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August 31, 2005
July 2005 Real Estate Statistics
King County
Residential sales volume for July 2005 decreased 8% from June 2005
All Sales vs Year-to-date 2004
- Residential sales volume: up 14% to $10.2 billion
- Residential transactions: up 1% to 25,594
- Mobile home sales on land: up 37% to $37 million
- Plexes (2-5 units) sales: up 28% to $306 million
- Land Sales: increased 58% to $432 million
- Average residence: $396,608, up 13%
Snohomish County
Residential sales volume for July 2005 decreased 9% from June 2005
All Sales vs Year-to-date 2004
- Residential sales volume: up 34% to $3.2 billion
- Residential transactions: up 19% to 10,957
- Mobile home sales on land: up 36% to $61 million
- Plexes (2-5 units) sales: up 52% to $78 million
- Land Sales: increased 30% to $257 million
- Average residence: $300,507, up 12%
Contact Beau in order to sell a home or condo property for the best possible price....quickly and professionally.
Posted by beaubetts at 12:47 PM | TrackBack
August 26, 2005
2nd Quarter - 2005 Western Washington Real Estate Market Update
There was very little change in the housing market between first and second quarters, which continues to be driven by low interest rates, record homebuyers, and record home sales. The ongoing threat of rising interest rates has many buyers flooding the market, placing added demand on the already historically low housing inventory available throughout Western Washington and causing intense competition for many of these homes.
Second quarter homes sales around Western Washington demonstrated impressive gains over the same period a year ago. According to the Northwest Multiple Listing Service (NWMLS), second quarter saw double digit increases in pending sales in the 14-county market area compared to a year ago. June's figures showed a total of 13,228 pending sales for a gain of 14.56 percent compared to June 2004. The median home price in King County in June was $335,950 which is a 12.36 percent increase over June 2004. The median home price for the entire 14-county Western Washington market area was $273,078, representing a 12.8 percent gain over the same period a year ago.
Steady streams of new buyers are creating intense competition for the limited inventory currently available in the Puget Sound area, which is down nearly 20 percent from a year ago. These conditions are causing a "quick action market" complete with multiple offers, escalator clauses, waived contingencies, and unconventional terms that aim to make a buyer's offer more appealing to the seller. Because of this, it's more important than ever to work with a trusted, qualified Realtor who understands the intricacies of negotiating a real estate transaction.
What continues to drive housing into third quarter are the same things that have sustained us to date: low interest rates, local job growth, and an improving economy. While interest rates have risen slightly from their 40-year low, the 30-year fixed-rate mortgage is still below six percent, offering phenomenal opportunities for homeownership.
Contact Beau in order to sell a home or condo property for the best possible price....quickly.
Posted by beaubetts at 10:30 AM
August 15, 2005
Homeowners Insurance
There is a serious dilemma facing homeowners and homebuyers everywhere. So serious that it’s creating barriers to homeownership across the nation. The problem is soaring homeowners insurance premiums and the inability for many homebuyers to attain coverage.
There are three main reasons that homebuyers are finding it difficult to attain homeowners insurance:
• Prior claims history on the home they are purchasing
• Prior claims history on the home they previously owned
• Credit problems
The problem stems from an insurance database known as CLUE (Comprehensive Loss Underwriting Exchange). CLUE compiles personal information on policyholders, as well as information on approximately 90% of all U.S. insurance claims and claim inquiries filed in the last decade. Over 80,000 insurance agencies across the country access this database to decide whom to insure—and whom to deny.
Coverage is being denied to individuals for prior phone call inquiries made to their insurance agent—even if it did not result in a claim. Calls made were tracked by CLUE, which is subsequently jeopardizing their eligibility. Even more disconcerting are those cases where homebuyers who have qualified for a mortgage based on their FICO credit score are being turned down for insurance coverage based on the same score.
Insurance companies attribute these operational changes to an increasing number of payouts and jury awards, due largely to issues with mold and natural disaster claims. As a result, many of the country’s largest insurers are pulling out of the home insurance market entirely or they are implementing hefty premium increases.
Realtors across the country are challenging the fairness of the CLUE system and the impact it is having on our client’s ability to attain and afford homeowners insurance. But in the meantime, the problem continues to escalate.
So what can you do to protect yourself? In light of current conditions, here’s the best advice for homebuyers/owners:
• Don’t wait until the last minute to apply for homeowners insurance; apply immediately.
• Request a CLUE report from the owner of any house you’re considering buying, so you have a full record of the home’s claims history.
• Think twice before filing a small claim against your homeowners insurance; it may be better to reserve it for big-ticket items.
• Remember that mere phone call inquiries to your insurance agent may be tracked by the CLUE system.
For more information or to obtain a CLUE report for your home, go to www.choicetrust.com or call (866) 527-2600.
Contact Beau in order to sell a home or condo property for the best possible price....quickly.
Posted by beaubetts at 12:50 PM
August 4, 2005
Most Expensive Homes
Are you wondering what the most expensive homes for sale in King and Snohomish county are? Take a look at these incredible homes:
Residential
Condominium
Appointments to view these masterpieces are available upon financial qualification or personal recognizance. Viewer's privacy will be handled with discretion.
Beau Betts provides luxury real estate services. Contact Beau Betts in order to sell a luxury home or luxury condominium property for the best possible price....quickly and professionally.
Posted by beaubetts at 10:51 AM
