Having lived in Ravenna Park for 20 years it's been easy to pay close attention to the ebb and flow of homes listed and sold. But for the past four months I've been keeping a written record of the changes and I'm surprised but generally pleased with what I've seen. If you've been trying to sell, or thinking of selling, it hasn't been a pretty picture.
What's happened? There has only been one sale of NWMLS listings thorough this period. That was a Tudor in the 6300 block of 19th Ave NE. It last sold in June of 2007 for $719,900, but the new owners never took occupancy. We all know what the market and the economy did since then and according to county tax records the property recently closed for $600,000.
The house at 1342 NE 62nd that was priced at $899,950 is now under contract. That's good news.
I'm happy that Ravenna Park is not an area where too many people overextended themselves and ended up owing more than their home was worth. We have not seen the short sales and foreclosures that are prevalent in many parts of the country and also in many parts of western Washington.
I'm happy that on March 4, 2009 the Home Affordable Modification Program became law and it is now possible for those who feel they may end up in mortgage trouble to apply for a loan adjustment for rates as low as 2% interest, terms as long as 40 years and maybe even a reduction in principle.
I'm happy that there is now (until Dec 1, 2009) a First-Time Homebuyer Tax Credit of $8,000 available for those who meet the criteria. Perhaps you know someone who might benefit from this program.
Contact me for more information on either of these plans.
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Wow. Ravenna Park is quite a desirable neighborhood, but the lack of homes for sale means that buyers' patience will be tested waiting for something to come on the market there.