October Monthly Meeting

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This presentation is prepared for our Realty Executives real estate agents to keep them on top of Industry changes and to allow them and their clients to see exactly what is fact in the Real Estate Market. Is now the time to buy or should I wait untill a better time? How do we know when the market has hit bottom? Should I keep my house for another year or sell it now? These are the facts as of the end of September. Simply sales are up...Inventory is down...rates are great...

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October Monthly Meeting

  1. 1. October Monthly Meeting 2009
  2. 2. For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of REALTORS®. <ul><li>Existing-home sales – up 7.2% </li></ul><ul><li>annual rate of 5.24 million units </li></ul><ul><li>Sales are 5.0 percent above the 4.99 million-unit pace in July 2008. </li></ul><ul><li>The last time sales rose for four consecutive months was in June 2004, </li></ul><ul><li>and the last time sales </li></ul><ul><li>were higher than a year </li></ul><ul><li>earlier was November 2005 </li></ul>
  3. 3. New Study <ul><li>Despite all of the bad news in the media about homeownership and mortgages, most Americans still believe buying a home is a great investment, according to a new study commissioned by Bankrate.com. </li></ul>
  4. 4. Among the findings from the study: <ul><li>- 92 percent say that a home is a good investment for the future. - 48 percent worry about losing or being unable to afford their homes. </li></ul>
  5. 5. Northwest MLS brokers agree &quot;there's a lot to be optimistic about&quot; <ul><li>&quot;There's a lot to be optimistic about,&quot; according to one director of the Northwest Multiple Listing Service upon reviewing summary statistics for September's housing activity. </li></ul>
  6. 6. <ul><li>The report shows a big jump in pending sales compared to a year ago (up almost 27 percent), continued drops in inventory (down 17.7 percent versus a year ago) and brisk demand for homes at the lower end of the price spectrum. </li></ul>
  7. 7. <ul><li>Distressed properties in the system continue to be a drag on prices – median prices for last month's sales were down about 7.5 percent from a year ago </li></ul><ul><li>Brokers continue to voice frustration with slow response time by lenders. (Banks are taking 9.5 weeks to respond to short-sale requests, versus 4.5 weeks a year ago, according to research by Campbell Communications </li></ul><ul><li>of Washington, D.C.) </li></ul>
  8. 8. <ul><li>The industry estimates up to 10 percent of pending sales do not close because they're caught in the short sale cycle. Still, &quot;There is a lot to be optimistic about.&quot; Interest rates that are now in the high four percents as bordering &quot;on being epic&quot; and the federal tax credit as stimulants to the market. </li></ul>
  9. 9. <ul><li>Northwest MLS brokers reported 7,581 pending sales during September </li></ul><ul><li>Outgaining the same period a year ago by 1,599 transactions for a 26.7 percent increase. </li></ul><ul><li>Last month's condominium sales surged, with pending sales up nearly 25 percent from a year ago </li></ul>
  10. 10. <ul><li>During September, members added 10,054 new listings of single family homes and condominiums to inventory, about 7.6 percent fewer than a year ago. </li></ul><ul><li>With the combination of fewer new listings and more sales, inventory at month end dipped to its lowest level since March. </li></ul><ul><li>At month end, the selection included 40,041 properties for sale (33,332 single family homes and 6,709 condominiums). </li></ul><ul><li>That's down 17.7 percent from twelve </li></ul><ul><li>months ago. </li></ul>
  11. 11. <ul><li>“ Demand is at its highest level in two years. For all the challenges that remain, it would be difficult to not appreciate the reemerging market vitality that continues to build even as the summer buying season closes.&quot; </li></ul>
  12. 12. <ul><li>Emphasizing recovery comes in stages, Beeson acknowledged some &quot;hard adjustments&quot; are being made in higher priced homes where inventories remain high, but expects that segment to recover </li></ul><ul><li>Example of 36 over a million dollar homes/condo’s in Bellevue 1 sold in September </li></ul><ul><li>Five went pending or 7 month supply </li></ul>
  13. 13. <ul><li>He said the main focus of many agents is meeting the needs of the first-time buyers and those who have needs because of lifestyle changes </li></ul><ul><li>An example of under $400,000 homes in Bellevue only 8 are active, while 8 are pending, and 4 sold and closed </li></ul><ul><li>While in Condo’s 75 active, 38 pending </li></ul><ul><li>and 15 sold </li></ul>
  14. 14. Beware Craigslist scam on rentals <ul><li>NWMLS has been notified of a scam involving the placement of active residential listings on Craigslist as rentals. </li></ul><ul><li>The perpetrator posted the address, the listing agent’s photos and verbiage in the false ad. </li></ul><ul><li>When the public show up at house the lease is signed checks given and keys are </li></ul><ul><li>exchanged </li></ul><ul><li>Then the owner finds squatters at home </li></ul>
  15. 16. 24 Hour Market Watch in The NWMLS <ul><li> Last Month September 09 </li></ul><ul><li>New Listings 499 635   </li></ul><ul><li>Back on Market 155 236   </li></ul><ul><li>Price Increases 29 29 </li></ul><ul><li>Price Reductions 585 613  </li></ul><ul><li>Contingents 8 9  </li></ul><ul><li>Pendings 347 351   </li></ul><ul><li>Solds 187 378 </li></ul><ul><li>Expireds 98 559  </li></ul><ul><li>Inactives 286 273   </li></ul>
  16. 21. Market Trends <ul><li>If you would like to know what we think of the Real Estate Market in The Pacific Northwest there is only one correct answer! </li></ul><ul><li>IT DEPENDS… </li></ul><ul><li>There has never been a better time to buy </li></ul><ul><li>If you need to sell, </li></ul><ul><li>you must take more consideration on </li></ul><ul><li>market positioning as foreclosures and </li></ul><ul><li>short sales set price </li></ul>

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