Watching stats like these will help you determine what kind of a market you are in.
For Kitsap County Washington as of 9/11/2005
812 Active Listings
79 Homes went Pending last week
51 Average Days on Market
$266,052 Average List Price
$265,489 Average Sale Price
100% List price to sale price ratio
Learn more about Defining Your Market.
Our Economy, Interest Rates and The Housing Market
There has been a lot of guess work going on about our housing market, how it will be effected by interest rates, the economy, gas/oil prices and now the affect Hurricane Katrina and the devastation of the Gulf Coast
Situation Analysis:
1) Interest rates have continued to stay low and have gone down over the past few weeks.
2) There are more people buying houses today then ever before. Many Baby Boomers own homes and are now buying second homes.
3) The Echo Generation, children of baby boomers, are now reaching home buying age with the leading edge now being 23 years old.
4) Oil prices are higher then they have ever been before.
5) Our nations economy is under a great deal of stress due to the war inIraq
Since there is no way that one person can be an expert in all of these areas I look to people whose opinion I trust. In this area it would be David Lereah, Chief Economist for the National Association of Realtors.
David Lereah, NAR’s chief economist, said Tuesday that shortages of building materials, made worse by the need to rebuild in areas hit by Katrina, will increase construction costs.
“Given the general tight inventory of homes available for sale across the country, rebuilding in the region of theGulf Coast
In addition, mortgage rates are likely to rise more slowly as the national economy absorbs the hurricane's $100 billion-plus blow, keeping sales brisk, Lereah said.
Lereah boosted his estimates of new and existing home sales for the year, seeing records for both. He said resales of previously owned homes should climb 3.4 percent to 7.02 million units in 2005, up from last month's estimate of 6.98 million for the year. New home sales should increase 6.7 percent to 1.28 million, up from his prior forecast of 1.26 million.
I've had the opportunity to meet David at functions hosted by The Washington Association of Realtors. He is a pretty sharp guy whose job it is to track this stuff. If you see him quoted in news articles take note.
Remember.......Much of the world would love to have the option to buy or sell a home but they can not. Americans have the greatest home ownership opportunity in the world!!!!!!
Blogroll Me!
Situation Analysis:
1) Interest rates have continued to stay low and have gone down over the past few weeks.
2) There are more people buying houses today then ever before. Many Baby Boomers own homes and are now buying second homes.
3) The Echo Generation, children of baby boomers, are now reaching home buying age with the leading edge now being 23 years old.
4) Oil prices are higher then they have ever been before.
5) Our nations economy is under a great deal of stress due to the war in
Since there is no way that one person can be an expert in all of these areas I look to people whose opinion I trust. In this area it would be David Lereah, Chief Economist for the National Association of Realtors.
David Lereah, NAR’s chief economist, said Tuesday that shortages of building materials, made worse by the need to rebuild in areas hit by Katrina, will increase construction costs.
“Given the general tight inventory of homes available for sale across the country, rebuilding in the region of the
In addition, mortgage rates are likely to rise more slowly as the national economy absorbs the hurricane's $100 billion-plus blow, keeping sales brisk, Lereah said.
Lereah boosted his estimates of new and existing home sales for the year, seeing records for both. He said resales of previously owned homes should climb 3.4 percent to 7.02 million units in 2005, up from last month's estimate of 6.98 million for the year. New home sales should increase 6.7 percent to 1.28 million, up from his prior forecast of 1.26 million.
I've had the opportunity to meet David at functions hosted by The Washington Association of Realtors. He is a pretty sharp guy whose job it is to track this stuff. If you see him quoted in news articles take note.
Remember.......Much of the world would love to have the option to buy or sell a home but they can not. Americans have the greatest home ownership opportunity in the world!!!!!!
Blogroll Me!
Are You Thinking About Becoming A Real Estate Agent?
Becoming a real estate agent is just like starting your own business, however most do not approach it with that mind-set.
8 or 9 out of 10 agents don't make it their first year.
10% of the agents make 90% of the money.
Having said that, real estate is one of the more exciting and rewarding businesses you can get into provided you come in with your eyes wide open. See The Three Bridges discussion in my web site.
Ask lots of questions of friends who are agents, talk with local brokers.
Read books about getting into real estate.
Start saving your money so that you have start up capital to start your new business.
Stay tuned to this Blog for more information about becoming an agent and tips for new agents.
Blogroll Me!
8 or 9 out of 10 agents don't make it their first year.
10% of the agents make 90% of the money.
Having said that, real estate is one of the more exciting and rewarding businesses you can get into provided you come in with your eyes wide open. See The Three Bridges discussion in my web site.
Ask lots of questions of friends who are agents, talk with local brokers.
Read books about getting into real estate.
Start saving your money so that you have start up capital to start your new business.
Stay tuned to this Blog for more information about becoming an agent and tips for new agents.
Blogroll Me!
If your house is not selling - A Rule of Thumb
Even in a Sellers market you will find that there are some houses that just don't sell. It can be the price, the condition or the terms......bottom line....it always comes back to price.
A rule of thumb I've taught my agents for years:
> If you are getting no showings, thus no offers you are more than 5% high.
> If you are getting showings, but no offers than you are 3 - 5% high.
> If you are priced right you will get both showings and offers.
A rule of thumb I've taught my agents for years:
> If you are getting no showings, thus no offers you are more than 5% high.
> If you are getting showings, but no offers than you are 3 - 5% high.
> If you are priced right you will get both showings and offers.
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