THURSTON COUNTY POST
Real Estate News and Commentary For Thurston County Washington
Brought to you by Phil Sharp Online.com December 07, 2007
MLS Statistics * Housing Market Opinion * Real Estate News
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As homebuyers and sellers move to the online market place, more and more become frustrated at filling out contact forms, and receiving incessant phone calls as a result.
Our latest creation at Phil Sharp Homes is a new website Phil Sharp Online.com. This site is designed to be more user friendly than traditional real estate sites, and is set up for membership and free unlimited access to the information that you want…listings and market information.
I invite you to visit Phil Sharp Online, and register for a login and password. You will recieve unlimited free access to market reports, the multiple listing service, and area information; you will not recieve sales calls, or have to give out your contact infomation again.
Many buyers like to do their own research, find homes for sale, and have a source of professional advice prior to hiring a realtor. On our new website you can save listings to your “favorites”, email us to do additional research, and only engage the services of a realtor when you are ready to buy and need professional representation.
If this sounds good to you, give it a try. I promise you this will be the last real estate website you will need to visit.
If you would like to talk real estate with an expert, I can be reached at 360-970-9977, no pressure, no obligation.
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Phil’s Opinion~Thurston County Real Estate News
Following a meeting with a realtor working in the southeast several weeks ago, I realized that home buyers in our area were facing a couple of really compelling reasons to feel good. This agent, after telling me that his market was off by 60% in volume and 30% of value, told me that his market wasn’t as bad as some. He is right; and if he has reason to feel better, we should feel great.
Home Sales Nov ‘07: 243 Nov ‘06: 313 (-22%)
Active Listings Nov ‘07: 2003 Nov ‘06: 1798 (+11%)
Median Price Nov ‘07: $265,000 Nov ‘06 $258, 950 (+2.5%)
Need I say more? Plenty to choose from, motivated sellers, and still a strong market!! They say that the number one wealth builder in this country is real estate, I see opportunities galore weather you are simply looking for a place to live…or hoping to grow your retirement plan, its a buyers market.
Published Sept 2007: As the numbers above and below show, the market has slowed considerably in the past year; but for homes sold, prices have actually gone up. I believe this means that we are being affected by larger (national) market conditions and sentiment (reduction in total sold); that we have too much inventory and therefore buyers who can be choosy as well as demanding (increase in listings); and we have an increase in sold prices…..can this be right? Yes! increasing prices are the strength in our market. Time will solve the inventory problem, and when buyers on the fence get over the jitters created by the media the pent up demand is what will continue to make the south sound region one of the few strong real estate markets in the country.(PS)
To Read More Commentary by Phil and Others, Please Visit the Thurston County Post; A Local Real Estate and Home Ownership Blog
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Investors
Foreclosures….It’s just a word
As I discussed in the last news letter, foreclosures are all the rage. I have noticed that using the term “Foreclosure” or “Short Sale” in a listing generates phone calls…even if the property is not the best deal on the market. Having invested in foreclosures for years, I am not suggesting that you igore them. Foreclosures can present fantastic opportunities, but they are only one source of good deals. Let the herd go nuts for awhile before getting too excited…
Lenders holding foreclosed properties price them the same way everyone else does; in accordance with market conditions and in hopes of not loosing money. The average mortgage lender in New York or elsewhere is probably behind the times in a rapidly changing market, this is reflected in foreclosure listings and the fact that many are over priced for the condition of the home and for the neighborhood.
Although foreclosures do present great opportunities for investors and owner occupant home buyers; don’t overlook the large number of distressed properties/distressed sellers out there. There are many great deals that represent nothing more than a seller who must sell and is wise enough to do so prior to default.
As a Realty Trac Affiliate, I am currently tracking over one hundred foreclosure properties in Thurston County; If you would like a copy of my database please call me at 360-970-9977.
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Industry News
The Mortgage Mess….
Isn’t a mess for most of us: The fed has lowered rates, money is cheap, and qualified buyers are obtaining mortgages daily. The mortgage mess is being fueled primarily by the news media, and emotions among buyers. Most people don’t like rejection and therefore are not applying for new mortgages.
If your financial situation has not changed, you are probably just as qualified for a mortgage today as you were six months ago. Although some investors are finding difficulty obtaining non-owner occupied financing, owner occupant loan programs have changed little…..in fact they have actually gotten better.
Published Sept, 2007: Although the current turmoil in the mortgage industry will put some buyers out of the market (or force them to look at less expensive homes), there are still plenty of well qualified folks out there. Mortgage rates are great by historical standards, money is available to qualified buyers, and the Fed is making noises that it is prepared to take significant action in an effort to head off problems with the economy. They cannot positively impact the economy without having a positive impact on housing. The recently announced rate freeze for qualified homeowners is a huge step, and will probably set a precedent that will be extented to investors, builders and developers. 12/07
What Would Constitute Bad News:
Increase in interest rates would reduce buying power (a decrease will have the opposite effect, watch what the fed does on the18th) If the Fed cuts again in December, we should finally see some result in mortgage rates. 12/07
Major emotional (Catastrophic) event such as a terrorist attack or large earthquake
Continued increase in inventory; inventory is expected to level off, and permit applications for new construction are down…we hope it stays that way until inventory gets back into balance with the number of buyers. (Multi-family permit apps are up, and with vacancy rates still below 5%, MF housing is currently more attractive than single family) It’s going to take most of next year to sell inventory levels down to a reasonable level. I expect to see an increase after the holidays as homes that have been un-listed come back on the market…This will continue to be a buyers market thru 2008, but we do have a market. 12/07
