Residential Real Estate in SW Washington State

Residential Real Estate Services with Passion, Integrity, Knowledge

SOLD! Darling 2 Bedroom, 2 Bath, One-Level Condo w/Attached Garage – Vancouver, WA

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2313 NE 78th Ave, Vancouver, WA 98664
NWMLS #1991882; RMLS #22095681

Click Here to View the Full Tour & More Photos

 

Darling two bedroom, two bathroom duplex-style home is beautifully updated with LVP flooring, paint, and baths. You’ll especially love the large windows and vaulted ceilings adding to the natural light and abundant feeling throughout the home. Walk into the cozy living room with its gas fireplace on winter nights, or the welcoming coolness of central air conditioning on hot summer days. Ceiling fans add special ambiance in each room.

The kitchen is spacious and well designed including a work island and large dining area. Primary bedroom features a generous walk-in closet and ensuite with walk-in shower. Attached two-car garage leads directly into home–perfect for unloading groceries on rainy days! Only one front step up to the covered front porch for easy access. Plenty of storage throughout too!

Belmont Condos is for all ages–Easy commute to I-5, 205, Clark College, shopping too! Don’t miss the virtual tour and then make appointment with your agent for a walk-through.
  • MLS# 1991882
  • Built in 1997
  • 1,008 SqFt*
  • $2,435 2022 Property Taxes
  • $302/month HOA
  • No rental cap
  • 2 Bedrooms (including Primary)
  • 1 full bath, 1 three-quarter bath
  • 2-Car Attached Garage
  • Central Air Conditioning
  • Forced Air Gas Heat / Gas Water Heater

View the Tour

* buyer to verify home size and property size to own satisfaction

Call your agent for a private tour and then set the stage to move right in!

Contact me or your agent for a personal tour. If you’ve not yet prequalified, visit my lending resource page for a list of excellent loan officers.

Will Surging Unemployment Crush Home Sales?

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Will Surging Unemployment Crush Home Sales? | MyKCM

Ten million Americans lost their jobs over the last two weeks. The next announced unemployment rate on May 8th is expected to be in the double digits. Because the health crisis brought the economy to a screeching halt, many are feeling a personal financial crisis. James Bullard, President of the Federal Reserve Bank of St. Louis, explained that the government is trying to find ways to assist those who have lost their jobs and the companies which were forced to close (think: your neighborhood restaurant). In a recent interview he said:

“This is a planned, organized partial shutdown of the U.S. economy in the second quarter. The overall goal is to keep everyone, households and businesses, whole.”

That’s promising, but we’re still uncertain as to when the recently unemployed will be able to return to work.

Another concern: how badly will the U.S. economy be damaged if people can’t buy homes?

A new concern is whether the high number of unemployed Americans will cause the residential real estate market to crash, putting a greater strain on the economy and leading to even more job losses. The housing industry is a major piece of the overall economy in this country.

Chris Herbert, Managing Director of the Joint Center for Housing Studies of Harvard University, in a post titled Responding to the Covid-19 Pandemic, addressed the toll this crisis will have on our nation, explaining:

“Housing is a foundational element of every person’s well-being. And with nearly a fifth of US gross domestic product rooted in housing-related expenditures, it is also critical to the well-being of our broader economy.”

How has the unemployment rate affected home sales in the past?

It’s logical to think there would be a direct correlation between the unemployment rate and home sales: as the unemployment rate went up, home sales would go down, and when the unemployment rate went down, home sales would go up.

However, research reviewing the last thirty years doesn’t show that direct relationship, as noted in the graph below. The blue and grey bars represent home sales, while the yellow line is the unemployment rate. Take a look at numbers 1 through 4:Will Surging Unemployment Crush Home Sales? | MyKCM

  1. The unemployment rate was rising between 1992-1993, yet home sales increased.
  2. The unemployment rate was rising between 2001-2003, and home sales increased.
  3. The unemployment rate was rising between 2007-2010, and home sales significantly decreased.
  4. The unemployment rate was falling continuously between 2015-2019, and home sales remained relatively flat.

The impact of the unemployment rate on home sales doesn’t seem to be as strong as we may have thought.

Isn’t this time different?

Yes. There is no doubt the country hasn’t seen job losses this quickly in almost one hundred years. How bad could it get? Goldman Sachs projects the unemployment rate to be 15% in the third quarter of 2020, flattening to single digits by the fourth quarter of this year, and then just over 6% percent by the fourth quarter of 2021. Not ideal for the housing industry, but manageable.

How does this compare to the other financial crises?

Some believe this is going to be reminiscent of The Great Depression. From the standpoint of unemployment rates alone (the only thing this article addresses), it does not compare. Here are the unemployment rates during the Great Depression, the Great Recession, and the projected rates moving forward:Will Surging Unemployment Crush Home Sales? | MyKCM

Bottom Line

We’ve given you the facts as we know them. The housing market will have challenges this year. However, with the help being given to those who have lost their jobs and the fact that we’re looking at a quick recovery for the economy after we address the health problem, the housing industry should be fine in the long term. Stay safe.

Feeling a Little Chilly? How About a Pellet Stove?

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As Fall sets in and moves rapidly to winter, there’s possibly nothing more relaxing than sitting beside a wood-burning fire. It’s certainly one of my favorite late afternoon activities when it’s coooold outside!

Don’t look too close — we’re also painting and putting in new floors. It’s a mess!

Unfortunately, fireplaces typically aren’t terribly efficient (although beautiful!), nor can they be used on days where burn bans are in effect. Wood stoves can be a nice alternative — they generally throw off a lot of heat and give that woodsy scent and dry heat feeling that warms one up right to the toes. However, not all wood stoves are EPA certified, which means, like fireplaces, they can’t be burned during most burn bans. If you own a wood stove in the Puget Sound region, be sure to check to for certification by visiting the Puget Sound Clean Air site.

Our house doesn’t have a furnace. It was built in the late 80’s to be “energy efficient,” which meant every room was graced with a wall heater. While it’s “energy efficient” in that we only heated the rooms we used, we quickly found that heating a 2,700 square foot house with electricity was spendy! So about a year after moving in and paying uncomfortable electric bills, we removed several of the wall heaters and installed a pellet stove.

What an amazing difference! The stove efficiently heats the entire first level of our home while radiating heat up to the loft area of the 2nd floor (we still use wall heaters in the bathrooms, but largely leave the bedrooms unheated unless it’s really cold). There’s a beautiful flame surrounded by ceramic logs similar to those found in a gas stove. A fan automatically turns on when the stove is up to temperature, which then blows hot air into the room. The sound of the fan running is really the only thing I’m not excited about, but it’s not overly loud. It’s just there.

Our heat costs fell to the purchase price of about a ton-and-a-half of pellets. About $350 a year. We go through approximately a bag a day in the winter –more when it’s really cold, less when it’s not. There’s a slight electricity cost to run the fan on the stove, but that’s it.

In Puget Sound, a pellet stove still can’t be used in a Stage 2 burn ban unless it’s the only source of heat. Thankfully Stage 2 burn bans are rare and typically short lived. 

Shopping for a pellet stove is similar to shopping for any wood stove. You’ll want to be sure that the stove is appropriately sized for your area and that you can vent it properly. We have a double-walled chimney-style pipe that runs out the back of the stove, through the outside wall and then up above the roofline. With a programmable thermostat, the house is cozy when we get up, cools down when we’re gone, then back up in the evenings. Perfect!

A pellet stove can be an inexpensive heat option … or just for atmosphere. They can be furnace-like or decorative. We like ours. It’s pretty and it feels good!

The rumor continues — 3.8% real estate tax

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Way back in September of 2010, I wrote a blog post about an email message that was circulating regarding an 3.8% real estate tax that was included as part of President Obama’s healthcare plan. At that time, the messages were aimed at overturning the Healthcare plan itself. Now that the Supreme Court has upheld the plan, it seems that the goal is to advise the general public that real estate agents won’t be voting for President Obama.

Just another political message designed as a scare tactic.

Because this message is so pervasive, I decided to address this subject again.  I’ve received a similarly worded message no less than eight times in the past three days. At the bottom of this post I’ve attached the message thread I received yesterday from a very savvy client.

Sigh … this is just another not true email circulation that’s gaining ground again because of the upcoming election.

The facts? — There is not a 3.8% real estate tax for ALL real estate transactions starting in 2013. But there IS a 3.8% investment tax on profits for people who meet a high capital gains threshold.

In a nutshell, the 3.8% tax (called the Medicare tax — it has nothing to do with real estate), will be imposed on investment income only for individuals with a net income above $200,000 or couples with a joint net income of more than $250,000. Further, it’s then imposed only for transactions with a taxable gain above $250,000 per individual or $500,000 per couple. And then there are yet further conditions that control the taxable amount.
 
Realistically, there are VERY few people that will be impacted by this amount because capital gains on real estate sales don’t take effect until after aprofit from sale of $500,000 is reached (for couples) or $250,000 (for single filers) on a their net real estate investment income.
 
For example, if a high income couple making $260,000 TAXABLE INCOME on their tax return should sell a property with a net capital gain of $600,000, then they would pay a 3.8% tax on the lesser of:
 
  • The amount of taxable income generated by the sale = $100,000. 3.8% of $100,000 is $3,800

or

  • The amount by which their taxable income exceeds the $250,000 taxable income level= $10,000. 3.8% of $10,000 is $380
 
It’s important to realize that the tax isn’t on real estate — it’s on investment income. And, frankly, although we all hope that our home is a fantastic investment and that we’re going to make oodles of money on it, if that does come true and we’re also a high income wage earner, then perhaps it’s only right that we share a small portion of our wealth in the form of taxes.
 
Refer anyone that sends this message to you back to Snopes.com at http://www.snopes.com/politics/taxes/realestate.asp
 
So … back to the subject of the message: “You should read this regardless of political leaning so that you are aware of it.” … Yep … they should read THIS message regardless of political leaning.
—– Original Message —–
Sent: 7/16/2012 2:27:00 PM
Subject: FW: Home Sales Tax-effective Jan. 1, 2013 You should read this regardless of political leaning so that you are aware of it.

This came from a friend in CA;  is this a true story?   I trust you and believe you will know.

Marilyn

 

____________________________________________

I’ve talked to realtor friends and this is true!  I’m not trying to bad mouth anyone, but it is something that will affect every single one of us who owns property.

 

Subject: Home Sales Tax-effective Jan. 1, 2013

Very important!!!!

———————————————————— When does your home become part of your health care? After 2012!
Your vote counts big time in 2012, make sure you and all your friends and family know about this !
HOME SALES TAX
I thought you might find this interesting, — maybe even SICKENING!
The National Association of Realtors is all over this and working to get it repealed, — before it takes effect. But, I am very pleased we aren’t the only ones who know about this ploy to steal billions from unsuspecting homeowners. How many realtors do you think will vote Democratic in 2012?
Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That’s $3,800 on a $100,000 home, etc. When did this happen? It’s in the health care bill, — and it goes into effect in 2013. Why 2013? Could it be so that it doesn’t come to light until after the 2012 elections? So, this is ‘change you can believe in’?
Under the new health care bill all real estate transactions will be subject to a 3.8% sales tax.
If you sell a $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation, — who often downsize their homes. Does this make your November, 2012 vote more important?
Oh, you weren’t aware that this was in the ObamaCare bill? Guess what; you aren’t alone! There are more than a few members of Congress that weren’t aware of it either.
You can check this out for yourself at:
http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home
I hope you forward this to every single person in your address book.
VOTERS NEED TO KNOW.

Subject Home Sales Tax-effective Jan. 1, 2013

 

 

 

Snow/Ice/Wind Storm of January 2012

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I was a bit (well, a lot) skeptical about whether we’d end up with a storm of the magnitude the weather folks were predicting early last week. We were to get 12-18” of snow. Uh huh … right!

In my area of south King County, we’d had a number of just wet little snow blizzards that melted about the time the flakes hit the ground. What I didn’t know, was that the worst of the storm was just laughing at me … waiting for me to go back into the house to finish my skeptical blog post.

For my area of the Auburn east hill, snow was late to arrive, but when it did, it was daggone serious. Now, remember you east coasters … we’re talking about the Seattle area here. We don’t get much in the way of snow. We may get a few inches here and there, close the schools for a day, and then melt off. There’s little snow equipment in the area, we live up/down on hills and the snow we do get is typically very very wet. None of that dry fluffy stuff that’s fun to ski … just Seattle “concrete.”

P1040017This time around was no exception. After fits and starts, snow really started to fall on Wednesday and it was wet wet wet sticky stuff. Great for making snow sculptures. That sort of thing.

Thursday morning around 7am, the power went out. A quick look outside said that it had snowed a bit more. With accumulations around 8 inches or so after it’d melted off a bit. Bummer—I wanted SNOW!—and an adventure! At my house, situated on a small community well, septic systems, electric heat, it was going to be a cold few hours – outside was around 28 degrees or so.

P1040023But, expecting the best and dressing in layers, we were prepared! Flashlights, generator, a full fridge and pantry full of food, bottles of drinking water and a bathtub full of water for the necessary stuff. Bring it on. We were ready.

HAHAHAHAHAAAA

Fast forward to late Thursday … it’s raining. That’s what was predicted. It was going to rain off all of our accumulations. No problem. What the weather folks didn’t know, is that the rain was freezing. Encapsulating everything and accumulating a deadly layer of ice on top of the snow. And it just kept on accumulating. By the time the rain stopped and turn back to snow on Friday, we’d gathered about an inch of solid ice on top of our snow layer. Stuff is falling off the trees everywhere. (Nothing like laying in bed listening … creeeekkkk, screee, schuuuuuckkkkk, CRASH!) Outside, it’s a winter wonderland with ice coating everything.

P1040025But then the snow kept on coming … again! Now there was about two inches of snow on top of the ice! Yikes! I had no idea. Friday morning I decided to let the dogs out front to avoid the broken tree mess in our back yard … and immediately after stepping off the porch all four legs splayed out on both dogs. Getting purchase and standing back up was a challenge for them.

By late Friday we were able to actually make it out of our driveway and back to the world and what a mess it was. Downed trees, downed wires, cars in ditches; it was total destruction. No wonder we had no power. Lines were down on both sides of our private road, huge trees laying everywhere.

P1040031But real estate calls just kept on coming. My cell phone kept ringing with people looking for houses. So on Saturday I decided to go ahead and make a showing appointment and give it a go. Yikes, what a further mess. Now our feeder road was totally blocked off, with power line trucks guarding the road so no one could get in or out. Lots of yellow caution tape. (Yay!! Maybe they were working on restoring power!) With lots of talking, we were allowed to carefully go around all of the barriers and trees and off to my showing. Only to be stood up by the Buyers. Sigh … but it was a fun adventure!

Here’s a shot of my favorite shade tree during the ice storm … and after. What you can’t see here is the line of tree trunks that are now just sticks. There’s gonna be a lot of tree removal again this year. I’m thinking that Mother Nature decided pruning was necessary so decided to help us get a start at it. We were very very fortunate – no real damage, but sure a lot of destruction. (And I was mighty glad to take a hot shower on Sunday when the power was restored!)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Facing a Foreclosure or Short Sale?

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Image thanks to Jeff Turner/FlickerThe Washington State attorney general’s office recently released three videos that explain your rights and options should you be facing a foreclosure or short sale of your home.

As an active Realtor®, I frequently receive phone calls from people that are already behind on their payments, or feel as though they will soon be in trouble with their mortgage. Sometimes, the call is from someone that is trying to get out from under a home that has lost significant value and is now worth far less than what they owe. Each of these types of calls requires a knowledgeable response and action. Sometimes the best response is to refer the person to an attorney. Most often, however, it’s a chance to help educate the caller as to the possible options based on their personal situation.

The three videos provided by Rob McKenna (Washington State Attorney General) and his staff explain some of the options available and the impact of these options on the consumer who may be facing a foreclosure or short sale of their home.

Each of the videos is moderated by Annie Fitzsimmons, the legal counsel for Washington Realtors. They are easy to understand and just a few minutes long. If you are facing a foreclosure or short sale, I urge you to take the time to view these videos, then give me a call if you have any questions or if you would like to discuss them.

In Part One, Mr. McKenna provides an overview of the options that are available:

In Part Two, Marc Cote, a Certified HUD Housing Counselor, discussses what will happen when you meet with a HUD Housing Counselor, what you need to be prepared for the meeting, and the options available when working with a HUD Counselor:

Part Three, presented by Rob Dickson, Lawyer and Short Sale Negotiator, discusses the short sale process, along with some of the difficulties that are faced when negotiating a short sale.

Obviously, at this moment many of us that are homeowners are facing significant loss of value in our homes and sometimes it takes just the smallest event to trigger an inability to make mortgage payments. Should that happen to you, please contact me at 206.300.8421 or gabrielle@gabriellenemes.com just to talk … and take advantage of the resources outlined in these videos.

Congratulations to a Few More Summer-Time Closings!

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I was pleased in August and September to assist a few more families with new homes. A big congratulations to them and wishes for many many years of happiness, laughter, and peaceful times in their new abodes:

Diane, Mariah, and Sierra — Congratulations on your new condo purchase in Issaquah! It was so much fun to work with all you ladies. I think Mariah may have a future in real estate — keeping me on my toes and asking so many great questions during all of the house-hunting fun!

Joe and Okju — Wow! Always amazing when a home with a big yard in a wonderful neighborhood is found around the $100k mark. You two were focused, determined, and soooo excited when we found your new “place!” I was sooo impressed with your ability to look beyond the faults and into the bones, allowing you to find the perfect house — after a wee bit of updating! Congratulations again to you both! Whoo hoooo!!

Jeff and Melissa — Yes, it’s “just a rental,” but how exciting to find the perfect one for your relocation to Seattle! The rental time will go quickly while you decide where, exactly, you want to live. I loved your positive attitude, even though faced with a challenging move with three teens! Good for all of you!

Steve and Jen — Your “gonna live here forever” home took a while to find, but what fun now that you’re in and learning about country life! I’m excited to see the plans you have for remodeling and adding on and making the place all your own. Congratulations!

As usual, closing a purchase takes a whole team; there’s absolutely no way any of this would have happened with the skilled assistance and knowledge of these talented folks too. Give them a call whenever you need their services:

Marilyn Brown, LPO and Escrow Officer, at First American Title in Kent. Absolutely the best in keeping a transaction on track and getting everything filed on time.

Dave Jagosh, Home Inspector with Pacific Northwest Home Inspections. Dave, I just don’t know how we’d proceed without you. Your knowledgeable eagle eyes and calm, professional demeanor takes the “scare” out of the “what ifs” in buying a house!

Beth Jensen, Loan Officer with Cobalt Mortgage. Absolutely fantastic, as usual, you provide the best in loan representation there is. You know your products, are there for the client, and get things done correctly and on time. No lending delays when you’re involved, that’s for sure! Thank you again, for being there for my clients! You’re the best1

Congratulations Eric & Melanie!

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First time homebuyers Melanie and Eric are thrilled with their new house! Congratulations to you both; may you have many many years of happiness here. Now crack open that champagne and celebrate!

Thank you for allowing me to be of assistance in your home search and purchase. I was truly honored!

And to two of my favorite team members:

  • Marilyn Brown at First American Title & Escrow — Thank you for coming through at the last minute. This turned into a last minute affair, didn’t it?
  • Dave Jagosh — Nobody does inspections as well as you do them! 

 

New Carpet, New Roof, New Paint = New House for You!

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Look out over the neighborhood and into the distance from this corner-culdesac in the Kentridge/Glencarin area of Kent. Freshly painted with brand new carpeting and roof (to be completed prior to closing) = a clean, tidy, and move-in ready home just for you.

Along with the kitchen (complete with eating bar), the main floor of this classically-styled split-level home features large light-filled living and dining areas overlooking the neighborhood, along with three bedrooms, a full bath, and a 3/4 bath adjoining the master bedroom.

Downstairs is the gigantic family room (billiards anyone?) with its own fireplace and sliding doors leading to the flagstone patio and fenced backyard. You’ll appreciate the laundry & 1/2 bath combination, perfect for muddy, messy jobs! At the top of the 2-car garage are two extra rooms—rearrange doors and these two rooms can open to the laundry and family room, perhaps allowing for an additional bedroom? Be sure to verify all measurements, dimensions and sizes to your own satisfaction — it’s possible that these two extra rooms are not included in the home’s square footage.

Located in walking distance to Emerald Park Elementary and Kentridge High School; just a short bus commute to Meeker Middle School. Shopping and bus service is also close-by along with easy easy commuting to Highway 167, straight across the Kent valley and up the other side to I-5 and Sea-Tac airport. Downtown Seattle is approximately a 30 minute commute; with similar drive-time to Tacoma. … location, Location, LOCATION!

A one-year homeowner warranty, for your ease of mind will be provided by Gabrielle at closing free of charge to you!

NOT a short sale or bank-owned property — EASY, FAST PURCHASE FOR YOU!

Call or text Gabrielle at 206.300.8421 for a personal tour!

 
 
 
 
 
 

 

Click or Scan for Virtual Tour

 

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Flood Maps Affect Home Sales and Purchases

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One of the requirements to obtaining and maintaining a mortgage or loan on your home is that it be adequately insured against unexpected disasters. It’s important to know that damage from floods or landslides are not typically included in normal homeowner insurance policies.

Evaluation of whether a home resides within a flood plain is part of the consideration in obtaining affordable homeowner’s insurance. This can affect the ability of a buyer to fulfill the terms of their purchase contract, as expensive insurance may negatively impact that buyer’s ability to qualify for the purchase of the home.

Similarly, the requirement that flood insurance be obtained can negatively impact the Seller’s ability to sell a home. A home that’s not insurable, or one that has what appear to be excessively high premiums, can be difficult to sell to anyone that must finance their purchase, limiting prospective buyers to cash only or seller-carried contracts.

In most purchase contracts in which I participate, I recommend that the buyer include a provision that their annual homeowner insurance premium be no more than 1/2 of 1% of the purchase price. Generally that’s doable, unless the home happens to reside in an area designated as residing in a flood plain — then prices skyrocket as the prospective homeowner must also negotiate flood insurance.

As geology, improvements to land, and technology change,  flood maps are updated by FEMA (Federal Emergency Management Agency). Your home, which previously was not within a flood prone area, may be now … or, conversely, perhaps it is no longer, affecting your  insurance rates.

In incorporated and unincorporated King County, those flood maps have recently been re-drawn and can now be viewed during one of the three public meetings listed below. Additionally, you can review the new King County flood maps online, obtain more information about these public meetings, and review the flood insurance studies by visiting the King County Preliminary Flood Insurance page.

City of Auburn
Wednesday, January 26, 2011
6 – 8:00 P.M.
Dick Scobee Elementary School
1031 14th Street NE, Auburn, WA 98002
253-931-4984

City of Renton
Thursday, January 27, 2011
6 – 8:00 P.M.
Renton City Hall
Council Chambers – 7th Floor
1055 S. Grady Way, Renton, WA 98057
425-430-6400

City of Kent
Monday, February 7, 2011
6 – 8:00 P.M.
Kent Senior Activity Center
600 E. Smith Street, Kent, WA 98030
253-856-5150

Additional information about flood insurance in Washington State can be found at the Office of the Insurance Commissioner.

Finally, be sure to periodically review the terms of your homeowner insurance policy. It’s critically important that you know exactly what is … and what is not … covered on your policy. Damage from flood waters, earthquakes, or extra coverage for all that nifty personal computing equipment you own, may require extra attention in the form of insurance riders.

 

For help with your homeowner insurance needs, please let me know and I’ll be delighted to refer you to an outstanding insurance professional.