May Sales Stats...

Click here to view numbers for home sales in the month of May. Then click on the link to view the PDF. As anticipated, sales are down overall from a year ago.

Great time to buy as prices slide...

This article from the Seattle PI outlines the general feelings from both buyers and sellers in this market. A lot of buyers are waiting for the "perfect" house or for an incredible deal. Many real estate professionals have their views on what will change in the near future to turn all of those fence-sitters into actual buyers...thus causing the market to move faster than it is now.

Read the full article here.

Foreclosures continue to rise

While the story of rising foreclosures is not new, the growing number of homeowners falling behind in their payments is not going away. As we here in the northwest seem to trend 12-18 months behind the rest of the country in most everything, the increasing foreclosure rate in Washington is becoming more prevalent by the month. In fact state legislature has approved new laws to protect "Distressed Homeowners" that are to go into effect June 12th. I will blog more on this and it's impact on the real estate market soon.

Read the full article here.

Tough time to refinance...

This is a great article from The Seattle Times on some homeowners that are having difficulty refinancing under new restrictions from the mortgage industry. Many people bought homes in the last few years under one type of lending rules and now have to deal with a new set of rules. Since lenders are more strict about who they lend money to right now, some looking to refinance are suffering the consequences.

Read the full article here.

Cheap option for renters...

A new and generally untested product will be coming to Seattle neighborhoods soon. A company called Unico Properties is marketing a pre-fabricated structure that investors can buy to create a cheap apartment complex. The main portions of the building are built in a warehouse and then erected at the site where the apartments are to stand.

By untested, I mean that whether or not renters will want to live in them is still unknown. But they look modern and the price per square foot will be enticing for lower income earners. A project is slated for Dexter Avenue North.

Read the full article here.

Seattle Housing Inventory

Here is a simple chart provided by Trendgraphix, Inc. that shows the current inventory for homes in the Seattle metro area. In other words, if no other home came onto the market starting now...it would take 6.2 months to sell all of the homes currently for sale. Compare that to the frenzy of a year ago! This means more competition for sellers and more choices for buyers.

Ballard Denny's set for development...

The former Denny's in Ballard has been the center of a recent debate. Tear down the old structure or preserve it as a historic landmark? While it might not look like much to the casual observer, the old building with a swooping roof line is an example of "Googie" architecture. The Landmarks Preservation Board managed to designate the building as a city landmark back in February. However, a recent recommendation from the city will likely pave the way for developers to demolish the existing structure in order to build an 8-story mixed use property.

Read the full article here.