December Perspectives Buying, Selling, Perspectives
The year is almost over, the vacations are fully swung, and reflection and determination are top of mind. As we glance back at the past year, it’s clear that in some ways was a time of transition and renewal for the residential land market.
While recovery has been slow, the Seattle housing market has finally turned a corner, albeit a soft one with some bumps along the way. Generally, sales are up, which suggests houses are selling, yet foreclosures and short sales still cause downward pressure on prices. We’ll likely see foreclosures rise, but not for the explanations you would possibly think.
Banks are starting to focus
Banks are starting to focus more heavily on the backlog of foreclosures and are therefore expected to require a better volume of filings within the coming months. As they run through this backlog, it’ll appear on the surface that foreclosures are on the increase. When actually, mortgage defaults are literally on the decline. In other words, foreclosures will still be prevalent, but they probably should not be checked out as an indicator of the general health of the housing market.
Amidst the ups and downs of the important estate market, one thing that kept our spirits up was historically low-interest rates. Low-interest rates have the facility to form homes cheaper, mortgage payments cheaper, and loan terms shorter and since of this. Home buyers and owners alike saw stellar opportunities to lower their payments or refinance during the past year.
Interest rates have expected to stay low within the coming months, so as we head into, there’s still time to try to do the math’s to ascertain if it is sensible to act. There are tons of opinions out there about what the housing market will neutralize. But within the absence of a ball, it’s impossible to understand exactly how it’ll fare.
What we do know is that it seems like the land is returning to its roots. Where buying a house is less about hot dog deals and more about long-term benefits. We’ve encouraged by this shift and hope to ascertain more of it as we dismiss the old. And ring within the new with a way of reverence. And optimism for what’s to return within the New Year. From our family to yours, wishing you all things merry and bright this season.