Saturday, August 23, 2008

This Sunday's Open Houses-Views All Around!

I'm going to be hosting two open houses this Sunday and both have fabulous views of Puget Sound and the Olympics!

From 10A-Noon on Sunday, Aug. 24, I will hold open a home at 8801 Fauntleroy Way SW. This home has two bedrooms upstairs and two bedrooms downstairs. The downstairs has a separate entrance and can be used as a Mother-in-Law unit if desired. Built in 2002, the list price is $960,000. Listing agent is my Prudential colleague, Bruce Butterfield.

Then, from 1-4PM I will be holding open a new listing in Fauntlee Hills. The address for this remodeled, 1956 Rambler-style home is 8806 39th Av SW. This 2-bedroom (both are Master Suites), 1.75 bath home sits high above street level and is listed by Prudential agent, Ken Arkills, for $599,950.

I hope you will drop by one or both Opens. It's a fun (and free) way to see what's on the market.

Friday, August 22, 2008

Current loan rates

Troy Chambers, loan officer for Arboretum Mortgage, offers this commentary on mortgage rate activity for this past week:

"We saw a good little run in the bond market Tuesday and Wednesday, and rates came down. However, the market has not treated the interest rates kindly in the past two days, and rates are again very similar to where they were last week."

"I am available all weekend, so please contact me should anyone you know have questions, or need anything mortgage related. My cell is always on at 425-418-5103."

Click here to see a table of loan rates.

Congratulations Yasir!

Congratulations to Yasir and his family on closing the purchase of their first home!

Sunday, August 17, 2008

Job Growth Continues in Seattle

A high employment rate is good for the housing market, which is one reason Seattle continues to perform well, even though it has slowed. Consider the following:

"From April 2007 to April 2008, the Seattle area ranked second in job growth of all metropolitan areas with population of three million or greater. With a growth rate of 2.1% in the last 12 months, Seattle’s job growth is 2.3 times as much as the average growth for cities of our size."

"When cities have increases in the number of jobs; this means they need more apartments, condominiums and single family houses. Some of these jobs are taken by local residents, including recent college graduates; while some are taken by people moving into the area. The Seattle area has always been a desirable place for people to relocate to. But since the Seattle area economy is outperforming most other metro areas in the United States; more people than typical will move into the Puget Sound area in the next few years. The increased demand for housing will cause rents to increase and prices for condominiums and houses to increase.
Apartment rents have increased significantly in the last few years in the Seattle area. This was due to fewer apartments being built over the last several years (when rent increases were lower) and lots of apartments taken away as they were converted to condominiums. As such, the cost of waiting to buy has increased and will continue to increase."

"All those factors combined lead to a conclusion that demand should continue for condominium properties in our market, despite the gloom and doom national outlook."

By Phil PinkstaffMarket Analyst & Valuation Specialist, MCM Group.
Reprinted from NWReporter