I always enjoy sharing positive and encouraging news about real estate. A leading expert in the field, Steve Harney, authors a popular monthly report called Keeping Current Matters, and just published this interesting data on homeownership. You hear so much about how good of a seller's market we have right now, it's good to see this view on buying!
Give me a call if you're motivated to move!
Last week the National Association of Realtors, of which I’m a member, gave us some news that lifted us out of despair about a potential “fiscal cliff.” At a national conference in Orlando, chief economist Lawrence Yun, shared his forecast that the housing market uptrend should continue through 2014. He said that the housing market has clearly turned around this year, and provided there are no further limits on the availability of mortgage credit, its positive momentum will continue to underlie broadening improvements in our economy.
"Existing-home sales, new-home sales and housing starts are all recording notable gains this year in contrast with suppressed activity in the previous four years,” he said, “and all of the major home price measures are showing sustained increases. Real estate will be a hedge against inflation,” he further explained, “with values rising 15 percent cumulatively over the next three years, also meaning there will be fewer upside-down home owners.”
New-home sales are expected to increase to 368,000 this year from a record low 301,000 in 2011, and grow strongly to 575,000 in 2013. Housing starts are forecast to rise to 776,000 in 2012 from 612,000 the year before, and reach 1.13 million next year.
This report and the latest news about real estate nationwide can be found at The National Association of Realtors® website, www.realtor.org. The Association, known as "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
Recent reports are proving something we've all been hoping for — new home construction numbers continue their upward climb. As evidenced by the groundbreaking happening around us, single-family housing starts are on a steady rise.
This is great news in my industry, as housing demand continues on an upward trend too. While the recovery in home building has been helped by record low mortgage rates and a decline in the inventory of unsold homes, I also credit the positive number to buyers who are smartly shopping for a wise investment.
If you're thinking about shopping for a new home, or ready to sell, I'd love to help. We have some beautiful properties available that feel like they're in the country, when they're just minutes away from shopping and schools.
I'm excited to have a new resource that gives an ongoing, current picture of our local market right on my website. Market Trends is the name of a new page at juliebillett.com that has a graph showing the number of Sold vs. For Sale vs. Pended homes on the Eastside. Buyers and sellers alike benefit from seeing numbers that document all the information I share! Just click "Market Trends" on the top right side of my home page to see consistent data that's presented in an easy-to-read and understand format. As Dr. Seuss says, "The more that you learn, the more places you'll go!"
I'm seeing the facts from this report play out in our local market — Americans are digging themselves out of mortgage debt, as a recently published article by Bloomberg News says. Homeowners are taking advantage of record-low borrowing costs and bringing cash to the table to pay down the principal of their mortgage. This is leading to the biggest home equity jump in 60 years, and many clients who tell me how less mortgage debt gives them a better night's sleep!
There was an overall increase in sales in King County in 2011 as compared to 2010. Sales were up 9% in King County, and up 23% in MLS area 600 which includes Woodinville, Duvall, some parts of Redmond & Kirkland. Median price was down 9% in King County, and down 6% in MLS area 600 in 2011 compared to 2010.