I couldn't help posting this view of Echo Lake taken on my way home tonight. The cranberry leaves are turning red, the birches are yellow and the air is crisp with a full moon over Pioneer Peak. It's a beautiful fall day...but enough, let's talk numbers. Below are the statistics for the last week of August, 2009. Activity is relatively high. People want to get into homes before winter, they also want to lock in the low interest rates, and they want to close before November 30 to get their tax rebate.
29 new listings at a median price of $224,000.
21 pendings at a median price of $186,400
31 closing at a median price of $205,000
925 total listings at a median price of $239,000
The inventory is dropping while people snatch up the good houses with low interest rates. I had a couple buy a house this week because they are leaving for a three year overseas assignment. They are sure that interest rates will not be favorable when they return so they want to lock them in now.
Another client was quoted 5.25% today for a 30 year fixed conventional loan. That is a very good rate. If interest rates go up to 6.25% they will only be able to buy a $180,000 house instead of a $200,000 home. If you don't think interest rates are going up, read this. It's only a matter of time.
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