Tuesday, November 22, 2011

Thankful for our changing market!

Our market is changing!  That's a good thing.  When examining the market in 2008 and compare it to today's 2011 market, consider the following:

1.  Mortgage rates were 6.75% in 2008 for a  30 year fixed rate mortgage.  Now that same mortgage is going for 4.125% .  The same payment that bought $500k then buys $669k now.

2.  Does it seem like there are fewer homes with FOR SALE signs on them?  That's because there are!  On the Eastside, we had 3023 listings on the market.  We now have 1957, which is about 1/3 fewer.

3.  Pending sales are up.  In 2008, there were 412 homes in queue to close.  Today, we have 931, which is a 126% increase.

4.  How about foreclosures?  In 2008, we had 10,375 foreclosures.  That is about 1 in every 264 homes going back to the bank.  Today we have 2,684 which is 1 in 1,049. 

Sure, we have a long way to go, but look how far we've come in 3 years.  For this, we can all give thanks.

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