If you're a Buyer / Investor waiting for the bottom to arrive, you may have missed it! If you're a Seller waiting for the market to improve, all the signs are pointing to a recovery in the Pacific Northwest. According to CNBC.com, a new report shows that five U.S. states are poised to lead the nation out of a recession ... and guess who's on that short list! Right! Washington along with Colorado, Idaho, Oregon and Texas. The reason that Moody's Economy.com expects us to lead the way is because of the "high concentration of high-tech companies" in our area.
And, nationwide we're continuing to have encouraging housing news showing that Existing Home Sales were up 2.4% for May to a 4.77 million annual rate. Yea! Three months in a row that we've seen an increase and the median price for an existing home also rose to $173,000. (Which, of course, is much lower than our area.) New home sales trends showed an increase and inventories are slowly coming down.
The Feds continue to hold interest rates down a while longer to hold inflation in check; so the good news is, it's really, really time to buy. And, in order to take advantage of the First Time Home Buyer credit, you must close on a home before November 1st. Our advice? Get off the fence now and get into the game!
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