The latest NW Multiple Listing Service press release titled ‘Washington Homebuyers Realizing “Market may have Reached Bottom of Cycle”‘ suggests that confidence in a market bottom is increasing across the Puget Sound. Very low inventory and very low interest rates contributed toward a huge pending sale increase in February. For example, the release states: “Within King County, pending sales were particularly robust in the Lake Forest Park/Kenmore neighborhoods (up 73 percent), Kent (up 61 percent), Burien/Normandy Park (up 58 percent) and central Seattle (up 56 percent). The northeast portion of Snohomish County also experienced strong sales (up 63 percent from a year ago).” You can read the full article here.
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Real Estate Stats and Trends • March 12, 2012
Has the Housing Market Reached the Bottom?
by Ryan Francescutti
Buyer Tips How Rising Rates Affect Home Affordability Happy almost spring! As far as I’m concerned, it can’t come soon enough! In this post, I thought I would talk a little about mortgage interest rates and how, as rates rise, affordability decreases. Rates for a 30 year fixed mortgage are currently hovering around 4.32%. In the first quarter of 2013, the same 30 year […]
Buyer Tips Summertime Melt-up? I hope everyone enjoyed our beautiful Pacific Northwest summer! While I've been able to enjoy some of it myself, I've also stayed very busy as the housing market continued to be strong over these past two months. I thought it might be a good time for a market update so below you will find a few […]
Listings Rational Exuberance? Is the housing market in a state of rational exuberance? Since the beginning of this year, activity, sentiment, and even prices, have taken a turn for the better. And it does seem that a solid case can be made that the housing market finally bottomed in late 2011 into the beginning of 2012. BUT, let’s not get too far ahead […]