HomeFinders Weekend - October 19-21, 2012

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Realtor’s Corner

Why? Writing in the Financial Times, Roger Altman, former deputy Treasury secretary, explained why he is so bullish on housing: This surge will be driven by a combination of improving house prices, a lower inventory of homes for sale, rising rates of household for-mation and population growth, and improving access to mortgage credit. Altman gave his thoughts on each point:

PRICESThe S&P/Case-Shiller Composite 20 City Home Price index has risen 8 per cent since March. Indeed, Barclays has projected that, by 2015, nominal home prices will exceed their 2006 peak. Home affordability is also way up, as the ratio of mortgage payments to both income and rents has never been more favourable. Moreover, the relationship of home prices to household income is back to the level of 30 years ago. Rising prices and affordability, of course, lead directly to the buying and building of homes.

HOUSING INVENTORYThe levels of relevant supply have fallen sharply. The number of homes for sale has fallen back to its long-term average of 2m. Yes, there is a larger “shadow inventory” of homes that are in foreclosure or carry delinquent or defaulted mortgages. However, many of these are distressed, in that they have not been physically maintained. This means that the supply has become two-tiered - quality homes and distressed homes. For most buyers, only the first of these two markets is relevant and the supply there is approaching its lowest level since 1992.

POPULATION GROWTHHousing demand is going to be strong, driven by demographics. The International Mon-etary Fund forecasts that the US population will increase by 15m during the 2012-17 period, more than the increase of the past five years. The two groups of the population that are growing fastest are the over-55s and the so-called echo boomers, the grandchildren of the baby-boom generation. The first group has the highest rate of home ownership. The second has been renting disproportionately, and is primed to start buying. JPMorgan estimates that 6m new units of housing are needed by 2017 just to serve the bigger population.

HOUSEHOLD FORMATIONSThere is the coming recovery in household formation. According to JPMorgan, this rate was steady at about 1.4m annually from 1958 up to 2007. But, it plunged below 500,000 for the three years following the financial crisis, as young people moved in together or lived with parents. Now it has doubled from that level and estimates of pent-up households are at an all-time high. Most expect formation rates to rise much further still, exceeding the 50-year average for a few years.

IMPROVING ACCESS to MORTGAGE CREDITThe availability of mortgage credit is starting to improve. Underwriting standards tightened sharply following 2008 and the proportion of home sales that are financed by new mort-gages is now at a 10-year low. However, household finances have improved sharply, with debt service ratios returning to pre-crisis levels. Moreover, banks also need the income from originating mortgages. Mortgage credit availability is therefore opening up, which also boosts home sales. It seems apparent that many aspects of the housing market are in the process of turning much more positive.

Many experts are beginning to call a bottom in home prices

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Homefinder’sNorth Central Washington

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$524,900Absolutely NOT going to last at this price! Remarkable Sunnyslope location, all the way at the top of E. Mountain Brook Lane. Daylight rambler built with top of the line wood � nish-work by Kilgore Construction. Very private setting with awesome views! Main level living makes this home perfect for everyone. Downstairs boasts a huge family room, separate game room/rec. room, a theatre room/of� ce, Nikki Birmingham 509-679-9246

$459,900 Price Reduction!Incredible, unobstructed views from this beautifully remodeled home in a fabulous location! Vaulted ceilings, Main � oor master bedroom, 2 decks, a chef’s kitchen with Wolf gas range, double oven, and more! New roof, new septic system, 3 � replaces - all of the brick, inside and out, was collected from the old Wenatchee High School and hand cleaned! 3 car garage with breezeway and much more!Annette Johnson 509-630-6107

$349,850Second � oor city side corner unit in the Beautiful River Park building with great views of the town of Leavenworth. Light � lled spaces with elegant decorator touches. TURN KEY, furnished. Open � oor plan. Enjoy the village views and sounds from your private balcony with southern exposure. Bask in all of the recreational opportunities that the area and festivals of the Bavarian Village year roundDeWayne & JoAnn Hess 509-421-4377

$159,000 Price Reduction!Very cute 2 plus bedroom home with basement. Hardwood � oors through out. New paint in & out. New carpet. Newer Roof, Perfect � rst home or investment property. Close to schools & shopping. Great location. Fully Fenced back yard. There are some up dating that can be done to increase quick equity. Motivated sellers. This is a must see.Mark Owyen 509-670-0274

$258,500 Price ReductionBuilt with Roman Brick, this updated home can be two separate living quarters or a SFR with 3 (possible 4) bedrooms. Nice deck of main � oor living room with views of river, mountains, and city. Covered patio below with nice back yard. New windows throughout, granite counter tops in upstairs kitchen, two � replaces. Don’t drive by and let this house fool you...de� nitely worth a look.Lee Hildebrand 509-669-7601

$235,000Beautifully updated rambler with 3 bdm, 2 bath and fantastic landscaping on almost one-third of an acre. More than 20 points of value added home improvements give this home warmth, character and functionality. One year home warranty included.Pam Wright 509-860-4487

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Homefinder’sNorth Central Washington

WEEKENDweek of oCT. 20TH

Saturday Open Homes$214,800 1150 Cherry Circle Open Sat. 1-5Zero Down VA, One level, 2004 sq. ft., remodeled, hugemaster, immaculate, covered patio. Directions: East on 11th off Baker, North on N. Devon, West on Green Brier Lane, North on Cherry Circle.RE/MAX Landmark Jennifer Fullwiler 881-1840

Wenatchee

$79,000 1700 Clark Drive Open Sun. 12-2Twin Peaks home with over 1500 sq. ft., big 2 car garage, 3 bedroom, 2 bath. Big living room, dining room and kitchen with eating bar. Large corner lot with views! Directions: Maple into Twin Peaks entrance, right on Clark.Coldwell Banker LaVigne Laurie Carlson 393-9010

$127,900 1815 No. 2 Canyon Rd. #58 Open Sun. 1:30-3 Coldwell Banker LaVigne Debbie Chase 630-0235

$195,000 1315 Poe Street Open Sun. 12-1:30 Laura Mounter Real Estate & Co. Cindy Smith 664-6278

$199,500 1434 Crabapple Lane Open Sun. 11-1New windows and roof in this great home on .31 acre lot. Sunken living and family rooms, kitchen with island eating bar, large covered deck! 1505 sq. ft., 3 beds, 1.75 baths, 2 car garage! Directions: West on Maple, North on Elmwood, left on Crabapple.Debra White Real Estate Group Tana Wood, Broker 433-0091

$229,900 712 Kriewald Ct. Open Sun. 12:30-2Charming, light, bright and fresh. 3 bed, 2.5 bath. 2 story, spacious living areas. Picture windows frame Saddlerock. Private backyard,patio. Great cul-de-sac neighborhood. Directions: Up Cherry from Miller, left on Kriewald.Premier One Properties Steve Bishop 679-7004

$235,000 215 Pear Lane Open Sun. 12-2Price Reduced! Beautiful updated rambler. 3 bedrooms, 1-3/4 bathsonlarge lot with RV parking. For more information instantly,text 701519 to 79564. Directions: North on Miller, West on Orchard, North on Pear Lane.Century 21 Exclusively Pam Wright 860-4487

$258,500 2017 Dawn Terrace Open Sun. 12-2� judge a book v! Y p p when To fully p vg be 3 Ave Wal-Ma ween Hke R and Maiden Century 21 Exclusively Lee Hildebrand 669-7601

Wenatchee

$269,900 1310 Second St. Open Sun. 2-4 Century 21 Exclusively Pam Wright 860-4487

$319,900 2116 Yarrow Road Open Sun. 12-2 Century 21 Exclusively Betsy Loomis 669-6464

$399,500 2415 No. 1 Canyon Rd. Open Sun. 1-2:30 Use your imagination! 4,780 sq. ft. daylight rambler. Views, 1.5 acre, 7 beds, 3.5 baths, commercial kitchen, attachedapartment. Included 10 acre parcel gives option to sell or build. Directions: West on Fifth to No. 1 Canyon, past Lars.Windermere Real Estate/ NCW Jerry Paine 860-7696

$515,000 2719 Angel Lane Open Sun. 2:30-4JUST REDUCED! Two Complete and Separate living areas. Fab-ulous views, 3 car garage main level, 1 car garage lower level, on .53 acre. Gorgeous Home! Directions: From N. Sunset, Easton 27th, left on Angel Lane.Windermere Real Estate/ NCW Jody Campbell 630-0722

$549,900 2980 Mission Ridge Rd. Open Sun. 2:30-4odge styled 300 sq. ft., bed, 3 bath home. Spacious kitchen, W granite counter and appliances. Great room features oor toceiling basalt replace. 2 car and large detached shop. Directions: p Squilchuck d. across from orest idge entrance.Premier One Properties Steve Bishop 679-7004

Sunnyslope$329,900 2737 School St. Open Sun 2:30-4Gardener�s Delight. 2600 sq. ft., 3 bed, 2.5 bath on 9/10�s acre. Green lawns, gardens, spacious kitchen, living and family rooms. Commanding view. Mother-in-law apt. Directions: West on Hwy 2 to Moonlight Motel, left on School St., 1/3 mile on left.Premier One Properties Steven Schwind 421-1150

3 Lakes/Malaga$159,900 3016 Sands Street Open Sun. 1-3 Century 21 Exclusively Dawn Wiser 387-1827

$179,900 3013 Kona St. Open Sun. 1-3 Windermere Real Estate/ NCW Tim Seyster 669-5786

3 Lakes/Malaga$369,900 2545 Tuscany Lane Open Sun. 1-2:30Picture perfect home on a cul-de-sac of quality built Craftsman homes. Built in 2007 4 bed, 2.5 bath, den, nice sized lots, golf cart door in garage. Only 7 minute drive to 3 Lakes! Directions: Alcoa Hwy. to West Malaga Road, left on Golf Drive.Century 21 Exclusively Annette Johnson 630-6107

East Wenatchee

$132,900 212 NW 32nd St. Open Sun. 11:30-1:302 bedroom, 2 bath manufactured home on .41 acres, 1 cardetached garage and carport. Directions: North on Sunset,left on 19th, North on Cascade Ave., left at NW 32nd,house on left.The Johns Real Estate Corporation Jonathan Corning 668-0357

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$134,900 528 Nahalee Dr. Open Sun. 2-3:30 Premier One Properties Sharon Moreland 670-0075

$174,900 506 Nahalee Drive Open Sun. 2-4 Century 21 Exclusively Roberta Jackson 670-1773

$175,000 1451 SE 2nd St. Open Sun. 12:00 - 1:30 Laura Mounter Real Estate & Co. Jan Widener 670-2444

$198,450 3959 NE Vista Del Ray Drive Open Sun. 1-5Zero Down USDA or VA. Immaculate river view, 1794 sq. ft. New stainless steel appliances. Huge garage! Directions: 1 mile past Odabashian Bridge on Sunset Hwy North, right on Blue Rock, up and right to home on left.RE/MAX Landmark Jennifer Fulwiler 881-1840

$220,000 1115 Okanogan Ave. Open Sun. 12-1:30Need a shop in city limits? Detached 2 bay shop with workshopand bathroom. Plus 3,108 sq. ft. home. Great location. So many possibilities for this home and shop! Directions: Corner of Okanogan and Red Apple.Windermere Real Estate/ NCW Jody Campbell 630-0722

East Wenatchee

$232,900 1292 Wheatridge Dr. Open Sun. 12:30-2 Premier One Properties Steven Schwind 421-1150

$239,900 461 N. Nile Ave. Open Sun. 1-3 Coldwell-Banker Lavigne Sandra Mathena 421-8680

$292,900 27 Makenna Lane Open Sun, 12-1:30Beautiful, immaculate 2090 sq. ft. one level home. 3 bed + den, 2 bath. Granite counter-tops, stainless appliances. Master bed includes a 5 piece bath and access to patio. Large 3 car garage. Directions: Up Grant, right on Mandolin, right on Makenna.Premier One Properties Sharon Moreland 670-0075

$309,873 2807 N. Breckenridge Drive Open Sun. 1-2:30 Coldwell Banker LaVigne Tammy Horton 670-8047

Starting at $309,950 Rivervue Open Sat. & Sun. 12-4Model homes from 1965-2814 Sq. Ft. Impressive designs,ramblers, two story, daylights, complete with landscaping. Starting at $309,950. Directions: East up Grant Rd., right on Kentucky, lefton 4th St., right on Lyle. Corner of SE 8th and Lyle.Premier One Properties Heidi Favor 741-2548

$310,000 1620 Hannah Way Open Sun. 2-3:30 Laura Mounter Real Estate & Co. Cindy Smith 664-6278

$319,900 2754 N. Breckenridge Dr., Open Sun. 1-3rand ne raler in reenridge. untional, sohistiated oor lan, ed o e and aths. oered de ith sliders ro dining roo and aster suite iretions orth on aer Aenue to the end, ast th Street.Laura Mounter Real Estate & Co. Pam Cooke 679-4625

$339,900 34 S. Mandolin Open Sun. 12-23274 sq. ft. open concept daylight rambler with 5 bedrooms, 3 baths. Master on main. Gourmet kitchen with slab granite counter tops, 3-car garage, RV parking, easy care landscaping. Directions: East on Grant Road past Kentucky, right on Mandolin.Premier One Properties Jeannie King 679-5150

Cashmere

$292,500 5483 Mt. Stuart Drive Open Sun. 12:30-2:30Great new listing with extras! Directions: Hwy. 2 to AppleAnnie�s, right on Eels Rd., left at �Y�, right on Mt. Stuart.JohnL. Scott Wenatchee Carol Kavanaugh 670-6762

CANCELLED

For additional information on these Open Houses visit:www.ncwaropenhouses.com

October 20 & 21, 2012

Windermere Real Estate / NCW

662-7184 • 1-800-841-0055www.windermerewenatchee.com

$370,000 ............LeavenworthBeautiful A-Frame! In year round recreation area close to Stevens Pass & Lake Wenatchee. 3 bedrooms, 3 baths, daylight basement, 1.46 acre, 2 kitchens, vaulted ceiling, wood stove & pellet stove. MLS# 699510 Momi Palmieri 433-2211

$265,000 .......East WenatcheeNEW PRICE! 4 Bedroom - East Wenatchee Home. Soaring ceilings, 2.75 baths, stacked rock fireplace, lower level recreational family room, view decks, 4th bedroom has ¾ bath attached. MLS# 698513 Jamie Wallace 670-3305

$249,900 .......East Wenatchee Ambercrest Condo! Corner lot with private driveway. Like new 2 + bedrooms, 2.5 baths, wood floors, vacuum system, lots of storage. Gated security. Open house Nov. 4th MLS# 699245 Jody Campbell 630-0722

$239,900 .......East Wenatchee Immaculate Ironwood 3 bedroom Patio Home. All needed conveniences on main floor. Huge kitchen island and walk-in pantry, granite counters, and wood floors. A must see! MLS# 699508 Jolly Seyster670-2500

www.premierone.biz925 Fifth St., Wenatchee • 662-3491

303 S. MARY AVE.- EAST WENATCHEE

Wonderful four bedroom home with new carpet, new paint,

formal living and family room, large kitchen with Jen Air range.

Very nice master with five piece master bath. Home backs up to

a beautiful greenbelt. $209,900. Please Contact JEFF BENSON

@ 630-6859 for more information. MLS# 697943

2980 MISSION RIDGE RD.- WENATCHEE

Lodge styled 3400 sq. ft., 4 bedroom, 3 bath home. Spacious

kitchen, NEW granite counter and appliances. Great room

features floor to ceiling basalt fireplace. 2 car and large

detached shop. $549,900. Please Contact STEVE BISHOP @

679-7004 for more information. MLS#699501

1022 N. NILE AVE.- EAST WENATCHEE

A Suite Just for you... Everything is on one floor......All NEW on

1-level 3 bedrooms 2 full baths including 1641 Square feet.

Open floor plan, kitchen open to dining and family room.

HUGE Double garage...............and landscaping is in. Blinds are

in.........JUST ready for you! Central air to be added just before

closing. $199,950 Please Contact JUNE STANAWAY @ 669-

1321 For more information. MLS#698023

2435 CANYON HILLS DR.- EAST WENATCHEE

Curb appeal starts here! Well maintained 3 bedroom, 1.75

bath rambler. Light, bright and spacious kitchen with eating bar

opens to vaulted great room. Master bedroom has walk-in closet

and double vanity in master bath. Patio and parking for large/

long RV’s or shop. $223,000. Please Contact HEIDI FAVOR @

741-2548 For more information. MLS#698886

1 S. Chelan St., Wenatchee • 509-888-8887

Coldwell Banker LaVigne

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881-1600

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670-0075

Office: 662-3491fax: 664-3897

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I donate a portion of my commissions to theWenatchee Valley Humane Society.

Jerry Paine509-860-7696 • ncwrealestate.comCall me for all your real estate needs.

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