Current Residential & Condo listings - 4,736 (up 4.48% from last year)
New listings taken this month - 1,163
Pending sales this month - 431 (down 27.32% from last year)
Percent of listings that sold this month - 9.10%
Median closed sales price - Feb. ‘08, $480,000
Median closed sales price - Feb. ‘09, $435,000
Rate of appreciation = -9.38%
~ Courtesy of NWMLS
Sunday, March 22, 2009
King County Statistics - February, 2009
Current Residential & Condo listings - 12,787 (down 4.24% from last year)
New listings taken this month - 3,652
Pending sales this month - 1,611 (down 23.36% from last year)
Percent of listings that sold this month - 12.60%
Median closed sales price - Feb. ‘08, $395,000
Median closed sales price - Feb. ‘09, $348,000
Rate of appreciation = -11.90%
~ Courtesy of NWMLS
New listings taken this month - 3,652
Pending sales this month - 1,611 (down 23.36% from last year)
Percent of listings that sold this month - 12.60%
Median closed sales price - Feb. ‘08, $395,000
Median closed sales price - Feb. ‘09, $348,000
Rate of appreciation = -11.90%
~ Courtesy of NWMLS
Snohomish County Statistics - February, 2009
Current Residential & Condo listings - 5,697 (down 11.45% from last year)
New listings taken this month - 1,495
Pending sales this month - 663 (down 27.30% from last year)
Percent of listings that sold this month - 11.64%
Median closed sales price - Feb. ‘08, $329,950
Median closed sales price - Feb. ‘09, $301,750
Rate of appreciation = -8.55%
~ Courtesy of NWMLS
New listings taken this month - 1,495
Pending sales this month - 663 (down 27.30% from last year)
Percent of listings that sold this month - 11.64%
Median closed sales price - Feb. ‘08, $329,950
Median closed sales price - Feb. ‘09, $301,750
Rate of appreciation = -8.55%
~ Courtesy of NWMLS
Western Washington home buyers starting to grasp "unique housing opportunities"
Home buyers appear to be in a "mental filibuster," according to one real estate executive upon seeing the latest figures from Northwest Multiple Listing Service. The report on February activity for 19 counties across Washington shows slight gains in pending sales and selling prices from January, but brokers say many would-be buyers remain on the sidelines, paralyzed by the uncertain economy.
"I believe these results are reflective of what might be called a "mental filibuster" for potential home buyers -- they are struggling between the desire to buy a home and the uncertainty of what might come next in the way of government stimulus, tax credits or lower mortgage rates," observed Ron Sparks, managing vice president of Coldwell Banker Bain. Agents are reporting "tremendous activity" at open houses, with the last few weekends generating the best activity in several months. Despite the high interest, what's stopping buyers, according to Sparks, is weak consumer confidence.
"Buyers don't yet understand what the stimulus package means to them," said NWMLS director Kathy Estey, managing broker of John L. Scott's Bellevue Downtown office. "Good houses at good prices that are affordable are getting attention," she remarked, noting her office had four multiple offer situations the last week of February for homes priced under the median cost. "Open house activity is up and attendees are serious," Estey reported.
"What we need most is a continued reduction in inventory coupled with a huge reduction in foreclosed and short sale properties on the market," said NWMLS director Dick Beeson, broker/owner of Windermere Commencement Associates in Tacoma. "It could take some time to absorb so many of these types of properties," Beeson, a Realtor since 1979, acknowledged.
J. Lennox Scott, Chairman and CEO of John L. Scott Real Estate, was also upbeat about the housing provisions of the stimulus package that was approved in mid-February. "The $8,000 tax credit for first time buyers does not have to be repaid. . . and first time buyers who purchase before April 15 can apply the tax credit to their 2008 tax return," he emphasized. Scott described the combination of historically low interest rates and increased affordability as "an opportune time for buyers to take a look at purchasing their first home."
Ron Sparks also commented on housing affordability, saying it's at its best in decades. "This certainly appears to be a once in a generation home buying opportunity, but it's also coupled with a once in a generation economy," he stated.
Right now is a great time to buy. Very rarely do we get the combination of lower prices, high amounts of inventory, anxious sellers willing to deal, and interest rates that are at approximately 50 year lows. This is the very best time to buy we’ve had in years!
~ Courtesy of NWMLS
"I believe these results are reflective of what might be called a "mental filibuster" for potential home buyers -- they are struggling between the desire to buy a home and the uncertainty of what might come next in the way of government stimulus, tax credits or lower mortgage rates," observed Ron Sparks, managing vice president of Coldwell Banker Bain. Agents are reporting "tremendous activity" at open houses, with the last few weekends generating the best activity in several months. Despite the high interest, what's stopping buyers, according to Sparks, is weak consumer confidence.
"Buyers don't yet understand what the stimulus package means to them," said NWMLS director Kathy Estey, managing broker of John L. Scott's Bellevue Downtown office. "Good houses at good prices that are affordable are getting attention," she remarked, noting her office had four multiple offer situations the last week of February for homes priced under the median cost. "Open house activity is up and attendees are serious," Estey reported.
"What we need most is a continued reduction in inventory coupled with a huge reduction in foreclosed and short sale properties on the market," said NWMLS director Dick Beeson, broker/owner of Windermere Commencement Associates in Tacoma. "It could take some time to absorb so many of these types of properties," Beeson, a Realtor since 1979, acknowledged.
J. Lennox Scott, Chairman and CEO of John L. Scott Real Estate, was also upbeat about the housing provisions of the stimulus package that was approved in mid-February. "The $8,000 tax credit for first time buyers does not have to be repaid. . . and first time buyers who purchase before April 15 can apply the tax credit to their 2008 tax return," he emphasized. Scott described the combination of historically low interest rates and increased affordability as "an opportune time for buyers to take a look at purchasing their first home."
Ron Sparks also commented on housing affordability, saying it's at its best in decades. "This certainly appears to be a once in a generation home buying opportunity, but it's also coupled with a once in a generation economy," he stated.
Right now is a great time to buy. Very rarely do we get the combination of lower prices, high amounts of inventory, anxious sellers willing to deal, and interest rates that are at approximately 50 year lows. This is the very best time to buy we’ve had in years!
~ Courtesy of NWMLS
Wednesday, March 18, 2009
Never a Better Time for First Time Homebuyers
If you or anyone you know has considered buying a first home, this is great news. The recent stimulus package signed into law by President Obama has provided $8,000 cash to first time homebuyers. Combining this cash incentive with interest rates in the mid 4% - low 5% range with sellers cutting their prices every day, and there has never been a better time to buy. There's no telling when this "perfect storm" for home buying will end, so contact me today to see how you could benefit. Some details on the tax credit are:
1. Eligible to any “First Time Homebuyer” which is defined as anyone who has never purchased a home OR owned a home in the past 36 months. Example: You owned a home and sold it Jan 30, 2006. You would now be eligible for the credit.
2. The $8,000 is NOT a loan and does NOT have to be repaid. The only condition is you have to own the home you buy for 3 years or more.
3. The $8,000 comes to you in the form of a tax return. If you plan to get a $2,000 tax return this year, it will be increased to $10,000. If you plan to owe $3,000 in taxes, that amount will be erased and you will get a $5,000 tax return check.
4. If you have already filed your 2008 tax returns, you can re-file and claim the credit or you can claim it on your 2009 returns. You have until April 15 to claim the credit this year, or request an extension from the IRS and you have until October to claim it.
There are income limits to the program and the purchase has to close between Jan 1, 2009 and Nov. 30, 2009.
As always, please consult your tax advisor for complete details.
1. Eligible to any “First Time Homebuyer” which is defined as anyone who has never purchased a home OR owned a home in the past 36 months. Example: You owned a home and sold it Jan 30, 2006. You would now be eligible for the credit.
2. The $8,000 is NOT a loan and does NOT have to be repaid. The only condition is you have to own the home you buy for 3 years or more.
3. The $8,000 comes to you in the form of a tax return. If you plan to get a $2,000 tax return this year, it will be increased to $10,000. If you plan to owe $3,000 in taxes, that amount will be erased and you will get a $5,000 tax return check.
4. If you have already filed your 2008 tax returns, you can re-file and claim the credit or you can claim it on your 2009 returns. You have until April 15 to claim the credit this year, or request an extension from the IRS and you have until October to claim it.
There are income limits to the program and the purchase has to close between Jan 1, 2009 and Nov. 30, 2009.
As always, please consult your tax advisor for complete details.
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