The Next Real Estate Cycle Has Begun!
As I predicted last month, we are now seeing the beginning of the next real estate cycle. On August 6th, the Northwest Multiple Listing Service reported that sales in July remained strong compared with June (which had the highest sales volume in the last 10 months) and prices edged up slightly.
The newly passed Housing Bill's first-time buyer incentives are taking effect and sales of entry & mid-level housing are on the rise again. I have seen a marked increase in showing activity at all of my more moderately priced listings and even sold one of those listings just this week, within 7 days of the home coming onto the market. This hasn't happened since last June, folks.
So what does this mean? Well, if you're thinking about buying a house, you need to do it NOW. There are tons of great choices out there, but the best houses are going to get snapped up fast so call your agent and go get one of them! Despite the constant media hype about the mortgage market being in such turmoil, the facts are that moderately to well-qualified buyers can still get great loans at great interest rates. And, thanks to the housing bill, first time buyers (or buyers who haven't owned real estate in the last 3 years) can get a tax credit of up to $7,500 this year if they buy. Could you use a new home and up to $7,500 more bucks in your wallet come next April?
If you need or want to sell your home, go ahead and do it. Just be sure that you make your home stand out from the competition. Be sure the curb appeal is great - fix up the landscaping, paint, etc. Be the shiny penny on your block! Make any necessary repairs, paint the inside if you need to, replace worn carpets and de-clutter the house. For more tips, read my blog post from a couple of months ago about selling your home in this market.
The bottom line for our area is that employment opportunities are great, people continue to move here, home prices are more competitive than ever (but starting to rise again!) and there are great housing choices available. Development is limited due to a lack of land, unless you want to commute for an hour+ a day and do that while buying $4.00 a gallon gas, so this will only increase pressure on housing near our employment centers as we move forward in time.
Get off the fence and buy your home now. Prices are only going up from here.
Happy Buying!
Tim
The newly passed Housing Bill's first-time buyer incentives are taking effect and sales of entry & mid-level housing are on the rise again. I have seen a marked increase in showing activity at all of my more moderately priced listings and even sold one of those listings just this week, within 7 days of the home coming onto the market. This hasn't happened since last June, folks.
So what does this mean? Well, if you're thinking about buying a house, you need to do it NOW. There are tons of great choices out there, but the best houses are going to get snapped up fast so call your agent and go get one of them! Despite the constant media hype about the mortgage market being in such turmoil, the facts are that moderately to well-qualified buyers can still get great loans at great interest rates. And, thanks to the housing bill, first time buyers (or buyers who haven't owned real estate in the last 3 years) can get a tax credit of up to $7,500 this year if they buy. Could you use a new home and up to $7,500 more bucks in your wallet come next April?
If you need or want to sell your home, go ahead and do it. Just be sure that you make your home stand out from the competition. Be sure the curb appeal is great - fix up the landscaping, paint, etc. Be the shiny penny on your block! Make any necessary repairs, paint the inside if you need to, replace worn carpets and de-clutter the house. For more tips, read my blog post from a couple of months ago about selling your home in this market.
The bottom line for our area is that employment opportunities are great, people continue to move here, home prices are more competitive than ever (but starting to rise again!) and there are great housing choices available. Development is limited due to a lack of land, unless you want to commute for an hour+ a day and do that while buying $4.00 a gallon gas, so this will only increase pressure on housing near our employment centers as we move forward in time.
Get off the fence and buy your home now. Prices are only going up from here.
Happy Buying!
Tim
Labels: Issaquah Real Estate
posted by Tim Andrews & at
9:49 AM
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