tag:blogger.com,1999:blog-54162514767002864132024-03-13T22:58:49.124-07:00Today's Real Estate Market for the Greater Seattle AreaArtist, Entrepreneur and Adventurerhttp://www.blogger.com/profile/05835743253778155141noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5416251476700286413.post-13290991389228013982015-03-14T13:35:00.002-07:002015-03-14T13:36:49.591-07:00Should You Buy New or Existing?<h1>
<span style="font-family: "Segoe UI Light",sans-serif; font-size: 28.0pt; mso-bidi-font-size: 24.0pt;"><a href="http://www.realtytrac.com/news/home-prices-and-sales/have-big-homes-topped-out/"><span style="color: windowtext; text-decoration: none; text-underline: none;">Have Big
Homes Topped Out?</span></a><o:p></o:p></span></h1>
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</span></span><!--[endif]--><span style="color: #a1a8b1; font-family: "Arial",sans-serif; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";">Mar 13, 2015<o:p></o:p></span></div>
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</span></span><!--[endif]--><span style="color: #a1a8b1; font-family: "Arial",sans-serif; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";"><a href="http://www.realtytrac.com/news/author/petermiller/" title="Posts by Peter Miller"><span style="color: #a1a8b1; text-decoration: none; text-underline: none;">Peter Miller</span></a><o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The real estate market has slowed during
the past year, a remarkable achievement given interest rates below 4 percent,
prices nationwide which have yet to return the 2007 peak, and as much pent-up
demand as anyone can imagine.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Not only does the real estate market
remain fragile, the new-home market in particular has not come close to
regaining its past allure. The advantages of new homes — modern technologies,
new warranties, new appliances, and the ability to select models, colors and
features — have simply been overwhelmed by costs.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">In 2005 there were 1.283 million
single-family new home sold but only <a href="https://www.census.gov/construction/nrs/pdf/soldann.pdf"><span style="color: #009bff; text-decoration: none; text-underline: none;">437,000 sales</span></a> in
2014 while existing home sales went from 7.040 million in 2005 to 4.940 million
in 2014.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">In the case of both new and existing
home sales there has been a huge contraction. Existing home sales are down 30
percent while new home activity dropped 63 percent.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The sale levels seen in 2005 are
unlikely to be repeated for a very long time in large measure because many
transactions back then were lubricated with toxic financing, loans which in
fairly short order lead to a massive number of foreclosures and short sales.
That said, new home sales have fallen a lot further than existing home
transactions. Why? In large measure because of problems relating to price and
size.<o:p></o:p></span></div>
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<b><span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">New Home Pricing</span></b><span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Back in 2005 the typical new home on
average <a href="https://www.census.gov/construction/nrs/pdf/uspriceann.pdf"><span style="color: #009bff; text-decoration: none; text-underline: none;">sold for
$297,000</span></a>, a figure that rose to $343,800 in 2014, an increase of
$46,000.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The average price for an existing home
amounted to <a href="http://research.stlouisfed.org/fred2/data/HOSMEDUSA052N.txt"><span style="color: #009bff; text-decoration: none; text-underline: none;">$219,600 in 2005</span></a> versus
$208,300 in 2014, a decline of $11,300.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Seen from the perspective of today’s
buyer, the typical new home costs $135,500 more than an existing one. That’s a
HUGE sales barrier and here’s why:<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Buy a home for $343,800 with a 3.5
percent FHA loan and the down payment is $13,433. Buy an existing home for
$208,300 with 3.5 percent down and the down payment is just $7,290 — a
difference of better than $6,000 and a big deal in a nation which saves just
4.7 percent.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Now imagine that both properties can be
financed at 3.8 percent fixed over 30 years. The new home buyer has a $370,367
mortgage and a required monthly payment for principal and interest of
$1,725.75.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The existing home buyer has a $201,010
mortgage. With the same terms the monthly payment is $936.62.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The difference between the two loans is
not only $789 per month, it also can be seen in the need for vastly more income
to qualify for the larger loan required to purchase the new home, income a lot
of people just don’t have.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">To paraphrase the mantra of the day,
“new homes just cost too damn much.”<o:p></o:p></span></div>
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<b><span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Square Feet</span></b><span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">But why are new homes so expensive?<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">No doubt some of the answer lies in
rising costs for materials, labor and land. But another reason concerns size:
When it comes to new homes size really does matter: The typical new home in
2005 <a href="http://www.census.gov/construction/nrc/pdf/compsusintenta.pdf"><span style="color: #009bff; text-decoration: none; text-underline: none;">averaged 2,434
sq. ft</span></a>. By 2014 the same average house had grown to 2,607 sq. ft. In
comparison the typical new home in 1975 had just 1,645 sq. ft.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">You have to wonder: Are bigger houses
the right way to increase new home sales? If the cost of a home is measured in
part by square footage then it follows that more square feet equal more cost.
Given the gap between new and existing home prices how is this a winning
formula? Did people in 1975 with those modest 1,645 sq. ft. homes live in some
sort of residential poverty or were those homes perfectly adequate for most
owners?<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The high prices for new homes has begun
to spawn a small but visible interest in tiny houses, homes and apartments with
just a few hundred square feet. Such properties are not a viable replacement
for most residences, but every time one of them sells it’s one less opportunity
to market a new or existing property.<o:p></o:p></span></div>
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<span style="font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><a href="http://www.countryliving.com/home-design/g1887/tiny-house/"><span style="color: #009bff; text-decoration: none; text-underline: none;">Tiny houses</span></a> are
getting a lot of attention, properties which raise the question of whether
today’s elephantine homes are either affordable or practical. Judging from the
substantial decline in new home sales a lot of people plainly think that
smaller and cheaper are better, and they’re saying so with the housing choices
they make.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">——–<o:p></o:p></span></div>
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Artist, Entrepreneur and Adventurerhttp://www.blogger.com/profile/05835743253778155141noreply@blogger.com0tag:blogger.com,1999:blog-5416251476700286413.post-35249806291259922112015-03-14T12:51:00.002-07:002015-03-14T13:04:33.473-07:00Foreclosures in the greater Seattle vicinity.<br />
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</span></span><!--[endif]--><span style="border: none windowtext 1.0pt; color: #2e75b6; font-family: "Arial",sans-serif; letter-spacing: .35pt; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #2E75B6; mso-style-textfill-fill-colortransforms: lumm=75000; mso-style-textfill-fill-themecolor: accent1; mso-themecolor: accent1; mso-themeshade: 191; padding: 0in; text-transform: uppercase;">MEDIAN LIST PRICE</span><span style="color: #595349; font-family: "inherit",serif; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><br />
<a href="https://www.blogger.com/null"><span style="border: 1pt none windowtext; color: #4b98c8; font-size: 10pt; padding: 0in;">$329,900</span></a><o:p></o:p></span></div>
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<span style="border: none windowtext 1.0pt; color: #595349; font-family: "inherit",serif; font-size: 8.0pt; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">3</span><span style="border: none windowtext 1.0pt; color: #595349; font-family: "inherit",serif; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">% </span><span style="color: #595349; font-family: "Arial",sans-serif; letter-spacing: -.1pt; mso-fareast-font-family: "Times New Roman";">( </span><span style="border: none windowtext 1.0pt; color: #595349; font-family: "inherit",serif; font-size: 8.0pt; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">$10,050</span><span style="color: #595349; font-family: "Arial",sans-serif; letter-spacing: -.1pt; mso-fareast-font-family: "Times New Roman";"> ) </span><span style="border: none windowtext 1.0pt; color: #595349; font-family: "inherit",serif; font-size: 8.0pt; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">vs</span><span style="color: #595349; font-family: "Arial",sans-serif; letter-spacing: -.1pt; mso-fareast-font-family: "Times New Roman";"> Dec 2013</span><span style="border: none windowtext 1.0pt; color: #2e75b6; font-family: "Arial",sans-serif; letter-spacing: .35pt; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #2E75B6; mso-style-textfill-fill-colortransforms: lumm=75000; mso-style-textfill-fill-themecolor: accent1; mso-themecolor: accent1; mso-themeshade: 191; padding: 0in; text-transform: uppercase;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/null"><span style="border: 1pt none windowtext; color: #4b98c8; font-size: 10pt; padding: 0in;">$299,000</span></a><o:p></o:p></span></div>
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<div class="MsoNormal" style="line-height: 13.2pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="border: none windowtext 1.0pt; color: #595349; font-family: "inherit",serif; font-size: 8.0pt; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">0</span><span style="border: none windowtext 1.0pt; color: #595349; font-family: "inherit",serif; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">% </span><span style="color: #595349; font-family: "Arial",sans-serif; letter-spacing: -.1pt; mso-fareast-font-family: "Times New Roman";">( </span><span style="border: none windowtext 1.0pt; color: #595349; font-family: "inherit",serif; font-size: 8.0pt; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">$950</span><span style="color: #595349; font-family: "Arial",sans-serif; letter-spacing: -.1pt; mso-fareast-font-family: "Times New Roman";"> ) </span><span style="border: none windowtext 1.0pt; color: #595349; font-family: "inherit",serif; font-size: 8.0pt; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">vs</span><span style="color: #595349; font-family: "Arial",sans-serif; letter-spacing: -.1pt; mso-fareast-font-family: "Times New Roman";"> Dec 2013</span><span style="border: none windowtext 1.0pt; color: #2e75b6; font-family: "Arial",sans-serif; letter-spacing: .35pt; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #2E75B6; mso-style-textfill-fill-colortransforms: lumm=75000; mso-style-textfill-fill-themecolor: accent1; mso-themecolor: accent1; mso-themeshade: 191; padding: 0in; text-transform: uppercase;"><o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 155.85pt;" valign="top" width="260">
<div style="background: white; border-right: solid #DFDFDF 1.0pt; border: none; margin-left: -.25in; margin-right: 0in; mso-border-right-alt: solid #DFDFDF .75pt; mso-element: para-border-div; padding: 0in 2.0pt 0in 0in;">
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; line-height: 13.2pt; margin: 0in 0in 6pt 0.25in; padding: 0in; text-indent: -0.25in; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #595349; font-family: Symbol; font-size: 10.0pt; letter-spacing: -.1pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="border: none windowtext 1.0pt; color: #2e75b6; font-family: "Arial",sans-serif; letter-spacing: .35pt; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #2E75B6; mso-style-textfill-fill-colortransforms: lumm=75000; mso-style-textfill-fill-themecolor: accent1; mso-themecolor: accent1; mso-themeshade: 191; padding: 0in; text-transform: uppercase;">MEDIAN FORECLOSURE SALES
PRICE</span><span style="color: #595349; font-family: "inherit",serif; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><br />
<a href="https://www.blogger.com/null"><span style="border: 1pt none windowtext; color: #4b98c8; font-size: 10pt; padding: 0in;">$236,000</span></a><o:p></o:p></span></div>
</div>
<div style="background: white; border-right: solid #DFDFDF 1.0pt; border: none; mso-border-right-alt: solid #DFDFDF .75pt; mso-element: para-border-div; padding: 0in 2.0pt 0in 0in;">
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; line-height: 13.2pt; margin-bottom: 6pt; padding: 0in; vertical-align: baseline;">
<span style="border: none windowtext 1.0pt; color: #595349; font-family: "inherit",serif; font-size: 8.0pt; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">4</span><span style="border: none windowtext 1.0pt; color: #595349; font-family: "inherit",serif; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">% </span><span style="color: #595349; font-family: "Arial",sans-serif; letter-spacing: -.1pt; mso-fareast-font-family: "Times New Roman";">( </span><span style="border: none windowtext 1.0pt; color: #595349; font-family: "inherit",serif; font-size: 8.0pt; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">$8,902</span><span style="color: #595349; font-family: "Arial",sans-serif; letter-spacing: -.1pt; mso-fareast-font-family: "Times New Roman";"> ) </span><span style="border: none windowtext 1.0pt; color: #595349; font-family: "inherit",serif; font-size: 8.0pt; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">vs</span><span style="color: #595349; font-family: "Arial",sans-serif; letter-spacing: -.1pt; mso-fareast-font-family: "Times New Roman";"> Dec 2013<o:p></o:p></span></div>
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<div style="background: white; border-right: solid #F2F2F2 1.0pt; border: none; mso-border-right-alt: solid #F2F2F2 .25pt; mso-element: para-border-div; padding: 0in 2.0pt 0in 0in;">
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; line-height: 13.2pt; margin-bottom: 7.5pt; padding: 0in; vertical-align: baseline;">
<br /></div>
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<table border="0" cellpadding="0" cellspacing="5" class="MsoNormalTable">
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<td style="padding: 0in 0in 0in 0in;" valign="bottom">
<div class="MsoNormal" style="line-height: 18.0pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: #a6a6a6; font-size: 14.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 8.5pt; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #A6A6A6; mso-style-textfill-fill-colortransforms: lumm=65000; mso-style-textfill-fill-themecolor: background1; mso-themecolor: background1; mso-themeshade: 166;">Homes for Sale<o:p></o:p></span></div>
</td>
<td style="padding: 0in 0in 0in 7.5pt;" valign="bottom">
<div align="right" class="MsoNormal" style="line-height: 18.0pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="border: none windowtext 1.0pt; color: #a6a6a6; font-size: 14.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 8.5pt; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #A6A6A6; mso-style-textfill-fill-colortransforms: lumm=65000; mso-style-textfill-fill-themecolor: background1; mso-themecolor: background1; mso-themeshade: 166; padding: 0in;">319</span><span style="color: #a6a6a6; font-size: 14.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 8.5pt; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #A6A6A6; mso-style-textfill-fill-colortransforms: lumm=65000; mso-style-textfill-fill-themecolor: background1; mso-themecolor: background1; mso-themeshade: 166;"><o:p></o:p></span></div>
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<div class="MsoNormal" style="line-height: 18.0pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: #a6a6a6; font-size: 14.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 8.5pt; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #A6A6A6; mso-style-textfill-fill-colortransforms: lumm=65000; mso-style-textfill-fill-themecolor: background1; mso-themecolor: background1; mso-themeshade: 166;">Recently Sold<o:p></o:p></span></div>
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<td style="padding: 0in 0in 0in 7.5pt;" valign="bottom">
<div align="right" class="MsoNormal" style="line-height: 18.0pt; margin-bottom: .0001pt; margin-bottom: 0in; text-align: right;">
<span style="border: none windowtext 1.0pt; color: #a6a6a6; font-size: 14.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 8.5pt; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #A6A6A6; mso-style-textfill-fill-colortransforms: lumm=65000; mso-style-textfill-fill-themecolor: background1; mso-themecolor: background1; mso-themeshade: 166; padding: 0in;">5,282</span><span style="color: #a6a6a6; font-size: 14.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 8.5pt; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #A6A6A6; mso-style-textfill-fill-colortransforms: lumm=65000; mso-style-textfill-fill-themecolor: background1; mso-themecolor: background1; mso-themeshade: 166;"><o:p></o:p></span></div>
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<div style="background: white; border-bottom: solid #F2F2F2 1.0pt; border: none; mso-border-bottom-alt: solid #F2F2F2 .75pt; mso-element: para-border-div; padding: 0in 0in 8.0pt 0in;">
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; margin-bottom: 7.5pt; padding: 0in; vertical-align: baseline;">
<span style="color: #595349; font-size: 18.0pt; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; text-transform: uppercase;">MARKET SUMMARY<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="background: white; line-height: 13.2pt; margin-bottom: .0001pt; margin-bottom: 0in; vertical-align: baseline;">
<span style="color: #595349; font-family: "Calibri Light",sans-serif; font-size: 13.0pt; letter-spacing: -.1pt; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-latin;">There
are currently <a href="https://www.blogger.com/null"><span style="border: none windowtext 1.0pt; color: #666666; font-size: 14.0pt; mso-bidi-font-size: 11.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">(contact us for</span><span style="border: 1pt none windowtext; color: #666666; font-size: 14pt; padding: 0in;"> </span><span style="border: 1pt none windowtext; color: #666666; letter-spacing: 0.6pt; padding: 0in;">foreclosure</span><span style="border: 1pt none windowtext; color: #666666; font-size: 14pt; padding: 0in;"> </span><span style="border: none windowtext 1.0pt; color: #666666; font-size: 14.0pt; mso-bidi-font-size: 11.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">counts)</span></a> properties
in Snohomish County, WA that are in some stage of </span><span style="border: none windowtext 1.0pt; color: #595349; font-family: "Calibri Light",sans-serif; font-size: 13.0pt; letter-spacing: .6pt; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-latin; padding: 0in;">foreclosure</span><span style="color: #595349; font-family: "Calibri Light",sans-serif; font-size: 13.0pt; letter-spacing: -.1pt; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-latin;"> (default,
auction or bank owned) while the number of homes listed for sale on RealtyTrac
is<span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;"> 319. </span><br />
<br />
In January, the number of properties that received a</span><span style="border: none windowtext 1.0pt; color: #595349; font-family: "Calibri Light",sans-serif; font-size: 13.0pt; letter-spacing: .6pt; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-latin; padding: 0in;"> foreclosure</span><span style="color: #595349; font-family: "Calibri Light",sans-serif; font-size: 13.0pt; letter-spacing: -.1pt; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-latin;"> filing in
Snohomish County, WA was <span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">38% higher</span> than the
previous month and <span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">8% higher</span> than the same time last
year.<br />
<br />
Home sales for December 2014 were <span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">up 3%</span> compared with
the previous month, and <span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">up 5%</span>compared with a
year ago. The median sales price of a non-distressed home was <span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">$299,000.</span> The median sales price of a </span><span style="border: none windowtext 1.0pt; color: #595349; font-family: "Calibri Light",sans-serif; font-size: 13.0pt; letter-spacing: .6pt; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-latin; padding: 0in;">foreclosure </span><span style="color: #595349; font-family: "Calibri Light",sans-serif; font-size: 13.0pt; letter-spacing: -.1pt; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-hansi-theme-font: major-latin;">home was <span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">$236,000,</span> or <span style="border: none windowtext 1.0pt; mso-border-alt: none windowtext 0in; padding: 0in;">21% lower</span> than
non-distressed home sales.<o:p></o:p></span></div>
<div style="background: white; border-bottom: solid #F2F2F2 1.0pt; border: none; mso-border-bottom-alt: solid #F2F2F2 .75pt; mso-element: para-border-div; padding: 0in 0in 8.0pt 0in;">
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; margin-bottom: 7.5pt; padding: 0in; vertical-align: baseline;">
<br /></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; margin-bottom: 7.5pt; padding: 0in; vertical-align: baseline;">
<span style="color: #595349; font-family: "Arial",sans-serif; font-size: 16.0pt; letter-spacing: -.1pt; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; text-transform: uppercase;">SALES PRICES - SNOHOMISH COUNTY, WA<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="background: white; line-height: 13.2pt; margin-bottom: .0001pt; margin-bottom: 0in; vertical-align: baseline;">
<br /></div>
<div style="background: white; border-right: solid #F2F2F2 1.0pt; border: none; margin-left: -.25in; margin-right: 0in; mso-border-right-alt: solid #F2F2F2 .25pt; mso-element: para-border-div; padding: 0in 2.0pt 0in 0in;">
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; line-height: 24pt; margin: 0in 0in 0.0001pt 0.25in; padding: 0in; text-indent: -0.25in; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #595349; font-family: Symbol; font-size: 10.0pt; letter-spacing: -.1pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 9.5pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="border: none windowtext 1.0pt; color: #595349; font-family: "Arial",sans-serif; letter-spacing: .35pt; mso-bidi-font-size: 9.5pt; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in; text-transform: uppercase;">FORECLOSURE DISCOUNT</span><span style="color: #595349; font-family: "inherit",serif; font-size: 11.5pt; letter-spacing: -.1pt; mso-bidi-font-family: Arial; mso-bidi-font-size: 9.5pt; mso-fareast-font-family: "Times New Roman";"><br />
<a href="https://www.blogger.com/null"><span style="border: 1pt none windowtext; color: #4b98c8; font-size: 17pt; padding: 0in;">$63,000</span><span style="border: 1pt none windowtext; color: #4b98c8; font-family: Arial, sans-serif; font-size: 12pt; padding: 0in;"> </span><span style="border: 1pt none windowtext; color: #a5a19b; font-size: 12pt; padding: 0in;">( 21.1% )</span></a><o:p></o:p></span></div>
</div>
<span style="background-color: white; border: 1pt none windowtext; color: #595349; font-family: inherit, serif; font-size: 10.5pt; letter-spacing: -0.1pt; line-height: 24pt; padding: 0in;">13.5%</span><span style="background-color: white; color: #595349; font-family: Arial, sans-serif; letter-spacing: -0.1pt; line-height: 24pt;"> ( </span><span style="background-color: white; border: 1pt none windowtext; color: #595349; font-family: inherit, serif; font-size: 10.5pt; letter-spacing: -0.1pt; line-height: 24pt; padding: 0in;">$9,852</span><span style="background-color: white; color: #595349; font-family: Arial, sans-serif; letter-spacing: -0.1pt; line-height: 24pt;"> ) </span><span style="background-color: white; border: 1pt none windowtext; color: #595349; font-family: inherit, serif; font-size: 10.5pt; letter-spacing: -0.1pt; line-height: 24pt; padding: 0in;">vs</span><span style="background-color: white; color: #595349; font-family: Arial, sans-serif; letter-spacing: -0.1pt; line-height: 24pt;"> Dec 2013</span><iframe class="embedcodeifrm" frameborder="0" height="540" id="ifrm" marginheight="0" marginwidth="0" name="ifrm" scrolling="no" src="http://www.realtytrac.com/StatsAndTrends/EmbedRTChart/SalesPrices_county:WASN" width="640"></iframe><br />
<br />
<span style="color: #990000;">Highest Availability </span><br />
<span style="color: #990000;">200-300K/412 Properties
</span><iframe class="embedcodeifrm" frameborder="0" height="540" id="ifrm" marginheight="0" marginwidth="0" name="ifrm" scrolling="no" src="http://www.realtytrac.com/StatsAndTrends/EmbedRTChart/PropertiesPerEstimatedMarket_county:WASN" width="640"></iframe>Artist, Entrepreneur and Adventurerhttp://www.blogger.com/profile/05835743253778155141noreply@blogger.com0tag:blogger.com,1999:blog-5416251476700286413.post-68385402309210454282015-02-28T09:40:00.002-08:002015-02-28T09:41:17.224-08:00Seattle Rents Increase as Demand Grows<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-XDbMBS4Rb7k/VPH6t7QvXBI/AAAAAAAAN-c/qmB95zghmPM/s1600/rental%2Brate%2Bgraph.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-XDbMBS4Rb7k/VPH6t7QvXBI/AAAAAAAAN-c/qmB95zghmPM/s1600/rental%2Brate%2Bgraph.gif" height="320" width="190" /></a></div>
<br />
<br />
<span style="font-family: Times, Times New Roman, serif;">The last few years have seen average yearly rent increase as much as 8% and projections are for 2015 to still be high but around 6%. Although over 35,000 new units will become available it is still not meeting demand. As of January, 2015, average apartment rent within 10 miles of Seattle is $1702. One bedroom apartments in Seattle rent from $1300 to $1850 and two bedroom apartments average $1926.</span><br />
<span style="font-family: Times, Times New Roman, serif;"><br /></span>
<span style="font-family: Times, Times New Roman, serif;">Over the year, the average rent has risen by $94 or 7.9 percent accelerating from a 6.8 percent annual gain in the first quarter according to Seattle-based Apartment Insights Washington. <span style="color: #231f20; line-height: 27px;">Those averages mask a wide range of rents: At $1,912 a month, West Bellevue had the highest overall rent, an annual increase of 6.4 percent. Downtown Seattle ranks the highest on a per-square-foot basis, at $2.43, up 5.7 percent from the first quarter. The lowest rents are in SeaTac ($901) and Des Moines ($923).</span></span><br />
<span style="color: #231f20; line-height: 27px;"><span style="font-family: Times, Times New Roman, serif;"><br /></span></span>
<span style="font-family: Times, Times New Roman, serif;"><span style="color: #231f20; line-height: 27px;">But </span><span style="color: #231f20; line-height: 27px;">Ballard also had a vacancy rate of 8.6 percent, the highest in Seattle. And when new apartments that just opened are included, the vacancy rate shoots up to 18 percent.Apartments in Seattle’s Ballard neighborhood saw the biggest increase in rents. The average asking rent was 12.3 percent higher over the quarter, rising to $1,628. </span><span style="color: #231f20; line-height: 27px;">Properties in King and Snohomish counties built before 1950 raised rents in the second quarter 5.2 percent, more than any of the more recent vintage properties, Apartment Insights’ data shows.</span></span><br />
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<span style="color: #231f20; line-height: 27px;"><span style="font-family: Times, Times New Roman, serif;">The apartment boom in Ballard has led to a doubling of the inventory over the past six years, said Tom Cain, head of Apartment Insights Washington. When the units now being built are complete, Ballard’s inventory will have quadrupled.</span></span><br />
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<span style="font-family: Times, Times New Roman, serif;"><span style="color: #231f20; line-height: 27px;">New units rent for a premium, and they’re part of what’s driving up market rents, Cain said. </span><span style="color: #231f20; line-height: 27px;">Across King and Snohomish counties, the average apartment rent in a property built since 2010 was $1,754, while the average rent in a property built in the 1970s was $1,019. </span><span style="color: #231f20; line-height: 27px;">As some tenants trade up for newer apartments, landlords of older properties may be able to raise rents, too.</span></span><br />
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<br />Artist, Entrepreneur and Adventurerhttp://www.blogger.com/profile/05835743253778155141noreply@blogger.com0