As more people move into the Seattle area, the demand for housing goes up. And so does the style of housing with high-rise apartments and condos replacing older, stand alone homes. Real estate appraiser and educator Richard Hagar tells KPLU's John Maynard this trend is expected to continue, thanks to our relatively stable economy and mild weather. Both are factors for people moving here, as are the companies that continue to employ thousands of people such as Amazon and Microsoft.
There are apartments and condos. Then there are co-ops. This type of real estate ownership is pretty common in large East Coast cities such as New York, Philadelphia and Boston, but it's not as common here.
Bored with regular, run of the mill houses? Looking for something unusual? How about buying a fire station or a church for a home?
Seattle-area real estate appraiser Richard Hagar says although places like this could be fun to live in, banks are usually skittish about loaning money for anything out of the ordinary.
Since the 1970s, banks have been required to report any suspicious house purchases to the FBI. Now that mandatory reporting is netting mortgage brokers, too. Seattle area real estate appraiser Richard Hagar says that's a good thing since about 80 percent of home loans go through mortgage brokers.
Credit Adolph B. Rice Studio Collection / Library of Virginia
Is it true that there there's a bank vault out there full of cold, hard cash that's now available to people trying to refinance? That's what KPLU's John Maynard asked Seattle-area real estate appraiser Richard Hagar when he dropped by KPLU's studios recently. Without skipping a beat, Hagar responded:
"The good news is if you've missed some mortgage payments or you were in foreclosure, banks now have more cash available. And they've loosened up the purse strings a bit."
When most of us talk about condos, we’re usually referring to buildings with apartment units that are individually owned. But as real estate appraiser Richard Hagar tells KPLU’s John Maynard, a condominium is technically a type of ownership.
So you can also "condominiumize" other types of property. Hagar says it's a hot trend for investors.
KPLU's John Maynard bought a condo in 2007 – at the height of the market. He took out an adjustable-rate mortgage that's "adjusting" in June.
That's turned out to be good news for Maynard, who's mortgage payment will go down considerably since interest rates are low right now and expected to be so for quite some time.
Mobile
