Each six month Trulia breaks down the cost of housing across the US to estimate the value in owning as opposed to renting in various markets. This short article is very interesting. CLICK HERE
Washington is one of the states where home prices have returned to within 10% of peak 2006 pricing. That is largely driven by the metropolitan areas of the state. On the coast values have lagged which is typical of the pattern between urban and recreational areas. Look for the coastal market to respond later this year and in 2015. To read the article CLICK HERE.
Locally our market continues to strengthen from the improved 2013 cycle. Supply is still fair although getting more difficult to find specific types of property. This short interview covers market trends in the national real estate scene. Take a moment to check it out. CLICK HERE
This post on Active Rain hits the nail on the head when it comes to selling a home. Great advice presented well. Take a moment to read by clicking HERE. preparing to put the best foot forward for your home makes a world of difference in the result!
Real estate values around the Pacific Northwest have turned the corner and in 2013 our little corner of the market began recovering as well. Average residential sales prices rose 5% from 2012 values and there was a 20% increase in number of properties sold! The local condominium market posted a 10% increase in number of units sold and a 38% increase in average sales price for a 2 bdrm condominium at Westport by the Sea! The sluggish land market of 2012 rebounded with a 27% increase in number of lots sold and a 30% increase in average sales price.
The reasons for the quick turn around are largely due to the artificially low prices our market was driven to in the latter part of last decade and the relatively low supply of available properties in our market. As demand has returned the limited supply has facilitated a quicker rise toward what would be a "normal" market value for beach property. We are still not there yet… which means the time is right to consider making a purchase on the coast. Contact one of the knowledgeable professionals at Windermere Real Estate Westport to find out more!
A recent article from Bill Ryan and RISMedia sums up what I feel are the key points in this market cycle.
Steven Perlberg from "Business Insider" reports that inventory is down and markets continue to rise. Check out the full story CLICK HERE
The information in this blog from Amber Nelson is worth considering. To read CLICK HERE
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