A report released by the National Association for Business Economics on Wednesday expects growth will rebound in 2nd quarter of 2009. Almost 3 ot of 4 of the 45 panelists expects the recession will end by 3rd quarter of 2009. None of the panelists expects the recission to continue past the 1st quarter of 2010. To see full report go to website below,click on road to rescue. I couldn’t agree more. In the real estate market pending sales are up 11/4% compared to 13 months ago and rose 21.3% from March. Are you sitting on the fence? Will you be looking back in a year thinking, “I should have bought while prices were low and interest rates were down.” The real estate market is all about supply and demand. As inventory drops prices will rise and interest rates will start going up. NOW IS THE TIME TO BUY!! If you are wondering what your home will bring in this market, or if you should purchase give me a call. We can sit down and discuss your individual goals and the market you are in.
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As a Realtor I am tired of listening to the gloom and doom of the national media on housing issues. What is going on in Florida, California and other parts of the country does not represent the market in Washington and most of all Gig Harbor. I am pleased to give you the facts about our market. The market here is stable and is a responsible marketplace for home buyers. The foreclosure rates today are the same today as they were 10 years ago. Fewer than 1% of mortgages end in default in Washington state. As of mid-June, sub-prime, adjustable-rate loans represented 20% of loans nationally, but just 6% of home loans in Washington. Home appreciation in Washington continues to out-perform the rest of the nation with year-to-year price increases every quarter since spring of 1995. Home prices in Washington have increased an average of 8.1% since the same time last year, according to WSU Center for Real Estate Research (CRER). Why is Washington different? The home market isn’t keeping pace with the growth of the state’s population, which is continuing to increase at 1.8% per year. According to the office of Washington State’s Financial Management, Washington state’s population will increase by nearly one million over the present decade. According to the Northwest Multiple Listing Statistics the median price for active listings in the Gig Harbor area is up 4.1% over last year, the median price for pending listings are the same from last year, and the median price for closed sales is up .3%.
What does that mean to you as a homeowner? It means the real estate market is stillthriving. Sellers who are employing knowledgeable real estate agents to properly price their homes and provide state of the art marketing are selling their homes in the shortest amount of time for the most amount of money. If you want to know what your real estate would bring in today’s market, how long it will take to sell , and the type of marketingit will take to produce buyers that will pay the market price call me at (253) 861-6805 or e-mail me at Realestate@darlenecherry.com you may be surprised at what you canlearn.
Baby boomers are buying real estate in record numbers, and is one of the fastest growing markets in the real estate industry. Several reasons contribute to this trend. Boomers are buying vacation homes, the are becoming empty nesters and are selling the large family home to downsize, investors are seeking safe places to invest thier money, and the over 65 population are seeking homes to match physcial and financial changes that are occuring in their lives.Don’t call them Seniors! This population is proud to be in this catagory they are among people like Mick Jagger, Aretha Franklin, Cher. They are between the ages of 50-64 years old. They had their children in their 30’s and and the first wave of boomers watched their children graduate from college in 2000.It may surprise you to know that 70% of boomers have a bachelor’s degree or above and have an annual income between $50-75,000. They are physically fit and they are on the move.
If you are a boomer you should know that in 1988 the Federal Housing Act was amended to prohibit discrimination based upon disability or family status. The inclusion of families as a protected catagory raised issues with the operation of retirenent or adult communities, so the amendment included exemptions for housing developements that qualified as housing for persons over the age of 55. We are living longer as a population and we are healthier than ever and the needs of this generation continues to change and as the needs change so will the housing needs change. Buying real estate is still one of the best investments you can make, even with all the bad information the media is putting out about the housing market. A buyers market only means that YOU SHOULD BE BUYING! So consider your options in real estate for your future investments. If you are one of those who needs a vacation home, or need to downsize, or just want a home on one level go to my website www.darlenecherry.com and search for properties.
