Friday, November 13, 2009

November Update: The Full Story


Like you, I have been overwhelmed with e-mails and messages from mortgage specialists other professionals in my industry talking up the recent tax credit extension.

While I'm extremely happy the credit has beem extended, there's several more reasons for buyers to take advantage of our market besides this short term financial incentive.

I feel those of us in the industry owe you more than tax credit news, and to that end I'm here to share the "Full Story" on what's brewing in our market. (The news is good folks).

  • Affordability is now the best its been since 1970
  • Pending sales were up 63% in our area from one year ago
  • Inventory is down 20% in our area from one year ago
  • October was the 5th straight month of year over year increased sales in our area
  • Interest rates remain at 40 year lows. (This gives buyers 10% more buying power)
  • CNN Money rated Seattle as one of the 5 best recovery bets among housing markets in our nation.
  • National inventory is currently 7.8 months, down from 12.4 months in January
  • October's one year price decline of 3.7% in King County was the smallest in a year. (Median price for a single family home is currently $377,500, down from $392,000 last October
  • Though unemployment is over 10% nationally, and around 9% locally, the amount of jobs lost last month was the lowest figure since January. (Remember, historically job losses continue for awhile after Recessions end, because it takes time for companies to recover from their losses before they are confident in hiring again
I'm sure by now many of you have read the eligibility requirements on taking advantage of the tax credit, still there are many angles to the new credit that people are unaware of. Did you know you that former homeowners who are currently renting might still be eligible for the $6,500 homeowner tax credit? To learn more about this, and other facts about the revised tax credit, I invite you to visit http://www.tikirobs.com/, and open the "New In 2009" link.

I'm glad to share positive news with you after all of the turmoil we've endured the past couple of years. The market continues to show signs of stabilization, and that's a necessary step in the eventual recovery of our entire financial system.

If you're interested in taking advantage of current market conditions, or have any questions, feel free to contact me anytime...Aloha, Rob