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October 18, 2005
3rd Quarter - 2005 Western Washington Real Estate Market Update
Home sales and prices around Western Washington have kept up a torrid pace during third quarter with increases reported each month compared to year ago figures. According to the Northwest Multiple Listing Service, pending sales in July jumped nearly 13 percent compared to July 2004 and prices rose 12.2 percent. The median price of a single family home in King County was second only to San Juan County at $375,000, reflecting a 13.7 percent gain.
August figures reported more of the same—sales around Western Washington jumped 19 percent and prices rose more than 17 percent compared to year ago totals. According to the NWMLS, The four county Puget Sound region improved on 2004 sales figures by nearly 18 percent. In King County, the median selling price was $385,000.
In September, Puget Sound brokers notched another month of strong sales despite adding the fewest number of new listings to inventory since April. Pending sales rose 12.7 percent from a year ago, while prices on sales that closed in September jumped 16.3 percent compared to twelve months ago.
Overall, homes throughout Western Washington continue to sell briskly with sellers benefiting from competitive buyers who are willing to bid above the listing price and wave contingencies to improve their chances of having their offer accepted. This ramped activity can be largely attributed to the continued shortage of inventory in the Puget Sound region. In July, inventory for single family homes in King County was at about 72 percent of year-ago supplies; the decrease is even more severe for condominium inventory which is down about 47 percent. This shortage of inventory is causing intense competition amongst buyers in many areas—especially in the more affordable markets.
The Federal Reserve recently raised short-term interest rates for the eleventh consecutive time; however they remain low enough to continue to play a major role in the housing economy. Despite this increase, the average 30-year fixed mortgage rate still tracks below six percent and has done so every week since April 13.
After four consecutive record breaking years, it’s not likely that 2006 will continue this trend; however sales will undoubtedly remain strong, bringing a close to yet another successful year in real estate.
Contact Beau in order to sell a home or condo property for the best possible price....quickly.
Posted by beaubetts at 12:15 PM | TrackBack
October 16, 2005
Green Housing
“Green homes” now come in all different colors, shapes, and sizes. And they are also changing the way that homes are designed, constructed, and purchased.
The term “green homes” refers to environmentally-friendly housing, and it’s causing residential construction to undergo something of a revolution in how homes are built. Green housing is intended to conserve resources that can help reduce a home’s environmental impact and energy consumption through innovative design, construction, and operational features.
Although green homes are still a minor segment of the total number of homes built today, rising energy costs and concerns about environmental degradation are causing the green phenomenon to become more mainstream. In fact, according to a recent survey of consumers by a national building trade organization, almost 80% of the respondents listed environmentally friendly features a concern when building or purchasing a home.
Advancements in green construction that are incorporated into most new homes today include double-pane windows, blown-in insulation materials, programmable thermostats, occupancy sensors and timers, recycled building materials, and Energy Star appliances ratings. Green features can also encompass land-planning techniques that preserve the natural environment, as well as site development that reduces erosion and protects trees.
Lenders are getting in on the green movement too by offering energy-efficient mortgages. With an energy-efficient loan, houses that meet prescribed energy standards can qualify for favorable mortgage terms, ranging from higher borrowing limits with little or no down payment to cash-back features.
Energy efficient mortgages can be used to purchase a new or existing home or to finance energy-related improvements. For specifics on loan requirements and terms, go to Fannie Mae or Freddie Mac.
To learn more about green housing and ways that you can make your home more environmentally friendly, go to Energy Star.
Beau Betts provides Seattle real estate services. Contact Beau Betts in order to sell a Seattle home or Seattle condominium property for the best possible price....quickly and professionally.
Posted by beaubetts at 10:46 AM | TrackBack
October 3, 2005
Winterize Your Home
The Seattle area can get awfully cold during the fall and winter. Preparing your home in advance for the upcoming chilly season will help save energy, cut expenses, and protect our environment. Here are some helpful tips on what you can do to get your home ready for winter.
• By preventing air intrusion in your home, you can help cut down electrical costs. Places to check include your windows, doors, walls, garage doors, basement, and attic. Seal any openings you find with a caulking compound in order to prevent drafts from entering your home.
• The sun and rain take their toll on decks and patios, be sure to nail down or replace loose boards. It’s also a great time to treat your deck with a water sealant. These steps will improve its longevity.
• Your roof is one of your home’s most vulnerable spots. It’s critical to look for signs of damage because roof repairs can be extremely costly. Watch for cracks, missing shingles, moss, and signs of age. While inspecting your roof take the opportunity to clear it and the gutters from debris. If your roof is in need of repair, contact a roofing company, they can not only fix trouble spots, but they can help protect the entire roof from the damaging effects of the winter weather.
• It’s the perfect opportunity to inspect systems and appliances that will primarily be used during the winter months such as heating units and chimneys. Make sure the air filters in your heating units are clean; they should be changed every two to three months for optimal use. It’s best to find out early if these units need serviced because there is a less of a demand on the professional who perform this type of service compared to the middle of winter.
• It’s also a great time of year to check fire detectors and extinguishers. Make sure that fire extinguishers are in key places such as the kitchen and laundry room. Test or replace batteries in your fire detectors.
Performing these simple maintenance measures makes good sense; not only does it keep your home in optimal condition but it protects your investment and prevents potentially costly problems down the road.
Contact Beau in order to sell a home or condo property for the best possible price....quickly and professionally.
