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Rate on 30-year mortgage drops to 3.88 percent

April 13, 2012

Rate on 30-year mortgage drops to 3.88 percent

Freddie Mac reported Thursday that the rate on the 30-year mortgage loan dropped to 3.88 percent (down from 3.98 percent) which is just above the record low rate of 3.87 percent reached in February.

The 15-year mortgage dropped to a record low of 3.11 percent (down from 3.21 percent last week) beating the previous record of 3.13 percent that was hit last month.

If you are in a position to buy, now is an excellent time with both housing prices and mortgage rates so low. Check out our Homeownership Simplified section for helpful information on buying a home in Washington State!

Interested in how different mortgages and rates affect monthly payments? Check out our handy Wahomeowners Calculators to see!

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Seattle home prices on the rise again as supply shrinks

April 6, 2012

Seattle home prices on the rise again as supply shrinks

Home prices rose for the second month in a row in March, the Northwest Multiple Listing Service reported Thursday. One reason is an extremely low supply.

“Close to the job centers, 45 percent of new listings are selling within a single month,” J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, said in a listing service news release…

The median sales price for a Seattle house that sold in March was $397,000, up 3.1 percent from a year earlier, after a 2.8 percent rise in February. March’s median was up 8.8 percent from February’s, although seasonal fluctuations can complicate monthly comparisons.

Read Full Story on Komo News…

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Bigger Isn’t Necessarily Better

April 4, 2012

Bigger Isn’t Necessarily Better

From young, qualified first-time home buyers to 50-and-olders, moving, up, over or down, a new breed of buyer is descending upon the Silicon Valley Housing market. 

They’ve worked hard to save, they have solid jobs and they are qualified to buy big.

But offer them what they can really afford and they’ll give you the thumbs down.

They are the new financial conservatives.

They’d rather not be house poor.

They can afford much more, but they want less — less square footage, a smaller energy bill, fewer cleaning and maintenance headaches, but most importantly, less to pay out on the monthly mortgage.

They want a simpler, smaller American Dream.

It’s all about the “more” that comes with the “less.”

Read More on Realty Times…

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The Changing Landscape of Single-Family Homes

April 3, 2012

The Changing Landscape of Single-Family Homes

As household spending and income adapt to meet the needs of today’s economic conditions, new single-family home have followed suite. In a surprise divergence from recent trends, homes seem to be on a growth spurt again.

According to the latest Census Bureau data homes for the first half of 2011 new home being built were following this surprising trend. Data found that in comparison to 2010 the average size of homes grew along with the number of four+ bedroom homes.

This data is surprising considering that many potential homebuyers have been sidelined by high unemployment and weak economic growth…

Read More on Realty Times…

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Bidding Wars Erupt as U.S. Supply of Homes for Sale Falls

March 30, 2012

Bidding Wars Erupt as U.S. Supply of Homes for Sale Falls

Matthew and Carina Hensley offered $10,000 more than the asking price for a three-bedroom house in suburban Seattle, then lost out to one of seven other bidders.

Their $270,000 proposal last month came with a family portrait and a letter introducing the couple, their eight-month- old daughter, Harper, and their desire to build a family in the Renton, Washington, house with a yard backing onto a woody hillside.

Bidding wars, absent from most parts of the U.S. residential market since its peak in 2006, are erupting from Seattle and Silicon Valley to Miami and Washington, D.C. The inventory of homes hovers close to a six-year low, while an increase in jobs and record affordability are tempting more buyers. The number of contracts to buy previously owned homes jumped 14 percent in February from a year earlier, the National Association of Realtors reported yesterday.

Read More…

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