Eastside Real Estate Working-for-you!

Congress Extends FTHB Tax Credit AND Gives Tax Credits For Existing Homeowners.

Today, President Obama signed an extension of the First Time Home BuyerTax Credit and opened up tax credits for certain existing homeowners. Here are the details:

Seattle Eastside Real Estate -- 3rd Quarter Closed Sales by Price

By Greg Perry, Kirkland Realtor

Eastside (NWMLS Areas 500-600) Closed Residential Sales 3rd Quarter 2009:

• Almost 50% of the sales sold for less than $500,000. About 80% of sales are under $750,000. This has been consistent throughout 2009.

• Seller occupied properties that sold have increased in percentage of the solds from 41% early in 2009 to 58% in the third quarter. (January and February = 41%; May = 50%; September = 58%)
• Short Sales are hard to get closed:
• 1. Active Listings that are short = 9% (315 of 3,372)
  2. Closed Sales that are short = 5% (80 of 1,479 sold)

• Bank owned properties are getting closed:
• 1. Active listings that are banked owned = 2% (72 out of 3,372)
  2. Closed Sales that are bank owned = 6% (93 of 1,479)

 

What Will Your Home Be Worth in 2012?

From an article today on MSNBC

Metro: Seattle-Bellevue-Everett
What a home will be worth in 2012: $413,966
Q4 2008 price: $395,000
Projected price change by MSA: +4.8%
Projected price change by state: +5.4%

Relatively protected by the presence of tech giant Microsoft and airplane maker Boeing, after a nearly 10 percent drop in 2008, analysts project an 8.7 percent decrease this year, followed by gains.

Real estate is very local.  Other cities won't fare as well.  To see the entire article:

http://www.msnbc.msn.com/id/31446244

The Eastside Real Estate (agent) Bubble

By Greg Perry, Kirkland Realtor

Just as Eastside median prices experienced a bubble, the Eastside real estate agent count experienced one, as well.

The following chart represents September numbers in the year indicated:

Eastside Real Estate Agents

 
 In 1998, the NWMLS had 2,276 real estate agents in the Eastside areas 500-600.  Agent counts modestly rose until 2002 where they started expanding in excess of  10% per year until the peak in 2007 with 5,485.  Agent counts immediately started withdrawing at the rate of approximately 10% per year for 2008 and 2009.  2009 started the year with 4,605 Eastside agents in January.  At September's end there were 4,498 agents representing a 9% decline year to date.

For combined residential and condo PENDING sales, the Eastside had 686 Pending sales in 2008 and 908 Pending sales in 2009 for a 32% increase, while Active listings fell 14% (5531 in 2008 vs. 4780 in 2009).  Months of supply in 2008 was 11.2.  In 2009, months of supply improved to 5.3%.

To understand NWMLS areas, see map:

Weekly Residential Real Estate Absorption Rates by NWMLS area

By Greg Perry, Kirkland Realtor

Location, location, location has been the 3 word battle cry for real estate for decades.  But, is it true?  Does location really make a difference in real estate activity and investment?  Judge for yourself.

Here is a chart for weekly absorption rates in the different NWMLS areas.  You will see just how strong or how weak your favorite area is.  Be sure to look on the column on the extreme right for the 7 week average.

 

Please contact me if you would like a further breakdown by Price Range of your favorite area.  I will be happy to send it to you!

To see where the NWMLS areas are, see this map:

Heat Maps -- A Cool Visual Perspective of Residential Real Estate Inventory Absoprtion!

Greg Perry, Kirkland Realtor

Here is an awesome visual perspective on regional residential inventory absorption. 
 

Here is a close-up of September 2009:

 

 

 

Interest Rates Drop -- 2 Months Remain for $8,000 FTHB Tax Credit -- Sales Brisk

Greg Perry,
Kirkland Realtor

We are definately heading in a downward direction on the interest rate front.  We're seeing 30 year fixed rate loans at 4.75% and under.  We're also seeing great ARM rates with 5/1's in the mid 3% range.  As soon as the Fed stops buying back mortgage backed securities these rates will start to immediately rise.  Some economists see interest rates above 7% in 2010.

We have 2 months remaining before the First Time Home Buyer tax credit program ends.  Buyers will need have good contract locked up by the 3rd week of October with ensure closing in time to receive the credit of $8,000.

Sales activity continues to be brisk.  King County Pendings came in at 571 for the week.  The Eastside areas had very stong showings with 171 Pending sales.

Here is a history of King County and Eastside Weekly Pending sales:

 

To see the NWMLS areas:

Exellent week for King County SFH pending sales

For the 7 day period ending on July 22, King County's single family home Pending Sales came in at 571, making it one of the stronger weeks of the year.

Eastside pending sales were also very strong at 184.  In-City sales were average at 123.

See the chart for the various King County areas:

Definitions: Pending sales are all new pending catagories with a pending date during the state period.

Eastside: NWMLS Areas 500,510,520,530,540,550,560, 600.

In City: NWMLS Areas 380,385,390,700,705,701,715,720

June 2009 Quick Stats -- Residential Homes

Statistics compiled from, but not verified or published from NWMLS

King County Homes Continue Brisk Selling Pace

By Greg Perry
Kirkland Realtor

Single family homes, for the 7 day period ending on 6/24/09, King County Pending sales continue to be strong with 575 residentail homes selling.

The Eastside areas had 185 pending sales, second best week of the year.

The Seattle Metro areas had 137 pending sales which was somewhat off the pace of recent weeks.

Here is a breakdown of King County areas, by week, with a 7 week average.

Definitions: Pending sales are all new pending catagories with a pending date during the state period.

Eastside: NWMLS Areas 500,510,520,530,540,550,560, 600.

In City: NWMLS Areas 380,385,390,700,705,701,715,720