This coming May 2014, I will have been a Real Estate Broker for 10 years!
At the start of my real estate career, the average 30-Year Fixed-Rate Mortgage came in around 6.27%! As you can see from the attached Infographic, rates have fluctuated over those 10 years hitting a low of 3.35% in November 2012 to the current rate of 4.46% at the end of 2013.
What’s crazy is that when we purchased our 1st home in 1981 the average mortgage interest rate was 16.63%! I hope we never see those rates again!!!!!
Take a look, find yourself in the numbers below…
Infographic compliments of Zillow.
[Good advice for sellers] 3 Soothing Insights for Anxious First-Time Sellers[ #RealEstateSellers] http://ow.ly/qUNSp
I was looking into this information for a client of mine. I thought it would be interesting and worthwhile to share (here) the different tweets I’ve posted this year summarizing, at 40k feet, where Seattle and the greater Seattle area stacks up! Please, share your comments …
By studying their shipments throughout 2012, Atlas Van Lines can give us an idea on those Household Moving Migration Patterns occurring across the United States and Canada. [click on the image to enlarge]
2012 Migration Patterns by Atlas Van Lines
What matters when buyers are selecting a location for their next real estate purchase? Location, Location, Location! And why does location matter so much? Here are some key reasons:
- Near work – best commute
- Best schools
- Community reputation
The one that matters or should matter to every buyer is Best Schools. Whether you’re a buyer with children or a baby-boomer down-sizer, at some point everyone will want to sell. The reputation and school scores matter and will help facilitate a better price… Neighborhoods within high-scoring school districts can utilize the benefit of the schools to secure a higher asking price…conversely, buyers should expect to pay more for high-performing school districts. SchoolDigger is one tool to analyze the school in the area of your next purchase in Washington State. SchoolDigger is also informative nationwide. It’s helpful for every age group knowing about your school system when you sell as well, especially if you don’t have children in the schools.
So how important are schools in your real estate transaction? Reality…they matter!
What’s up with the Real Estate market? During the month of December 2012, 54 homes were sold from this Totem Lake/Kirkland Windermere office…Are you sensing a changing market from even a year ago? Here’s the local Seattle Eastside stats you can relate to since November 2011:
- 41% less Active Inventory
- 9% less Active Market Time
- 22% more Pending properties(properties under contract)
- 3% higher Median Sales Price (Closed properties)
- 22% more Closed Transactions
Everything in these stats are part of a bigger picture, and that is that the market has experienced a rebound. The biggest thing that will change in the coming months will be the Active Inventory…Jan – July are traditionally the months where the most inventory is available on the market, changing the landscape slightly from a strong seller’s market (now…Red on the color map), to a more balanced market as we get more into 2013. Buyers will have more to choose from and more negotiation power with sellers. Luckily, interest rates are supposed to stay really LOW, as stated by the Federal Reserve Chairman Ben Bernanke, well into 2015, stimulating buying and bringing buyers more buying power for their dollar.
I still can’t emphasize enough that a home MUST be priced for the market…overpriced properties will sit far longer than the average market time and usually succumb to a far lower sales price than if originally priced according to the market.
Keep watching…I’ll continue to share the market stats. The market is really heating up…if it’s your time to make a move, don’t get caught on the sidelines!