Uncategorized August 21, 2013

Seattle home values up 15 percent. What is your home worth now?

Home values across the country are up. In the Seattle metro area, property prices have increased by more than 15 percent from one year ago, based on figures from Zillow, an online real estate company, reports the Puget Sound Business Journal. The region’s median home value in July was $302,600, up 2.3 percent from June and up 15.3 percent from July 2012.
Based on figures from the Northwest Multiple Listing Service, The Seattle Times reports the following housing data:
The median price of single-family homes sold in King County in July climbed to $434,000, up 15 percent from a year ago and up 1.5 percent from June. The number of pending homes sales hovered above 3,000, the most since 2005. 
In Snohomish County, the median home price was $304,000, almost 12 percent higher than a year ago. 

Home values in Burien & Normandy Park, WA

Pierce County posted a 16 percent increase at a median home price of $195,000.
For King County, bank-owned homes made up just 9 percent of sales in 2013, compared to 14 percent last year, according to Richard Eastern of Bellevue-based Washington Property Solutions. Short sales comprised 13 percent of this year’s sales. Southwest King County had the lowest median price at $248,500, while the Eastside boasted the highest at $566,258.
Cash buyers continue to account for a fair portion of the market. Nearly 23 percent of June home sales in Greater Seattle were non-mortgaged purchases, according to San Diego-based DataQuick. Seattle’s real estate market continues to outpace the nation’s home appreciation rate of 6 percent with a median property value of $161,600.

Your source for Real Estate News for Seattle, Burien, Normandy Park and Des Moines.
 

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Blog August 9, 2013

Which US Cities have the lowest Closing Costs?

Washington’s closing costs among lowest in U.S.

As mortgage rates slowly increase, so do loan origination fees. USA Today reports that loan-origination and other fees went up 6 percent in the last year to a national average of $2,402 on a $200,000 single-family mortgage loan to a customer with stellar credit and 20 percent down, based on data from Bankrate.com. The reason for the bankloanparallel rise in rates and fees is two-fold. First, higher rates mean less profit on the money loaned. To compensate for the loss in profit, lenders attempt to make up the difference in fees. Second, the work required in underwriting loans is greater today than it has been in the past, thereby increasing costs. Bankrate’s 2013 survey indicates that Hawaii averages the highest closing costs at $2,912 for a mortgage of $200,000 (excluding taxes, title fees, property insurance, association fees, interest, and other prepaid items). In contrast, Washington has one of the lowest in the nation at $2,208. – See more at: http://dustinkeeth.info/#sthash.LtCW2P5e.dpuf

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Blog August 24, 2012

Market highlights for Seattle metro area

Sales of existing homes throughout the U.S. rose 2.3 percent in July from the previous month to a seasonally adjusted rate of 4.47 million, reports the Seattle Times . In the Puget Sound area, sales rose 11 percent in July.

Blog August 20, 2012

Single-family rentals are in high demand

Single-family rentals are hot.