Value in the Service

Yesterday, as I was desperately trying to get to the office, I realized I had unheard messages on my cell phone. Although I always carry my cell phone, the messages were from calls made the evening before which, for some unknown reason, hadn’t rung through to me. But each call required an immediate response. Not exactly what I had planned for my morning. What I really needed to do was to contact a number of potential sellers and buyers I hoped to be able to assist. Yet I knew those calls were priority things needing to my full and immediate attention.

As a professional Realtor I’m faced with dilemmas like this every day. Without the potential of ongoing new business, my future could be uncertain. Yet, on the other hand, without first taking care of existing business, I run the risk of alienating existing customers. For whatever reason, I’ve always chosen to take care of existing business before contemplating or concerning myself with the development of new buyers or sellers. As a result, I don’t normally carry as many listings or work with as many new buyers as some agents. But my supportive base of satisfied customers continues to grow.

Of course, at a time when so much of the competition is based solely on who can provide the least expensive service, I believe there is a direct benefit or value my customers receive when I am able to allow for flexibility in my work schedule. There’s a value knowing their needs come first.

I suppose I’m suggesting that, when choosing a Realtor to assist you, look for someone like me who is more concerned about servicing existing customers then looking for new customers; someone who can manage flexibility into their daily schedule; and someone you feel confident will make your call their priority.

In this sense, I believe I am that person and the flexibility I offer is a definitive value my customers automatically receive.

FHA Mortgage Limits Increased

FHA insured mortgage limits were increased yesterday on owner occupied two-to-four family dwelling units. Although major news outlets in Seattle reported that single family home mortgage limits had also been increased, Dale Golder, Branch Manager Mortgage Consultant of Windermere Mortgage Services in University Place, indicated that such increases had not yet been made. But, she added that, along with “dropping the FHA approved condo list and a further reduction in the minimum down payment” required to obtain a FHA loan, those changes were anticipated. Golder said, “Congress would ultimately make the final decision.”
According to Golder, “currently the FHA minimum down payment is 3%, but it is anticipated that it will be reduced to 1% to 1½%.” The FHA approved condo list relates to projects which are preapproved by FHA. But, with so many reasonable priced projects being condo conversions which hadn’t had the opportunity to be preapproved by FHA, it would seem that Congress is attempting to make affordable housing easier for the average homeowner to obtain. The same could be said for the reduction in the down payment requirements.
As to changes with two-to-four family residences, maximum mortgage limits were increased to:

King & Pierce County One-Family mortgage limits remained the same at $362,790; Two-Family was increased to $436,000; Three-Family was increased to $529,750; and Four-Family mortgage limites were increased to $611,250.

In Kitsap County One-Family limits remained unchanged at $361,000; Two-Family were increased to $406,600; Three-Family to $494,000, and Four-Family was increased to $570,000.

In Thurston County One-Family remained unchanged at $261,824; Two-Family limts are
$294,897; Three-Family is $358,286; and Four-Family is $413,407.

Golder added that the changes were increased to better reflect medium priced properties in each respective area.

Current Pierce County Real Estate Market Perspective

On this date, throughout Pierce County there are currently 7,735 active, contingent and STI (Subject to Inspection) listings and 704 pending sales. The medium price of that activity is $314,979. In the past 31 days, there have been 691 closed sales recorded in Pierce County with a medium list price and sale price of $279,950. The absence of a discrepancy between the medium list price and sale price is significant in that it suggests that as list prices are being reduced to the market, sales are occurring.

Although these numbers are simply an overview of market activity, they are nonetheless important in helping buyers and sellers to understand and recognize market tendencies and trends. They also point to the importance of using the services of a professional Realtor.

Additional updates to follow.

PierceCounty Real Estate Sales

Happy Thursday afternoon greets to my new blogger friends. The purpose of this blog is to use words to describe the status of Pierce County, Washington residential real estate sales. If anyone should have any questions, please get them to me and I'll respond directly. It is also my intent to use this as a means of answering such questions. Until I officially get started, I hope everyone has a terrific day. -- Ken T