Real estate boom Archives

What does the market look like right now?

Posted on September 5, 2013 by Erin in Real Estate Market Data

Here is some great info on the current market from my associate David Skow. He is a wealth of information. I love to share this kind of info with our clients, thanks Dave!

INFO THAT HITS US WHERE WE LIVE… The standard response from the pundits to last week’s 1.3% drop in Pending Home Sales for July could make it hard to maintain a positive approach. The typical explanation was that the drop was all due to the recent uptick in mortgage rates. But the truth is, slightly higher mortgage rates are only causing a drop in refinances. That’s because for buyers, mortgage rates are still historically low and home prices remain attractive. Supporting this, the Mortgage Bankers Association Purchase Loan Index was up 2% for the week ending August 23 and is up 6% on an annual basis.

Here’s some more positive news ignored by the pundits. Even with the small monthly drop, Pending Home Sales were up 6.7% in July from the year before. In fact, they’ve now beaten year-ago levels for 27 months in a row. Those eager to report the end of the housing recovery were also disappointed to see the latest S&P/Case-Shiller Home Price Index. Home prices in 20 major metros were up 2.2% in June and are up 12.1% year-over-year. And this time around, all 20 cities posted both monthly and annual gains.

Definition of the day:

A pundit (sometimes called Talking Head) is someone who offers to mass media his or her opinion or commentary on a particular subject area.

DID YOU KNOW?… A recent report showed that if there were no housing bubble and home prices simply rose at the historic average of about 3.6% a year, they’d be almost right where they are today.

Thanks again for the info Dave!!!

Dave Skow Loan Officer 2200 6th Ave Seattle WA 98121 cell (206)714-9745

Some great Articles on the current Real Estate Market

Posted on August 12, 2013January 7, 2015 by Erin in Real Estate Market Data, Sotheby's International Realty Associates Listings, The Sotheby's International Realty Marketing Advantage, Tips on Buying and Selling Property

Below you will find some fantastic links to some great Real Estate Market Information!

Stay informed and make the most of your property!

Let me know how I can help!

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Million Dollar Home Sales Jump in U.S. as Wealthy Return

Home sales from Los Angeles to Charleston, South Carolina that are priced at more than $1 million are gaining at triple the pace of the broader market, according to real estate research firm DataQuick Inc

http://www.bloomberg.com/news/2013-08-08/million-dollar-home-sales-jump-in-u-s-as-wealthy-return.html

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Seller’s market: home sales and prices rise; supply falls

Home sales percolated higher in July, with pending sales, closed sales and prices all substantially higher than the same month in the previous year in most counties of Washington state

http://www.bizjournals.com/seattle/news/2013/08/06/home-sales-prices-rise-in-puget-sound.html?ana=e_du_pub&s=article_du&ed=2013-08-06&u=mHKDyZWvGoqr5MRJiP2WTp0ZD1t&t=1375828276

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King County median home price up 15 percent over year ago

A bump in interest rates in July didn’t derail the strongest home-buying stretch in the Seattle area since 2007, as the median price climbed year-over-year for the 16th consecutive month

http://seattletimes.com/html/businesstechnology/2021549284_julyhomesalesxml.html

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Forecasters say home values will jump 6.7 percent this year

More than 100 economists, real estate experts, and investment and market strategists predict home values will rise an average 6.7 percent year over year in 2013, according to Zillow’s latest home price expectations survey – See more at:

http://www.inman.com/wire/forecasters-say-home-values-will-jump-6-7-this-year/#sthash.cKtj0HFJ.dpuf

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Highlights of Zillow’s Interview with President Obama

President Obama answers housing questions from Americans around the country in an interview with Zillow CEO Spencer Rascoff.

http://www.whitehouse.gov/photos-and-video/video/2013/08/09/highlights-zillows-interview-president-obama

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NAR: Obama’s Zillow-moderated housing chat ‘not a serious discussion’

The selection of Zillow CEO Spencer Rascoff as the moderator of President Barack Obama’s chat with America about housing today seems to have the National Association of Realtors scrambling to explain how Zillow, and not NAR, got the call from the White House

http://www.inman.com/2013/08/07/nar-obamas-zillow-moderated-housing-chat-not-a-serious-discussion/#sthash.rUzZLulJ.dpuf

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Obama Looks to End Fannie Mae, Freddie Mac

President Barack Obama on Tuesday officially launched his campaign to transfer most of the risk currently undertaken by Fannie Mae and Freddie Mac to the private sector, saying during a speech in Arizona that the U.S. government should phase out the mortgage finance giants as part of an effort to prevent another taxpayer-funded bailout

http://www.law.com/jsp/nj/PubArticleNJ.jsp?id=1202614112285&Obama_Looks_to_End_Fannie_Mae_Freddie_Mac#ixzz2bUuqAB7h

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Fannie Mae Makes It Rain for Obama

Fannie Mae (FNMA) said this morning that its second-quarter profit nearly doubled, to $10.1 billion, as home prices surged and more consumers made good on their mortgage payments

http://www.businessweek.com/articles/2013-08-08/fannie-mae-makes-it-rain-for-obama

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Oregon home prices keep going up and up and up

Oregon ranked No. 6 in the nation for rising home prices in June

http://www.bizjournals.com/portland/blog/real-estate-daily/2013/08/oregon-home-prices-keep-going-up-and.html

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Hip, Urban, Middle-Aged

Baby boomers are moving into trendy urban neighborhoods, but young residents aren’t always thrilled

http://online.wsj.com/article/SB10001424127887324136204578644080452044960.html

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Should Home Sellers Overprice or Underprice Real-Estate Listings?

“The Price Is Right” isn’t just a game show. It is a mental strategy real-estate agents use to get the most money when listing a home.

http://online.wsj.com/article/SB10001424127887324136204578643942655355194.html?mod=WSJ_3Up_RealEstate

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When Condo Developers Suggest Preferred Lenders

Some condo developers and owners are playing favorites, asking potential buyers to use a “preferred” lender when buying a home

http://online.wsj.com/article/SB10001424127887324136204578642082895473800.html?mod=WSJ_RealEstate_MansionWeekly

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Eminent Domain Abuse

Robert Hockett of Cornell University Law on the Kudkow Report

http://blogs.wsj.com/developments/2013/08/08/mortgage-delinquencies-hit-five-year-low/

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Freddie Mac may sue over eminent domain seizures

Freddie Mac on Wednesday said it is considering legal action against Richmond, Calif, if the city uses eminent domain to seize mortgages of local residents

http://www.cnbc.com/id/100946560

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Frank Sinatra’s party pad

Back in his heyday, ‘Ol’ Blue Eyes’ leased this mid-century modern estate perched high above Los Angeles

http://money.cnn.com/video/pf/2013/07/18/pf-uh-frank-sinatra-party-pad.cnnmoney/index.html

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California city’s drastic foreclosure remedy: Seizure

The California city of Richmond said Tuesday that it’s ready to take an extraordinary step in its bid to stop foreclosures — threatening to wrest mortgages from the investors who now control them

http://money.cnn.com/2013/07/30/real_estate/richmond-underwater-homes/index.html

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Million-dollar ranches for sale

Located on hundreds of acres in some of the most scenic parts of the U.S., these ranches are selling for millions of dollars

http://money.cnn.com/gallery/real_estate/2013/07/18/million-dollar-ranches/index.html

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Oh, yeaaahh: Iconic house from ‘Ferris Bueller’s Day Off’ for sale

Remember this house? Cameron Frye, Ferris Bueller’s best friend in the cult classic Ferris Bueller’s Day Off, kicks a car through those windows. The listing is held by Meladee Hughes of Coldwell Banker Residential Brokerage

http://www.nbcnews.com/business/oh-yeaaahh-iconic-house-ferris-buellers-day-sale-6C10869250

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Mortgage rate spike finally hits housing

A sharp jump in mortgage rates from May to June are now beginning to weigh on the housing recovery

http://www.cnbc.com/id/100952350

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Million-dollar ranches for sale

Located on hundreds of acres in some of the most scenic parts of the U.S., these ranches are selling for millions of dollars

http://money.cnn.com/gallery/real_estate/2013/07/18/million-dollar-ranches/index.html

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Banks face more housing headaches

CNBC’s Jackie DeAngelis has the latest details on federal regulations taking aim at JPMorgan and PNC over mortgage related issues

http://video.cnbc.com/gallery/?play=1&video=3000189235

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Bathtubs That Make a Splash

A new wave of bath designs, from the high-tech to the artistic

http://online.wsj.com/article/SB10001424127887324136204578641872218710886.html?mod=WSJ_RealEstate_Mansion_MiddleBucket

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Home prices post highest annual gain in 7.5 years Aug 8, 2013

U.S. median home prices posted their highest annual gain in 7 1/2 years in the second quarter of 2013 –

http://www.inman.com/wire/71941/

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Home prices trending at fastest upward pace since 1977

U.S. home prices rose for the 16th consecutive month in June and are trending at the fastest upward pace since 1977 –

http://www.inman.com/wire/home-prices-trending-at-fastest-upward-pace-since-1977/#sthash.3fcR2iGB.dpuf

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Here’s Where President Obama Is Going on Vacation

Julianna Goldman reports on President Obama’s $7.6 million Martha’s Vineyard vacation home. She speaks on Bloomberg Television’s “In The Loop.” (Source: Bloomberg

http://www.bloomberg.com/video/here-s-where-president-obama-is-going-on-vacation-8pYDSHPpQu~WNH_RwY0KyQ.html

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Summer Rentals for Procrastinators

$295,000 for August including Labor Day, or $150,000 for two weeks in August

Southampton, N.Y.

http://online.wsj.com/article/SB10001424127887323968704578649952812235728.html?mod=WSJ_hps_sections_realestate_mansion

Cash Buyers Are Fueling Quick Home Sales!

Posted on June 9, 2013June 9, 2013 by Erin in Real Estate Market Data, Tips on Buying and Selling Property

This is a great article in the New York Times on how cash buyers are changing the buying market today. We have been seeing this here in our neighborhood for months now. It is an amazing new phenomenon, and makes for a very exciting home sale! From personal buyers to investors, we are seeing cash buyers make offers on nearly every sale. As my wise mentor Joseph Brazen always says “Cash is King!”. He is absolutely right. When two identically priced offers are presented, one cash, one financed, the cash buyer always prevails. Great article to keep up with the trend.

http://www.nytimes.com/2013/06/0 9/us/cash-is-fueling-quick-home-sales.html?_r=0

Advertise Your Lisitng To A Global Market!

Posted on May 25, 2013January 14, 2015 by Erin in The Sotheby's International Realty Marketing Advantage

Eastside real-estate brokers say they’ve noticed a wave of affluent mainland-Chinese buyers, to name a few, buying luxury homes in Medina, Clyde Hill and other millionaire rows in West Bellevue. Data and public records show they’re right. It’s part of a cash-buyer phenomenon sweeping the home market.

In King County, a Seattle Times analysis of property-tax payers with foreign billing addresses found the largest number are from Canada, China (including Hong Kong) and Japan.

International buyers are investing in Seattle-area real estate in growing numbers, buying multimillion-dollar homes, rent-producing properties and land for commercial development. There are at least a few who are buying property without setting foot on it.

The buyers have several motives: Some want a safe place to invest and diversify their fortunes. Others want their children to start school or university studies here. And some want to launch businesses here. The buyers have cash to spend and are eager to close a deal.

Listing your property with Sotheby’s International Realty gives you a Global Advantage in the market. Sotheby’s International Realty has one of the most powerful, global marketing power of any realty company brand in the world.

When you list with Sotheby’s International Realty your listing is not only presented to the local market at a much more aggressive level, but it is also distributed to the global market. This gives you the opportunity to reach millions of people worldwide with your listing, offering you the greatest possibility of selling your listing at the best possible rate.

Sotheby’s International Realty leverages Innovation, Experience, and International Impact to give you the most powerful listing available today, and the most lucrative opportunity in selling your property.

Excerpts from recent Seattle Times Article:

Originally published May 18, 2013 at 5:30 PM

By Sanjay Bhatt

Seattle Times business reporter

Sotheby’s International Realty Distinctive Global Marketing Advantage-

Leveraging Innovation, Experience and International Impact to give you the best results overall in the sale of your property.

– Search for properties in 16 different languages

– Sotheby’s International Realty currently has more than 12,800 sales associates located in approximately 660 offices in 47 countries and territories worldwide

– Using the most pre-eminent media powerhouses globally to bring your property to a savvy and relevant audience of consumers.

-NY TImes- 40 million unique monthly visitors

– The Wall Street Journal- with the savviest of investors as regular subscribers with 167 million impressions annually, and 3.5 million readers

– The BBC- the world’s most powerful news gathering operation with 47 million media impressions

– Bloomberg Market- read by the globe’s financial elite at 1.1 million subscribers

– The Financial Times- read by over 1,290,000 people worldwide in both English and Chinese

– The Telegraph- The UK’s paper of the year, reaching millions worldwide

– Archtectural Digest- Sotheby’s is the exclusive Realtor in the publication, delivering 8 million impressions per year

– You Tube- The worlds second largest search engine, and third largest website in the world

– South China Morning Post- Hong Kong’s premier English publication 500,000 media impressions

List With Us!

We showcase your property (Locally, Nationally & Worldwide) in the finest way possible. Excellent Photography, Staging for success, correct pricing and excellent professional representation are 4 key pillars in our marketing plan.