Wondering what is going on in Real Estate today?
There is no question we are in a downtrending economy. The real estate industry, like most other sectors, is no doubt feeling the effects of this. Keep in mind that real estate markets must be analyzed at a very granular level - some states are being hit harder than others. Within states, there are counties that are seeing increases over last year in appreciation. Even deeper, there are zip codes that are performing better than others within specific cities. Still there life events that cause people to buy and sell their homes everyday. This site is intended to empower you to make smart decisions on buying, selling and/or investing in real estate.
Forbes is loving us! 6.3.08
According to Forbes magazine, Seattle ranks 10th in Best Cities for Home Sellers. The determining factors for a premier city for home sellers are: job growth, new construction, vacancy rates, and credit availability. The top ten cities – out of the country's 40 largest metro areas – are: 1) San Jose (tough regulatory environment, new construction dropped 63 percent last year); 2) San Francisco (easier credit due to conforming loan limit increase from $417,000 to the maximum $729,750); 3) Salt Lake City (3 percent annual job growth rate, declining inventory and decline in new construction); 4) Austin (nation's fastest gob growth at 4.1 percent coupled with relatively affordable housing stock); 5) Kansas City (number of unsold, vacant homes dropped by 40 percent last year); 6) San Antonio (job growth of 3 percent and construction starts have dropped by 42 percent); 7) Denver (49 percent drop in construction starts paired with the 2 percent rise in new jobs; 8) Providence (vacancy rates at 1.6 percent and a 42 percent cut in inventory); 9) Charlotte (moderate prices and strong job growth; **10) Seattle (strong job growth and a 42 percent decrease in new home construction). **
Seattle Ranks 8th best of Top 10 Recession-Proof Cities. 6.3.08
Median home price: +1.2%
Unemployment: 4.3% (from 4.5%)
Key growth: Leisure and hospitality, 4.1%; manufacturing, +2.6%
The region around Puget Sound is home to Microsoft, Amazon.com, Starbucks, Costco, Nordstrom and Washington Mutual. What's more, home prices are only half that in the San Francisco Bay Area, and unemployment in the region is falling. Of the 50 largest metropolitan statistical areas in the U.S., Seattle had the strongest growth in manufacturing in the past year.
The above is an excerpt from Forbe’s online article “America’s Recession-Proof Cities” (April 29, 2008)
How to Read Real Estate. 6.3.08
When reading up on real estate, make sure you find analysis at the most granular level possible. Sure it is always great to know the big picture, but while nationally the housing market is seeing home prices "falling at their fastest pace in at least 20 years" (USAToday, 5.29.08), locally we are still plugging along.
The following April YTD Statistics are from the Northwest Multiple Listing Service:
Median Price Home (Residential & Condo):
King County: $400,000 TY vs. $395,950 LY (Average Time on Market: 76 days TY vs. 56 days LY) +1.0%
Snohomish: $335,000 TY vs. $348,964 LY (Average Time on Market: 92 days TY vs. 64 days LY) (-4.0%)
Pierce: $260,000 TY vs. $273,997 LY (Average Time on Market: 97 days TY vs. 84 days LY) (-5.1%)
In this site you will find:
- General useful information for buyers and sellers, home improvement, the latest design trends
- A Forum where for Q&A discussions, discuss Neighborhood news, use the Classifieds, post a local event.
- Links to useful sites (government sites for cities in Washington, school data, community info, mortgage/financial info, etc).
Who Runs This Site?
Hi. My name is Renee Fentress. I am a Real Estate Agent and REALTOR with John L. Scott. Above is a picture of me happily engaged around July of 06, and actually just celebrated my one year Anniversary of being married in May of 2008!
I have found that knowledge IS power in this industry. As a new agent, I see a huge opportunity for agents to become better resources to their clients, rather than being cookie-cutter salespeople. I am constantly scouring through my many resources for market analysis, neighborhood data, industry news, financial news, tips and tricks for buyers and sellers. This idea of this site was for me to organize all of my thoughts into one place. Then I decided, why not make it a one-stop-shop for the public? So here you have it. This will be a continuous work in progress (starting this day, May 21, 2008), so please bear with me as I am no webmaster.
