Financial Report ~ June 1st
This will be a new regular feature to give you an update on the markets and how they affect mortgage rates.
Weekly Preview
Last Week: The Treasury markets saw some slight increase in interest rates in another volatile trade. Mortgage rates were essentially unchanged. The week was marked with Treasury selling another $113B of notes and surprising jumps in existing and new home sales (+7.6% and +14.8% respectively). Two reports on consumer confidence and sentiment were a little better than a month ago, but these are less significant than hard market data as both the Conference Board’s consumer confidence report and the U. of Michigan’s consumer sentiment report are mostly emotional readings predicated on how the stock market and interest rate markets are performing. By the end of the week, after continued high market volatility, the stock market ended with not much change from the previous week. The sovereign debt problems in Europe continue to be the dominant concern in the equity markets. Fitch, the rating agency, down-graded Spain’s sovereign debt rating from AAA to AA+, adding to the angst that debt issues may become more strained.
This Week: Expect more market volatility in the equity and interest rate markets. The stock market, based on the key indexes, is still too high given the concerns emanating from Europe and what we see as a slowdown in China’s expansion. The outward driver for US markets is captured in the movement of the euro currency; as it declines against the dollar, US stock markets will be pressured. The euro may find support at $1.20 dollars per one euro (Friday the level was $1.23). No Treasury borrowing this week; the giant this week is the May employment data on Friday (early estimates are an increase of 500K jobs with unemployment at 9.8%). Tuesday a key data point on the manufacturing sector (ISM index). Thursday it’s the ISM services sector report. Expect increased concerns that the US economy will slow based on the previous excessive bullish outlook that had rallied equity markets. No inflation and increasing concerns that the economic outlook is weakening will support low interest rates for many more months.
Day 44 of 365 Things to Do in Gig Harbor ~ Rosedale Gardens Part 3
This will be a three part series on Rosedale Gardens. You might be thinking why such a long video? The simple answer is there is so much there. From a great plant, tree and flower nursery to the gift shop with some amazing stuff and then the Art Walk and Nature Trail, there is a lot more than meets the eye at Rosedale Gardens.
When my wife and I moved to Gig Harbor, Rosedale was one of the first places we went to check out what we were going to do for our landscaping. They are especially noted for their dwarf evergreens, a subject in which my wife has much interest. These were plants we didn’t see in California.
If you are in need of landscaping or have some questions about Rosedale or Gig Harbor real estate, please give me a call at 253-225-2158 or go here.
Thanks to Tim Ratcliff and Ken Bailey for their song Rose!
Think Big Work Small
Think Big Work Small is a Video Blog (Vlog) which is produced by two mortgage brokers down in California. A lot of the information they give is great for everyone. Some is just for mortgage professionals and some is just for real estate professionals, but there is enough good information for the general public that I think it will be good to feature here. So I’ll start posting these as I watch them and if there is something in the video I think would be good information for you, I’ll post it here and on my FaceBook page.
Day 43 of 365 Things to Do in Gig Harbor ~ Rosedale Gardens Part 2
This will be a three part series on Rosedale Gardens. You might be thinking, why such a long video? The simple answer is there is so much there. From a great plant, tree and flower nursery to the gift shop with some amazing stuff and then the Art Walk and Nature Trail, there is a lot more than meets the eye at Rosedale Gardens.
When my wife and I moved to Gig Harbor, Rosedale was one of the first places we went to check out what we were going to do for our landscaping. They are especially noted for their dwarf evergreens, a subject in which my wife has much interest. These were plants we didn’t see in California.
If you are in need of landscaping or have some questions about Rosedale or Gig Harbor real estate, please give me a call at 253-225-2158 or go here.
Thanks to Tim Ratcliff and Ken Bailey for their song Rose!
Day 42 of 365 Things to Do in Gig Harbor ~ Rosedale Gardens Part 1
This will be a three part series on Rosedale Gardens. You might be thinking, why such a long video? The simple answer is there is so much there. From a great plant, tree and flower nursery to the gift shop with some amazing stuff and then the Art Walk and Nature Trail, there is a lot more than meets the eye at Rosedale Gardens.
When my wife and I moved to Gig Harbor, Rosedale was one of the first places we went to check out what we were going to do for our landscaping. They are especially noted for their dwarf evergreens, a subject in which my wife has much interest. These were plants we didn’t see in California.
I had to break the video up into three parts to get the entire essence of Rosedale Gardens. The first segment is based around the gift shop and the hanging plant area. Enjoy!
If you are in need of landscaping or have some questions about Rosedale or Gig Harbor real estate, please give me a call at 253-225-2158 or go here.
Thanks to Tim Ratcliff and Ken Bailey for their song Rose!
Day 40 of 365 Things to Do in Gig Harbor ~ Chapel on Echo Bay
Situated at the water’s edge, this 100 year old chapel has romantic views of the Olympic Mountains and the waters of Echo Bay on Puget Sound. The beautiful century-old Chapel on Echo Bay is an excellent site for weddings, receptions, meetings and retreats with a sanctuary or garden seating up to 120 guests, and a newly remodeled 1890s style reception hall on the waterfront level. The lovely reception hall opens onto the waterfront garden, and is perfect for entertaining up to 60 people seated at tables indoors (with outside dining, weather permitting). Outdoor weddings are popular during the summer months, with seating for up to 120 guests.
On Echo Bay Since 1900
The roots go deep. They reach back across the century to pioneer families who came to Fox Island from Grinnell, Iowa and started the Congregational Church of Sylvan in 1892. They named their settlement “Sylvan-Glen” in honor of the wooded beauty surrounding them and became the first permanent colony on this remote island. On August 19, 1900, “Eells Bell” rang out high atop in the new steeple announcing the dedication of the lovely white Chapel on Echo Bay.
Why “Echo Bay”? This sheltered cove on northeastern Fox Island was so named for the legend that says an echo will resound seven times around the bay before it fades away. Echoes of the past still seem to fill the cozy sanctuary which, over time, has served as celebration center, library, meeting hall, and performance venue as well as a house of worship and heart and soul of the island community’s heritage.
The chapel is in part supported by the Gardens of Fox Island Tour. Here is the video, enjoy!
While Fox Island is such a great place to live, sometimes life’s happenings cause people to move from such a fantastic place. If you are looking to sell your home on Fox Island please give me a call at 253-225-2158 or go here.
Thanks to oso rey for his song Church Garden!
Day 39 of 365 Things to Do in Gig Harbor ~ The Old Fox Island School
From the book Fox Island by Don Edgers:
For hundreds of years, South Puget Indians of the Nisqually, Stielacoom, and Puyallup tribes made camp on Fox Island, which they called Bu Teu, meaning sea person.
Edgars continues in his Introduction:
Fox Island first makes it into the history books in 1856 because of the Indian War. The island became a temporary reservation for non-hostile Puget Sound Indians. …John Swan, an early-day settler and fish packer and exporter, who lived near Tacoma and dealt with the Native Americans, was appointed temporary Indian agent and supervisor. By building a cabin on the island, he became Fox Island’s first settler.
Edgars tells of industries, mainly fishing and oystering, that came to the island after Swan arrived and eventually the community of Macklin was formed around a new industry that took advantage of the clay deposit on the island, Fox Island Brick Manufacturing Company. Here he picks up with the founding of the school:
Because there were communities with children not attending school, Fox Island settlers constructed the Pioneer School (later named Sylvan School) located approximately half-way between Macklin and the Brickyard.
Edgars notes that the school ceased existence in 1961 and became the Nichols Community Center, named after long time resident and businessman Col. Fred Nichols. The current building was built in 1934 as a WPA project. After 1961 the island’s children were bused to Gig Harbor. The building is now on the National Register of Historical Places.
Here is the video of the old school house, now community center, with some of the video taken from the Fox Island History Museum’s school exhibit. Please enjoy!
If you would like to know more about Fox Island, or even better, would like to live there, give me a call at 253-225-2158 or go here.
Thanks to Kid Phantom for their song Abandoned Schools pt1 pt2!
Day 38 of 365 Things to Do in Gig Harbor ~ Gardens of Fox Island part 2
Last Saturday while I was showing houses on Fox Island there was a curious caravan of folks going from place to place. I decided to follow them and this is what I found out. This was the 8th annual Gardens of Fox Island Tour and featured five hidden gardens the public usually cannot see because they are private homes. In addition to the gardens there were two other events going on:
At the Community Center:
- Art Show by Local Artists
- Garden Theme Vendors
- Coffee
- Boxed Lunches
At the Museum
- Afternoon Tea
- Antique Apron Display
All proceeds from the tour go to the Fox Island Historical Museum, The Nichols Community Center (the old Schoolhouse) and the Chapel on Echo Bay. While I didn’t get to all five of the gardens there was plenty to see in the three I did video. As promised, here is part 2 of the garden tour:
If you would like to know more about Fox Island or its real estate give me a call at 253-225-2158 or go here.
Thanks to Songs by Ivan for the song The Garden!
Tips for Buyers & Sellers ~ 11 Steps to Flipping a House
Flipping is purchasing a property, and then selling it for profit. This process is generally carried out in a very short amount of time, making the flipper a decent amount of profit, in the shortest time period possible. People have been flipping homes for decades, however the term is only now becoming popular, as is the practice of flipping a piece of property.
Generally when in search for a house to flip a flipper will look for a house in duress, whether it is a tax lien home, a home being foreclosed upon, being sold in an estate sale, or just a house that is showing many signs of age, the flipper is looking for a house that can be bought for much less than it will later be sold for. A new category of home that is attractive to flip is the short sale but there are disadvantages to flipping a short sale home depending on what kind of financing is used to purchase the house.
As you may have seen on recent television shows such as Flip This House, or Flip that House, etc. A very popular way to Flip a House or a piece of real estate is via renovation. As a real estate investor, the house flipper looks for a property that is outdated, or in need of cosmetic assistance, in a good neighborhood, where the home will later sell for a tidy profit.
Renovating Real Estate in Duress
An investor that looks for properties in need of renovation generally provides the community surrounding that property with a great service, if in no other way than by removing a possible eyesore, or just increasing property value all around by making the real estate property more appealing.
However, not all people that flip houses for a living renovate these houses, in fact, many are bought in foreclosure, or in estate or other like sales at a bargain, with the intention to quickly flip the house at market price, or the best price they can bring from the property, without actually making any investment past the price of the home. This has become much harder to do because of the glut of homes for sale and the lower demand for homes due to the current economic situation.
As with any investment, there is always the possibility that you will not get back what you put in, things can come up later in older properties that you didn’t see before purchase, termites perhaps? Any number of things can come up during a flip, when they do, you may take a loss.
Flipping a New House
It is also possible to flip a new house as developers over produced and new houses are left empty. I will address this strategy next week.
Day 37 of 365 Things to Do in Gig Harbor ~ Gardens of Fox Island Part 1
Last Saturday while I was showing houses on Fox Island there was a curious caravan of folks going from place to place. I decided to follow them and this is what I found out. This was the 8th annual Gardens of Fox Island Tour and featured five hidden gardens the public usually cannot see because they are private homes. In addition to the gardens there were two other events going on:
At the Community Center:
- Art Show by Local Artists
- Garden Theme Vendors
- Coffee
- Boxed Lunches
At the Museum
- Afternoon Tea
- Antique Apron Display
All proceeds from the tour go to the Fox Island Historical Museum, The Nichols Community Center (the old Schoolhouse) and the Chapel on Echo Bay. While I didn’t get to all five of the gardens there was plenty to see in the three I did video. Here is part 1 with part 2 coming tomorrow:
If you would like to know more about Fox Island or its real estate give me a call at 253-225-2158 or go here.
Thanks to Songs by Ivan for the song The Garden!
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