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.
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.