With rates plummeted to all-time lows and consumer confidence growing consistently the Builders in the Pacific NorthWest hear the call and are answering it vigorously.
I (James) personally drove the parameters of Kirkland and counted twenty nine (29) new construction sites. Evaluated a few. Common theme: The time is now. To build, buy or sell. It has been many years since the ideal balance has been struck among the three, but now it's here. What do you think? Let us know.
Americans expect a 1.4% increase in home prices: Fannie Mae.
In anticipation New Construction in Kirkland is Going Up fast! Twenty nine (29) New Home settings in process NOW. As one builder said, I quote, “They’re selling faster than I can build ‘em so the price must be too low. Let’s fix that now”.
Price development: In that particular development of 12 homes the 1st one sold during construction for 689k, the second went for 710k and now there’s homes listed for above 750k. Apparently the market is catching up with the builders! Keep in mind that many of the building permits were issued during the last couple years during the pricing decline. Some have made a “strategic” timing move by building now, others simply ran out of time and had to build now. Either way it’s becoming a windfall for all of them.
Professional Buyer Agents are busier than the proverbial “long tail cat in a room full of rapidly moving rocking chairs” with the gusher of people ready to buy. Unfortunately many of the buyers are getting new agents with their real estate license ink still wet. Finding the right Professional can make a significant difference in out-of-pocket on the home of your dreams. Example: Our top guy helped our people get their dream home (new construction) AND got Seller Concessions other agents are claiming can't be had right now. Closing costs are quite sizeable when you're in the 600-800 thousand dollar home pricing. The right Buyer Agent will help you save money.
Now many Americans see the trend and want to make the purchase before (if?) the market gets too prodigious for hard working people to deal with. Even investors are participating in buying regular homes for sale. All the more reason to get your own personal professional.
Most Americans interviewed by Fannie Mae believe home prices will increase at least 1.4% over the next 12 months, the government-sponsoredenterprise said.
Fannie Mae interviewed approximately 1,000 survey respondents for its May National Housing Survey.
34% of those who responded — the highest level since March 2011 — said home prices will rise over the course of the next 12 months. In addition, 41% of respondents believe home mortgage rates will likely go up over the course of the next year, an increase from the previous month.
The percentage of Americans who say it's a good time to buy a home increased one-percentage point to 72% in May, while the percentage of respondents who believe it's a good time to sell held at 15% of those surveyed.
Americans see home rental prices also going up over the next year, with the average respondent predicting a 4.1% rate increase. Forty-nine percent of those surveyed believe rental prices will in fact rise.
Approximately 38% of those surveyed believe the economy is on the right track. 46% of respondents expect their financial situations to stay consistent over the next year, an increase of 2-percentage points from the previous month.
15% of those interviewed say their household income is now lower than it was a year ago—a record low for this particular indicator. In addition, 32% of those interviewed see their expenses increasing significantly over the next 12 months, a four-percentage point decline from last month and the lowest level reached since the survey began.
Bottom line: With consumer confidence up, rates down, there exists an excellent recipe for more real estate activity. Now it’s a matter of making a decision.
content and SEO by James Locklear for Phil Leng
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