Mortgage rates continued to inch higher this week, Freddie Mac reports in its weekly mortgage market survey.
"Fixed-rates moved up for the third consecutive week, with the average 30-year fixed-rate mortgage about a quarter-percentage point higher than three weeks ago,” says Frank Nothaft, Freddie Mac’s chief economist. “While this may slow some of the refinance momentum, rates are nonetheless low and home-buyer affordability high, which should further aid home sales and construction in coming weeks.”
The rates are also lower today than they were a year ago at this time. Freddie Mac reports the following national averages with mortgages rates for the week ending May 23:
WE OFFER MORE TO OUR HOME SELLERS... THAN JUST A *1% LISTING COMMISSION
In short, our Seattle and San Diego home seller clients receive full service real estate listing representation for a *1% MLS listing commission. We still always recommend our homeseller's pay the standard rate for the buyer's agent, but on average you will save 2% of your home's selling price by working with us. Let us help you save thousands when selling your home, but more importantly, ensure that your are marketing your home for sale to maximize your exposure to all available buyers. We provide a full complement of internet and print marketing, which hits both home buyers and real estate agents alike, to get your home the exposure it needs in this competitive real estate
As a homebuyer in today’s market, you’re no doubt at your wit’s end trying to find your dream home.
And when you find a home you love, you’re competing with all cash offers and bidding wars driving the sales price above what it’s listed for, and many times, even above what the home is actually worth!
While there is nothing you can do to create more homes for sale, you can certainly arm yourself by understanding the trends and patterns in the areas you’re trying to buy in.
While it’s not quite rocket science, there is definitely a significant competitive advantage to those that understand the trends of a real estate market.
Sometimes, being competitive means not looking in the most competitive price ranges in the most competitive markets.
Multiple offers are "the new normal" for housing market around Puget Sound
April 2013 Sees the Highest Volume of Pending Sales Since May 2007
10,351 New Listings Added Consumed by even Greater Number of Closed Sales and Pending Sales
Prices up Area Wide 12.5%
Sales up 20% Year over Year
Multiple Offers Become the “New Norm”
KIRKLAND, Wash. (May 6, 2013) – Northwest Multiple Listing Service members notched their highest volume of new listings since June 2011, but the additions did little to ease inventory shortages. Brokers also reported the highest volume of pending sales since May 2007, along with anecdotes of bidding wars.
"Multiple offers have become the new normal," remarked MLS director Diedre Haines, the Snohomish
Let’s check in again on the cheapest homes around Seattle proper. Here’s our methodology: I search the listings for the cheapest homes currently on the market, excluding short sales, in the city of Seattle proper. Any properties that are in obvious states of extreme disrepair based on listing photos and descriptions will be excluded. This includes any listing that uses the phrases “fixer,” “rehab loan,” or “value in land.” I post the top (bottom) three, along with some overall stats on the low end of the market.
Please note: These posts should not be construed to be an advertisement or endorsement of any specific home for sale. We are merely taking a brief snapshot of the market at a given time. Also, just because a home makes it onto the “cheapest”
With April 2013 in the history books, let’s have a look at our stats preview. Most of the charts below are based on broad county-wide data that is available through a simple search of King County and Snohomish County public records. If you have additional stats you’d like to see in the preview, drop a line in the comments and I’ll see what I can do.
First up, here’s the summary snapshot of all the data as far back as my historical information goes, with the latest, high, and low values highlighted for each series:
Summary: Foreclosures fell again, sales rose some more, and inventory looks like it actually made a decent month-to-month gain. Hit the jump for the full suite of our usual monthly charts.