Good News – Nationwide Mortgage Delinquency Rates are Down

Matthew Gardner, Windermere Real Estate’s Chief Economist, is back from vacation (sporting a new look) and talks about the relatively unknown U.S. Household Debt and Credit Report. While this may not sound very sexy, it actually contains interesting information. The report provides insights and data on national housing finance. Not surprising, mortgages and student debt represent the largest debt numbers, but the good news is that mortgage delinquency rates are down. Take a quick look, and have a great week.

 

Posted on August 24, 2020 at 11:35 AM
Robin Myers | Category: economy, real estate, Windermere Real Estate | Tagged , , , , , ,

Interesting Look at Historical Data Regarding US Home Ownership

This week with Matthew Gardner  –  interesting information on historical data regarding US home ownership rates. Millennials still represent the greatest increase in home ownership in the last year.

 

 

Posted on August 11, 2020 at 12:44 PM
Robin Myers | Category: condominium speciaist, housing market, real estate, Windermere Real Estate | Tagged , , , ,

Matthew Gardner – The Importance of the National Housing Survey

Started in 2010, the information in the National Housing Survey contains information about consumer attitude, intentions and financial confidence as it relates specifically to housing.

 

 

Posted on July 20, 2020 at 3:27 PM
Robin Myers | Category: economy, housing market, real estate, Windermere Real Estate | Tagged , , , , ,

COVID-19 Impact on the Housing Market – You Might Be Surprised

Posted on July 13, 2020 at 2:09 PM
Robin Myers | Category: economy, home property values, real estate | Tagged , , , , , , , , ,

An Online Furniture Shopping Newbie

Robin-MyersI don’t do a lot of online shopping unless its for a product I’ve purchased before or from a retail store I’m familiar with and trust. Buying groceries online, a t-shirt from Nordstrom or replacing a kitchen item from Amazon is a safe bet. I’ve never made a significant online purchase like furniture.

Replacing the ottoman in front of my sofa with something more contemporary and more sturdy has been on my list for some time. A glass of red wine sitting on a tray on an upholstered ottoman is a disaster waiting to happen, especially when you have a dog. With working and spending more time at home in recent months, and maybe drinking wine more regularly, the physical and visual issues of the ottoman have been more noticeable.

Welcome to Wayfair  –  there are so many choices. After extensive research (probably to much) I parked several glass coffee tables in my shopping cart to ponder. I finally selected a table that checked all the boxes  –  not too large, contemporary, glass top and interesting style. When I was finally ready to to push the “purchase” button, I was delighted to find it was on sale for the Memorial Day holiday weekend sale. Awesome!

The table arrived a few weeks ago. It was easy to assemble and it’s perfect! Fits the space exactly as expected, the glass top visually makes the room feel larger, it’s a nice update to the room and its a more stable spot for a glass of wine. Couldn’t be happier. I’ve been thinking about new bedroom nightstand lamps . . . there could be another online shopping success story in my future.

 

 

Robin Myers is a condominium specialist with Windermere Real Estate/East, Inc.

 

 

Posted on July 9, 2020 at 9:30 AM
Robin Myers | Category: lifestyle, real estate, urban living, Windermere | Tagged , , , , , ,

The Important Role First Time Buyers Play in the Long Term Housing Market

This week Matthew Gardner, Windermere Chief Economist, speaks to the importance first time buyers will play in the recovery of the country’s housing market.

 

Posted on July 7, 2020 at 1:39 PM
Robin Myers | Category: affordable housing, condominiums, economy, real estate | Tagged , , , , , , ,

Can We Expect to See More Entry Level Affordable Housing In the Future?

This week Matthew Gardner, Chief Economist for Windermere Real Estate, discusses housing affordability and what we can expect moving forward. On average median housing prices nationwide are have increased by 23.5% above the 2008/2009 recession. While there has been some impact on values due to COVID-19, high demand from buyers in a market with limited inventory will continue to increase prices. What’s the solution? There’s high demand for entry level housing, but there’s no easy answer as to how to create affordability.

Posted on June 29, 2020 at 2:50 PM
Robin Myers | Category: affordable housing, condominium speciaist, economy, real estate, Windermere Real Estate | Tagged , , , ,

Available Homes for Sale Significantly Below Last Year

The number of homes available for sale declined in April and May for obvious reasons – there were health and economic concerns brought on by the COVID-19 pandemic. Since late May local home sales have been ahead of the same period last year. Buyer demand remains high but what is different about this year compared to last year is there are fewer homes for sale. The graph below, provided by the Northwest Multiple Listing Service for the Seattle Times, shows that new pending sales are well above the same period last year but new listings of homes for sale are 20% below the same period last year.

With barely a one month supply of inventory in many areas, homes are selling quickly. Multiple offers are more common, and many homes are selling above the list price. Buyers are finding more competition for the weekly supply of newly listed houses and condominiums coming on the market.

What’s driving this demand? Interest rates are at record lows making mortgages more affordable. Potential buyers can afford a larger home. And, after three months of quarantine, owners and renters whose homes offered adequate space when working off-site are seeking larger homes with more indoor space, a dedicated home office area and more outdoor live/play space. Buyers are ready to buy, but sellers don’t appear to be as motivated right now.

Posted on June 24, 2020 at 2:45 PM
Robin Myers | Category: buying a home, condominium speciaist, condominiums, real estate, selling a home | Tagged , , , , , , , ,

Real Estate – What to Expect as We Return to “Normal”

flickr/Mark Moz

It’s not surprising to know home sales declined in mid-March as we sheltered at home. Moving into mid-April both buyer activity and pending sales began increasing, all while home prices remained strong. Nationally median home prices rose in every region of the US in April.

Locally buyer activity and home values also gained momentum. Short market times and multiple offers were more common by late April, especially in affordable price ranges. Even the high end market, hit harder by the health crisis and volatile stock market, began to recover with more expensive homes coming back into the market.

What can we expect for the local condo market this summer? Over the last 30 days 131 condos in the Eastside marketplace have sold. The average time on market was just 15 days with an average sales price of $620,420. The average sale price vs. list price was 100.08% with 78 of those 131 homes selling at or over the list price. Condos currently under contract with sales pending have been on the market an average of just 14 days. As reported by the Mortgage Bankers Association and National Association of Realtors®, buyer mortgage loan applications are up for the fourth consecutive week  –  a strong indication buyers are back in the market and ready to take advantage of record low interest rates.

Recovery of the local economy will have an impact on the real estate market as we move toward summer. Based on buyer activity and mortgage applications, as we find our “new normal” it’s clear buyers are ready to step into home ownership. Available housing inventory is still lagging behind compared to the same time last year. It remains to be seen if there will be enough housing inventory to meet buyer demand this summer. Low inventory will certainly keep pressure on prices resulting in fewer discounts in the marketplace.

 

 

 

Posted on May 17, 2020 at 9:00 AM
Robin Myers | Category: buying a home, condominium speciaist, condominiums, home property values, housing market, real estate, selling a home | Tagged , , , , , , ,

Concerned about a Housing Bubble?

These are interesting and complex times. As the COVID-19 pandemic continues to develop, brokers are following strict recommendations from public health officials and government agencies to ensure we are helping to reduce its impact. Ensuring that agents, office staff and clients are safe and healthy is the top priority.

Real estate is still happening  –  homes are still being listed for sale and buyers are still purchasing those homes, exhibiting a surprising high level of interest. Matthew Gardner provides good information and perspective on the current market and the health crisis vs. the housing crisis experienced in 2008.

Posted on April 28, 2020 at 10:59 AM
Robin Myers | Category: buying a home, condominium speciaist, economy, housing market, real estate, selling a home | Tagged , , , , , , , , , ,