Thursday, April 24, 2008

King County Sales Stats for March

Here are a few choice statistics concerning real estate sales in King County for March 2008 (the most recent available).

> Number of Homes & Condominiums for Sale

March 2007: 8.700

March 2008: 14,260

> Average Days on Market (Sold Properties)

March 2007: 56

March 2008: 77

> Average Sales Price

March 2007: $478,727

March 2008: $484,586

> Number of Sales

Year to Date 2007: 7,484

Year to Date 2008: 4,955

Source: Northwest Multiple Listing Service

Sunday, April 20, 2008

Are you a bargain hunter?

Question: Who benefits most when home prices begin to drop? Answer: First-time buyers and investors.

According to a recent article in USA Today, bargain hunters with money to invest are pushing up home sales in cities such as Boston, Cleveland and Detroit, where housing prices have declined dramatically.

As logic dictates, there is no one market that is good for everyone, which is why the cycles are referred to as either "buyer's markets" or "seller's markets." If you don't have a home to sell, then the current Seattle market favors you because you can get more for your money. That is true whether you are buying your first home or investing in a second (or third, or fourth) property.

Even those who are both selling and buying now, do alright because what they sacrifice in the sale price of their current home, they are likely to recoup with the purchase of their next home. It is only those who need to sell but do not plan to re-purchase, who get hurt in this market. And that is actually a fairly small percentage of the population.

According to the article, "The most aggressive shoppers include investors, particularly nationally based ones who are cherry-picking single-family homes in good neighborhoods all over the country. With the dollar down against the Euro, International buyers also see U.S. home prices as a bargain."

If you've ever thought about investing, now might be a good time to give it serious consideration.

The verdict is in

A week or so ago I posted an item about a California real estate agent who was being sued by former clients who accused him of failing to advise them fully concerning the price they paid for a new home they purchased through him.

The jury returned a quick verdict. They were convinced that the agent fulfilled his responsibility to his clients, and that the couple was ultimately responsible for determining the purchase price they offered and paid.