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September 25, 2007
Seller's or Buyer's Market?
We are in an interesting spot right now regarding the real estate market. In some areas and price ranges, homes stay on the market for a lengthy amount of time, in others, there are multiple offers and the homes do not stay on the market hardly a week. Both of these scenarios I've experienced within the past month. So is it a seller's market or a buyer's market right now? Well, that depends on what price range you are wanting to buy in and what areas. Let's take a look at the month supply of homes that's currently available in King and Snohomish County. The month supply of homes is the of the amount of homes currently available on the market divided by the amount of pending sales. Available Inventory / Pending Sales = Month Supply . When the month supply of homes is above the six month mark that usually signifies a seller's market. When the month supply of homes is below the 6 month mark that shows a buyer's market. So where are we at right now?
I've included a chart for both King County and Snohomish County that shows what our current month supply of homes are in ALL prices ranges, both new construction AND resale, and for both single family homes AND condominiums. I decided to keep things simple and just show one chart. However, keep in mind these statistics start changing when looking at different prices ranges and whether or not you are interested in resale or new construction. If you would like specific information regarding these different scenarios, be sure to email me at: beaubetts AT johnlscott.com.
Snohomish County as of September 1, 2007
King County as of September 1, 2007
Also, I will try to keep these charts updated for you to see as the months go on so you can see where we are at.
Posted by beaubetts at 11:44 AM | Comments (0) | TrackBack
September 20, 2007
Renovating Your Home with the Seattle Weekly
Ardell DellLoggia and I did an interview with the Seattle Weekly regarding renovating your home, titled Renovate Your Home, Increase the Value for the Sound Living Insert in this week's issue. The article focuses on things you can do and pitfalls to avoid when renovating your home while trying to increase it's resale value. The article is on Page 26 of the Sound Living section in the print edition. You can see the online article here.
Posted by beaubetts at 10:08 AM | Comments (0) | TrackBack
September 11, 2007
Where Buyer's Found Their Information For Home Purchased
This information was provided by Herbert Research and the information was sourced from home purchases. It would be interesting to see how these numbers change yearly. I'm sure there is a dramatic difference from just five years ago.
Agent Introduced 40%
Internet 30%
Drive-by 22%
Friends 5%
Newspaper 3%
Posted by beaubetts at 1:34 PM | Comments (0) | TrackBack
September 10, 2007
What it means when the Fed's cut rates
From the desk of Barb Huber at Golf Savings Bank:
There is a very important Fed meeting on September 18th. The consensus is that the Fed's are going to cut interest rates. I want to remind everyone what this really means:
Fed rate cuts will help lower rates on Home Equity Lines of Credit, personal loans, auto loans and commercial paper, but a rate cut by the Fed may actually cause fixed rate mortgage rates to worsen. So we need to pay close attention to the Fed comments at the Sept 18th meeting......
If the Fed says they are comfortable with inflation being contained, bonds will improve...bonds up, interest rates down. If the Fed indicates they are cutting rates in the face of inflationary fears, bond prices will likely move lower causing home loan rates to rise!
Posted by beaubetts at 12:15 PM | Comments (0) | TrackBack
