Seattle Real Estate

Place for real estate news and area events

How is the move-up and higher end market? April 22, 2010

MOVE-UP/LUXURY MARKET

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Showing Signs of Life

Over the past several years, first-time buyers made up about 42 percent of the market. As a result of home buyer tax credits, those first timers represent close to 50 percent of buyers. However, increasing activity in the upper price ranges shows that buyers in the move-up/luxury market are sparking the housing recovery as well.

In King County, pending sales* of entry/first-time/move-up homes (those priced $599,999 or less) were up more than 100 percent
over last March. In the move-up/luxury market ($600,000+), pending sales were up more than 150 percent over last year.This is clear evidence that the move-up/luxury market is making a good recovery, especially when you consider that this market has not directly benefited from home buyer tax credits like the lower price ranges have.

Why is the move-up/luxury market improving?

• Buyers who are hoping to “time” the bottom of the market

• Low interest rates

• The increased affordability of jumbo loans

At this time last year, interest rates on a jumbo loan were in excess of 8 percent due to a large number of lenders exiting the jumbo market.Today, many of those lenders are returning, which has helped bring interest rates on jumbo loans more in line with conforming loan rates: near 5.5 percent. In addition, King County FHA loan limits are up to $575,500, which means that a buyer can purchase a home with as little as 3.5 percent down payment as long as the loan does not exceed $575,500.
There is clear evidence that the move-up/luxury
market is making a good recovery, especially when you consider that this market has not directly benefited from home
buyer tax credits. ”

With increasing optimism in employment numbers and consumer confidence, as well as the increasing availability of financing products,the housing market recovery should continue at a steady pace.And as we are already seeing,the recovery appears to be taking place throughout the price points, not just in the markets that have been bolstered by tax credits.

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Home sales up higher then expected

Filed under: Area info,Economy,Good News — Rolland @ 7:52 pm
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31F6462B-68ED-424E-8309-B90F33E5ECB5.jpgHome sales rose more than expected in March, reversing three months of declines, as government incentives drew in buyers and kicked off what’s expected to be a strong spring selling season.

Sales of previously occupied homes rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million last month, the highest level since December, the National Association of Realtors said Thursday.

…The government is offering a $8,000 credit for first-time buyers and $6,500 for current homeowners willing to buy and move into another property.

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The Move-up effect! October 25, 2009

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Forbes: America’s best states for business – Forbes.com- msnbc.com October 3, 2009

Filed under: Economy,Good News,Marketing information — Rolland @ 9:13 pm
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Forbes: America’s best states for business – Forbes.com- msnbc.com: “In the rankings of best states for business, Washington comes in second”

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Any place better to live than Seattle? Just one August 11, 2009

Filed under: Area info,Good News — Rolland @ 1:22 am
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Seattle is listed by Outside Magazine as the 2nd best place to live.

“The recession arrived late in Seattle, thanks to future-trending corporations like Amazon, Micro soft, and Boeing, and unemployment leveled off in March, helping the city avoid a major collapse in housing prices. Leaving nature-hungry urbanites free to conduct business as usual:”

Not to mention our long standing awesome 80% library card carrying record to boot! We rock Seattle!

Any place better to live than Seattle? Just one, mag says: “”

(Via .)

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Legislature approves loan program to give home-buyer credit early April 29, 2009

Legislature approves loan program to give home-buyer credit early: “”

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Mortgage applications surge 32.2 percent March 27, 2009

Filed under: Economy,Good News,Mortgage Information — Rolland @ 3:32 pm
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Wonder where the bottom is?  Found it!


U.S. mortgage applications jumped last week as record low interest rates spurred a surge in demand for home refinancing loans, data from an industry group showed on Wednesday.

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