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Home Buyer Frustration Continues Due to Depleted Inventory, Rising Prices and Increases In Interest Rates
Posted by Cary W Porter on
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KIRKLAND, Washington (Jan. 5, 2017) – Like many other months of 2016, December was frustrating for buyers across Washington state as they encountered depleted inventory and rising prices. Post-election hikes in interest rates – with more on the horizon -- added to would-be homeowners’ worries.Northwest Multiple Listing Service statistics for December show year-over-year drops in new listings, but gains in pending sales, closed sales and prices. Pending sales (mutually accepted offers) in the four county Puget Sound region reached their highest level since 2005.
“The data just keep telling the same story – low…
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Listing inventory is at an all time low area wide, leaving many agents on the sideline or dealing with frustrated buyers tired of the bidding wars. Yet at The Cascade Team we are setting records for inventory and Buy-Side transactions! Our proven system helps you attract and WIN listings.... Then our proprietary "PRIME" Marketing program not only syndicates those listings out... But pull BUYERS back in for you!.... In 2016 The Cascade Team represented 31% Listings and 69% Buyers!
As you can see below: Listing were down area wide, yet The Cascade Team pulled in more listings than ever AND we then turned around and represented even more Buyers than listings!
So... Where do you want to be? Busy with listings and buyers or wondering…
The median home value in 98075 is $889,000. 98075 home values have gone up 13.5% over the past year and The Cascade Team predicts they will rise a minimum of 5.3% within the next year. The median list price per square foot in Sammamish is $303. The median price of homes currently listed in 98075 is $988,000 with the median Sold price for November 2015 coming in at $902,264.
Median price is the midpoint between the highest and lowest price. Median prices give a more accurate picture of pricing because it's not skewed by unusually high or low priced sales. Find out the price of your home.
Additionally Sammamish is one of the "Heathiest" real estate markets in the country. As of the latest national report which was issued…
The Fed hiked its key rate by 25 basis points to a range between 0.50% and 0.75% at Wednesday's meeting. That increase is likely to have an effect on mortgage rates going forward. To that end, The Cascade Team has calculated how the rate hike this week would affect mortgage payments with rates moving up from a 4.0% rate to one with a 4.25% rate. (Please note that the payments are based on borrowers with a minimum 720 credit score and 20% down. Payments also do not include property taxes or any HOA fees or assessments).
One rate hike won't change the world but the process of rising rates affects millions of Americans. If you have a credit card or savings account, invest in stocks or bonds, want to buy a home or a car, pay attention.
By Teke Wiggin