July 31st, 2013 by Joanne V. McCann
While I don’t subscribe to having a crystal ball to predict the future, one can study the past historic trends in real estate and come up with your own conclusion as to whether a home purchase would be considered a “safe” and fiscally sound investment. Below are a few comparisons:
- Using the year 1989, the average price for a loaf of bread was .67 cents. Today it is $2.78
- A gallon of gasoline cost .97 cents (oh those were the days!) Today it’s above $3.50
- A new car would cost around $15,500. A new car in today’s world is the same as my first home which I purchased for $30,000. (and 7 years later sold for over $110,000)
- In 1989 a mortgage for a $94,000 home at 10% costs $825. per month. That same house today would be worth roughly $166,000 and the payment would be $837. with todays low interest rate of 4.45%.
Today you are paying approximately four times more for a loaf of bread, three to four times more for a gallon of gas, twice as much for a new car and $12.00 more per month for your home. Like all investments there are inherent risks of which home ownership can be included but if you study the historic trends you can avoid the potential pitfalls with knowledge to make an informed, smart decision.
When ready to take the plunge into home ownership why not let me navigate for you!
March 25th, 2013 by Joanne V. McCann
Here in Washington State, low inventory is driving up home prices, the Seattle PI reports:
A continuing shortage of homes for sale drove up prices in the Seattle area in February, according to a new report. But there are signs the market could be changing. The median sales price of a house was $420,000 in Seattle and $365,000 in King County in February, up 15.1 percent and 18.5 percent, respectively, from a year earlier, and 6.1 percent and 4.3 percent from January, the Northwest Multiple Listing Service reported Tuesday.
And finally, Washington state as a whole ranks 14th in price increases in its real estate market for the January 2012-January 2013 period.
Home prices continue to increase across the country with Washington state ranking 14th in terms of price gains, according to CoreLogic, a residential housing information provider based in Irvine, California. Using CoreLogic’s home price index, which tracks repeat sales of single-family homes across the country, home prices nationwide rose 9.7 percent in January 2013 compared to January 2012. The figure includes distressed sales and marks the 11th consecutive increase in national home prices and the biggest increase since April 2006, CoreLogic said.
So if you have been one of those folks sitting on the fence (or your hands) waiting for the real estate market to bottom-out — we have seen the bottom and are now LOOKING UP! Don’t wait too long to jump into the fray of this once again, exciting roller-coaster ride of real estate. Just remember to call on the Sister Act team of Joanne & Susann to help. We are experienced at taming the “wild rides” for our clients and successfully setting the stage for SOLD since 1989!
March 16th, 2013 by Joanne V. McCann
Please use our website to aid you in your real estate search. We would love to help
you find your dream home or assist you with the sale and marketing of your
current home. We are here to help with any real estate questions that you may
have. Why not give us a call today.
Joanne & Susann