On November 7th, I will literally fly around the world but spending almost the entirety of our trip in Vietnam, Bali and Thailand. I randomly scored a 30 hour layover in Dubai so I’ll be spending one romantic Arabian Night in the Atlantis Hotel on the Palm! Stay tuned for an extensive post here detailing the entire trip here with pictures and a likely a poorly taken Go Pro video! It’s sure to be one of my best yet!
jonna, Author at Jonna Hood
Finally! We (including the media) can all officially agree that the recession is over. As I’m sure you’ve seen on the news, housing prices are up nationally and growth is particularly strong in the Northwest thanks to our burgeoning Tech Industry and growing economy. With the close of the year I am ready to release the shackles of hibernation that was the last 5 years. By hibernation I refer to the state that most agents were forced to retreat to in order to survive and withstand our recent Great Recession. But those days are behind us and here are a few stats to back it up:
Inventory levels have finally returned to 2012 levels but are still below historical averages. Below are figures for our 4 county area showing the current median prices and appreciation from Aug 2012 to Aug 2013:
|County||Median Price||12 mo. appreciation|
(figures courtesy of NWMLS)
So you’re still probably asking yourself, “so yeah that’s good I guess but what does it mean for me?”
1. If you have not purchased a home you have just barely missed the bottom but it’s not too late. Interest rates are still at record lows (for now) and prices are only going to continue to rise (albeit at a more normalized pace soon). This IS the most affordable market we will see in the Seattle market for some time.
2. Did you buy a home and lose a ton of equity and are afraid to peek at your value on Zillow? Have no fear, it make still take a little time to fully recover but it doesn’t hurt to find out. Since your house is likely your biggest investment, it’s important to keep your finger on the pulse of your local market. And hey, you might be pleasantly surprised by what my market analysis has to say. If you do have equity and you think you might want to upgrade into “more house” in the near future – NOW is likely the best time given the steady increase in prices.
3. Did you find yourself in a Shortsale situation and vowed to avoid home-ownership forever after the experience? Now might be the time for a change of heart. Do you think you have to wait several years before you can purchase again? This is wrong. Ask me about the changes in lending guidelines nationally that now encourage buyers to get back in the market once their credit has recovered (which can be in as little as 1 year).
So my point is this: for once in a long time I can honestly say that in today’s market it is generally fun to be a buyer or a seller! Don’t hesitate to contact me with any questions you have. It’s my job!
Stay tuned for a brief but enthusiastic review!