Seattle Condo Blog and Community Information

From the National Association of Realtors’ (NAR) Pending Home Sales Index, and based on contracts signed in April, pending house sales are up 6.7% – the highest monthly jump in seven years. Between the first-time homebuyer’s tax credit and low mortgage rates, home sales are on the rise for the third straight month, and up nearly 3.2% since a year ago.

 

Because of the date limitations of the tax credit (December 1, 2009), the NAR expects a flurry of buying activity over the next six months, both by first-time buyers and, as a result, repeat buyers. Nationally, the present median price for a single-family home sits right about at $170,000. The Northeast saw the highest jump on pending sales (33%); The West (the third highest on the list) saw a 1.8% increase.

 

The 30-year fixed mortgage rate rose yesterday; April 28 saw the lowest level since 1998 (when the first records appeared).

Seattle condo buyers don’t get too excited yet, because even though the fed cut the rates it does not mean the mortgage rates will go down the same amount to buy that Seattle condo.  Investors don’t want to get locked into long term investments with low interest rates if we have high inflation. Despite a reduction of 2.25 points since September in interest rates we have seen little fluctuation in l Continue Reading »

Spring is approaching for Seattle condo buyers and its seems as though more first time buyers are starting to search for Seattle condos.  Tracking how many buyers are requesting showing appointments is a good metric to see which way the Seattle market is heading.  In my opinion buyers who were waiting for long term interest rates to come down drastically don’t see this happening and realize we have some of the lowest rates since 1983.  With the dollar declining versus other currencies you have to ask yourself Continue Reading »

The Department of Housing and Urban Development released loan limits for the Seattle and surrounding areas today.  That makes the new FHA, Fannie Mae and Freddie Mac loan limit $567,500 (125% of the median home price). This is part of the economic stimulus package signed by President Bush earlier at the end of Feb this year. The bill currently increases the home loan limits and ends December of 2008.

 The loan limit for other dwellings in the areea are as follows: Continue Reading »

The senate decided to hold up a bill to increase mortgage - ——————