By Greg Perry
Eastside Realtor
www.425realty.com
Single Family Homes ( not condos)
West Bellevue Real Estate Statistics -- December 2007
Area 520 (West Bellevue) median prices were down -8.3%.
YOY listing inventory was up 90.7% and pending sales were down -40.7%.
LISTINGS: 164 (2007) vs. 86(2006) 90.7%
PENDINGS16 (2007) vs. 27 (2006) -40.7%
MEDIAN: $1,099,000(2007) vs. $1,198,000 (2006) -8.3%
compiled from but not published by NWMLS
By Greg Perry
Eastside Realtor
www.425realty.com
Mercer Island Real Estate Market Statistics (December 2007)
For Single family Homes (not condos)
Area 510 (Mercer Island) median prices were down -11%. YOY listing inventory was up 26.3% and Pending sales were down -33.7%.
LISTINGS: 96 (2007) vs. 76 (2006) 26.3%
PENDINGS: 19(2007) vs.14 (2006) -35.7%
MEDIAN: $995,000(2007) vs. $1,118,500 (2006)-11%
Compiled from but not published by NWMLS
By Greg Perry
Eastside Realtor
www.425realty.com
South Bellevue / Issaquah
For December 2007
Area 500 (South Bellevue/Issaquah) was one of the Eastside areas where the median prices were down -7.5% YOY listing inventory was up 47.1% and PENDINGS were down -48.5%%
LISTINGS: 378 (2007) vs. 257 (2006) +47.1%
PENDINGS: 34(2007) vs. 66(2006) -48.5%
MEDIAN: $599,975 (2007) vs. $648,750 (2006) -7.5%
Compiled from NWMLS, but not published by NWMLS.
By Greg Perry
Kirkland Realtor
www.425realty.com
Mortgage interest rates are hovering at about their lowest levels for the year. There are many forces at work in our current economy. Weak dollar, high oil, inflation? recession?, liquidity crises. Yet for right now mortgage interest rates are hovering right at 6%.
Did you know the how mortgage interest rates affect affordability in a house purchase?
Basically the Affordability index goes like this:
Every 1% increase in mortgage interest rates equals a 10% decrease in purchasing power.
Here's how that math plays out for a 30 year amortized loan (Per 1,000 borrowed):
A 6% Rate equals a monthly principal and interest factor of $6.00.
A 6.25% rate = a factor of $6.16
A 6.50% rate = a factor of $6.33
A 6.75% rate = a factor of $6.49
A 7.0% rate = a factor of $6.65
A 7.25% rate = a factor of $6.82
A 7.50% rate = a factor of $6.99
A 7.75% rate = a factor of $7.16
An 8.0% rate = a factor of $7.34
If you have a $300,000 loan @ 6% --- $300,000 x $6.00 = $1800.00 P/I Payment
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Now if rates go up 1%, you will experience a 10% drop in affordability.
A $270,000 loan @ 7% ----- $270,000 x $6.65 = $1,795 P/I Payment
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If rates would rise to 8%, here's what it looks like:
A $254,000 loan @ 8% ---- $254,000 x 7.34 = $1,864 P/I Payment
Will mortgage rates rise, fall or remain steady in 2008? Who has the clearest crystal ball?
Did you know that Issaquah hasn't always been Issaquah. Issaquah is actually a corruption of the correct name "isquow, " which means "sound of water birds"...So I suppose Issaquah means "used to sound like birds but now sounds like development"?
Issaquah also went by another name "Gilman" from 1892-1899.
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The Working-for-you real estate team, working by referral specializing in the Seattle area's Eastside communities. Visit www.425realty.com, The voice of Seattle's Eastside!
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