As a trusted real estate resource, and self-proclaimed "voice of reason" in a world that suddenly seems to be running out of money, I'll do my best to honor the pledge in my profile to keep these blogs as balanced as possible.
The Good News:
Home sales from around Western Washington during September rose 4.1 % from one year ago, marking the first increase our area has seen since February 2007. In King County, the news was even better, as pending sales were up 15% from one year ago.
The median price of a single family home in Seattle was $426,250, down 6.3% from the same time a year ago. Buyers began capitilizing on this "Once In A Decade Sale", as shown by the 30% increase in loan applications, and sales volumes in the area.
Recent price corrections here, (and along the west coast), have created affordable housing again, and tremendous opportunities for savvy buyers who thrive in such markets. Hard hit areas such as California, Nevada, and Arizona are now showing signs of life, as savvy buyers are regaining confidence in the opportunity to invest in their futures.
Despite all of the reports to the contrary, there are countless loans available available for buyers who can verfiy their income, have decent to good credit, and have at least 3% of the sales price available as a down payment. (That will jump to 3.5% on January 1, 2009).
History tells us the market won't stay down forever. Seattle home prices have grown 593% since 1979...they survived the isolated slumps of the 1980's and 1990's, and they'll survive this one, too.
For those of you who can afford it, this is a tremendous time to take advantage of historically low interest rates and strong inventory to buy your dream home, or invest in a rental property. Prices have declined, and rents have gone up...call me if you'd like to explore your options.
The Bad News:
We're all watching as the global financial markets continue to struggle. Here in America alone, it was reported yesterday that stocks were off an average of 40% from one year ago.
In light of the recent $700 Billion Dollar "Rescue Plan", many were hoping for some tangible signs that things would stabilize in a timely fashion. I have faith someone will get this mess turned around, but must admit the more I learn about Wall Street and how it functions, the more I want to puke.
I read yesterday that the execs at AIG just spent $440,000 on a lavish spa retreat right after they received their $85 billion dollar bailout from us: the taxpayers. To read the story, Click Here.
This easy-going Island Boy is sick of the greed, ego, and narcissism of these gutless individuals, and I'm not the only one. I read the CEO of Lehman Brothers, Dick Fuld, was recently punched in the face at his gym by a fed up employee. To read the story, Click Here.
Leave it to a fellow gym rat to do something the whole country wished they could do. These guys are not only messing with our money, they're messing with our kid's future. It's times like these that true leaders step up and make a difference, let's see who's up for the challenge.
Stay Tuned...Rob
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