Seven Days in May Real Estate Report King County Washington Part Four
On the Seventh Day He said:
"The Case Shiller Home Price Indexes fell for the seventh straight month in March. The drop in the broader 20-city index was barely noticeable – down to 134.10 from 134.14 in February – while the 10-city index fell to 146.61 from 146.74. " DS News 29 March 12
"The sky is falling! The sky is falling!" no, wait, most livestock are East of the mountains, right? So Chicken Little is more likely beyond hearing distance...
Seriously, our Nation has suffered tremendously these last few years. King County has endured the errant economy as much as everyone else, but like San Francisco and a few other fortunate arenas has rebounded more rapidly. Ergo:
KING COUNTY WASHINGTON YEAR-OVER-YEAR SALES INDEX
The graph above clearly indicates a sales index dissimilar to the National trend. With the "normal" seasonal adjustment exacerbated by employment trends, corporate bonuses unspent now used, extraordinary mortgage rates and packages and rock-bottom pricing we see many of the folks "sitting on the fence" jumping into the market. Our May figures are consistent with the trend, just not ready for publication.
Follow the curve: Consumer behaviors are clearly delinineated here. As was the case last fall and into winter, folks are trying to anticipate valleys and peaks. Our Team was among the lonely few contrarians around, encouraging our clients to watch more than the pricing and mortgage rates.
The Phil Leng Team factors many aspects of popular consumer behavior besides housing to give professional advice. With about 70 closings last year with market times 30% faster than the median our Team Leader (Phil Leng) and overly-research-oriented team members provide the highest degree of accuracy and efficacy available here. And yes, the entire group is in the same fee structure as the individual agents (may have an assistant here and there). You get 5-10 times the mileage for your hard-earned dollars.
Let's review: Nationally real estate pricing is still declining marginally, locally (King County WA) pricing is climbing, Nationally inventory is diminishing as is the case here in King County.
Conclusion: Being "underwater" is also diminishing - pricing up, inventory down, people out there with preapproved loans in hand, all are driving equity back into the picture. HARP is out there, Bank of America principal reduction is out there, etcetera etcetera. Perhaps it's time. To make a decision. Don't know? Call Phil. :-) My fearless leader will help, no doubt.
Again, don't blame Phil. I did it, blame me!
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