Real Estate Market Update – January 2013


Posted on January 9, 2013 at 1:39 pm
Nate Thornton | Posted in Uncategorized |

Local supply of homes for sale hits another record low

This Seattle Times(Originally published January 7, 2013 at 12:54 PM | Page modified January 8, 2013 at 6:51 AM ) article confirms what we've been feeling in the marketplace for several months now.  Here's a summary, a link to the full article can be found below.

The number of houses for sale in King County has hit yet another record low, according to statistics released Monday by the Northwest Multiple Listing Service.

“There’s just nothing available out there,” said Glenn Crellin, associate director of research at the University of Washington’s Runstad Center for Real Estate Studies.

Just 2,945 houses were listed for sale as of Dec. 31, the service said, 46 percent fewer than on the same day a year earlier.

Inventory was down 21 percent from November — and that was the first month since at least 1999 in which the number of houses for sale in the county dipped below 4,000, said real-estate blogger Tim Ellis of Seattlebubble.com.

“Now it’s below 3,000,” he said. “That’s just amazing.”

Shrinking inventory may be a factor in rising home prices, the listing service said in releasing its December market report: The median price of houses sold in King County last month was $380,046, up nearly 19 percent from the same month in 2011.

Link to the full article: http://seattletimes.com/html/businesstechnology/2020078777_homesalesxml.html

 

Let me know if you or someone you know has questions about your specific real estate situation.


Posted on January 8, 2013 at 1:08 pm
Nate Thornton | Posted in Uncategorized |

Real Estate Market Update – December 2012


Posted on December 14, 2012 at 12:07 pm
Nate Thornton | Posted in Uncategorized |

Real Estate Market Update – November 2012


Posted on November 20, 2012 at 11:20 am
Nate Thornton | Posted in Uncategorized |

Renton homes for sale at a 2 year low, sales at a 2 year high…

In October 2012, homes sold pending reached their highest level in over two years.  In Renton, 95 homes sold in October 2010, while last month 170 homes sold, a 78.9% increase.

At the same time the inventory of homes for sale hit a two year low.  There were 713 homes for sale in Renton in October 2010 compared to just 273 in October 2012, a 61.7% decrease.

These have been market trends in the Greater Seattle area for most of 2012 now and are leading to an increase in homes prices.  Some people are considering making a move they thought would have to be put of for several more years


Posted on November 9, 2012 at 10:15 am
Nate Thornton | Posted in Uncategorized |

Mixed message in Seattle area’s latest home-price data

Price trends continue to be positive in the Seattle area, year over year.  It appears we are seeing some seasonality return to the market as the median sales price has inched down from a late spring/summer high water mark.

When determining the directionality of the market it's important to keep seasonality in mind and get a bit of market history for the subject market to see if the trends are truly and indication of overall market direction or just a function of a market seaonal pattern.

Here's a link to the article: http://seattletimes.com/html/businesstechnology/2019559156_caseshillerxml.html?prmid=head_main

In summary, the article says home prices in the Seattle metropolitan area(King, Snohomish and Pierce counties) rose 3.4 percent in August over the same month last year, but they were down 0.1 percent from July.

If we look at King County by itself, the market looks like this:


Posted on October 30, 2012 at 4:06 pm
Nate Thornton | Posted in Uncategorized |

See How Much Income You Need To Buy A House…

I came across this article by Scott Sheldon and thought it was a good thing for someone thinking of making a move to read:

"Simply put, the amount of income you need to purchase a house will vary by your payment comfort level, including any other monthly debt obligations you might have."

 


Posted on October 23, 2012 at 1:20 pm
Nate Thornton | Posted in Uncategorized |

Real Estate Market Update – October 2012


Posted on October 16, 2012 at 1:10 pm
Nate Thornton | Posted in Uncategorized |

Rent or Own? It’s in the numbers…

Here's a good article from the Seattle Times that lays out some important considerations for someone thinking about whether they should rent or buy a home:

http://seattletimes.com/html/businesstechnology/2019300964_rentbuyside30.html?syndication=rss

To analyze the financial advantages of owning or renting, you'll need to have answers (or estimates) for these questions.

If you'd like to sit down and chat about your situation and run the numbers, let me know, I'd be happy to talk with you!

 


Posted on October 11, 2012 at 11:47 am
Nate Thornton | Posted in Uncategorized |

Back on the Path to Homeownership from Bankruptcy…

In the last few years, many people have gone through financial hardship and have had to make some tough choices.  Here is one lender's policies to give someone looking to get back on track to home ownership some guidelines to plan for.

Bankruptcy Policies

 

Action

Requirements

Bankruptcy (All Except Chapter 13)

Conventional:   4-year time period from either the discharge or dismissal date of the bankruptcy.

 

FHA / VA:  2-year time period from the discharge of the bankruptcy.  Borrower must have re-established good credit.

Chapter 13 Bankruptcy

Conventional: The time period for Chapter 13 bankruptcy actions is measured as follows:

 

• 2 years from the discharge date, or

• 4 years from the dismissal date.

 

FHA / VA:  Acceptable with 12 month acceptable payment history of the bankruptcy and permission from the court.  Credit must be re-established outside of the bankruptcy. 

Exceptions for Extenuating Circumstances (see definition below) All Bankruptcy Actions

Conventional: The 2-year time period will be measured from the bankruptcy discharge or dismissal date. No exceptions are permitted to the 2-year time period after a Chapter 13 discharge.

 

FHA / VA:  Less than 2 years but not less than 12 months may be considered with extenuating circumstances.

Multiple Bankruptcy Filings

Conventional:  5-year time period from most recent dismissal or discharge date required for borrowers with more than one bankruptcy filing within the past 7 years.

 

FHA / VA:  Same guidelines as Bankruptcy above.

Exceptions for Extenuating Circumstances (see definition below) Multiple Bankruptcy Filings

Conventional:  3-year time period from the most recent discharge or dismissal date.

 

Note: The most recent bankruptcy filing must have been the result of extenuating circumstances.

 

FHA / VA:  Same guidelines as Bankruptcy above.

 

 

 

Definition of Extenuating Circumstances: Extenuating circumstances are nonrecurring events that are beyond the borrower’s control, and result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations. Documentation provided to support claims of extenuating circumstances should confirm the nature of the event that led to the bankruptcy or foreclosure-related action and illustrate that the borrower had no reasonable options other than to default on his or her financial obligations.

 

 

Examples of documentation that can be used to support extenuating circumstances include documents that confirm the event (such as a copy of a divorce decree, medical reports or bills, notice of job layoff, job severance papers, etc.) and documents that illustrate factors that contributed to the borrower’s inability to resolve the problems that resulted from the event (such as a copy of insurance papers or claim settlements, property listing agreements, lease agreements, tax returns (covering the periods prior to, during, and after a loss of employment), etc.).

Let me know if you have any questions.


Posted on October 4, 2012 at 10:48 am
Nate Thornton | Posted in Uncategorized |

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