Interest rates are near historic lows. Housing prices have tumbled, in some areas as much as 25% or more. In other areas prices are actually starting to go up slightly. Most regions are showing signs of price stabilization. What are you waiting for? Santa won't be back for another year! FHA loans are available with low down payments & a minimum 620 credit score. It is time to BUY!
Just as interest rates reach near historical lows, thus spurring some real estate Buyer activity, old man winter throws a cold icy blanket on the scene. The unusually harsh winter weather in the Pacific Northwest, especially the greater Pudet Sound region, has sent potential home buyer's to the warmth of the shopping mall or just staying home rather than slogging thru the cold deep snow and ice piled high in the driveways and streets of subdivisions.
Compared to one year ago, Northwest MLS median prices for single family homes and condos fell by approximately 9.5% for properties having closed sales in November 2008.
Total homes and condos listed for sale thru broker members of the Northwest MLS in Washington State dropped slightly in the month of November with 9 of the total 19 counties served by the multiple reporting declines.
The FED continues to test the wind with low mortgage interest rate teasers. For a couple of weeks now we have been hearing rumors of a 4.5% rate. Today, a regulator with FNMA, stated that he thinks rates will eventually drop to as low as 3.5%, but he did not know how soon that would be. Buyer's were already sitting on the sidelines waiting for the mythical 4.5% rate. What will this do?
Bob Chapman - Associate Broker, Windermere Real Estate/Lake Stevens, Inc.,
The Northwest MLS, which serves 19 counties in central and western Washington State, including the greater Puget Sound region real estate market, reported 5,194 pending sales of homes and condominiums for November, 2007. This number was down from November, 2006 in which 7,022 pending sales were posted, a decrease of 26 percent.
The latest data from the Northwest Multiple List Service, November, 2007, indicates that there has been very little price change between this year and last. Homes and Condos active listings for sale are up 31 percent, year over year, but down 6.3% from October, 2007.
The numbers also show the normal seasonal slow down of activity for Pending Sales. However, reports from area real estate brokers seem to show an up turn in agents working with motivated buyers and sellers. The NWMLS data is collected from broker members in central and western Washington State, including the Puget Sound region housing market.
Dateline: Lake Stevens, Washington - (December 10, 2007)
'Twas the night before Closing, when all through the house, Not a creature was sleeping, not even the spouse;
The boxes were stacked in the garage with care, In hopes that "The REALTOR®" with keys soon would be there;
The children were nestled all snug in their beds, While visions of a new home danced in their heads;
And mamma in her sweats, and I in my jeans, Had just settled down and begun to clean;
When out in the street there arose such a clatter, I sprang from the floor to see what was the matter;
Away to the window I flew like a flash, Tore open the shutters and tripped on the trash;
The moon on the breast of the new-fallen snow Gave the lustre of mid-day to objects below;
When, what to my wondering eyes should beam,
But a massive Escalade and eight frantic helpers, all part of his team;
With a well dressed driver, so lively and debonair, I knew in a moment it must be "The REALTOR®";
More rapid than a wire transfer his coursers they came, And he whistled, and shouted, and called them by name;
"Now, Escrow! Now, Title! Now, Appraiser and Lender! On, Mover! On Merlin! On, Houdini and Inspector!
On Merlin and Houdini? Well - Once in a while - Even the best REALTOR® needs a little magic to make it to Closing!
To the top of the steps! To the top of the wall! Now get it closed! Get it closed! Get it closed all!"
As dry leaves that before the wild hurricane fly, When they meet with an obstacle, mount to the sky;
So up to the closing table the coursers they flew, With the Escalade full of documents, and "The REALTOR®" too;
And then, in a twinkling, I heard at the door The chattering and panting of each little helper;
As I drew in my hand, and was turning around, Thru the door "The REALTOR®" came with a bound;
He was dressed all in Nordstrom's finest, from his head to his toe, And his clothes were all burnished with bling don't you know;
A bundle of papers he had flung on his back, And he looked like a peddler just opening his pack;
His eyes -- how they twinkled! His dimples how merry, His cheeks were like roses, his nose like a cherry!
His droll little mouth was drawn up like a bow, And the beard of his chin was as white as the snow;
The stump of a blue ink pen he held tight in his teeth, And a glow of pompousness encircled his head like a wreath;
He had a broad face and a big round belly, That shook, when he laughed like a bowlful of jelly;
A Bluetooth in his ear, he seemed to talk to himself, And I laughed at what I saw, in spite of myself;
A wink of his eye and a twist of his head, Soon gave me to know I had nothing to dread;
He spoke not a word, but went straight to his work, He shuffled his papers; then turned with a jerk;
With stylus in hand, he studied his PDA,
While flipping open his lap-top he began to say;
There will be no extensions of closing,
So don't even think that question you are posing;
He said sign here, you know the drill,
I lay pen to paper, oh what a thrill;
He said nothing to worry, we will close tomorrow,
All the money you need, you just have to borrow;
And laying his finger aside of his head, And giving a nod, out the door he lead;
He sprang to his Escalade, to his team gave a whistle, And away they all flew like the down of a thistle;
But I heard him exclaim, ere he drove out of sight, "Happy Closing to all, and to all sleep tight."
My apologies to Clement Clarke Moore, author of The Night Before Christmas, for butchering his great poem. I just thought that it would be some light hearted fun to spoof me and my profession a little bit.
Best wishes to you and yours for the New Year and Merry Christmas!
Oh, and Happy Closings, too!
Bob Chapman
Copyright 2007. All material contained herein is owned and protected. Any attempts to reproduce this information without the express written consent from the owner will be prosecuted.
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