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Uncategorized Market Update Oct 26, 2022 CASH BUYERS ARE LOVIN’ THIS MARKET ~TLDR 30-year fixed mortgage rates are now at a whopping 7.2% Potential for rates to continue to climb even higher due to new tools available to Fed “Duct tape monetary policy” allows Fed to continue to raise rates should any bond market break in the process. See meme The […]
Uncategorized Market Update Oct 19, 2022 IS IT CHEAPER TO OWN OR RENT?! ~TLDR Renting a single-family house in Seattle is cheaper than equivalent mortgage cost. Mortgaging a Condo/Co-Op in Seattle is much cheaper than equivalent rent. However, you still need to factor in additional expenses. While we’re all surely awaiting next month’s data with abated breath, this week I’d like […]
Uncategorized Market Update Oct 12, 2022 GOLDMAN SACHS NOW REPORTING HUGE HOUSING CORRECTION IN SOME MARKETS! For the TLDR, just read the bullet points. Here is a quick synopsis for Goldman Sach’s Housing and Mortgage Monitor from Oct 6, 2022. While the pdf is behind a paywall, I have gone through the  report and pulled out their 14 most important findings: […]
Uncategorized Market Update Oct 5, 2022   SEPTEMBER’S NUMBERS ARE IN – LET’S DIVE IN! Take a quick look at the charts below. Once you’ve given them a cursory scan, continue reading further, and I’ll unpack what they mean. …. Finished? Then let’s begin! So now that you’ve seen the last and greatest data, let me explain what’s going on. If […]
Uncategorized Market Update Sept 28, 2022 MORTGAGE RATE AT 15-YEAR HIGHS! TLDR: Interest rates go up, prices come down High-end properties will suffer the most Scoring a low mortgage is like wearing golden handcuffs At first, the implications of a rising mortgage rate seem pretty obvious: buying or refinancing a home gets more expensive. Case-in-point: 1 Year ago: $2400/mo @ 2.6% […]
Uncategorized Market Update Sept 21, 2022 NEW LISTING! + WILL PROPERTY INVESTING BECOMEA THING OF THE PAST? Be prepared to see my name on Soundview for the next few weeks! I’ve got a brand-new listing coming online shortly after this email is sent. Below are the specs in case you know someone who’s interested in living closeto downtown Gig Harbor: Address: […]
Uncategorized Market Update Sept 14, 2022 OI! WHAT’S THAT BIG HONKIN’ THING ACROSS THE HIGHWAY? But first, a little pat on my back… Even the big dogs are finally starting to report on our cooling local market: King 5 Report on “Pierce County’s housing market shows signs of cooling off“ Windermere’s Chief Economist reporting on “The Continued Decline ofthe Housing Market […]
Uncategorized Market Update Sept 7, 2022 GIG HARBOR IS FEELING IT TOO ~TLDR Gig Harbor’s market inflection point happened in March/April Since March/April: Sales Price: decreased by -17% or -$148,250 Days on Market: increased by from 4 to 16 days Homes for Sale: increased from 25 to 167 Percent of Original Price: 5.6% over asking to -2.1% under asking. ~End of […]
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Uncategorized Market Update August 31, 2022 IS THIS THE BEGINNING OF THE END? No, probably not. But the recent spike in interest rates, coupled with falling mortgage applications, spell trouble for the independent mortgage industry and its workers. ~TLDR~ Independent mortgage lenders took over much of the mortgage market after the GFC. Their primary business of issuing mortgages is crumbling as […]
Uncategorized Market Update August 24, 2022 HEAR YE! HEAR YE! More bad news about the housing market. The downtrend I have been writing about is here. I’d like to keep driving home this point, so you have plenty of time to situate yourself properly. To quote Tony Robbins, “Leaders anticipate, losers react.” Here is the top statistic that spells trouble for […]
Uncategorized Market Update August 17, 2022 INVESTORS THROW IN THE TOWEL TDLR~ Federal Reserve says buyers are better off waiting for a “reset” in housing Very little gain left in housing for investors. Investors pulling back from home purchases over the last 4 months. Investors pulling out of deals and accepting low offers to get rid of inventory. 8% of all […]
Uncategorized Market Update August 10, 2022 DIGITAL HOUSING CRASH! TDLR – Digital land prices have plummeted over 85% If you aren’t caught up to speed in the whole “metaworld” thing, it’s basically a gold rush to take part of the “next big thing.” The flagship metaverse projects, built on the Ethereum blockchain, are Sandbox and Decentraland. These projects are virtual worlds […]
Uncategorized Market Update August 3, 2022 FINALLY! SOME INVENTORY! August has arrived and with it, a whole new batch of data! Yay! ~TLDR: Drop in Pending Home Sales Inventory has started to recover, albeit slowly. No strong correlation between mortgage rates and inventory levels. Tight money supply environment could help bring inventory levels back to a more “normal” level of 3 […]
Uncategorized Market Update July 27, 2022 THE LATEST LOCAL ECONOMIC CONDITIONS, HOME SALES, HOME PRICES & DAYS ON MARKET Western Washington real estate market analysis, which is produced quarterly by Windermere’s Real Estate Chief Economist Matthew Gardner, is here to help you make informed real estate decisions. There is a ton of great info here that you should check out: The […]
Uncategorized Market Update July 20, 2022 HOME OFFICE? VACATION HOME? KNOW HOW CAPITAL GAINS CAN IMPACT YOU!The residential real estate market is still frothy, so in all likelihood your property (or properties) has gone up in value since it was purchased. Knowing what tax consequences you’ll be facing before disposing of the property can greatly help you plan your financial future. […]
Uncategorized Market Update July 13, 2022 IT’S THE MOST EXPENSIVE YEAR TO MOVE EVER!TLDR – In Washington, the average cost to move has increased by 20%. Seattle has seen costs climb 39% year-over-year. Make sure you, or friends and family, set aside extra funds for moving and book a moving company at least 30-days prior to the actual move. If you, […]
Uncategorized Market Update July 7, 2022 THE NEWEST HOUSING DATA IS IN!Summer is here! And so are Gig Harbor’s newest housing stats. As expected, we are seeing a shift in the market with a mixed-bag of results. Gig Harbor’s data will probably prove to be less exciting as things slow down, whereas hot markets, such as Arizona and Florida, will likely […]
Uncategorized Market Update June 29, 2022 BLAME THE FED FOR INCREASED RENT & TROUBLE FOR NEW HOME BUILDERS Here’s the TLDR! The actions of the Fed actually will exacerbate inflation by driving up rent – a key metric of the CPI – by overcompensating for lagging rental data. According to America’s second-biggest home builder, “new orders, traffic, sales incentives, and cancellations […]
Uncategorized Market Update June 22, 2022 JEROME POWELL’S SENATE HEARING – KEY TAKEAWAYSIn today’s testimony, Jerome Powell said some interesting things regarding the Fed’s active role in reducing housing prices, that I would like to share with you. ~TLDR~The Fed’s primary objective is to reduce demand:Reduce demand by increasing the cost of housing. Housing prices have been at unsustainable highs The […]
Uncategorized Market Update June 15, 2022 WHAT GOES UP… The TLDR for this week’s email: Staff reductions at Redfin and Compass due to lack of work. Moody’s Analytics chief economist claims we are in a full-blown housing correction. Home prices appreciation has completely stalled to 0% The average 30-year mortgage rate has spiked from 3.1% to 6.28%. The typical new mortgage […]