Today I would like to review some August Real Estate news in Seattle. There are going to be some comments on the National market also but as they say, all Real Estate is local. If you have any questions about financing please feel free to contact me here.
The big question is "Have home values hit bottom?" Yes. The home price index is up 3% compared to last year. The big winner is Arizona with a 12% increase.
Other top performers: Idaho +8%, Florida +7%, Michigan +7%, Arkansas +7%.
First-time home buyers to the rescue! The number of home for sale compared to a year ago is down about 20% and the number of active buyers is up. Less houses for sale and more buyers equal higher prices. Makes sense.
There are some good low down payment programs available to buyer right now:
FHA is 3.5% down
Va is 0% down
USDA is 0% down
Heck, you can even get a jumbo loan with 10% down.
What does all this information mean to buyers, sellers, and people that own homes. It is likely that home prices will continue to increase and don't be surprised if interest rates increase also. Don't be late to the next party. If you are a first-time buyer, buy now and get a good price and a low interest rate. Move-up buyers should consider what they can sell their house for and what they can buy a replacement house for. Different price ranges increase at different rates, maybe you can take advantage of a price range differential. Talk to your Realtor, if it makes sense to make a move in Real Estate, your timing is probably good.
Are you in Seattle and looking for something to do? Check out Bumbershoot.
Joe LaVallie
The Integrity Team
Mortgage Banker
HomeStreet Bank
22001 66th Ave W
Mountlake Terrace WA 98043
NMLS ID#111363
joe.lavallie@homestreet.com
425-678-7604 Direct
1-800-761-7788 ext 7604
206-743-4722 Cell
Fax 206-512-1911
To Apply Online http://www.homestreet.com/jlavallie
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