Okay I copied that from a pamphlet I got from the Board of Realtors so sorry to be obnoxious in my header but it seems to get more attention! In any case, my agents have been asking me at each and every sales meeting why NAR (the National Association of Realtors) hasn't made more of an effort to tell the local populace WHAT our market is doing and reminding them how and WHY it is a GREAT time to buy. So finally, being a Director on the local Board of Realtors, I've become privy to some great info, our local NAR organization IS planning a series of commercials to better inform all of us as to the state of our market. Seattle is a pocket community that's in many ways immune to the rest of the country's markets (most coastal cities reflect this phenomenon). SO, here are some stats for you to chew over. . .
•1. Foreclosure rates today are the same as they were 10 years ago.
•2. Fewer than 1% of mortgages end in default in Washington state.
•3. As of mid-June, sub-prime, adjustable-rate loans represented 20 percent of all loans nationally, but just 6 percent of home loans in Washington.
•4. Home appreciation in Washington continues to out perform the rest of the nation with year to year price increases every quarter since the spring of 1995.
Our state's population is continuing to increase at 1.8% per year and we can thank companies like Boeing and Microsoft for helping us to maintain such a solid local job market which is forecasted to continue to bring in more and more transplants each and every year.
One MAJOR problem facing us at this point is the incredible LACK of affordable housing - which forces many families to take on more debt, or a longer commute, than they would otherwise need to. We need to provide a variety of home choices to meet changing market demands and this is a high priority for the Seattle King County Association of Realtors - we are currently advancing state legislation that will ensure our communities provide a variety of affordable housing options to accommodate growth, and we are promoting better land usage such as cottage home communities and the allowance of increased accessory dwelling units.
We feel the pain of our local market but also celebrate it's diverse opportunities for real estate as an investment vehicle and our solid job market!
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