MSNBC reports: Seattle #4 to Rebound according to Barbara Corcoran on

MSNBC:

Seattle rated # 4 for rebounding real estate market to rebound. Average home cost is $300,000 and Corcoran says the rebound is because of the well-educated population and good industries, like Microsoft and Amazon.

http://today.msnbc.msn.com/id/26184891/vp/30825142#30825142

Seattle Houseboats for Sale

There are currently 13 houseboats for sale in Seattle, ranging in price from $65,000 (for a barge type live-aboard) to $3 million. Contact me if you’d like more information on Seattle houseboats for sale.

View from Lake Union Houseboat in Seattle

May Seattle Real Estate News

New statistics are out.

NE Seattle (710) median sales price is $421K; in 2005 it was $416K .

NW Seattle (705) median sales price is $381K; in 2005 it was $350K.

Next, QA/Magnolia (700) is $561K; in 2005 it was $578K.

And Capital Hill/Etc (390) is$470K; in 2005 is was $536K. 

Seattle Housing Market Improves- April Real Estate News

Pending sales in Western Washington rise with improved affordability, buyer incentives

KIRKLAND, WA, May 5, 2009 –Northwest Multiple Listing Service members reported pending sales for April surged 11.4 percent compared to twelve months ago – and rose 21.3 percent from March.

Brokers reported 6,918 pending sales during April across the 19 counties that make up the Northwest MLS market area. That’s up from the year-ago total of 6,208, and the March figure of 5,701 pending sales (offers made and accepted, but not yet closed).

For the four-county Puget Sound area (King, Kitsap, Pierce and Snohomish), brokers notched 5,372 pending sales, the highest total since August 2007 and a jump of 26 percent from March.

Inventory is shrinking and prices are showing some signs of stabilizing, according to data in the latest report from Northwest MLS. The median price for last month’s closed sales of single family homes and condominiums area-wide was $270,000. That matched the figure for March, but still lagged prices of a year ago (down 12.9 percent).

Inventory is down 18.3 percent from year-ago levels, with Clark, Kitsap and Pierce reporting the largest drops. Members added 10,824 new listings of single family homes and condos to inventory last month, down almost 20.5 percent from the year-ago total of 13,607 new listings.

Lower prices, record low mortgage interest rates, improving consumer confidence, the $8,000 first-time buyer tax credit and other incentives for buyers are credited with spurring activity. Industry officials, noting activity is quite strong in the lower, more affordable price ranges, hesitate to declare a housing recovery is under way:

• Dropping inventories and rising affordability are positive signs, according to Frank Nothaft, Freddie Mac’s chief economist. “The housing market may be edging toward a bottom,” he stated.
• “April was a good market for new pending sales; we seem to be moving to a more balanced market,” said NWMLS director Meribeth Hutchings, broker/owner of Windermere Real Estate/Lake Stevens, Inc.
• “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around,” said Lawrence Yun, chief economist for the National Association of Realtors®.
• http://www.nwrealestate.com/nwrpub/common/news.cfm

Will The Real Estate Market Turn Around?

Getting a bank loan is more difficult than it has been in recent years, but many new incentives offer help, especially to new home buyers. Mortgage rates are at all time lows, and a tax credits can lure buyers back to the marketplace. Recent price drops make home buying bargain shopping, but many still fear prices will go lower, and this is slowing the market recover. But of the biggest factors delaying the turnaround is fear. The foreclosures have flooded the marketplace and devalued the inventory. But the main reason the market is slow is this: Consumer Confidence.

Read full article here.

http://www.helium.com/items/848017-will-the-real-estate-market-rebound-soon

Seattle Real Estate News

The housing market in Seattle has depreciated only about 14%, compared to the national average of 21% but home sales were reduced in number by 40% from last year. The average time to sell a home is still over 100 days in Seattle. Home prices in Seattle are now close to theirs lows in 2004. The median price of a home in Seattle is $299,000. Though prices were down 11% in January 2009, this ranks Washington 45^th compared to the other 50 state’s home devaluations. Home sales in Seattle increased by 5% in February 2009, and this may be a good indicator of a return to a healthy real estate market.

 In stable neighborhoods like Queen Anne, homes turnover, on average, every 17 years. In other close-in neighborhoods, such as Ballard, Capital Hill, and Wallingford, the average turnover is less. However, recent zoning laws have raised height requirements in many neighborhoods, which have fueled condo development in past years.

Once zoned for three to four stories, the desire to increase density and reduce sprawl convinced city planners to raise height limitations in these neighborhoods, sometimes to 20 stories. In Seattle neighborhoods where zoning laws have recently been changed, such as Ballard and Capital Hill, construction has stalled. Cranes occupy construction ditches in South Lake Union and Belltown.

REAL ESTATE NEWS IN SEATTLE

The housing market in Seattle has depreciated only about 14%, compared to the national average of 21% but home sales were reduced in number by 40% from last year. The average time to sell a home is still over 100 days in Seattle. Home prices in Seattle are now close to theirs lows in 2004. The median price of a home in Seattle is $299,000. Though prices were down 11% in January 2009, this ranks Washington 45^th compared to the other 50 state’s home devaluations. Home sales in Seattle increased by 5% in February 2009, and this may be a good indicator of a return to a healthy real estate market.

Best Neighborhoods for First TIme Home Buyers in Seattle

What are the best neighborhoods in Seattle for a first home?

Because of their lower price to square foot values, the best neighborhood for first time buyers in Seattle are Ballard, Fremont and West Seattle, These neighborhoods have a good supply of homes for sale at starter home prices. That being said, townhouses and condo in all the close-in neighborhoods are also offering incentives, especially those under construction or recently completed. Newly built projects in the Westlake area, Belltown, and Capital Hill are all lowering their prices to attract buyers.

Ballard

The Ballard neighborhood is high on the walkability meter, with new restaurants and stores opening along Market Street. Condo conversions and town homes are being built along this commercial core. The small cottages that Ballard is known for also provide opportunity for new homebuyers, as many of these small cottages are just the right size for a small family or couple.

Fremont

Fremont has seen a boom in recent years in condominium conversions and construction. This hip area has some of the best bar scene and nightlife in Seattle and is mecca for young singles. This eclectic neighborhood is just a short bus or bike ride to downtown or the University District

West Seattle

West Seattle still has some of the lowest home prices in the Seattle metro area. Houses for sale in West Seattle are about 15% lower than north of the ship canal. This area is a bit more remote, but the commute to downtown is no longer than from neighborhoods in the north, like Green Lake or Ravenna. West Seattle is like a suburb because it has retained a small town charm. Surrounded by Elliott Bay, this quaint neighborhood is a great starting point for those looking for a small home for sale at a good price.

Starter Home for Sale Seattle

First Home Buyers in Seattle

Buying your first home is a challenge. Charles Grimes has been a real estate consultant for 30 years, and is a real estate agent with Coldwell Banker. He can help you decide if this is the right time for you to purchase a home and chose the right home for you.

Seattle posts 14% real estate market increase. LA Times Reports

Los Angeles Times reported that Seattle prices rose 14.9% in the first quarter, making it the fifth most expensive housing market in the USA. The average home price is now $476,8000, up from $415,1000 at the beginning of 2008.

Los Angeles Times report from May 25, 2008