Buyers

Search for Renton real estate, Newcastle real estate, South Bellevue real estate as well as property listings in any other city the Pacific Northwest has to offer.

Whether you're looking for your first home, your dream home or an investment property, I'm committed to providing you with the highest quality buyer service.

Be sure to check out my neighborhood events calendar for the latest things to do in and around Renton, Newcastle and South Bellevue. My community info page will give you detailed neighborhood reports and be sure you don't forget to visit my Renton Info Blog if you are looking for a regularly updated source of local real estate news. Read more.

Sellers

The decision to sell a home is often dependent on many factors. If you are looking for market statistics, selling tips or home values, you have come to the right place.

Whatever your reasons are for selling, my real estate marketing strategies will ensure that you get the highest possible price for your home.

I will provide you with professional, ethical and confidential service and keep you fully informed every step of the way. Read more.

News! 08/20/08

Fed Stands Still – Time to Make Your Move

The Federal Reserve held the line on Tuesday–leaving the Fed Funds Rate at 2.00% for the third straight meeting. The decision, however, was anything but cut-and-dry.

Earlier in the week, the Personal Consumption Expenditure data indicated that inflation climbed 0.8% overall in June, which is the highest inflation jump in 27 years. In addition, the report indicated that inflation now sits at 2.3%–above the Fed’s desired range of 1-2%.

Although the Fed ultimately left interest rates unchanged, inflation obviously remains a concern and the recent rise may lead to an interest rate hike by the Fed in the near future.

What Does This Mean to You?
Many experts believe the housing market is nearing the bottom and may even be set to bounce back up. For now, home prices remain low, personal incomes are high, and interest rates are still very attractive.

If you've been weighing your options and waiting to see how things shake out, this is the ideal time to act–especially when you consider the new Housing and Economic Recovery Act benefits for home buyers:

Tax credits. First-time home buyers who purchase their primary residence between April 9, 2008 and July 1, 2009 are eligible for up to $7,500 in tax credit, as long as they haven't owned a home in the last three years. The credit is actually a generous interest-free loan, so we’ll have to talk about some income parameters and payback terms. But if you're a new home buyer – or know someone who is renting or in the market to buy – this is a huge benefit that we should discuss.

Lower rates for larger loans. In the past, mortgages of $417,000 or more have been considered "jumbo" loans that were more expensive to finance. Thanks to recent provisions, however, those jumbo loans were able to qualify for better financing rates in some parts of the country. Although those provisions were set to expire, they are being extended–with a minor change to the maximum amount eligible. This is great news that may save you a ton of cash, so call me to find out how this impacts our area, and if it could help you.

Down Payment Assistance...going, going, not gone yet. Another provision of the legislation eliminates some down payment assistance programs later this year...but they are still available right now, and depending on your circumstances, we may be able to take advantage of them to double your benefit as a home buyer.

Bottom line...now may be the ideal time to put together a purchase strategy based on your unique situation.

Call today to discuss your situation and set up a time to talk.

News! 08/19/08

The Clock is ticking on Nehemiah and Tax credit for would-be homebuyers!!!!

Just a reminder, last call for those potential “Nehemiah” loan candidates ( basically “0″ down FHA loans…). The borrowers must be in process, with a property, and approved by September 30th. Can close after 9-30 though.

News! 08/18/08

Updated Renton Real Estate, Newcastle Real Estate & South Bellevue Real Estate Market Statistics (As of August 18th, 2008)

Note: NWMLS implemented some Area Designation and Boundary changes in the Newcastle/Renton area to more accurately reflect the true market areas in this section of Bellevue/Renton. The boundary changes took effect on June 24th, 2008. To view a map that shows the old and new boundaries, click here: http://www.nwmls.com/discover/library/monday_update/MonUpdates/MU2008/Jun08/KC_SW_350_500.pdf.

These numbers are based on a three month historical analysis that compares this week with last week.

MLS Area 500 (Newcastle, Bellevue South of I-90 & Issaquah South of I-90)
Single Family Homes
Average Days on Market: 100 Days (No change from 100 last period)
Inventory of Active Listings: 580 (Down from 582 last period)
Inventory of Sold & Pending Listings: 252 (Up from 249 last period)
84 listings are absorbed by demand each month on average. (Up From 83 Last Period)
6.9 Months Worth of Supply (Down from 7.0 last period)
Average List Price: $892,966 (Up from $884,200 last period)
Average Sale Price: $709,307 (Down from $715,332 last period)
Median Sale Price: $629,950 (Up from $626,750 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 500 for Single Family Homes: This area is balanced between buyers over sellers based on the fact that there is a 6.9 month supply of homes. This means that if no additional homes were listed, it would take 6.9 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.

Condominiums
Average Days on Market: 79 Days (Down from 80 last period)
Inventory of Active Listings: 157 (Up from 148 Active Listings last period)
Inventory of Sold & Pending Listings: 83 (Down from 87 last period)
28 listings are absorbed by demand each month on average. (Down from 29 last period)
5.6 Months Worth of Supply (Up from 5.1 last period)
Average List Price: $331,033 (Down from $335,105 last period)
Average Sale Price: $318,608 (Down from $325,956 last period)
Median Sale Price: $303,300 (Down from $312,196 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 500 for condos: This area is balanced between buyers and sellers based on the fact that there is a 5.6 month supply of homes. This means that if no additional homes were listed, it would take 5.6 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.

http://www.nwmls.com/discover/library/maps/areamaps/King/500-East%20Side-South_all.pdf


MLS Area 350 (Northeast Renton / Renton Highlands, East Highlands, Briarwood)
Single Family Homes
Average Days on Market: 108 Days (Up from 103 last period)
Inventory of Active Listings: 462 (Down from 467 last period)
Inventory of Sold & Pending Listings: 250 (Down from 260 last period)
83 listings are absorbed by demand each month on average. (Down from 87 last period)
5.6 Months Worth of Supply (Up from 5.4 months last period)
Average List Price: $553,201 (Up from $551,289 last period)
Average Sale Price: $451,902 (Up from $452,115 last period)
Median Sale Price: $413,000 (Down from $414,000 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 350 for Single Family Homes: This area is balanced between buyers and sellers based on the fact that there is a 5.6 month supply of homes. This means that if no additional homes were listed, it would take 5.6 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.

Condominiums
Average Days on Market: 92 Days (No change from 92 last period)
Inventory of Active Listings: 78 Active Listings (Down from 81 last period)
Inventory of Sold & Pending Listings: 43 (Up from 42 last period)
14 listings are absorbed by demand each month on average. (No change from 14 last period)
5.5 Months Worth of Supply (Down from 5.8 months last period)
Average List Price: $248,465 (Down from $249,778 last period)
Average Sale Price: $242,440 (Down from $245,642 last period)
Median Sale Price: $225,500 (No change from $225,500 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 350 for condos: This area is balanced between buyers and sellers based on the fact that there is a 5.5 month supply of homes. This means that if no additional homes were listed, it would take 5.5 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.

http://www.nwmls.com/discover/library/maps/areamaps/King/350-Renton%20Highlands.pdf

MLS Area 340 (Southeast Renton / Cascade, Tiffany Park, Talbot Hill, Benson Hill, Fairwood)
Single Family Homes
Average Days on Market: 103 Days (Up from 101 last period)
Inventory of Active Listings: 393 (Down from 396 last period)
Inventory of Sold & Pending Listings: 195 (Down From 201 last period)
65 listings are absorbed by demand each month on average. (Down from 68 last period)
6.0 Months Worth of Supply (Up from 5.9 months worth of supply last period)
Average List Price: $427,073 (Down from $431,055 last period)
Average Sale Price: $367,642 (Down from $367,948 last period)
Median Sale Price: $357,000 (Down from $359,950 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 340 for Single Family Homes: This area is balanced between buyers and sellers based on the fact that there is a 6.0 month supply of homes. This means that if no additional homes were listed, it would take 6.0 months to absorb the current inventory. A market is considered balanced when the supply of homes is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.

Condominiums
Average Days on Market: 86 Days (Down from 87 last period)
Inventory of Active Listings: 125 (Up from 119 active listings last period)
Inventory of Sold & Pending Listings: 56 (Up from 53 last period)
19 listings are absorbed by demand each month on average. (Up from 18 last period)
6.6 Months Worth of Supply (No Change from 6.6 last period)
Average List Price: $227,771 (Down from $229,832 last period)
Average Sale Price: $210,820 (Down from $213,214 last period)
Median Sale Price: $212,500 (Down from $218,500 last period) (1/2 sell for more & 1/2 sell for less)

Analysis of MLS Area 340 for Condos: This area is balanced between buyers and sellers based on the fact that there is a 6.6 month supply of condos. This means that if no additional condos were listed, it would take 6.6 months to absorb the current inventory. A market is considered balanced when the supply of condos is close to a six month supply. A supply of five months or less would favor sellers. A supply of seven months or more would favor buyers.

http://www.nwmls.com/discover/library/maps/areamaps/King/340-Renton-Benson%20Hill.pdf

If you are interested in statistical information for an MLS area not covered here, please respond to this post to let me know what neighborhood you live in and I will follow up with the statistics specific to your area of interest. You are also welcome to visit my website at www.davidjedwards.com where you can access my Market Snapshot research tool found on the left side of the homepage.

This information is deemed reliable but it is not guaranteed to be 100% accurate. I generated these statistics using the Northwest Multiple Listing Service. These statistics were not compiled or published by the Northwest Multiple Listing Service. The analysis of each MLS Area is based on the market statistics but is the personal opinion of the author.

News! 08/17/08

Bond's Out Of Gas

Bonds and home loan rates managed to hold fairly steady in the first half of the week, despite comments from Philadelphia Fed President Charles Plosser, who said "inflation is too high." Remember signs of inflation typically cause Bonds and home loan rates to worsen, but Plosser also stated that the Fed must "back up their words with action" and hike their benchmark Fed Funds rate. Since a hike by the Fed could lessen inflation...and as a result, cause Bonds and home loan rates to improve...Plosser's inflation comments didn't have as much of an impact on the markets as they could have otherwise.

On Thursday, Bonds managed their biggest rebound of the week after several negative economic reports, including a much higher than expected Initial Jobless Claims report and a lower than expected Existing Home Sales report for June, caused money to flow out of Stocks and into Bonds. However, there was good economic news on Friday as New Home Sales for June and Orders for Durable Goods were far better than expected and the Consumer Sentiment Index shocked the markets with a very robust reading. And good economic news about the economy is bad news for Bonds, which caused money to flow right back out of Bonds into Stocks, keeping Bonds and home loan rates from bouncing back any further.

After all the dramatic ups and downs of the week, Bonds and home loan rates ended the week slightly improved.

News! 08/14/08

Pending Home Sales Rise, Wider Gains Anticipated as Buyers tap Housing Provisions

Some improvement is projected for existing-home sales in the months ahead, with broader gains seen by the fourth quarter as buyers take advantage of new provisions provided through the recently passed housing stimulus bill, according to the latest forecast by the National Association of Realtors®.

The Pending Home Sales Index,¹ a forward-looking indicator based on contracts signed in June, rose 5.3 percent to 89.0 from a downwardly revised reading of 84.5 in May, but remains 12.3 percent below June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, said sales have been in a pattern of rising and falling within a fairly narrow range. “The vacillation of data from one month to the next indicates a housing market in transition,” he said. “The rise in pending home sales was broad-based with all four regions showing gains. This is welcome news because a rise in contract activity is necessary for an overall housing recovery. With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009.”

The PHSI in the South jumped 9.3 percent to 92.4 in June but is 16.6 percent below June 2007. In the West, the index rose 4.6 percent to 101.0 in June but remains 1.7 percent below a year ago. The index in the Northeast increased 3.4 percent to 79.6 but is 15.4 percent below June 2007. In the Midwest, the index rose 1.3 percent in June to 79.6 but is 13.3 percent below a year ago.

Sales gains have been consistently strong in recent months in Sacramento, Calif.; Las Vegas; and Ft. Myers, Fla., where affordability conditions have greatly improved.² The pickup in contract signings appears to be broadening with many affordable markets in mid-America now showing year-over-year gains, including Columbus, Ohio; Charleston, W.V.; Oklahoma City; and Colorado Springs, Colo. Pending sales have fallen significantly in Texas markets and in the Pacific Northwest - two regions with very strong local economies.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the housing stimulus package will provide long-term relief. “Provisions to stem foreclosures are helpful, but a greater lift to the economy should come from higher mortgage limits, enhancements to the FHA loan program and the first-time home buyer tax credit,” he said.

“These are excellent tools that will help buyers get into the market to take advantage of the unprecedented drop in home prices in many areas, as well as a wide selection of inventory, to make an investment in their future,” Gaylord said.

With roughly 2.5 million first-time home buyers taking advantage of the temporary tax credit, existing-home sales are likely to rise 7.0 percent to 5.51 million in 2009 from a expected total of 5.15 million this year.

Yun said home prices did not fall as much as anticipated in the second quarter. “Buyers entering the hardest-hit markets, in some cases with multiple-bid offers, may have put a floor on prices,” he said. “ In addition, rising commodity prices and higher construction costs have resulted in a very unusual market today with existing-home prices being less than replacement building costs in some areas. Home prices are projected to increase 3 to 6 percent in 2009.”

“Builders need to further cut production to help trim inventory. However, new-home sales are expected to bottom around the second quarter of next year with slight gains in the second half of 2009,” Yun said. New-home sales are forecast to drop 8.8 percent to 464,000 in 2009 from 509,000 this year. Housing starts, including multifamily units, should fall 8.8 percent next year to 795,000 from 960,000 in 2008.

The 30-year fixed-rate mortgage, which also has been vacillating, is likely to trend up to 6.5 percent by the end of 2008, and then hold at that level for most of next year. NAR’s housing affordability index is forecast to remain favorable this year, averaging 13 percentage points higher than in 2007.

Growth in the U.S. gross domestic product (GDP) is expected to be 1.7 percent this year and 1.5 percent in 2009. The unemployment rate is projected to average 5.5 percent in 2008 and 6.0 percent next year.

Inflation, as measured by the Consumer Price Index, is seen at 4.1 percent in 2008 and 2.6 percent next year. Inflation-adjusted disposable personal income is estimated to grow 1.7 percent this year and 1.1 percent in 2009.

Source: The National Association of Realtors - August 7th, 2008

Want more news affecting Renton, Newcastle and South Bellevue? Visit my real estate blog at http://www.davidjedwards.com/renton-info-blog.asp.