No Need To Rush To Buy

No Need To Rush To Buy

Interest rates are at record lows, housing is more affordable than it has been in nearly a decade and multiple offers are in the air.

Kiplinger.com recently reported the monthly cost of owning a home is far cheaper than renting, given the recent spikes in rent. At current mortgage rates, home prices would have to rise by 35 percent to tip the scales.

It appears the housing recovery is afoot, but that rush-to-buy-before-the-bargains-are-gone mentality may be misplaced.

Read More on Realty Times…

US new-home sales rose at fastest pace in 2 years

US new-home sales rose at fastest pace in 2 years

Americans bought new homes in May at the fastest pace in more than two years. The increase suggests a modest recovery is continuing in the U.S. housing market, despite weaker job growth.

The Commerce Department said Monday that sales of new homes increased 7.6 percent in May from April to a seasonally adjusted annual rate of 369,000 homes. That’s the best pace since April 2010, the last month that buyers could qualify for a federal home-buying tax credit.

Even with the gains, the annual sales pace is less than half the 700,000 that economists consider to be healthy.

Yet the increase follows other signs that show the housing market is slowly improving nearly five years after the bubble burst.

Read More on The Seattle Times…

Mortgage Rates Fall to Yet Another New Record – a Low of 3.66 percent

Mortgage Rates Fall to Yet Another New Record – a Low of 3.66 percent

Freddie Mac reported Thursday that the average U.S. rate on a 30-year fixed mortgage dropped to a record low of 3.66 percent (down from 3.71 percent the previous week) for the seventh time in eight weeks. The rate on the 30-year loan has been below 4 percent since December.

The average rate on the 15-year mortgage dropped from 2.98 percent the previous week to 2.95 percent, which is just above the record 2.94 percent reached two weeks ago.

These low rates make it an excellent time to buy or refinance for those who are able. Check out our Homeownership Simplified section a for information & tips on buying a house in Washington State as well as our handy calculators to figure out potential mortgages, closing costs, and more!

Downtown Seattle condos are finally filling up

Downtown Seattle condos are finally filling up

The past few years haven’t been good ones for condo developers in and around downtown Seattle…

Now, however, the market finally seems to be bouncing back. Here’s some of the most compelling evidence:

Early this year the biggest downtown project, Escala, began raising prices a hair on some units. And it did so quietly, without the splashy advance announcement developers sometimes make just to scare up business…

Market analysts agree the balance between condo supply and demand has shifted recently — if only because most of the supply, at long last, is gone.

Read Full Story on The Seattle Times…

Builder confidence ticks up to 5-year high

Builder confidence ticks up to 5-year high

Confidence among U.S. builders ticked up this month to a five-year high, an indication that the housing market is slowly improving.

The National Association of Home Builders/Wells Fargo builder sentiment index rose in June to 29, the highest reading since May 2007. It increased from a reading of 28 last month, which was revised down one point from its initial figure.

The index, which was released Monday, has risen in seven of the past nine months, suggesting builders are starting to see the seeds of a recovery taking shape after years of stagnation.

Read More on KOMO…