Here at the coast we are less susceptible to national trends but the market in King & Pierce County impacts how folks feel about a second home purchase. Many factors come into play when you look at current value and attempt to anticipate future value but this review rings true.
Carrie Bay of DS News reports solid appreciation across the country has many homeonwers surfacing from being underwater in their home values. California has made huge strides in recovering value and is leading the country in appreciation in it's major market sectors. Seattle has exceeded most areas around the country due to economic diversity and the continuing influx of baby boomers post retirement. To read more about it… CLICK HERE
This enlightening article in the New York Times by Robert Shiller (Yale economist) is a broad review of the market response to "bubbles". To take a look at it CLICK HERE.
At the South Beach our market is so small that the influences of "supply and demand" can have an immediate impact.
This recent report from Puget Sound Business Journal's Jeanne Lang Jones speaks to the whiplash effect that rising residential prices has on lot demand. In King & Pierce County national developers have entered the scene in the past 3 years and purchased many of the "developed" lots but few new lot developments are underway and the the supply is a ticking clock. Prices for bare land have ratcheted up accordingly.
At the beach there is a strong supply of attractive lots and the prices make them even more so. Following the I-5 trend… now would be a great time to invest in a piece of property on the coast. Review the story here CLICK
As an investment strategy, borrowing money at extremely low interest rates to acquire solid real estate holdings is something everyone should consider. This article by Leon Yang summarizes the benefits of taking advantage of the ideal market conditions we have before us today (artificially depressed values and extremely low interest rates) to position ourselves for higher than average gains in the coming decade.
To read this insightful piece CLICK HERE
This report from Rueters gives great information for home owners hoping to take advantage of low interest rates. The challenge we face in the real estate market is finding comparable sales that will hold up to the extreme underwriting scrutiny and that challenge is even moreso with a refi. At least in the appraisal related to a sale the appraiser has a target purchase price to prove or disprove. In a refinance the open ended nature often leaves the appraiser unfocused and that is where personal bias can come in.
Providing the information and atmosphere suggested in the story may make the difference.
To read this informative article by Lou Carlozo – CLICK HERE
Here at the beach we are part of such a small market it is easy to get focused on our own stats and lose track of what is going on in the "bigger picture". This article is very informative and somewhat mirrors what we are seeing locally.
The beach community of Seabrook continues to grow and thrive thanks to the thoughtful design and positive energy that the founders and home owners generate every week end. Owning at Seabrook is a "lifestyle choice" made as much on the idea of new beach urbanism as it is owning coastal real estate.
To read more about this charming village CLICK HERE
To find out about New Construction Pricing/Options, Resale Opportunities or Foreclosure/Short Sale offerings at Seabrook CLICK HERE or call me at 360-581-3399
This national report points out many things we have been seeing here in Western Washington this year. Stability is the first step for recovery and most markets are seeing a more stable real estate market on their horizons. To read the full report CLICK HERE.