If Another Buyer Says They Can't Get A Loan I'm Going To Scream!!!!!

In the past two weeks no less then 5 would be buyers have said to me "there's no point in looking at homes with all the sub-prime problems I can't get a loan".  Every single one of them had verifiable income and the lowest credit score was 620.  I asked them why they thought they coudln't qualify for a loan and they said "well that's all you hear about in the news".

And the lack of buyers is trickling down and putting potential sellers on the fence.  I had a gal say to me "My home won't sell, there are two others on my street and they've been listed forever".  While it's true that the average days on the market is now around 90+ days it's because buyers think they can't get a loan so they aren't looking.

While markets in other parts of the country are struggling to stay above water, Washington's market is still going strong.  The Washington Board of Realtors®released the following about the Washington market.

Our Key Message
The Washington real estate market is stable and an excellent investment that you get to live in!

Facts About Foreclosures
The foreclosure rates today are the same as they were 10 years ago.  Fewer than one percent of mortgages end in default in Washington state.  As of mid-June, sub-prime, adjustable-rate loans represented 20 percent of loans nationally, but just 6 percent of home loans in Washington.

The Market is Strong
Home appreciation in Washington continues to out-perform the rest of the nation with year-to-year price increases every quarter since the spring of 1995.

The Market is Stable
Home prices in Washington have increased an average of 8.1 percent since the same time last year.  Many counties, however, have experienced price hikes much higher: Chelan 29.8 percent, Okanogan 24.5 percent; Douglas, 22.2 percent; and Lewis 19.3.

Why Washington Is Different?
The home market isn't keeping pace with the growth of the state's population, which is continuing to increase at 1.8 percent per year.  The state's population will increase by nearly one million over the present decade and reach 6.8 million by 2010.  About two thirds of the growth is due to in-migration; the rest is a result of the growth of families now living in Washington.

What About Inventory?
The key to stability in the residential real estate market is balance, where balance is about a six month supply (or inventory) of homes available on the market at any given time.

Who we are
Washington Realtors® represent approximately 170,000 home-buyers and the interests of more than 2 million homeowners throughout the state.  Realtors®' top public policy priority is building communities that have a strong economy, attractive home choices, great schools and parks, safe neighborhoods, and good transportation choices.

Get The Facts Straight......Contact your REALTOR® for more information

So buyers......stop thinking you can't because you probably can and will be happy you took that step into home ownership!!  Give me a call and let's get you into your dream home for the holidays!

Sandy Noll
Realtor, eAgent
Keller Williams Realty
425-890-0878
sandranoll@kw.com
http://www.letsachieveyourgoals.com
Woodinville, Kirkland, Bothell