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Average Price Per Square Foot in Sammamish, Washington

Here is a quick look at the average price per square foot of homes and condos in Sammamish for the last two years.

The chart starts off at $266.33 per square foot in October 2006, then peaks at $280.72 per square foot in April 2007. As of September 2008 the price is $250.54 per square foot.

AP Sammamish copy

If you would like to more about home price trends in a particular area, feel free to contact me.

Posted By:

Tony Meier
Eastside & Seattle Realtor

EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

Does Moving Up Make Sense?

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.

1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.

2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.

3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.

4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.

6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.

Posted By:

Tony Meier
Eastside & Seattle Realtor

EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

NAR: Home Sales Rise as Affordability Improves

Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.5 percent to a seasonally adjusted annual rate of 5.18 million units in September from a level of 4.91 million in August. Home sales are 1.4 percent higher than the 5.11 million-unit pace in September 2007.

Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains.

“The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri, and Rhode Island,” he says. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”

NAR President Richard F. Gaylord says low home prices and low interest rates have helped attract buyers.

“This is the first time since November 2005 that home sales have been above year-ago levels,” Gaylord says. “Credit tightened at the end of September, but the improvement demonstrates that buyers who’ve been on the sidelines want to get into the market to make a long-term investment in their future.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.04 percent in September from 6.48 percent in August; the rate was 6.38 percent in September 2007.

Yun says there may still be market disruptions.

“The credit markets are not settled yet, although the mortgage market stabilized with the government takeover of Fannie Mae and Freddie Mac," Yun says. "Inventory remains high, and price declines are pressuring owners."

Yun says that an additional housing stimulus would stabilize prices more quickly and help bring faster stability to Wall Street.

"Removing the repayment feature on the [$7,500] first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory,” Yun says.

A Closer Look at the Numbers

  • Total housing inventory: at the end of September fell 1.6 percent to 4.27 million existing homes available for sale, which represents a 9.9-month supply at the current sales pace, down from a 10.6-month supply in August. This marks two consecutive monthly declines since inventories peaked in July.
  • National median existing-home price: $191,600 in September, for all housing types. That's down 9 percent from a year ago when the median was $210,500.


“Compared to a fairly small share of foreclosures or short sales a year ago, distressed sales are currently 35 to 40 percent of transactions," Yun says. "These are pulling the median price down because many are being sold at discounted prices. The current market is not being dominated by speculative investors. Rather, 80 percent of current buyers are purchasing a primary residence, which is a bit higher than historic norms.”

  • Single-family home sales: increased 6.2 percent to a seasonally adjusted annual rate of 4.62 million in September from a pace of 4.35 million in August, and are 3.8 percent above the 4.45 million-unit level a year ago. The median existing single-family home price was $190,600 in September, which is 8.6 percent below September 2007.
  • Existing condominium and co-op sales: were unchanged at a seasonally adjusted annual rate of 560,000 units in September, but are 15.7 percent below the 664,000-unit pace in September 2007. The median existing condo price was $199,400 in September, down 10.2 percent from a year ago.


By Region

Here's a breakdown across the country of existing-home in September:

  • West: sting-home sales in the West jumped 16.8 percent to an annual rate of 1.25 million in September, and are 34.4 percent higher than September 2007. Median price: $253,600, down 18.5 percent from a year ago.
  • Midwest: sales increased 4.4 percent to an annual pace of 1.19 million in September, but are 2.5 percent below a year ago. Median price: $152,500, which is 7.9 percent lower than September 2007.
  • South: sales rose 2.2 percent in September to a pace of 1.9 million but remain 7.8 percent below September 2007. Median price:$167,200, down 4.1 percent from a year ago.
  • Northeast: sales slipped 1.2 percent to an annual pace of 840,000 in September, and are 7.7 percent lower than a year ago. Median price: $246,800, down 5.4 percent from September 2007.


Source: NAR

To-Do List: Get Your Finances in Order

Are you thinking of buying your first home or moving up in the near future? If so, now is the time to get your finances in order. Here are some tip to help:

1. Develop a household budget. Instead of creating a budget of what you’d like to spend, use receipts to create a budget that reflects your actual spending habits over the last several months. This approach will factor in unexpected expenses, such as car repairs, as well as predictable costs such as rent, utility bills, and groceries.

2. Reduce your debt. Lenders generally look for a total debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt — car loans, student loans, and revolving balances on credit cards — down to between 8 and 10 percent of your net monthly income.

3. Look for ways to save. You probably know how much you spend on rent and utilities, but little expenses add up, too. Try writing down everything you spend for one month. You’ll probably spot some great ways to save, whether it’s cutting out that morning trip to Starbucks or eating dinner at home more often.

4. Increase your income. Now’s the time to ask for a raise! If that’s not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want.

5. Save for a down payment. Designate a certain amount of money each month to put away in your savings account. Although it’s possible to get a mortgage with only 5 percent down, or even less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment.

6. Keep your job. While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate.

7. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills, too. Pay off the entire balance promptly.

Posted By:

Tony Meier
Eastside & Seattle Realtor

EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

4th of July Events - Seattle and the Eastside

Fireworks

Looking for a" bang up" time this 4th? Check out these great events!

EASTSIDE

Bellevue Family 4th
Bellevue Downtown Park
4:30 pm - C-17 Flyover from McChord AFB
6 pm - Live bands begin playing
9:30 pm - Bellevue Philharmonic performance
10:05 pm - Fireworks Display begins
www.bellevuedowntown.org

Bothell’s Freedom Festival
Throughout Bothell
8 am - Pancake Breakfast, Downtown Fire House
11 am - Children’s Parade, Main Street
12noon - Forth of July Parade, Main Street
2 pm - Battle of Concord Re-enactment, Landing
www.bellevuedowntown.org

Issaquah’s Down Home 4th of July
Celebration & Heritage Festival
The Depot
11 am - Heritage Festival begins
11 am - Kids, Pets ‘N Pride Parade
www.ci.issquah.wa.us

Celebrate Kirkland
Downtown & waterfront
12noon - Fourth of July Parade & Rotary Picnic
10 pm - Fireworks, downtown waterfront parks
www.explorekirkland.com

Monroe’s Demolition Derby & Fireworks
Evergreen Speedway
12noon - Speedway Opens
Dusk - Fireworks display
www.evergreenspeedway.net

Renton’s Fabulous Fourth of July
Coulon Beach Park
12noon - Festivities: kids’ activities, games, face painting
1pm - Stage entertainment begins
10pm - Fireworks display
www.rentonwa.gov

Woodinville Bluesfest
Wilmont Gateway Park
5 pm - Festivities: food, live music, arts, crafts
www.ci.woodinville.wa.us

SEATTLE AREA

4th of Jul-Ivar’s Extravaganza
10pm-ish - Fireworks display over Elliott Bay
www.ivars.net

WaMu Family 4th at Lake Union
Gas Works Park
Noon - Festivities: food, crafts, games, kids’
activities
10pm - Fireworks display over Lake Union
www.wamufamily4th.org

Fourth of July Annual Dinner Cruise
Argosy Cruises, Pier 56, Seattle Waterfront
8pm - Cruise sets sail around Elliott Bay and Puget Sound. Cruise ends at 11pm.
www.argosycruises.com

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com