How to Reduce Noise in an Open-Plan Design

Open-plan living spaces have many advantages for family life and entertaining, and they increase the opportunity to bring lots of natural light into your home. But they can end up being quite noisy. You may be surprised, however, at how easy it is to reduce sound travel with a few key additions to your furnishings. There are also structural changes you can make if you’re after a more robust fix.

 

Related: 8 Architectural Tricks to Enhance an Open-Plan Space

 

1. Dress your windows.

Large areas of glass, such as big windows and glass doors, act as bouncing-off points for sound to travel in an open-plan room. Introducing curtains will help deaden the noise. A sheer fabric works especially well, as it won’t totally block the light or views.

For maximum muffling, curtains work better than blinds, simply because there’s so much more fabric involved.

Reduce Noise 1: Environ Communities Ltd, original photo on Houzz

 

2. Introduce rugs.

Another way to deaden sound is to cover hard floors with rugs. Here, the use of a rug in the living space both minimizes noise and helps define the seating area, making the room feel more intimate.

When it comes to rugs, the thicker the pile, the better the soundproofing, so a cut-pile rug will tend to work better than a flat-weave design.

Reduce Noise 2: HelsingHouse Fastighetsmaklare, original photo on Houzz

 

3. Break it up.  If you can, try to break up your open-plan space to create zones. This will also help contain the noise. Here, the fireplace in a freestanding wall maintains a visual connection with the space beyond while breaking up the room to create a more defined living area.

If you want to incorporate a feature like this, bear in mind that you’ll need to position the fireplace so you can create a flue, which will need to go through the ceiling or an external wall.

Reduce Noise 3: Stuart Sampley Architect, original photo on Houzz

 

4. Add a storage wall. The wood-paneled wall in the middle of this large room works beautifully to separate the kitchen from the living area. This kind of feature can be a freestanding structure or a custom piece of furniture, making it a relatively easy and cost-effective solution to break up the space, since you won’t require any structural elements.

Reduce Noise 4: DTDA pty ltd, original photo on Houzz

 

5. Fit a feature screen. If you can’t bring yourself to divide the space with something permanent, a nice alternative is to introduce a screen as a buffer between zones. It won’t be as effective as a solid structure, but it will help diffuse the noise slightly. The louvered screen seen here allows a glimpse of the living space beyond.

 

Reduce Noise 5: Studio Revolution, original photo on Houzz

 

6. Panel your walls. Large, flat, hard surfaces can amplify sound, so adding texture will help reduce this effect. Lining one of your walls with wood not only creates an interesting feature, it does the sound-dampening job. It’s as simple as using flooring material on the walls instead. For a more traditional look, painted wood paneling works equally well.

Often, walls aren’t completely flat, so you’ll first need to add wood battens to the surface onto which you’ll attach your paneling. A good flooring contractor or woodworker can do this, or if you’re pretty confident at DIY, you could tackle it yourself.

Reduce Noise 6: Honka UK Ltd, original photo on Houzz

 

7. Bring texture to your ceiling. Just like walls, a large expanse of ceiling will encourage the spread of sound, so try adding a textured surface there too. In this example, the ceiling and walls have been paneled with wood boards painted white.

 

8. Fashion fabric panels. If wood isn't your style, consider covering one of your walls with some form of acoustic material. These padded fabric panels are highly effective at deadening sound. You can also buy off-the-shelf acoustic panel systems, which can be fixed to your walls and are easy to install.

 

9. Go soft underfoot. Hard floor surfaces, such as tile, are less than ideal when it comes to controlling noise, so consider something like linoleum instead, which is a durable and practical finish in a kitchen. It’s also soft underfoot, meaning it will absorb the clunk and clatter of cooking.

 

By Denise O’Connor, Houzz

Keeping Up with the Joneses: The Great Paint Debate

A few weeks back, Jenn and I decided to finally pull the trigger on painting our home. The vinyl siding of the 1942 Seattle Cape Cod fixer we purchased nine months ago had been sun bleached to the point of resembling a kind of soft lemon chiffon yellow you’d see on a cake your grandmother baked. Great for dessert, bad for today’s exterior home color.  We wanted a charming, warm and inviting new exterior home color but were fearful about what it would cost to have a professional do it. We had saved between 10-15k by renovating our bathroom ourselves.  Couldn’t we just pick up some paint and make a Saturday of it?

 

Pro tip: In Seattle, painting outside competes with the weather. Make sure you have a runway of at least a week of good weather to ensure you can paint the house in its entirety while leaving time for it to dry.

Seeing as the summer season was pretty much over (say it ain’t so!) and the wet Seattle fall was nearly upon us, we figured we had only a week or two left to get the job done. I’m the kind of person who jumps on a new project… and maybe sometimes I put the horse before the cart. *Cue Jenn’s pursed-lips smirk* So once Jenn and I agreed we were going through with the project, I had three different painters bid out the job and booked the least expensive (but experienced) professional within two days. I scheduled him to arrive the following day.

 

Good Husband Tip: Don’t give your wife 12 hours to decide what color to paint your house.

 

Pro TipDon’t feel bad about shopping for the best price with home professionals. They bid homes out every day and won’t be offended. Most of the time, they present a bid with room for negotiation. It never hurts to get a second bid or ask for a cheaper price.

With the pressure of our painter showing up the next day, we scarfed down dinner and took a trip to the paint store.  (I tried to convince my wife this was an opportunity for us to bond as a family unit.  “We could make it educational! Teach Addie about hues and shades!  C’mon, honey… it’ll be fun!” *Cue Jenn’s pursed-lips smirk*) We knew we had to get special paint for our vinyl siding so that narrowed it down to about 20 options.  And we wanted a sort of dark blue so we picked out two colors that looked promising and headed home to test them out.

Pro TipWhen testing paint, make sure you let it dry before you decide which color to go with.  Paint a few different swatches on various sides of the house and watch how it looks during different times of the day.

One test swatch (on the right, called “Prime Time”) was a little purplely/blue grey and the other was a slightly lighter blue (on the left, called “Stone Cold).  Those are two seriously stellar wrestler names, amiright?

 

With our painter arriving that evening, the pressure was on for us to choose. We’re Millennials so we did the only logical thing you can do when making a big decision. We asked our friends on Facebook. 76 comments later, there was still no clear answer.

Mid-debate, our dear friend Kim Gorsline of Kimberlee Marie Interior Design called us up with some highly insightful information.  First of all, a paint store has pre-mixed vinyl siding paint but they can actually make ANY color into vinyl siding paint.  Which means we had a lot more choices (which left me feeling excited and gave Jenn heartburn).  More importantly, Kim pointed out that the two options we had might not be exactly what we hoped for.  She suggested a few colors that had more grey tones and in much deeper shades.  She promised us that we’d still get the blue house of our dreams even if the colors looked dark grey on the swatches.

 

 

Pro tip: You can get small paper swatches for free or pay a few bucks for a large paper square but nothing will compare to a sample of real paint on your surface.  We spent $59.34 on paint samples and it was worth every penny.

Back to the paint store we went, grabbing three more options to test.  Our painter began taping off the trim as we took a few steps back to assess the swatches… BOOM! We had our answer… Britannia Blue by Benjamin Moore. Not the best wrestler name but a nice blue nonetheless.

We trust Kim’s vision and design talent wholeheartedly and as the days went on and the paint went up, we couldn’t have been more pleased.  I installed some new lights fixtures and house numbers that Jenn picked out.  Only this time, I gave her three days of lead time *Cue Jenn’s pursed-lips smirk*

 

 

Tyler Davis Jones is a Windermere Real Estate agent in Seattle who, with his wife Jenn, recently traded in their in-city condo for a 1940s fixer-upper. Tyler and Jenn, along with the help of some very generous friends and family members, are taking on all the renovations themselves. You can follow the transformation process on the Windermere Blog or on Tyler’s website and Instagram
 

Selling Your Home? Go Through This Safety Checklist With Your Real Estate Agent

Selling your home can be stressful for many reasons. Not only are you trying to get the best financial return on your investment, but you might also be working on a tight deadline. There’s also the pressure to keep your home clean and organized at all times for prospective buyers.  One thing you can be sure of when selling your home is that there will be strangers entering your space, so it’s important for you and your agent to take certain safety precautions.

 

  • Go through your medicine cabinets and remove all prescription medications.
  • Remove or lock up precious belongings and personal information. You will want to store your jewelry, family heirlooms, and personal/financial information in a secure location to keep them from getting displaced or stolen.
  • Remove family photos. We recommend removing your family photos during the staging process so potential buyers can see themselves living in the home. It’s also a good way to protect your privacy.  
  • Check your windows and doors for secure closings before and after showings. If someone is looking to get back into your home following a showing or an open house, they will look for weak locks or they might unlock a window or door.
  • Consider extra security measures such as an alarm system or other monitoring tools like cameras.
  • Don’t show your own home! If someone you don’t know walks up to your home asking for a showing, don’t let them in. You want to have an agent present to show your home at all times. Agents should have screening precautions to keep you and them safe from potential danger.

Talk to your agent about the following safety precautions: 

  • Do a walk-through with your agent to make sure you have identified everything that needs to be removed or secured, such as medications, belongings, and photos.
  • Go over your agent’s screening process:
    • Phone screening prior to showing the home
    • Process for identifying and qualifying buyers for showings
    • Their personal safety during showings and open houses
  • Lock boxes to secure your keys for showings should be up to date. Electronic lockboxes actually track who has had access to your home.
  • Work with your agent on an open house checklist:
    • Do they collect contact information of everyone entering the home?
    • Do they work with a partner to ensure their personal safety?
  • Go through your home’s entrances and exits and share important household information so your agent can advise how to secure your property while it’s on the market.

Your safety, as well as that of your agent and your home, is of paramount importance when selling a property. For more information, visit:

http://www.mercurynews.com/los-gatos/ci_26509084/realtors-issue-safety-tips-folks-who-are-selling

http://realtormag.realtor.org/sales-and-marketing/feature/article/2014/09/safety-talk-you-need-have-clients

#YourStoryIsOurStory: Kicking off the School Year Right

 

Starting the school year can be nerve wracking; new friends, new classroom, and for some, a new school all together. Imagine starting the new year already behind, with shoes that don’t fit, clothes that are stained or too small, and inadequate school supplies. Many Windermere offices work very hard at the start of the school year to ensure this doesn’t happen for kids in our communities, and our office in Mercer Island, WA took the challenge to a new level by ensuring that more than 300 homeless youth were ready to kick off the school year right.

 

For the last three years, Windermere Mercer Island has partnered with Mary’s Place for their annual #KicksforKids back-to-school drive. Mary’s Place provides emergency and transitional housing for homeless families in the greater Seattle area. While most homeless shelters cater to adults, Mary’s Place helps ensure families can stay together, providing the support and stability kids really need while waiting for permanent housing solutions.

Three years ago, Windermere partnered with Mary’s Place, calling on multiple area offices to help provide shoes, and our Mercer Island office really took this shoe-raiser to heart. Each year their office has upped the ante, gathering more shoes, and supporting more kids! This year, new shoes were donated by agents, staff, clients, and the Mercer Island community, with the office matching donations, collecting a grand total of 432 pairs for kids of all ages and sizes.

 

On Wednesday, August 31, 11 Windermere agents and staff spent the day at Mary’s Place North Seattle Emergency Shelter, delivering and organizing shoes, and acting as personal shoppers for more than 300 kids. After a giant pizza party, a personal shopper helped each child find a new pair of fitting shoes. From pre-school to high school, the joy of a new pair a of kicks was palatable, reminding us all that something as small as a pair of shoes can make a big difference for a kid’s confidence at the start of the school year.

Thank you to Mary’s Place for all the incredible work you do within our community to help families who need shelter, services, and hope. And thank you to the Windermere Real Estate Mercer Island office for taking the #Kicks4Kids drive to a whole new level. Together we can make a difference!

 

 

First Day of Autumn

first-day-of-autumn

Even though it happens year after year, the arrival of autumn is always a little surprising. Almost as if on a switch, one day late in the summer you feel it – a subtle crispness in the air. And before you know it, it’s pumpkin-spice-everything everywhere. We are suddenly swathed in sweaters, wearing boots, and bombarded by shades of orange, often even before the thermometer warrants it. After slogging through a long hot August, it can feel exciting.

Making the transition to autumn is also a great way to reorganize after a hectic summer and be better prepared going into the winter months. To make the transition a little smoother, we have created a to-do-list of ideas to help.

fall-bedroom
Start with your bedroom

Gauzy cotton feels decidedly summer, while soft cashmere has a distinctly autumnal vibe. This time of year, feel free to use both luxe textures at once, but incorporate them in colors that are appropriate for the changing seasons: cream for cashmere, gray or stone for linen.

fall-florals
Pay attention to plants

As the season changes, so should your indoor greenery. Switch out those palm fronds or orchids for eucalyptus branches or hydrangeas in deep purple hues.

fall-car-2
Winterize your car

Due for an inspection? Been meaning to get those tires changed? It’s tedious, but dealing with maintenance issues now instead of three months from now (when you’re stuck in a freak snowstorm) is definitely a smart move.

fall-pantry
Perform a pantry audit

First, remove all the cans and boxes from the shelves and vacuum any lingering dust or crumbs. Then inspect each item before putting it back in its place, tossing anything that is expired or past its prime. If you are overloaded with canned goods, make a bag for the local food bank.

fall-calendar
Sync your family calendars

Now that you’re not in the land of weeklong vacations, keeping track of everyone’s schedule can be tricky. Go old-school by using a chalkboard calendar and placing it in a high-traffic area, like your mudroom. Or go high-tech and download the app Cozi. This tool combines everyone’s calendar and even lets you set up a shared grocery list (so you’ll never forget to pick up milk from the store).

fall-fireplace
Don’t neglect the Fireplace

You may not be ready to think about it yet, but on the first chilly night you’ll be glad you did. Hire a professional to inspect the fireplace and chimney to make sure it’s clear and ready for use.

U.S. Government $10,000 Short Sale Incentive Expires December 30, 2016

 

The federal government’s Home Affordable Foreclosure Alternatives (HAFA) Program is set to expire December 30, 2016. The program pays homeowners $10,000 to complete a short sale rather than go through the foreclosure process.

Since the application deadline for HAFA is only a few months away, it is important for homeowners to apply as soon as possible. A real estate professional who specializes in short sales can help you find out if you qualify for HAFA. 

 

Here are some of the benefits of the HAFA program:

  • The HAFA incentive is $10,000 cash.
  • The money can be used however the seller sees fit.
  • The program applies not only to primary residences, but also to second homes, vacant properties, and rental properties.
  • Once you complete a HAFA short sale, there is a waiver of deficiency, meaning you are released from paying any remaining mortgage debt.

 

For people with underwater mortgages who need to sell their home, HAFA is a great opportunity to get a much-needed infusion of cash.  You can get more details about the HAFA program here.

 

Do you qualify for a short sale?

HAFA is only available to homeowners who do a short sale.  Although every situation is unique, the basic criteria for qualifying for a short sale are:

  • You need to sell your home.
  • You owe more on your mortgage than your home is worth.
  • You have a personal financial hardship that will prevent you from making future payments. (Examples of hardship include loss of job, divorce, death of a spouse and medical emergency or illness.)

 

Find out more about short sales.

 

It is critical that homeowners considering a short sale meet with a professional to review their options and discuss the potential legal and tax implications.

 

 

Richard Eastern is a Windermere broker in Bellevue, WA and co-founder of Washington Property Solutions, a short sales negotiating company. Since 2003 he has helped more than 1300 homeowners sell their homes. You can learn more about Richard here or at www.washortsales.com.

Here’s Your Fall Home Maintenance Checklist:

Fall is an ideal time to tackle maintenance projects both inside and outside. Here are a few ideas to get you started:

Gutters top to bottom: Water in the wrong spots can do a lot of damage. Start by ensuring that gutters and downspouts are doing their job. (Don’t attempt this task yourself if you have a two-story house with a steep roof; hire a professional instead.) If your home is surrounded by deciduous trees you may need to clean out your gutters a few times a year, especially in the fall. Check to make sure your gutters are flush with the roof and attached securely, repairing any areas that sag or where the water collects and overflows. Clean out the gutters and downspouts, checking that outlet strainers are in good shape, and are firmly in place. Finally, check that your downspouts direct water away from your house, not straight along the foundation.

If you haven’t already, you may want to consider installing gutter guards. Gutter guards create a barrier so water can get through to your gutters, but debris cannot, limiting gutter buildup (and the time you spend cleaning out your gutters). There are DIY installation kits available or you can always hire a professional to install a gutter guard system.

If you have a sump pump under your house, now is a good time to test it. Run a hose to be sure draining water travels directly to the pump (dig small trenches if needed), and that the pump removes the water efficiently and expels it well away from the foundation. For more information about how sump pumps work go to howstuffworks.com.

Check for leaks: The best opportunity to catch leaks is the first heavy rain after a long dry spell, when roofing materials are contracted. Check the underside of the roof, looking for moisture on joints or insulation. Mark any spots that you find and then hire a roofing specialist to repair these leaks. What you don’t want to do is wait for leaks to show up on your ceiling. By then, insulation and sheet rock have been damaged and you could have a mold problem too.

Don’t forget the basement. Check your foundation for cracks, erosion, plants growing inside, broken windows, and gaps in window and door weathering.  Make sure to properly seal any leaks while the weather is nice. This will ensure materials dry properly.

Pest Prevention: Rodents are determined and opportunistic, and they can do tremendous amounts of property damage (and endanger your family’s health). As temperatures cool, take measures to prevent roof rats and other critters from moving in. Branches that touch your house and overhang your roof are convenient on-ramps for invaders, so trip back branches so they’re at least four feet from the house. If you do hear scuttling overhead or discover rodent droppings in your attic, crawl space or basement, take immediate action. The website http://www.thisoldhouse.com has several helpful articles on the topic.

Maintain your heating and cooling systems: Preventative maintenance is especially crucial for your home’s heating and air-conditioning systems. Fall is a smart time to have your systems checked and tuned up if necessary. Don’t wait for extreme temperatures to arrive, when service companies are slammed with emergency calls. Between tune-ups, keeps your system performing optimally by cleaning and/or replacing air filters as needed.

If you have a wood-burning fireplace, a professional inspection and cleaning will help prevent potentially lethal chimney fires and carbon monoxide poisoning. Even if you don’t use your fireplace often, always keep a supply of dry firewood or sawdust-composite logs so you have a backup heat source in an emergency.

Insulate & seal: Insulating your home is a cost-efficient investment, whether you’re trying to keep the interior warm in the winter or cool in the summer. Aside from more major improvements like energy-efficient windows and insulation, there are some quick fixes that do-it-yourselfers can tackle. If an exterior door doesn’t have a snug seal when closed, replace the weather stripping; self-adhesive foam stripping is much simpler to install than traditional vinyl stripping. If there is a gap under the door (which can happen over time as a house settles), you may need to realign the door and replace the vinyl door bottom and/or door sweep. Air also sneaks inside through electrical outlets and light switches on exterior walls. Dye-cut foam outlet seals placed behind the wall plates are a quick and inexpensive solution.

 

Great Design Element: Why Awnings Are Making a Comeback

Awnings are a valuable home design element that our grandparents knew all about. In the days before air conditioning, they were used to shade interiors and help keep homes cool. With the focus on sustainable design today, there’s renewed interest in the power of awnings. They block the sun from entering the house and warming it on hot days, and can be removed or retracted during the winter months when you’re craving light and warmth. Depending on the fabric you choose, they can also keep harmful UV rays from damaging your skin and fading your fabrics.

 

Awnings 1: Flagg Coastal Homes, original photo on Houzz

 

Window awnings can reduce solar heat gain in the summer by up to 65% on south-facing windows and 77% on west-facing windows, according to the U.S. Department of Energy. Besides all of that great money- and energy-saving function, awnings are an aesthetic asset. Colorful materials, stripes and scalloped edges are just a few of the options. Awnings bring softness, pattern, color and nostalgic charm to a home’s facade.

This photo shows awnings at work — you can see the shadows they create and how they’re protecting the interiors and the second-floor balcony area from the sun’s rays. Aesthetically, the stripes break up the white on the home — they are the home’s flirty false eyelashes.

 

Awnings 2: Christina Karras, original photo on Houzz

 

The retractable awning is curb appeal gold and transforms a space out front into a shady outdoor room. This style of retractable awning has poles that help support it, but there are other options that don’t require the added support.

Retractable awnings that don’t require support poles have retractable arms to support them. This provides a cleaner look. These can extend up to 14 feet.

 

Awnings 3: Exteriors by Chad Robert, original photo on Houzz

 

This style of awning, called a spear awning, adds to the style of the home. The decorative wrought iron rods have finials that pick up on the iron lantern and metal furniture frames on the patio.

These awnings are easily rolled up by hand when inclement weather is expected.(You will need to retract awnings when high winds are predicted. The awning company will let you know how many miles per hour their products can withstand.) There are also motorized versions on the market. Factors to consider when deciding whether to go hand-cranked or motorized include the ease of simply pushing a button versus the increased cost of the product, installation and maintenance.

“The motor is an upcharge and usually adds another $800 to the cost of the awning,” says Sandy Price of PYC Awnings. “The motor comes with a 12-foot cord and a plug, or you have an electrician hard-wire it for you.” (That cost is not included in the $800.) By the way, motorized awnings come with a hand crank in case the power goes out.

 

Awnings 4: Our Town Plans, original photo on Houzz

 

This roller shade protects those on the porch from the sun and wind. “It has a cable on each side that passes through rings at the bottom of the shade to keep it from flapping in the wind,” says Suzanne Stern of Our Town Plans. The shade has a crank for rolling it up and down by hand (which you can make out on the left side of this photo if you really squint).

 

Related: Patio Details: Awning-Covered Patio and Playhouse for a Shared Property

 

Stern also notes that this solution doesn’t change the look of the column and that the shade can be rolled all the way down below the railing.

 

Awnings 5: Becky Harris, original photo on Houzz

 

These valance awnings on a house on Florida’s Marco Island are more decorative than functional. They’re installed across extensive porches and tie into larger retractable awnings used in other spots on the home. “The customer used the Costa Track installation so they wouldn’t see any hardware and did a ceiling-mount installation,” Price says.

 

By Becky Harris, Houzz

Windermere and the Seahawks partner to #TackleHomelessness

What do Windermere Real Estate and the Seattle Seahawks have in common? We both got our start in Seattle in the 1970s. And we’re both organizations who believe in giving back to our community. So when presented with the opportunity to become the Official Real Estate Company of the Seattle Seahawks, we didn’t have to think twice.

At the center of this partnership with the Seahawks is a new #tacklehomelessness campaign in which the Windermere Foundation will donate $100 for every Seahawks home-game tackle during the 2016 season. And on the receiving end of these donations is YouthCare, a Seattle-based non-profit organization that has been providing services and support to homeless youth for more than 40 years.

In addition to raising money, the #tacklehomelessness campaign will also bring awareness to the very issue of homeless youth struggling in our community. We know the Seahawks are equally committed to this important cause.

Our partnership with the Seahawks and YouthCare fits perfectly with the mission of the Windermere Foundation which is to support low-income and homeless families in the communities where we have offices. Through the #tacklehomelessness campaign, we hope to be able to do even more.

You can follow our progress throughout the Seahawks season on our Facebook page at Facebook.com/WindermereRealEstate.

 

Do You Have ‘Average’ Credit? If so, Getting a Mortgage May Be Tough

This article originally appeared on Inman.com  

 

In the early 2000s, getting a mortgage was hardly difficult thanks in great part to lax lending standards.

This practice eventually led to a bubble forming in the nation’s housing market — which, as we all know, subsequently burst.

Since that time, the pendulum has swung the other way — to an extreme.

Today, lenders require nothing short of pristine credit to obtain a mortgage. We can never return to the reckless lending policies of the past, but I believe they’ve gone too far, and it concerns me.

 

What will your credit score get you?

I took a look at data produced by the Federal Reserve and was shocked by what I saw. Of the $426.6 billion in mortgage originations during the second quarter of this year, almost 62 percent went to households with a credit rating of 760 or higher.

Borrowers with a credit score in the range of 620 to 659, which many lenders view as below-prime credit, received just 6.3 percent of the dollar volume of mortgages in the second quarter.

Now, when we compare that with the same quarter of 2004, the group with 760-or-higher credit received 23.5 percent of the mortgages, and the 620-to-659 borrowers received 8 percent.

Although surveys say credit is loosening for some types of loans, standards are still far tighter than necessary.

 

Too risk-averse?

The data raises questions about whether regulators and banks have become too risk-averse. It’s also possible that borrowers without prime credit have just given up owning a home for now.

Figures from property-data provider CoreLogic show that home-purchase mortgage applications from borrowers with credit scores below 640 fell to 6 percent in 2015, from 29 percent in 2005. In other words, lower-rated borrowers aren’t even applying.

But why?

Rising home values might simply be putting property out of reach for a lot of lower-income people.

For example, prices in Seattle are up 55 percent from their 2012 post-crisis low, according to the Case-Shiller Index. Nationally, prices are up 35 percent from their 2012 low.

Higher prices require larger down payments and bigger mortgage payments, especially for borrowers with lower credit scores.

But equally as culpable as rising home prices are homeowners who went through a foreclosure between 2004 and 2015.

Of these 7 million homeowners, only 7.3 percent have obtained a mortgage again, and 69 percent still have a foreclosure on their credit score, thus precluding them from buying again.

The market is making it remarkably hard for many families to buy a home.

I would never suggest that we consider returning to the “old days” of sub-prime lending, but understanding that there are a large number of families who want to buy — and who meet acceptable standards for risk — should give lenders some pause for thought.

 

Matthew Gardner is the Chief Economist for Windermere Real Estate, the second largest regional real estate company in the nation. Matthew specializes in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has over 25 years of professional experience both in the U.S. and U.K.