One of the biggest myths in Real Estate is a homes assessed value having a correlation to its present market value.
Unfortunately it is easy to see why the general public is often times confused about this because a number of Real Estate agents fail to educate their clients that there is a big difference. Trust me looking at assessed values is no better than using Zillow.com to figure out what a home is worth!
When the assessed value from the town is higher than what a property is on the market for you will often see Agents writing advertising that says something like the following “Come see this bargain home that is priced $75,000 less than the assessed value”. What this immediately tells me is the Agent either does not know anything about property
Selling your home these days isn’t as simple as it used to be. With the explosion of real estate marketing on the Internet, prospective buyers can do their initial home shopping online. While this means that your listed property will be viewed by more prospective customers, it also means that many other properties will also be showcased, making for a much more competitive market. While sales in the existing home market went up nine percent in January 2013, the market has not fully recovered from the 2008 housing crash. This means that mortgage credit is still tight, which may prevent some prospective buyers from qualifying for a home loan. In such a competitive market, establishing a realistic selling price for your home is a critical component of a
Let’s take a brief follow-up look at new listings. When we checked in two weeks into the new year, new listings in the Seattle area were down 25% from 2012. The data from this post is largely pulled out of a larger-scale analysis I did at work last week.
After six weeks, the picture looks better, with new listings down just 1.7% from last year, but the full story is a bit complicated:
So what’s the deal with that huge drop-off in week 3 last year? If you recall, that was when the region was slammed with a massive ice storm that basically shut everything down for a week.
But what’s really interesting is what you see when you split out new listings by their distressed status:
Non-distressed listings are up 14%, while short sale and bank-owned
Now that we’ve got a full month of 2013 under our belt, 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 are still up, sales dropped from December but are up from a year ago, and inventory appears to have inched up just slightly, which is a definite
The low supply of housing stock recently reported is giving Capital Economics reason to believe home price forecasts under 5 percent are actually conservative estimates.
Realtors in December expected prices to rise by about 3.5 percent over the next year, while consumer estimates were more modest at 2.5 percent for the same time period, the analytics firm noted in its monthly housing report. The estimates show a growing optimism among those groups.
For example, in March 2012, Realtors expected prices to rise by about 2.5 percent and consumers projected a 1 percent increase, according to a chart in the report.
But, with the low supply of inventory, Capital Economics anticipates much bigger gains. Recently, the National Association of
Here's an interesting article by The Tim on Seattlebubble.com. These chart the market recovery. And instead of the winter/holiday seasonal dropoff that normally happens, we actually had a lift in the Seattle area. Low inventory levels definitely contributed to that, but it still is a very positive indicator of a market recovery.
By The Tim on January 30, 2013 | Leave a response
Let’s check out the three price tiers for the Seattle area, as measured by Case-Shiller. Remember, Case-Shiller’s “Seattle” data is based on single-family home repeat sales in King, Pierce, and Snohomish counties.
Note that the tiers are determined by sale volume. In other words, 1/3 of all sales fall into each tier. For more details on the tier methodologies, hit the full
Daily Real Estate News | Wednesday, January 23, 2013
Forget the myth that winter is a bad time to sell real estate. While sales usually inch lower in the cooler months, some real estate pros are saying this winter in particular may be a great time to sell a home.
1. Mortgage rates are near record-breaking lows.
2. Home prices are starting to rebound in the greater . The NWMLS reported that home prices in December were 8.5 percent higher than a year earlier.
3. Homes still remain a good deal: Prices are rising but remain mostly below 2007 highs, and in many areas, the cost of buying is cheaper than renting.
4. Distressed homes that typically sell at big discounts -- up to 20 percent off -- are beginning to decline.
U.S. home values in 2012 rose 5.9 percent over 2011, according to data in Zillow’s latest Home Value Index (HVI).
The 5.9 percent appreciation rate is the largest annual gain since August 2006, near the peak of the housing bubble.
While the market still has some ground to cover before it’s completely healthy again, Zillow said in a release that 2012’s appreciation rate “far exceeded yearly rates of appreciation typically associated with healthy markets,” which “can expect annual home value appreciation of roughly 3 percent on average.”
Looking ahead, the Zillow Home Value Forecast projects an appreciation rate of 3.3 percent in 2013, more in line with historic norms.
In addition, the fourth quarter of 2012 saw home values rise to an average
The Consumer Financial Protection Bureau released new guidelines for mortgage servicers on Thursday that set out to help protect home owners who may be facing foreclosure.
CFPB Director Richard Cordraysays the new rules are aimed at trying to prevent “unnecessary foreclosures” as well as “ensure fair treatment for all borrowers and establish strong protections for those struggling to save their homes.”
Among the CFPB’s new guidelines:
Mortgage servicers are prohibited from foreclosing on a home owner who is seeking loan modifications. Servicers will be unable to file a foreclosure notice until a home owner is at least 120 days behind on a mortgage payment.
PENDING HOME SALES OUTPACE NEW LISTINGS FOR 4 CONSECUTIVE MONTHS.
CLOSED SALES UP 11.1%.
Northwest MLS Tallies Busy December as First-time Buyers, Investors Return
KIRKLAND, Wash. (Jan. 7, 2013) – Home buyers around western Washington made offers on 5,314 residences during December, outnumbering the 3,857 owners who listed their homes for sale. The imbalance helped push up prices and further thin already depleted inventory.
While the expected seasonal slowdown occurred last month, determined buyers were undaunted by sparse inventory and record-breaking rainy days, according to December statistics from Northwest Multiple Listing Service.