Washington

February 2012 Real Estate Market Update

The real estate market in DuPont, WA (in Pierce County) is holding steady.

In February 2012, there were six single family home sales with an average sales price of $307,250. Year-to-date, the average home sales price is $298,011.

In all of 2011, the average sales price was $285,349.

In all of 2010, the average sales price was $313,576.

With Pending Sales up, buyers believe we may have hit bottom. Pending Sales means there is an increase in activity. Buyers are making offers on homes and sellers are accepting those offers. Not every pending sale results in a closed sale but nonetheless, buyers are showing their confidence.

According to Lynn Franco, director of The Conference Board Consumer Research Center, consumers were more optimistic about the short-term outlook than they were a month ago.

“Consumers are considerable less pessimistic about current business and labor market conditions than they were in January. And despite further increases in gas prices, they are more optimistic about the short-term outlook for the economy, job prospects, and their financial situation.”

Nationally, the overall direction for the housing market is positive, according to analysts with the National Association of Realtors. Its latest figures show the past few months of contract activity are the highest in more than four years. The market isn’t as strong as it could be because of overly restrictive lending standards and contract cancellations due in part to appraised values coming in below a negotiated price. Locally, others believe that the only reason why we are not in a hot, thriving market is because of short sales and foreclosed properties, which represent about one-third of the transactions.

About Northwest Landing in Dupont, WA

Northwest Landing in Dupont, WA is located just minutes from Joint-Base Lewis McChord (JBLM) on the west side of Interstate 5.

Northwest Landing is still expanding and growing, and when fully built out, there will be approximately 12,000 homes. The residential section of Northwest Landing consists of single family homes, condos, townhomes as well as rental apartments and 55+ housing.

While Northwest Landing is a large community, the design of the neighborhood was carefully planned to create continuity and promote green living. With an extensive system of sidewalks, bike lanes and walking trails, Northwest Landing encourages leaving the car at home when visiting the city center with amenities such as shopping, restaurants, and other services.

Some of the design elements you’ll notice in Northwest Landing are:

• Streets are narrow to slow traffic and make pedestrian crossing easier.
• Many homes have front porches with garages in alleys so cars won’t hit pedestrians while backing out.
• Multifamily housing is designed to look like the single family homes, and blends in with the neighborhood.

(All data compiled from the Northwest Multiple Listing Service. Data is deemed accurate but not guaranteed.)

Interested in living in Northwest Landing? Call me today to find your next home. In the meantime, check out the current homes for sale.

Good morning! I hope you're well! I was reading in The Seattle Times today about how apartment construction is booming in the Seattle area.

According to Dupre and Scott there are over 20,000 units in the planning stage here in the greater Seattle area. It is a record number that are planned to be built. Everywhere you go in Seattle there are construction cranes putting up apartment towers. It's pretty amazing.

What has led to this unprecedented boom? I think it's a couple of things. One, the apartments are being built in densely urban areas where a lot of young people live and work. With Amazon.com and other companies thriving, there is a need for their younger workers to live close by. Rents are fairly high in these newer buildings but the renter is typically a well paid and educated person.

Two, I think that since the renters of these apartments are young they are also probably unattached. It appears they're not motivated to buy a place for themselves just yet. I'm sure there are also a lot of renters who had the misfortune of losing their home to foreclosure, etc. within the last few years. As most of you are aware these people will need to sit on the sidelines for a few years until they can qualify to buy again.

What I'm wondering is what happens a couple of years hence when all these renters decide it's time to buy. Obviously that will be great news for those of us in the real estate business. And I expect this to come true. Things cycle through as they say. Of course that may mean that a lot of these new apartment towers will be pretty empty. In other words the landlords may run into some trouble unless they can foresee this and start converting their units to condo's.

What are you seeing in your area? I'm curious. Obviously any real estate person who chose to hang their hat in the apartment realm may be killing it. Have a great day!

These are some of the best pictures in my photo album. Last night the Dobsons signed the paperwork for their new Vancouver Washington home. The plan is for us to close today and I will be delivering the keys by this afternoon! CONGRATULATIONS guys! I hope you enjoy your new home!

Buying A Home In Seattle Your Loan Options

Buying a home in Seattle is an important decision. You are going to have to make a lot of choices along the way and one of the most important things you’re going to run into right at the beginning is what kind of mortgage is quite work best for you. A loans officer will let you know about the different mortgages available, but it will ultimately your choice which one you choose.

Fixed-rate loans

These mortgages are the safest type you can get. A lot of people choose to get a fixed-rate mortgage because it gives a lot of stability over the years to come. The rate is fixed on these mortgages which mean that it will never change for the life of the loan. This means that you can go ahead and do some budgeting and planning without having to worry about your mortgage payments going up and down throughout the years.

Adjustable rate mortgage

These mortgages have a rate that adjusts according to the interest rate. You will be offered a lower rate of interest on this type of loan initially, but if rates rise in the future, so will your payments. There is more risk in this type of mortgage, but if you play your cards right and figure that the interest rates are going to go down, you can save money when you are buying a home in Seattle.

Shop around

You will get different rates of interest from different financial institutions. Of course, you’re going to go to the bank you usually deal with first to find out what their rates are and what they can do for you as a loyal customer. What a lot of people do, however, is sign up for mortgage without doing any further shopping around. You should definitely get a few quotes from other sources first. Just because you deal with the bank on a regular basis does not mean that you should necessarily get your mortgage there as well. The bottom line is really how much money you can save by getting the best mortgage deal possible.

Don’t rush into any mortgage choices until you have done your homework and feel totally confident about the decision you’re about to make. You’re going to have this house and mortgage for many years to come, and by taking the time and shopping around first before buying a home in Seattle you may be able to save thousands of dollars in the process.

Related posts:

1. Finding the Right Mortgage When Buying A Home In Seattle (25.2)
2. Bothell Real Estate Mortgages – Understanding the Basics of A Mortgage (17.4)
3. Home Loan – Where do Your Lake Forest Park House Payments Go (15.7)
4. Seattle Mortgage Terms, A Few Basic Mortgage Words You Should Understand (14.9)
5. Why You Should Get A Prequalified Loan To Purchase Seattle Real Estate (13.6)

My neighbor, John, got X for his house, he told me so...

I had a listing appointment today and I decided to approach the price question in a different way. I often get shot down when I give my price opinion and I thought I would ask the seller what she thought her house was worth and then I would give my opinion and justify it with my data.

How refreshing it was to have the seller say, she had no idea what her house is worth and that is why I was sitting at her table. Most of the time, I am at loggerheads with the seller who has a predetermined price in mind. After all they know, or I should say, they think they know what the guy across the street got for his house or what he told them, he got. Many times they base their information on what the house was originally listed for. Not what it eventually sold for.

I have lost many a listing, when the client, I'm trying to help, tells me that the guy just next door, with a house, not as nice as his got $30,000 more than what the county records and MLS say he got. Of course that neighbor has moved on and can't be cross examined with the data. I have even called the neighbor's listing agent to verify the selling price. Most often, to my chagrin, the prospective selling client goes with another agent who buys the listing.

How do you handle, the know it all, next door neighbor that seems to have all the answers but no facts to back it up?

This post was authored by Paul Henderson ©2012, All Rights Reserved, This content may not be reproduced or reprinted (Except for ActiveRain Re-blogging) without express written permission of Paul Henderson, RE/MAX Professionals, Tacoma, WA.

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