Should I Wait to Move Up?

While only you can decide when it’s the right time to purchase a new home for your family, there are some compelling reasons to consider a move now rather than later… 

Did you know that sellers moving up to a more expensive home actually fare better when prices are low?  As you can see in the chart below, even move-up sellers who bought in the peak of the market will come out ahead.  This is because the money you save on your more expensive home will outweigh the loss of value on your current home.  

While waiting may increase the value of your current home, it will also increase the purchase price of your new home.  According to the latest S&P/Case-Shiller Home Prices Indices–the leading measure of US home prices–prices are already up 7.4% year-over-year in the Seattle Metropolitan area.  If you’re moving up to a more expensive home, this means you’ll actually have less net gain by waiting to sell and purchase your new home.

Rising interest rates will also have a direct impact on your bottom line. Our current 3.4% interest rate represents a phenomenal low. How low? Buyers now actually pay less monthly interest on a median-priced $399,950 house in Seattle today than they did on a median-priced $265,000 house back in 2000. Considering wage inreases since then, that's pretty incredible!  However, rates have started slowly creeping up since December and are expected to rise to 4.4% by the end of the year. Even this small change can mean a huge difference in both your monthly mortgage payment and the loan amount you can can qualify for…

A shortage of homes for sale in the current market means less competition for sellers. Right now, there are less homes for sale in the Seattle-Eastside area than we've seen in the past 15 years (as long as we've been keeping record!). While that might make it harder to find the right home to purchase, it will also reduce the time it takes to sell your current home. Buyers are quickly snapping up homes as they become available, and we're even seeing multiple offers on homes that are strategically priced and well-prepared for market. Selling your house faster will minimize the typical household disruptions–such as showings and open houses–that you would typically have to contend with during a slower market.

Have questions? Contact me any time…I am never too busy to help!

 

*1: Projected increase based on current 7.4% year-over-price gains for the Seattle area as shown in the S&P/Case-Shiller Home Price Indices.
*2: Projected average 30-year fixed mortgage interest rate in Q4 2013 based on the Mortgage Bankers Association predictions.

Sources:
S&P Dow Jones Indices Press Release, January 29th, 2013
keepingcurrentmatters.com
 

© Copyright 2013, Windermere Real Estate/Mercer Island.

Posted on February 13, 2013 at 2:38 pm
Marianne Parks | Category: Hot Trends, Infographics, Real Estate Trends

May Reports Show Home Prices Up

New listings in the month of May lowered absorption rates slightly in Seattle, the Eastside and King County while pending sales remained strong. Mercer Island saw a decent decline in pending sales…likely due, in part, to the lack of inventory for sale in key price ranges. Median sales prices are up in most areas and average sales prices are varied. By far, the strongest spring market we have seen in years.

2012-05 Seattle Metro

2012-05 Mercer Island

2012-05 Eastside

2012-05 King County

2012-05 Summary

 

Data prepared and analyzed by Julie Nugent for Windermere Real Estate/Mercer Island. For questions or comments, email Julie at julie@windermere.com.

Posted on June 13, 2012 at 8:19 am
Marianne Parks | Category: Hot Trends, Infographics | Tagged , , , ,

Pending Sales Soar in Greater Seattle

The absorption rate based on pending home sales continues to be off the charts with listing inventory very low and sales activity brisk. Overall, prices have continued to slip slightly in all areas except Seattle Metro–which actually saw prices rise. Of note however, is the fact that distressed properties have sold for significantly less than non-distressed homes for sale.

2012-02 Seattle Metro

2012-02 Mercer Island

2012-02 Eastside

2012-02 King County

2012-02 Summary


Data prepared and analyzed by Julie Nugent for Windermere Real Estate/Mercer Island. For questions or comments, email Julie at julie@windermere.com.

Posted on April 13, 2012 at 5:25 pm
Marianne Parks | Category: Hot Trends, Infographics | Tagged , , , , , , , , , , , ,

How to Be More Interesting

(In 10 Simple Steps)

1.Go exploring.
Explore ideas, places, and opinions. The inside of the echo chamber is where are all the boring people hang out.
Go Exploring

2. Share what you discover.
And be generous when you do. Not everybody went exploring with you. Let them live vicariously through your adventures.

3. Do something. Anything.
Dance. Talk. Build. Network. Play. Help. Create. It doesn’t matter what you do, as long as you’re doing it. Sitting around and complaining is not an acceptable form of ‘something,’ in case you were wondering.
Do something

4. Embrace your innate weirdness.
No one is normal. Everyone has quirks and insights unique to themselves. Don’t hide these things—they are what make you interesting.
Embrace your innate weirdness

5. Have a cause.
If you don’t give a damn about anything, no one will give a damn about you.
Have a cause

6. Minimize the swagger.
Egos get in the way of ideas. If your arrogance is more obvious than your expertise, you are someone other people avoid.
Minimize the swagger

7. Give it a shot.
Try it out. Play around with a new idea. Do something strange. If you never leave your comfort zone, you won’t grow.
Give it a shot

8. Hop off the bandwagon.
If everyone else is doing it, you’re already late to the party. Do your own thing, and others will hop onto the spiffy wagon you built yourself. Besides, it’s more fun to drive than it is to get pulled around.
Hop off the bandwagon

9. Grow a pair.
Bravery is needed to have contrary opinions and to take unexpected paths. If you’re not courageous, you’re going to be hanging around the water cooler, talking about the guy who actually is.
Grow a pair

10. Ignore the scolds.
Boring is safe, and you will be told to behave yourself. The scolds could have, would have, should have. But they didn’t. And they resent you for your adventures
Ignore the scolds

Source: Jessica Hagy, Forbes.com: http://www.forbes.com/sites/jessicahagy/2011/11/30/how-to-be-interesting/

Posted on February 8, 2012 at 4:57 pm
Marianne Parks | Category: Infographics, Living Life | Tagged , , ,