FAQ: How’s the Market?

Dear Buyers and Sellers,

Today I thought I’d share with you one of the most asked questions I receive from friends, acquaintances and clients:  How’s the market?  Now when they ask that, I know they mean the real estate market.  So I say to them as I say to you now, “it’s getting better everyday, and here’s why:”

  1. When I checked the North West Multiple Listing Service (NWMLS) today for the Seattle Eastside (my area), I find homes have gone under contract in 36 days and some as little as 2 days!  Yes, 2 days on the market and a mutually accepted contract is achieved!  This is a growing trend.  Big news for both buyers and sellers.
  2. My Open House activity has been in the neighborhood of 10-18 groups through in a 3-hour period!  Sellers, buyers are alive and out there!
  3. Interest rates are still at record lows, but lenders and economists are saying they won’t stay that way.  Sometime this year (2010), they will rise.
  4. The Home Buyer Credit is available to current home owners and 1st time home owners.  All good things will come to an end, and these programs will end April 30, 2010 (buyer must be in contract by this date) and be closed on the property by June 30, 2010.
  5. Inventory for the Seattle Eastside is down…remember the supply and demand scenarios from your economics classes?  Prices are becoming more stable and in some areas, rising slightly.  I don’t think we’ll see the rapid appreciation of years past…those days are over for now my friends.

So how do you think the real estate market is?  If you’ve been in your home for a period of time, chances are you’ve accumulated equity growth/value.  Not all has been lost due to the past two years.  If you’ve refinanced your home and pulled equity out, you’ve taken your growth/value early (before selling your home).  This is a key point many people fail to understand.

I’m excited for the current market we’re in!  HOMES ARE SELLING!  YEA!!  Keep tabs on the Eastside Market by viewing my Market Stats frequently.  What’s your take on the market?  I’d like to hear your thoughts…Never hesitate to call me; I enjoy sharing information.

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