Market knowledge and marketing ability are a given, of course.  The reputation of your agent is equally as important because you want other agents, loan officers, appraisers, inspectors and other industry professionals to enjoy working with YOUR agent to get your home sold and closed quickly.  Selling a home takes many people throughout the process.  To help it go smoothly, everyone must work together amicably.
  • Hard facts such location, lot size, square footage:  These are factors you can't change. Focus on maximizing any shortcomings of these factors, if necessary.  That is fodder for another entire post.
  • Selling and listing price of comparable homes in the area:  If you and your agent aren't familiar with comparable homes in the area, you are shooting in the dark.  It is not enough to know the size, number of bedrooms and bathrooms.  You must be familiar with interior condition and amenities of the competition.  
  • A comprehensive real estate marketing plan:  There are so many options out there for promoting your property now, it is impossible to use them all.  Your agent must know what is most effective for your home in the Wenatchee real estate market area now.
  • Your level of motivation:  This will affect your willingness to price your home properly and do what is necessary to make it stand out against the competition.  If you are not motivated, I wouldn't recommend wasting your time, or the time of other professionals involved in the process.  There are too many people out there that do NEED to sell and need the full attention of those professionals working for them.
Factors that do NOT affect the price of your home:
  • The profit you wish to make from the sale:  Buyers don't care how much money you want or need.  They only look at your home in comparison to what else is available for them to choose from.  
  • The amount of money spent on improvements:  Improvements often help your home sell, but  rarely will return your investment dollar for dollar.  The most common exceptions would be painting and carpeting.  If you are considering major improvements, consult a real estate agent and get a "before" and "after" opinion of value.  This will help you determine whether you should do the improvements or consider selling and then buying a home more suited to your wants and needs.
  • The original price you paid for your home.  The price you paid has absolutely no bearing on it' current value!   Market conditions are the only factor determining the current value of your home.  
Erin Davidson
Wenatchee Real Estate agent

Free Search of the entire Wenatchee real estate MLS
Wenatchee homes, East Wenatchee homes, Malaga homes, 
Cashmere homes, and Leavenworth homes 

Wenatchee Real Estate & USDA Home Loans

Dear Erin,
The other day I had someone suggest I look into a USDA home loan.  I know people who work at the USDA lab here in Wenatchee, doing research on fruit crops.   I didn't know they do home loans ! What is the USDA home loan program about?  Do we have to grow a food crop?  -Curious

Dear Curious,
No... you don't have to grow any crops! But DO NOT call the local research lab asking about home loans.  They will just say "Huh?" 

The USDA home loan program doesn't have anything to do with growing food.  There are some very specific qualifications, however. 

Here is an exerpt from the government website, outlining the USDA Home Loan program:

"A USDA home loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.

The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural homebuyers achieve their dream of homeownership!
Rural Development partners with approved local lenders to extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. Guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms. 

Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located. Additional Guaranteed Loan Features include but are not limited to: 
  • 100% financing, no down payment is required. The loan amount may not exceed 100% of the appraised value, plus the guarantee fee may be included.
  • Guarantee Fee applies: may be rolled into the loan amount.
  • Flexible credit guidelines. Non-traditional credit histories may be accepted.
  • Fixed 30 year interest rates apply. Lenders and applicants agree upon interest rate.
  • Qualifying ratios are 29% for housing costs and 41% for total debt. Lenders may request an exception to exceed these ratios when strong compensating factors are identified.
  • No maximum purchase price. Qualifying ratios and the applicant’s stable and dependable income will determine home affordability.
  • Eligible property types include existing homes, new construction, modular homes, Planned Unit Developments (PUD’s), eligible condominiums and new manufactured homes.
  • Eligible closing costs and lender fees may be included in the loan or paid by the applicant.
  • Gift/Grant Funds/Mortgage Credit Certificates (MCC’s)/Seller Concessions are allowed.
  • Eligible repairs and improvements may be included in the loan.
  • Applicants apply with an approved lender of their choice.
  • Not limited to first time homebuyers."
If you are interested in the USDA home loan program, there is currently eligibility in Chelan and Douglas County.  This eligibility changes, so you might want to check into it sooner rather than later.

Your REALTOR can help help guide you through the process, finding a qualifying home and USDA approved lender.  Your first step would be to find an approved lender to determine if you meet the borrower qualifications.  If you do, then you and your REALTOR can search for a home that meets the location qualifications for the program.

Good luck and let me know if I can help you!

Erin Davidson
Wenatchee Real Estate agent

Free Search of the entire Wenatchee real estate MLS
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The Alphabet of Reasons to Live In or Move To Wenatchee, Washington Part 4: U - Z

Welcome back for Part 4, the last of the Alphabet series, outlining the plethora of reasons to check out Wenatchee real estate, and discover the best reasons to settle down to life in one of the best places on Earth.
Click here if you missed: Part 1, Part 2, or Part 3.

U: Unbridled Lifestyle.  Wenatchee's location in the geographic center of the state lends itself perfectly to access to any kind of activity you can imagine.  We have it all... almost.  We don't have the "big city" lifestyle but, if you do want that, it's just a few hours drive away.  However, I suspect, if you're even remotely considering Wenatchee as a place to live (and/or play), you probably are NOT looking for the big city lifestyle.

V: Victory.  Claim "victory" over boredom!  There is so much to do and see, there isn't much chance on being bored (unless you really want to chill out and be bored voluntarily).

W: Water, Weather, Wine.  The Mighty Columbia River provides plenty of water for playing and watering many of the beautiful and productive fruit orchards in the region.  Our extensive irrigation canal systems also provide water for the orchards not served by the river... and to many of the private residential properties in the area.    I've mentioned the sunny weather and many wineries in the area before.

X: eXtraordinary.  As you can tell by this A-Z list, Wenatchee is not a normal place.  It truly has an extraordinary combination of reasons why people flock here to work and play.

Y: Young and Old.  One of the great things about Wenatchee is it's appeal to the Young and old, alike.  Young adults who were raised in the Valley and left for college, and to establish careers, often move back as an appealing place to raise their own kids and work in a less hectic environment.  Many, many people move here after retirement to enjoy the weather and recreational opportunities.

Z:  Zest.  It all comes down to a "zest" for life.  Wenatchee is just a great place to live, work and play!

I hope you have enjoyed this 4-Part series on why Wenatchee is such a special place.  If you have any questions or comments, please don't hesitate to contact me.  I love sharing my experience and current news and information about Wenatchee and real estate. 

Enjoy the summer... wherever you are!

Erin Davidson
Wenatchee Real Estate Agent and Broker


 Free Search of the entire Wenatchee real estate MLS
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The Alphabet of Reasons to Live In or Move To Wenatchee, Washington Part 3: O - T

Welcome back for Part 3 of the many great reasons to check out Wenatchee real estate, and settle down to life in one of the best places on Earth to live.
Click here is you missed Part 1 or Part 2

O: Ohme Gardens: From high upon a bluff overlooking the beautiful Wenatchee Valley is Ohme Gardens.  Originally intended as a private family retreat for the Ohme family, interest of friends and community members prompted them to open the Gardens to the public in 1939.  The Ohme family owned the property until 1991 when Washington State Parks & Recreation purchased the gardens and surrounding property.  It is currently owned and operated by Chelan County.   It is a popular spot for weddings and many other events.

P:  Parks:  There are over a dozen community, county and state parks in the immediate Wenatchee area.  The Wenatchee Department of Parks and Recreation has lots of information on their website about the local parks, pool, and community events.

Q. Quandry:  The Quandry is what to do with your spare time in Wenatchee.  So many choices, so little time!    Ok, so it's not that easy to come up with activities that start with the letter Q but Quandry seemed like a good option! 

R: Rafting:  The Wenatchee River, running a windy 53 miles from beautiful Lake Wenatchee into the Columbia River at the north end of Wenatchee, is a very popular site for whitewater rafting from April thru August.  Most of the actual rafting takes place between Leavenworth & Cashmere.  There are about 5 different companies offering whitewater river rafting in the Wenatchee area.  Just do an internet search for "Wenatchee River rafting" and you will get lots of choices.

S: Sunshine:  The obvious choice for this category is our 300 days of sunshine.  We don't always have sunshine, but we have a lot of it!  Most of the days without sunshine are in December and January, but there are lots of activities in the area for those days too.

T: Town Toyota Center:  In spite of the financial controversy surrounding this facility, it has been a wonderful addition to the community.  We now get some seriously good programs and concerts IN Wenatchee.  The Town Toyota Center website touts "World Class Entertainment and High Impact Sporting Events.

Enjoy!

Erin Davidson
Wenatchee Real Estate Agent and Broker

* Sharing current news and information about Wenatchee real estate

Free Search of the entire Wenatchee real estate MLS
Wenatchee homes, East Wenatchee homes, Malaga homes,
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The Alphabet of Reasons to Live In or Move To Wenatchee, Washington Part 2: H - N

Welcome back for Part 2 of the many great reasons to come buy some Wenatchee real estate, and settle down to life in one of the best places on Earth to live.

Click here if you missed Part 1: A - G 

H:  Hockey & Hydro-power:  The Wenatchee Wild is our ice hockey team, which is part of the Pacific Northwest Amateur Hockey Association!  Come join the fun!     Inexpensive hydro-power is one of the best reasons to live and/or run a business in the Northwest...specifically the 3 county (Chelan, Douglas & Grant) area surrounding and including Wenatchee.  I mentioned it before under "E" for "Electricity", but it is worth mentioning again.

I:  Incredible Weather:  The Wenatchee Valley Chamber of Commerce boasts that Wenatchee has 300 days of sunshine.  Here is a link to a site outlining Wenatchee weather throughout the year. 

J:  Jogging.: Whether you are actually a jogger, runner, walker, biker, or rollerblader, or just like to stroll... you will find lots of trails.  Our 10 mile Apple Capital Recreation Loop Trail is one of the most amazing and popular attractions, with lots to see and do along the trail.

K:  Kiddie Parade:  The first week-end of the annual Apple Blossom Festival in Wenatchee includes a parade focused just on kids and a youth day.

L:  Leavenworth and Lake Chelan:  Not ALL of the fun is in Wenatchee.  Leavenworth, just 25 miles west of Wenatchee and Lake Chelan, which is 35 miles north of Wenatchee, are both very popular destinations for residents and tourists.

M:  Mission Ridge and Museum:  How cool is it to have one of the best ski and snowboard areas in the Northwest just 12 miles from town?  Mission Ridge has amazing views of the Wenatchee Valley, lots of sunshine and plenty of terrain for every level of ski enthusiast.  The Wenatchee Valley Museum and Cultural Center is also a treasure of our community.

N:  Nature and Natural History:  Wenatchee abounds in plants, animals, and geologic history.  Visit the Wenatchee Naturalist website and consider joining in on some of their events. Here is a link to a short and interesting video about the geology of the Ice Age Floods of the Wenatchee area.

Come back soon and check for the third installment of the Wenatchee Alphabet Series.

Hope you are enjoying this beautiful weather!

Best Regards,
Erin Davidson
Wenatchee Real Estate Agent and Broker

"Sharing the current news and information about Wenatchee real estate

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The Alphabet of Reasons to Live In or Move To Wenatchee, Washington Part 1: A - G

When I decided to write this series on the best things about Wenatchee, it was difficult to know where to start.  There are so many BEST reasons, it is impossible to list them by number so I decided to go with an alphabet series instead.  Here is part 1... A - G.  

A:  Apples and Art:  If you Google "Apple Capital of the World", Wenatchee not only dominates page 1 search results... it totally fills page 1. If you want to learn more than you ever wanted to know about apples, visit the Washington State Apple Commission website.  Then, I recommend you make a trip to their visitor center.  Not only do we have the best apples in the world, we also enjoy local production of excellent pears, cherries, peaches, prunes, and nectarines.   As for Art, check out the Art on The Avenues website to learn about the wonderful display of sculpture art throughout the city. Click on the arts in the Wenatchee area, for more information.

B: Blossoms, Baseball and Beer. If you want to truly the feel the amazement of Spring, come to Wenatchee in the Spring when you will see acres and acres of fruit blossoms explode in the valley. Be sure to take the annual Washington State Apple Blossom Festival in Wenatchee the last week in April and the first week-end in May. It is impossible to take in all the activities, so you need to come back every year.  Wenatchee is home of the Wenatchee Apple Sox, members of the West Coast League of the Summer collegiate league.  According to the team's website: "The AppleSox provide affordable family entertainment for baseball fans throughout North Central Washington, and an excellent environment for college players from around the country to develop their skills".  As for beer, we are seeing a trend toward more breweries in the Valley

C: Columbia River.  There is no way to list all the benefits of having the mighty Columbia River running smack dab through the middle of our beautiful city.  It offers a plethora of recreational opportunities, a source of water for orchards, and plenty of hydro-electric power.  It is a key component of our economy and our playground of activities.

D: Dams.  Yes, dams!  There are many dams on the Columbia River and two in a close proximity to Wenatchee proper.  The Rock Island Dam is just 10 miles South of Wenatchee and the Rocky Reach Dam is just 6 miles north of Wenatchee, providing some of the least inexpensive electricity rates in the entire nation.  This inexpensive power is a HUGE benefit for homeowners and businesses alike.  If you live in an area with high power rates, you might find it worth moving to Wenatchee just for the inexpensive power rates.

E: Economy.  The Wenatchee economy is strong, diverse and resilient.  We have several significant industries which creates a resiliency not found in many places.  We do not depend on one major industry.  Among others, Wenatchee boasts such major employers as: The Aluminum Company of America (ALCOA),  Various medical facilities, Chelan & Douglas Country PUD's, Agriculture, Local Government, State Government, Federal Government, Education, various major Retail outlets and typical service industries.  High technology is also becoming a major player in our employment numbers.  The very diversity of the local economy shields us from some of the ups and downs of the national trends. 

F: Fun.  Whether you like indoor or outdoor (or both) recreation and entertainment, The Wenatchee area is a literal playground for our residents and visitors.    Go to the Wenatchee Valley Chamber of Commerce website and explore some of the possibilities.

G: Grapes.  Although Wenatchee is still known for our apples, grapes and wineries have been growing at a steady pace.  Check out this link to some of the wineries in the Wenatchee area

Come back soon and check out the rest of our Alphabet Series on the Best of Wenatchee.

Happy Spring!

Erin Davidson
Wenatchee real estate agent and Broker

Free Search of the entire Wenatchee real estate MLS
Wenatchee homes, East Wenatchee homes, Malaga homes,
Cashmere homes, and Leavenworth homes

Equity Sharing: A Real Way To Buy Wenatchee Real Estate With Little or No Down Payment

There have been a lot of late night infomercials made touting how to buy a house with no down payment.  They make it sound so easy, but those strategies are actually quite difficult to make work with today's much tighter loan requirements.  The real estate bust of 2007 - 2012 changed a lot in the world of buying real estate.

Equity Sharing is a legitimate way for people with a very small down payment, or no down payment, to buy a home without taking the risk, or incurring the high cost, of low down or no down payment loans.   You can buy Wenatchee real estate for no money down AND enjoy the benefits of a buyer friendly loan!  This strategy works everywhere. 

Equity Sharing means what it implies. Two (or more) parties share in the investment and value of a property.   Generally speaking, in an Equity Sharing arrangement, there is an "occupier" of the property and an "investor".  The "occupier" will live in the house, make the payments and cost of maintaining it, while the "investor" is just looking at the potential financial gain on the original investment after a future sale. 

The two parties purchase a property and share the equity, which is the net value of an asset after all unpaid debts are deducted.  A sale on a $200,000 house, with a $150,000 loan (and no other debts) has an equity of $50,000.  The equity would be divided among the two parties, as outlined in the Equity Share Agreement.  It can be any percentage split, as agreed by both parties. 

The good news about Equity Sharing is:  There are no rules in setting up the agreement. 
The bad news about Equity Sharing is:  There are no rules in setting up the agreement.

The primary purpose of Equity Sharing is to benefit both parties.  How that is done for the satisfaction of both parties is totally up to those involved.   Always, solicit the help of an attorney or other reliable professional, who specializes in this kind of transaction, to help draw up an agreement that will protect the interest of all parties.  This is a very specific real estate niche, so find a competent professional to help draw up the agreement. 

I won't recommend anyone specific, but an excellent source of detailed information and sample forms and agreements for Equity Sharing is available at Sirkin Law.  That is a California business entity and I don't recommend them for creating legal documents in Washington State, but their website is the most comprehensive source of information I have found on this subject.   When you actually start looking for an attorney in a specific location, start with those who specialize in local real estate law and get someone familiar with the Equity Sharing niche. 

The potential benefits of Equity Sharing: 
1) The "occupier" gets into a home with no down payment but isn't paying the high cost of a no down payment loan.  The occupier is only making payments based on the borrowed amount (and not the down payment portion). 

2) With an "investor" partner, the "occupier" will be able to buy a home sooner, instead of having to wait to save the down payment.   Wenatchee real estate values are on the rise again and the longer you wait, the higher the prices will be... meaning a larger down payment will be required, and/or the payment will be higher. 

3) The "investor" has the benefit of investing in real estate without the duties of a landlord in dealing with tenant issues, collecting rents and maintaining the property. 

The potential downside of Equity Sharing:
1) A properly executed Equity Sharing Agreement, with all parties living up to their responsibilities will take away most of any potential downside.  There is always a risk, especially for the investor.  Such as: 
1) The "occupier" may not properly maintain the property to maintain it's value. 
2) The "occupier" may lose their job and not be able to make the necessary payments to keep the loan current. 
3) The "occupier" may make changes that actually devalues the property.  During the duration of this kind of agreement, it is best NOT to make any significant changes that may not appeal to a future buyer.  

Note: It can be a beautiful arrangement IF the agreement is drawn up properly and all issues are addressed. However, do NOT go into this kind of arrangement with rose colored glasses.  How the cost of insurance, taxes and capital improvements will be handled should also be clearly outlined in the Equity Sharing Agreement.

Many parents are able to help their children financially when they are in the process of buying a first home.  However, not everyone is lucky enough to have parents who are financially capable of doing that.  A properly drawn Equity Sharing Agreement can appeal to many potential investors.

Keep your mind open to the possibilities!

Best Regards,
Erin Davidson
Wenatchee real estate agent and Broker

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Wenatchee Real Estate: The Risk of Waiting To Buy

Here is a link to a sobering article on what the cost of waiting to buy will be with rising real estate prices and rising interest rates. 

According to Pacific Appraisal Associates monthly real estate Snapshot, Wenatchee home prices are up 11% from a year ago at this time.  Every indication is prices will continue to rise.  If you are serious about buying a home or condo in the near future, there is no time like the present. 

Here is a good site to follow for current interest rates.


Best Regards,
Erin Davidson,

Wenatchee real estate agent and broker


Free Search of the entire Wenatchee real estate MLS

Wenatchee homes, East Wenatchee homes, Malaga homes, Cashmere homes, Leavenworth homes

2014 Washington State Apple Blossom Festival

It's time to take a little break from talking about Wenatchee real estate, and remind everyone the biggest event of the year in Wenatchee is coming up fast!  This event alone brings in up to 100,000 people to Wenatchee each year. This event was started in 1919 and has a rich history.

The Washington State Apple Blossom Festival, held in Wenatchee, Washington every year, starts this coming Wednesday, April 23, 2014 with the "Children of Eden" Apple Blossom Musical. 


There is going to be so much to do, you won't know where to start and when to stop.  Here are some links to give you details on dozens of the events going on throughout the Festival.


Check out this list of ALL events during the entire 11 days of the Festival.  There were several Pre-Festival events, leading up to the BIG event, so just scroll down and start on April 23th.  Be sure to check out all the pages of events.  It is mind-boggling the variety of things going on in this town during the next couple of weeks! 

Be sure to check out the schedule of:
 All-day, every-day and every-evening, entertainment in Memorial Park (below the courthouse), April 24-May 4

The Food Fair at Memorial Park runs from opening day to the Monday following closing day.  It is always jammed with people eating food and listening to the entertainment.

The Youth Parade is this coming Saturday, April 26th.  Always fun for the kids and adults.

Did you know there is going to be a Bull Riding Blowout at Town Toyota on May 2nd and 3rd?  Check it out.

The Arts & Crafts Fair at Memorial Park (surrounded by the Food Fair booths), always has plenty of vendors showing off and selling their unique wares.  It starts Friday, May 2nd and closes about noon on Sunday May 4th.

The Classy Chassis is always an extremely popular event that will beFriday evening, leaving Eastmont Community Park at 6:30, travel down Grant Road and turn right on Valley Mall Parkway.  We suggest claiming your spot along the parade route early. 

The Grand Parade, starts at 11:00 a.m. on Saturday May 3 and travels from Triangle Park down Orondo, then left on Wenatchee Avenue to Seventh Street.  This is an alteration from past parade routes.  If you go early, the Kiwanis will cook you breakfast and you can see the floats staged at Triangle Park.  It's always fun to be able to take your time and see the floats up close.  This is another event you need to arrive early for.

As if the monumental line-up of events wasn't enough to keep you busy, don't forget to take time to drive around the beautiful Wenatchee valley and enjoy the myriad of blossoming trees.  This is a truly beautiful valley with unlimited beauty, entertainment and recreation all year long.

Best Regards,
Erin Davidson,

Wenatchee real estate agent


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Should You Appeal Your Wenatchee Property Taxes?


Have you every considered appealing your property tax bill?  If not, perhaps, you should.  According to the National Taxpayer's Union, as many as 60% of properties in the U.S. are over assessed.  If your home is one of them, you are paying too much in property taxes and should seriously consider appealing the assessment. 

Tax assessment schedules vary from jurisdiction to jurisdiction but, generally speaking, they are only made every two or three years. If your home was originally over assessed, then values went down during the real estate crisis, you may be paying considerably more in property taxes than you should.

In Wenatchee, there is a specific process to follow through the Chelan County Assessor's office. It is certainly worth doing a little research and, perhaps, enlisting the help of a professional to determine the actual market value of your home.  You could save several hundred dollars per year. 

To determine whether an appeal may be worthwhile, you can get a FREE estimate of value from a professional real estate agent.  Or, you can hire a professional appraiser to value you home for a few hundred dollars. 

Here is a link to a slide show of 7 steps to a lower tax bill.  It is worth reading and deciding if an appeal would benefit you.

Best Regards,
Erin Davidson,
Wenatchee real estate agent and Broker


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Wenatchee Real Estate, On The Rise

It's pretty common knowledge that the real estate crash of the the late 2000's is over. Values across the entire country are on the rise. 

Wenatchee has a strong and diverse economy, which makes Wenatchee real estate more stable than many parts of the country, through the ups and downs.  We are not, however, in a bubble. 

Through thick and thin, a professional REALTOR can be a huge benefit during the buying or selling process.  Here is a link I found to an excellent article about how a real estate professional can help you. 

Whether you are serious about buying or selling real estate, or just have some questions, consult a professional real estate agent. 

Best Regards,
Erin Davidson,
Wenatchee real estate agent and Broker

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Current Wenatchee Real Estate & Business News

This post is going to be a quick one, simply to give you a link to one of the best resources for the most up to date North Central Washington Business and real estate news: The Wenatchee Business Journal.
 

The Wenatchee Business Journal always has fresh, well written, content on the Wenatchee Valley and North Central Washington.  If you can get a copy of the printed version, it is even more fun and interesting to read than the online version.

Best Regards,
Erin Davidson
Wenatchee real estate agent and Broker

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