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NWMLS, January, 2013. Home buyers around western Washington made offers on 5,314 residences during December, out numbering the 3,857 owners who listed their homes for sale.

The imbalance helped push up prices and further thin the already depleted inventory.

While the expected seasonal slowdown occurred last month, determined buyers were undaunted by sparse inventory and record-breaking rainy days, according to December statistics from Northwest Multiple Listing Service.

This is a unique housing market marked by an unprecedented fourth straight month when pending sales outnumbered new listings.

MLS members tallied 5,267 closed sales during December, outgaining the same month a year ago by 526 transactions for an increase of about 11.1 percent.  The 2012 total of 64,624 closed sales was 14.8 percent higher than the volume reported for 2011.

Brokers expect the housing market rebound to continue, while cautioning sellers to refrain from becoming too aggressive and are expressing hope for “controlled natural growth” to sustain the recovery. They also believe distressed properties, rising rents and re-engaged investors will have an impact on activity for the foreseeable future.

The median price for King County was $342,000, while the average price in King County was $425,000, reflecting a gain of more than 17.5 percent.  Prices rose by double digits in ten of the 21 counties in the Northwest MLS service area.
 
Prices and the number of multiple offers may be rising in part because of shrinking inventory. At the end of December, there were only 17,718 properties for sale, which compares to 26,639 active listings for the same time a year ago (down 33.5 percent). Months of supply declined to 3.3 months, down from about 5 months of supply for the same period a year ago.

Low unemployment, less inventory, low interest rates and rising rents are among factors that will create a strong housing market in 2013.  The return of first-time buyers who find it is becoming cheaper to own than rent given today’s low, low interest rates!

Your questions regarding these fine properties, your property, other properties or the real estate market in general, are welcomed. I look forward to your call. My direct number is: #206-528-4432 or send me an email at: mpeters@sellingseattle.com. Or go to: www.michaelpeters.net for more photos of great homes.

The Seattle area real estate market is finally gaining momentum after a couple years of sluggish results.  The lower prices coupled with fantastic interest rates has created excitement in the savvy buyers minds.

They are seeing montly payments significantly lower than rents would be for the first time home buyer homes.

Then after you take off the tax savings, buyers again have big smiles on their faces.

This means if you are thinking about buying a new home or selling your current home, you might want to act now because depending on the condition of your home, it can take 2-3 weeks or 2-3 months to prepare you home for market and the prime spring selling season is here.

If you would like a free, no-obligation, strategic pricing  analysis for your home, call 206-528-4432 and find out how you can take advantage of this upswing in the roller coaster housing market.

 

November 17, 2011

                                           If Not Now…When!!!

Greetings,

Interest rates affect the outcomes anticipated by buyers and sellers alike each and every day. This chart represents that interest rate history for the last 30 years. When I became a full time Realtor in 1984, all of my colleagues who had been selling for years were ecstatic at the 13.5% interest rates. That was a huge improvement from rates above 18% that many of their clients had experienced.

In 1984 if you had $2000 to spend for your monthly principle and interest payment, you could afford a $174,000 loan amount at 13.5%. In 1994 that same payment would afford you a $263,000 loan amount. And today, that same payment would afford you a $406,000 loan amount.   

Timing is everything, and we have not experienced a better interest rate environment in the last 30 years. (please let me know if you would like to see a copy of the graph from the last 30 years) That, coupled with the decrease in home values in many areas, should really bolster your buying power.                                                

As a real estate agent active in your neighborhood for over 27 years, I can offer you the specialized knowledge and experience gained by working with properties like yours and people like you.

You can find answers to your real estate questions or search for any home on the market by any real estate firm in the greater Puget Sound Region at my web sites:     www.MichaelPeters.net / www.Lake-Forest-Park.com  / www.cooltownhomes.com      

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