Agents Featured homes.wenatcheeworld.com Homefinder’s North Central Washington WEEKEND From the KCM Blog May 31, 2012 As lenders, buyers, sellers, and real estate agents, the big unknown after a deal is put together is the appraisal. A proper pre-approval can smooth out the other components of the mortgage approval (income, assets, and credit- even title issues can be uncovered before the contracts are signed), so the only “unknown” is the appraisal. The spoken challenges: An appraised value has always been loosely defined as “what a reasonable buyer would pay to a reasonable seller” , meaning that both sides were of sound mind and under no external pressure. But in today’s environment of foreclosures and short sales, the whole concept of “reasonable” is muddled. So, appraisers are challenged, through no fault of their own, in determining a home’s value because they can’t ignore the data and the distressed transactions, but should they be considered “reasonable”? Add to it the prevalence of sellers concessions today (wherein the seller agrees to pay the buyer’s closing costs) and the appraiser is faced with a further dilemma: If the seller is willing to pay $10,000 of the buyer’s closing costs, doesn’t that mean that they believe the “reasonable” value of their home is less than the actual price? Many will argue that the seller’s merely looking to make their home more financially attractive to solicit more interest in it, creating more competition, and thereby securing the highest price for themselves. So, appraisers are in a difficult position, for sure. But, there is a problem with appraisals today that goes beyond a property’s worth. It’s the unspoken challenge. With the advent of post real estate bubble regulations (predominantly HVCC in terms of appraisals), most lenders order their appraisals through a third-party company. This company gives the appearance of independence- a company immune to the pressures of a loan officer or a real estate agent who might push a value too high. But, in fact, many of these Appraisal Management Companies are owned or controlled by the lenders themselves. And these AMCs don’t actually do the appraising. In many cases, they subcontract the work out to actual appraisers, but only pay them a fraction of the monies collected. So, appraisers, besides being under tremendous scrutiny, today have a tougher job and they are asked to work for less money. Is it surprising that they would be conservative in their evaluations? The bubble was not the appraisers fault. There were multiple reasonable buyers willing to pay the prices in 2006, and the values reported were valid at the time. The appraisers didn’t create outrageous underwriting guidelines that allowed too many unqualified buyers to bid on those homes. Let’s get rid of HVCC and let the appraisers do their job; otherwise, home appraisers will not be showing appreciation in any real estate market. Realtor’s Corner The Unspoken Appraisal Problem WEEK OF JUNE 9TH Stephen Bishop 679-7004 www.wenatcheepremierhomes.com Sharon Moreland 670-0075 Office: 662-3491 fax: 664-3897 Lorre Stimac Realtor cell: 509 670-7653 fax: 509 662-2164 [email protected]REAL ESTATE Bringing Buyers & Sellers Together Jackie Gabaldo Broker Associate 860-4456 Connect to johnlscott.com/wenatcheeofice • 662-4772 • 1201 N. Wenatchee Ave. This Office independently Owned & Operated Bringing Your Dream Home 175 E. Penny Rd. ~ Wenatchee, WA 98801 Laura Mounter Cell: 509-670-3303 Office: 509-665-9200 [email protected]• www.LauraMounter.com 1 S. Chelan St., Wenatchee • 509-888-8887 Coldwell Banker LaVigne People are “Our Business ” Laurie Carlson • 393-9010 • ColdwellBankerLaVigne.com 1 S. Chelan St., Wenatchee • 888-8887 Melissa Kiser 509.668.8800 [email protected]Over 21 Years of Real Estate expertise partnered with the National Exposure of ! Search Every Wenatchee Real Estate Listing at www.NCWhomes.com Top Sales Agent MAY Congratulations to KIM SKAAR, for being COLDWELL BANKER LCP’s Top Sales Agent for the Month of MAY! 509.670.2223 | www.ChelanProperty.com | KimSkaar@msn.com Top 20% Internationally of ALL BROKERS - Coldwell Banker 2011 Contact Kim Skaar for all your Real Estate needs: Kim Skaar has been with Coldwell Banker since 2003. He has been a consistent producer of real estate sales in the Chelan Valley since he started. He has been awarded the President’s Circle, which is the top 2% of all Coldwell Banker agents worldwide for four years consecutively. In 2011 he earned the prestigious Coldwell Banker award as a member of the International Sterling Society, putting him in the Top 20% of CB sales brokers in the world, and is in the Elite group of Coldwell Banker Previews Certiied Agents, which specialize in listing and selling luxury real estate. Kim is very active in the community, he is a Rotarian, and works many hours annually raising money for the Chelan Food Bank. If you are thinking of selling or buying in the Lake Chelan Valley .... 101 E. Woodin Ave Chelan, WA 509.682.7777 www.coldwellbankerchelan.com If you’re in the market for a new home, remember – location is everything. Begin your home search at our newly remodeled real estate page, conveniently located at wenatcheeworld.com. Click on Home Finder, or navigate there directly at homes.wenatcheeworld.com. homes.wenatcheeworld.com Homefinder’s North Central Washington wenatcheeworld.com DeAnn Compton, Broker 509-670-9966 (Cell) 509-662-2100 (Office) [email protected]Century 21 Exclusively • 135 N. Mission, Wenatchee, WA 98801
Transcript
AgentsFeatured
omefinder’sHomefinder’shomes.wenatcheeworld.com
Homefinder’sNorth Central Washington
WEEKEND
From the KCM Blog
May 31, 2012
As lenders, buyers, sellers, and real estate agents, the big unknown after a deal is put together is the appraisal. A proper pre-approval can smooth out the other components of the mortgage approval (income, assets, and credit- even title issues can be uncovered before the contracts are signed), so the only “unknown” is the appraisal.
The spoken challenges:
An appraised value has always been loosely defi ned as “what a reasonable buyer would pay to a reasonable seller”, meaning that both sides were of sound mind and under no external pressure. But in today’s environment of foreclosures and short sales, the whole concept of “reasonable” is muddled. So, appraisers are challenged, through no fault of their own, in determining a home’s value because they can’t ignore the data and the distressed transactions, but should they be considered “reasonable”?
Add to it the prevalence of sellers concessions today (wherein the seller agrees to pay the buyer’s closing costs) and the appraiser is faced with a further dilemma: If the seller is willing to pay $10,000 of the buyer’s closing costs, doesn’t that mean that they believe the “reasonable” value of their home is less than the actual price? Many will argue that the seller’s merely looking to make their home more fi nancially attractive to solicit more interest in it, creating more competition, and thereby securing the highest price for themselves.
So, appraisers are in a diffi cult position, for sure. But, there is a problem with appraisals today that goes beyond a property’s worth. It’s the unspoken challenge.
With the advent of post real estate bubble regulations (predominantly HVCC in terms of appraisals), most lenders order their appraisals through a third-party company. This company gives the appearance of independence- a company immune to the pressures of a loan offi cer or a real estate agent who might push a value too high. But, in fact, many of these Appraisal Management Companies are owned or controlled by the lenders themselves. And these AMCs don’t actually do the appraising. In many cases, they subcontract the work out to actual appraisers, but only pay them a fraction of the monies collected.
So, appraisers, besides being under tremendous scrutiny, today have a tougher job and they are asked to work for less money. Is it surprising that they would be conservative in their evaluations? The bubble was not the appraisers fault. There were multiple reasonable buyers willing to pay the prices in 2006, and the values reported were valid at the time. The appraisers didn’t create outrageous underwriting guidelines that allowed too many unqualifi ed buyers to bid on those homes.
Let’s get rid of HVCC and let the appraisers do their job; otherwise, home appraisers will not be showing appreciation in any real estate market.
Congratulations to KIM SKAAR, for being COLDWELL BANKER LCP’s Top Sales Agent
for the Month of MAY!
509.670.2223 | www.ChelanProperty.com | [email protected] 20% Internationally of ALL BROKERS - Coldwell Banker 2011
Contact Kim Skaar for all your Real Estate needs:
Kim Skaar has been with Coldwell Banker since 2003. He has been a consistent producer of real estate sales in the Chelan Valley since he started. He has been awarded the President’s Circle, which is the top 2% of all Coldwell Banker agents worldwide for four years consecutively.
In 2011 he earned the prestigious Coldwell Banker award as a member of the International Sterling Society, putting him in the Top 20% of CB sales brokers in the world, and is in the Elite group of Coldwell Banker Previews Certiied Agents, which specialize in listing and selling luxury real estate.
Kim is very active in the community, he is a Rotarian, and works many hours annually raising money for the Chelan Food Bank.
If you are thinking of selling or buying in the Lake Chelan Valley....
101 E. Woodin Ave
Chelan, WA
509.682.7777
www.coldwellbankerchelan.com
If you’re in the market for
a new home, remember –
location is everything.Begin your home search at our newly remodeled
real estate page, conveniently located at
wenatcheeworld.com.
Click on Home Finder, or navigate there directly at
Century 21 Exclusively • 135 N. Mission, Wenatchee, WA 98801
omefinder’sHomefinder’shomes.wenatcheeworld.com
Homefinder’sNorth Central Washington
WEEKENDWEEK OF JUNE 9TH
Wenatchee
$99,000 1308 Horizon Place Open Sun. 2:30-4Just Reduced! 1,850 sq. ft., tons of storage areas, perfect for downsizing! Spacious layout. First full year park rental lease and home warranty paid by sellers! Move-in Ready! Directions: North on Western, East on Maple, right into Twin Peaks.Laura Mounter Real Estate & Co. Jody Campbell 630-0722
$129,900 1519 Washington St. Open Sun. 12-2 Windermere Real Estate/NCW Mary Tabler 885-3902
$142,500 201 S. Elliott #19 Open Sun. 1-3n t dd t dtd d t ondo n o t to ttd do o ond oo oton ott o to nd ontn ondoLaura Mounter Real Estate & Co. Jan Widener 670-2444
$154,700 85 Terminal Open Sun. 1-3Cute 3 bed, 2 bath - new carpet, new paint, don�t miss this cute home. There will be a drawing for a Gift Card!!! - so stop by for your chance to win. Directions: S. Wenatchee Ave. to Terminal, across the Street from Mission View.Coldwell Banker LaVigne Debbie Chase 630-0235
$160,000 20 S. Delaware #1 Open Sun. 1-2:30Townhouse 2 bedroom, 2.5 bath condo. Updated kitchen withCorian counter tops and stainless appliances. Covered parking and close to everything. Directions: Corner of Washington andDelaware.Laura Mounter Real Estate & Co. Cindy Smith 664-6278
$169,500 300 S. Elliott #13 Open Sun. 2-4 Century 21 Exclusively Perrin Cornell 669-0354
$174,900 515 Hawthorne Open Sun. 12-1:30 Century 21 Exclusively DeAnn Compton 670-9966
$174,900 900 Stewart St. Open Sun. 1-2:30Quiet neighborhood. Three beds, two baths, family room,double garage, over 1300 Sq. Ft. Perfect for any buyer. See it! Directions: South off Cherry Street.Premier One Properties Carol Stueckle 664-7849
$178,900 1807 Garnet Place Open Sun. 12-1:30 Premier One Properties Wilber Zaldivar 630-6805
$184,900 300 S. Franklin Ave. Open Sun. 12:30-2:3 Windermere Real Estate/NCW Cindy Seyster 670-6466
$215,000 323 Michael Place Open Sun. 12-1:30 Laura Mounter Real Estate & Co. Lela Castro 322-6060
Wenatchee
$239,900 25 Furney Open Sun. 12-23164 Sq. Ft. rambler with many upgrades and full basement.Directions: South Miller, right Washington, right Furney.John L. Scott Wenatchee Darlene Garton 881-1600
$289,900 645 Kayla Way Open Sun. 12:30-2 Premier One Properties Steve Bishop 679-7004
$295,000 403 Lombard Lane Open Sun. 12:30-2:30Views! 4000 Sq. Ft., daylight rambler, .48 acres. Directions: School St., right on Lombard.John L. Scott Wenatchee Sue Long 670-0633
$299,500 2017 Dawn Terrace Open Sun. 1-3Solid brick 50�s home with basement apartment. Two completelevels of living space. This home has a new kitchen and 2 new baths. Beautiful views! Directions: From N. Wenatchee Ave., West on Horselake Road, left onto Dawn Terrace. Premier One Properties Kay Stevens 421-4915
$299,000 223 N Western Open Sun. 12-2Wonderful mid-century home boasts a delightful mix of period design and modern conveniences. Nestled on beautiful 1.52 acre grounds and inviting in-ground pool. Sunny dining area is open to covered deck. 4 bedrooms and 3 baths!Coldwell Banker LaVigne Linda Bondo 860-2398
$329,900-$399,900 2100 Yarrow Rd. Open Sun. 2-4 Century 21 Exclusively Betsy Loomis 509-669-6464
$379,900 1414 Benoy Open Sun. 2-3:30Meticulously cared for home on private lot. 3 bedroom, 2.5 baths plus formal living and dining room. Bonus family room is open to the kitchen/breakfast nook. 2 car garage + shop 1.21acres. Directions: Western to Mulberry to Benoy.Century 21 Exclusively DeAnn Compton 670-9966
$419,000 460 River Walk Open Sun. 12 - 4 Premier One Properties Jeff Benson 630-6859
Sunnyslope$654,900 1020 Sage Crest Dr. Open Sun. 12-1:30Reduced $34,000! This luxury home perfectly combines style, entertaining and family enjoyment! Spacious design with 2 mas-ter suites, in desired Sunnyslope School District. Beautiful view.Directions: Easy St., North on Crestview, left on Sage Crest.Laura Mounter Real Estate & Co. Jody Campbell 630-0722
3 Lakes/Malaga$399,900 3060 Riverview Lane Open 11:30-1Like living in a resort...quite .85 acres, swimming pool, gorgeous kitchen and all with mountain and river views. Walk to golf course too! Directions: Malaga Hwy., right on West Malaga Road to Three Lakes, left on Golf Course Road, left on Riverview.Century 21 Exclusively Betsy Loomis 669-6464
East Wenatchee
$162,500 612 S Larch Open Sun. 1-2:30 Large 3 bedroom, 2 bath manufactured home. 1800 sq. ft,, comfortable living areas, master suite, family room, .56 acre landscaped lot, big outside living areas, great views.Directions: Grant Rd., right S. Kentucky, left SE 6th, right S Larch.Windermere Real Estate/NCW Jerry Paine 860-7696
$169,900 3331 Sunset Hwy Open Sun. 2-4New 2007 home! 4 bed, 2 bath, .52 acre, 2 car attachedgarage, oak cabinets, formal dining, breakfast nook, nice size master with soaking tub, warranty, room for your toys. Directions: Odabashian Bridge, South on Sunset Hwy, house on left.Windermere Real Estate/NCW Diana Hinkle 860-1685
$175,000 566 Canyon Dr. Open Sun. 1-3Sunrise East! Over 55 gated manufactured home park. 2+Bed, 2 bath, 2320 sq. ft., large pantry/hobby room off garage/utility area, large lot with views. Directions: Grant Road, left on Lyle, right on 5th, left into Sunrise East.Windermere Real Estate/NCW Jamie Wallace 670-3305
$194,500 701 N. Lyle Open Sun. 11:30-1:15Immaculate rambler with amazing Mission Ridge views. 3 bed, 2 bath with great master suite. Nice patio in beautiful fenced yard. 2 car garage with storage! Directions: Eastmont to 5th NE, East to Lyle, left on Lyle 2 blocks.Coldwell Banker LaVigne Laurie Carlson 393-9010
$199,900 3946 Blueridge Open Sun. 2:30-4:30Gorgeous, newer rambler with a beautiful view of the river, mountains. 3 bed, 2 bath, double car garage. Fully fenced backyard with automatic sprinklers. Directions: Hwy 97 toBluerock, right on NE Blueridge Dr. Premier One Properties Wilber Zaldivar 630-6805
$234,900 826 NE Manzanal Open Sun. 2:30-44 bed, 3 bath home updated throughout. Lots of space and totally custom. Beautiful kitchen and baths. Great deck and patio spaces. Nice location on a quiet Street. Directions: North on Eastmont, right on 11th, right on Guerin, left on Manzanal.Premier One Properties Steve Bishop 679-7004
$239,900 343 N. Newark Ave. Open Sun. 12:30-3 Premier One Properties Steve Schwind 421-1150
$239,900 916 N Jennifer Open Sun. 12:30-2:30 Windermere Real Estate/NCW Tim Seyster 669-5786
$239,950 1441 Copper Loop Open Sun. 11-1Tour our model home or call for a showing. A 3 bedroom rambler. Stop by and let�s talk about a pre-sale. Ramblers,Tri-Levels or 2 Stories. Timberwood Homes-Wenatchee�sPremier Builder. Directions: SE 4th St. to Kansas.Windermere Real Estate/NCW Julie Jessup 670-6637
$245,900 1530 N Baker Open Sun. 11:30-1:30 Century 21 Exclusively Perrin Cornell 669-0354
East Wenatchee
$249,900 346 N. Newton Ave. Open Sun. 12:30-3Spacious Great Room, large windows, lots of light! Granite kitchen counter tops, formal dining room. Exclusive Master.Enjoy serenity and a mountain view, 3 bed, 2 bath. Large fenced lot. Directions: Grant Rd., left on Nevada, right on 3rd, left on Newton.Premier One Properties Steve Schwind 421-1150
$259,900 2487 Plateau Drive Open Sun. 2:30-4Gorgeous Swim World in-ground pool with lush and beauti-ful landscaping. Upgraded tri-level home with newer carpet,granite. Large lot with room for your RV and lots of privacy.Directions: Eastmont to Plateau Drive. Premier One Properties Paul Mares 670-2119
$269,900 2178 Blackstone Court Open Sun. 1-32012 4 bed, 2.5 bath home in newer development. Cus-tom cabinets, granite counter tops and hardwoods adorn thecustom kitchen. Master features 2 closets with built-ins. Directions: North on Baker, right on 21st, left on Blackstone Ct. Century 21 Exclusively Gene Palmquist 393-9820
$299,900 351 19th St. NE #7 Open Sun. 1-3 Century 21 Exclusively Doug Andrews 860-8840
$309,500 -$347,500 SE 8th & Lyle Open Sun. 12-4 Premier One Properties Erin Davidson 293-2214
$359,900 47 S. Mandolin Open Sun. 12 - 2 Premier One Properties Paul Mares 670-2119
$407,900 420 NE 21st Street Open Sun. 2-3:30 Century 21 Exclusively Bitsi George 670-8555
$574,900 1536 Holly Lane Open Sun. 1:30-3:30Beautiful corner lot with sweeping mountain views - Briarwood. Over 4500 sq. ft. home with every upgrade! 5 bed, 4 bath, huge 4 car garage with shop area. This home has it all. Directions: Eastmont to Briarwood, East on Briarwood, right on Holly Lane.Coldwell Banker LaVigne Laurie Carlson 393-9010
Cashmere
$199,000 116 Oak St. Open Sun. 11-14 bed home with fenced backyard, TREX deck and rec. room.Directions: Pioneer to Mission Creek, left on Oak St.John L. Scott Wenatchee Anne Conway 885-0845
$340,000 7550 Brender Canyon Open Sun. 1:30-3:30Beautiful one level view home on 4 acres with irrigation.Directions: West on Pioneer, turns into Brender Canyon.John L. Scott Wenatchee Anne Conway 885-0845
June 9 & 10, 2012
For additional information on these Open Houses visit:www.ncwaropenhouses.com
$995,000 .................WENATCHEERare opportunity to own this local landmark and historic 1917 home on the Wenatchee River. Eight fabulous bedrooms, formal dining and living rooms, and fantastic riverfront deck combine for a very special home.MLS# 698349 Geordie Romer 679-8958
$495,500 .............. LEAVENWORTHPeaceful & pastoral 2 acre creek side property! Large comfortable rooms. Great room with fireplace, 4 bedrooms each with adjoining bath. Quiet patio, waterfall/pond, and 4 car garage+ workshop. MLS# 698407 Momi Palmieri 433-2211
$360,000 .............. LEAVENWORTH Recreational opportunities! Cozy 3 bedroom cabin, 1.75 baths, 2,072 sq ft, family room, rock fireplace with insert, front and rear decks, and private hot tub. Great natural forest setting. MLS#698419 Geoff Ford 860-0554
$299,000 ............. LEAVENWORTHExtensively Remodeled! 4 Bedrooms, spacious living/dining, large windows, bright remodeled kitchen. Large corner lot and lovely patio for outdoor enjoyment. Walk to schools or town. MLS# 698317 Momi Palmieri 433-2211
$230,000 ............. LEAVENWORTHPicture perfect cabin on a quiet cul-de-sac! Built in 2005, this 2 bedroom charmer sits on a large 1/2 acre lot and backs to community green-space. Community pool and Wenatchee River are just a few blocks away. MLS 698314 Geordie Romer 679-8958
This house is a must see. Large Tri-Level home with an in-ground Larson Pool and a huge shop! All this sitting on a beautifully landscaped .60 of an acre lot. Plenty of room with a large family room and 2nd kitchen that is also plumbed and wired for a hot tub. $299,900. Please Contact GARY MULLEN @ 679-4132 For more information. MLS# 697460
34 S. MANDOLIN – EAST WENATCHEE
Beautiful open concept daylight rambler. Gourmet kitchen features slab granite countertops, double ovens and 5 burner cook top. 9’ ceilings. Fifth bedroom/office/hobby space in lower level. 3 Bathrooms. Large deck to the west to take advantage of the panoramic view plus large covered patio with stamped concrete on lower level. $359,900. Please contact JEANNIE KING @ 679-5150 for more information. MLS# 697994
1601 MAIDEN LANE - WENATCHEE
Feel of the Country, Heart of the City......After a hard day’s work enter a worry-free world of fun. Nothing to do in this stunning 2 bedroom 2 bath updated Condo, with granite counter tops, fresh paint and newer carpets. Open floor plan, secure storage, heated garage with extra room for office or shop. Watch the city lights twinkle from your elegant covered deck. Secure building with elevator. $186,000 call JUNE STANAWAY 699-1321. MLS# 696380
