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Spring buying season kicks off a little flat!

4/28/2014

 
So the numbers are showing a really slow start to the spring buying season. The lack of inventory has driven prices up and created a very competitive buyers market. Click the link below to read more about it in the article I found on housingwire.com.
“From a regional standpoint, sales were weak in the South and West, down 3.0% and 3.7%, respectively. Sales in the Midwest and North, on the other hand, were up 4.7% and 9.1%, respectively,” noted Sterne Agee chief economist Lindsey Piegza. “Bottom line, demand for housing remains uneven after months of heightened sales activity earlier in 2013. Now against the backdrop of minimal income growth and a still-tepid labor market, demand continues to wane.

“For potential homebuyers, rising prices are eroding affordability, putting further downward pressure on consumer’s ability and willingness to finance a home purchase. From the owner’s perspective however, rising prices are helping to create and maintain a wealth effect, fueling (or at least helping to support) consumer spending,” she said.

Source: http://www.housingwire.com/articles/29748-heres-why-the-spring-buying-season-is-kicking-off-flat

Real Estate a good long term investment!?

4/21/2014

 
How many times have you heard real estate and good investment in the same sentence or even paragraph? Not many in the last several years but check out this article I found on bizjournals.com
A 2011 Gallup poll found that gold was the most popular response, but gold prices dropped significantly after that.

The new poll conducted earlier this month found real estate to be the No. 1 answer among two of three income groups: $75,000 and over and $30,000 to $74,999.

Source: http://www.bizjournals.com/kansascity/news/2014/04/18/best-long-term-investment-option-real-estate.html?iana=ind_rre

Northwest sales hinging on one key problem  

4/14/2014

 
Lack of inventory! I Found a great article on housing wire.com about how the tight inventory is holding back the housing recovery in the Pacific Northwest. Brokers are reporting rising prices on fewer sales in March.  Check it out.
Compared to last year, closed sales were about the same as twelve months ago, with 5,753 completed transactions, just slightly above 5,745 closed sales in 2013.   

In addition, the median price on last month’s sales of single family home and condominiums that sold across the 21 counties in the MLS report grew 6%, rising from the year-ago figure of $258,500 to last month’s price of $274,000.

Source: http://www.housingwire.com/articles/29561-northwest-sales-hinge-on-one-key-problem

2014 spring buying season

4/7/2014

 
Okay here we are, heading into the 2014 spring real estate season. It seems we are entering this season with a rather interesting problem. Lack of inventory; too few selling and buyers that are starting to not be able to afford what is for sale. Because of the competitive market that we are in buyers are having to look at lower price points. A recent report from the MLS ( multiple listing service) shows housing prices in the metro puget sound area up in march from a year ago and according to the S&P/ Case-shiller index there has been a more than 12% jump in the average home price on a national level. The reason for the jump in pricing is due to the lack of inventory we are experiencing. We need sellers! Buyers hang in there, the numbers are starting to trend the other way as we roll into this spring season; we are seeing higher numbers of listings coming on every month. Happy Masters week!!

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    Jason Moon Real Estate Broker with ColdWell Banker Bain. Seattle, WA

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     Jason Moon, Licensed with Coldwell Banker Bain, 1200 Westlake Ave N, Suite 406, Seattle WA 98109
Some photos provided by RL5 
photography.