The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search. Below is a chart created using Freddie Mac’s U.S. Economic […]
Where Are Mortgage Interest Rates Headed in 2018?
What’s Happening with Prices?
I know everyone keeps asking “What’s happening with prices?!” “Can this last?” “How can I buy?” and others. Well, I’ve been trying to tell everyone I know for the past few years, that yes, we are in a normal cycle. About every 30 years there’s a major drop. Those that are old enough will remember the crash in the early 80’s. Prior to that you had WW2 – and the boom that came after.
To put this all in real perspective, housing prices will typically double every 10-15 years, depending on your start year (obviously starting in 2007 and going to 2017 is different than starting in 2012 and going out to 2022). So, I’ve attached a chart for you to consider. To summarize, the housing price in King and Snohomish Counties have just more than tripled in the last 27 years. Nationally, the historic rate of appreciation is 2.6%…because we have areas like North Dakota being compared to New York. If you do the math, King and Snohomish counties have averaged 4.3% per year for the last 27 years.
Real estate is either a short term investment (3-6 months, i.e. flip) or long term (7+ years). It’s not meant to be a 2 year “investment”. Now, sometimes we win big in the mid term, but just know that the absolute minimum you should be in a home to have any kind of real gain is 5 years. If you have to sell, then you have to sell. It happens. But, don’t let media hype sway you one way or the other. Let the facts move you as you consult with a professional and plan for the long term.
U.S. Housing Inventory Crunch Continues!
U.S. Housing Inventory Crunch Continues… List Your House Today! Monday January 29th, 2018 For Sellers, Housing Market Updates, Move-Up Buyers Every winter, families across the country decide if this will be the year that they sell their current houses and move into their dream homes. Mortgage rates hovered around 4% for all of 2017 which forced many buyers off the […]
Another Blog Post About Bidding Wars? Yes.
I recently heard that the Wall Street Journal put out an article on how to win a bidding situation on a home. #1 was “be all cash”. Uh, seriously? I do know people that have cash. I know people that are downsizing. They’ve owned their home for 20 years and have seen the value more […]
Winning a Multiple Offer Bid
For the past few years we’ve had a lot of multiple offer situations in our market. It’s very disheartening for a buyer to find the perfect home only to be outbid by someone else. To have it happen multiple times may just make some buyers decide it’s not worth it. If you’re in the market […]
6083 Sunview Pl Ferndale – For Sale!
This home recently came on the market in Ferndale. It’s a great home that’s been well taken care of. Click for more details.
Woodinville 1st Quarter 2017 Market Stats
Woodinville continues to be apart of a growing trend of lower inventory numbers but higher sales numbers. The average monthly inventory is down to just 43 homes per month which is a 29.5% decrease. So far the number of sales is up 9 for the first quarter which is a 10% increase over the first […]
Bothell 1st Quarter 2017 Home Sales
So far, through the first 4 months of the year Bothell has averaged only 70 homes for sale which is half of what it averaged for all of 2016. Hopefully we get an influx of listings soon (and if you’ve been thinking of selling, give me a call). Through the first quarter, the numbers look […]
Lynnwood 1st Quarter Home Sales
Well, the trend of dropping inventory continues. Over the first 4 months of this year the average monthly inventory is only 49 homes. Despite this, there is an average of 57 homes selling each of the first 3 months. How can you sell more homes than are available. Well, I take the average inventory from […]
2016 Review – Kirkland
Like all the other areas, Kirkland saw increases in price and sales but decreases in inventory and average days on the market. It is still a strong seller’s market. 2016 increase over 2015: Average price – 14.1% to $860,967 Average p/sqft – 9.6% to $350.05/sqft Average sales per month – 7% to 104 sales/mo 2016 […]