Puget Sound Real Estate and Community Blog

KIRKLAND, WA, December 3, 2009 – Home sales continued to outperform year-ago totals and prices continued to show signs of stabilizing, according to the latest report from Northwest Multiple Listing Service. Brokers credit move-up buyers as one factor for the positive activity.

“This winter will not be ‘business as usual’ for the housing market,” proclaimed the CEO of one brokerage while expressing optimism for 2010.

Pending sales for November tapered off from October’s surge during the rush to beat a looming tax credit deadline, but compared to November 2008, home sales jumped more than 31 percent. Members notched 4,888 pending sales (mutual acceptance of an offer) last month, which compares to 3,727 pendings for the same period a year ago.

Pat Grimm, a member of the NWMLS board of directors, said the strength of the first-time buyer market is no surprise. “What has been surprising is the strength in the move-up market,” he remarked. First-time buyers led the market recovery, according to Grimm, the designated broker at Windermere RE/Capitol Hill, Inc. “Move-up buyers have definitely picked up the baton,” he exclaimed.

Closed sales of single family homes and condominiums (combined) for November outgained year-ago totals by an impressive 76 percent, rising from 2,937 completed transactions to 5,168 closings across the NWMLS service area. Last month’s total number of closings (5,168) exceeded the number of pending sales (4,888), a ratio that had not occurred since October 2008.

The median sales price area-wide was down about 7 percent from a year ago, the lowest percentage decline all year. Prices had been off every month this year by double digits until June (down 9.5 percent) and August (down about 8.8 percent), but for past three months the decline has been under 7.5 percent.

Grimm described the market within Seattle as “strong,” noting stable prices during much of the year and a brisk pace of activity. “The shift was made away from a buyer’s market early this year into a balanced market, and in some areas close to the city core, it’s a seller’s market,” he commented.

Inventory for the MLS map areas encompassing Seattle is down more than 16 percent from a year ago, while pending sales jumped about 33 percent. For single family homes (excluding condos) within the Seattle map areas, inventory declined 20.6 percent from a year ago. The median selling price of $399,995 is 3.6 percent less than twelve months ago.

Inventory area-wide is at its lowest level in nearly two years. At the end of November, brokers reported 36,266 active listings (30,084 single family homes and 6,182 condominiums) across the NWMLS market area. That’s down from 43,584 active listings in the system twelve months ago, a drop of nearly 17 percent. Not since January 2008, when brokers represented 34,950 home sellers, has inventory been that low.

“This winter will not be ‘business as usual’ for the housing market,” said Lennox Scott, chairman and CEO of John L. Scott Real Estate. “Thanks to historically low interest rates, adjusted home prices, and the passage of the extended/expanded tax credit, we are getting a running start on the New Year,” he added.

(Last month, Congress passed new legislation that extends the first-time home buyer tax credit of up to $8,000 to buyers who purchase by April 30, 2010. The legislation also authorized a tax credit of up to $6,500 for qualified repeat home buyers.)

Holidays can be favorable time to buy, sell
Although seasonal slowdowns are typical for housing activity, industry experts say now can be a good time for both sellers and buyers. Buyers tend to encounter less competition for the most desirable homes. Also, qualified buyers can expect above-normal attention from service providers who are experiencing a slowdown in their business, including lenders, home inspectors, appraisers and title companies. Lenders may even be willing to extend very favorable mortgage terms or forgo some fees as they vie for business.

Agents are able to devote more time to clients and the smaller selection of homes on the market. Sellers can also benefit from showcasing their homes with tasteful holiday decorations, although home stagers caution them to show restraint and not overdo the décor.

Other advantages may be faster closings by lenders who are motivated to add transactions to their 2009 books, and tax deductions.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes more than 24,000 brokers and agents. The organization, based in Kirkland, currently serves 20 counties in western and central Washington. Ferry County is now part of Northwest MLS, becoming the 20th county included in the monthly statistical reports.

Best Regards,

David J Edwards
Real Estate Agent & REALTOR
Edwards Real Estate Group
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT

The Edwards Real Estate Group specializes in Residential Real Estate for buyers and sellers.

KIRKLAND, WA, October 5, 2009. “There’s a lot to be optimistic about,” according to one director of the Northwest Multiple Listing Service upon reviewing summary statistics for September’s housing activity. The report shows a big jump in pending sales compared to a year ago (up almost 27%), continued drops in inventory (down 17.7% versus a year ago) and brisk demand for homes at the lower end of the price spectrum.

Distressed properties in the system continue to be a drag on prices – median prices for last month’s sales were down about 7.5% from a year ago – and 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 of Washington, D.C.)  Joe Spencer, president and COO of John L. Scott Real Estate, estimates up to 10%  of pending sales do not close because they’re caught in the short sale cycle. Still, he comments, “There is a lot to be optimistic about.” He cites interest rates that are now in the high four percents as bordering “on being epic” and the federal tax credit as stimulants to the market.

Northwest MLS brokers reported 7,581 pending sales (offers made and accepted but not yet closed) during September, outgaining the same period a year ago by 1,599 transactions for a 26.7% increase. Last month’s condominium sales surged, with pending sales up nearly 25% from a year ago after languishing in negative year-over-year figures for the first five months of 2009 and only modest gains over the past three months.

During September, members added 10,054 new listings of single family homes and condominiums to inventory, about 7.6% fewer than a year ago. With the combination of fewer new listings and more sales, inventory at month end dipped to its lowest level since March. At month end, the selection included 40,041 properties for sale (33,332 single family homes and 6,709 condominiums). That’s down 17.7% from twelve months ago.

“Our market has certainly come a long way since this time last year,” said Ron Sparks, managing vice president of Coldwell Banker Bain, who said 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,” he added.   Activity at open houses is reported to be brisk in many areas, which MLS directors attribute to a combination of factors, including expanded use of a “Public Open House” program. This program allows buyers to search schedules of all open houses in the NWMLS system from the website of any member broker that uses the feature.

Brokers also credit improved affordability, incentives and the looming deadline for the $8,000 tax credit for first-time home buyers as boosting activity. As the Nov. 30 deadline for the federal $8,000 tax credit program approaches, Spencer advises buyers to “be under contract by the third week of October, to close by Thanksgiving, and to stay away from short sales.”  “Because there are so many short sales and bank owned property sales, it was inevitable that prices would fall slightly,” explained NWMLS director Dick Beeson, the broker/owner of Windermere Commencement Associates in Tacoma.

Year-over-year prices are down nearly 7.5 percent across the 19 counties served by NWMLS, but the median sales price of $273,000 for last month’s sales of single family homes and condominiums (combined) equaled the figure for January. Beeson described the price drops as “a necessary adjustment given the number of short sales and bank owned property sales in the mix. (A survey by the National Association of REALTORS indicates distressed homes accounted for 31 percent of transactions in August and July.)

A comparison of year-over-year prices of closed sales by county shows wide variation for September, from a decline of almost 17 percent in Cowlitz County to an increase of nine percent in San Juan County. For the four-county Puget Sound region (King, Snohomish, Pierce and Kitsap counties), prices were down about 7.6 percent from twelve months ago. On a brighter note, Beeson said activity is brisk for lower priced homes in many areas. “Multiple offers are occurring on a regular basis and many buyers have to make two or three offers on different properties just to secure one,” he reports.

Sparks echoed that report, saying, “Describing much of the current market as ‘lively’ is probably a bit of an understatement,” adding, “I’ve heard agents describe open houses as ‘mayhem’ and ‘chaos.” Modestly priced homes in good condition and in popular neighborhoods can certainly draw more than one offer, according to Sparks, who also noted, “This is not to say that all neighborhoods and price points are rebounding at the same pace, but there is an awful lot of economic momentum in our region, including our housing market, that can’t be ignored.”

Emphasizing recovery comes in stages, Beeson acknowledged some “hard adjustments” are being made in higher priced homes where inventories remain high, but expects that segment to recover. 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 due to advancing age, change in marital status, the birth of children or death of a family member. “These people always need help solving their real estate problems,” he observed.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes more than 24,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties in western and central Washington.
   
Best Regards!

David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
 
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.

KIRKLAND, WA, August 6, 2009 – Most numbers are “moving in the right direction,” close-in Seattle neighborhoods are definitely coming to life and move-up buyers are re-entering the market were among observations by brokers when asked to comment on the latest activity report from Northwest Multiple Listing Service.

The report shows July’s pending sales increased from a year ago, as did closed sales, and inventory continues to shrink. Prices on sales that closed during July still lagged figures of a year-ago (down about 10 percent area-wide) and NWMLS members said last month’s record-setting temperatures “absolutely impacted showings and sales.”

July’s unseasonably hot weather curtailed activity for several showings and open houses, as brokers and agents said buyers and sellers postponed tours, saying it was just too hot.

“The hot July weather aside, the variable results we saw in July reflect what we’d typically expect from a recovering housing market – a few steps forward for some areas, a step back in others,” said Ron G. Sparks, managing vice president of Coldwell Banker Bain. Whereas comparisons to a year ago reflect some substantial gains, on a month to month basis we’re probably going to experience some “spongy” results for a while, he explained.

For example, brokers reported 7,279 pending sales (mutual acceptance of a purchase and sale agreement) last month, up from the year-ago total of 6,350 sales for a 14.6 percent gain. Compared with June, the volume slipped about 5.9 percent, dropping from 7,733 to 7,279 transactions.

In the four-county Puget Sound region (King, Kitsap, Pierce, and Snohomish), July’s pending sales of single family homes and condominiums jumped 21.2 percent from twelve months ago, but dipped 6.9 percent from the previous month. Nonetheless, last month’s 5,551 pending sales for the region marked the second-highest monthly total since August 2007.

Pending sales of condos (excluding single family homes) rose nearly 12.5 percent last month from a year ago. That continued June’s modest gain of 1.3 percent, when 22 months of negative year-over-year comparisons ended. Last month’s increase was the first double-digit gain since February 2007.

“I’m excited to see the continued increase of pending sales because these figures are the lead predictor of buyer behavior,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate. “The rise of pending sales over the past few months is the best indication we have of what’s to come and I am encouraged by what we’re seeing,” he added.

Brokers say first-time buyers who are motivated by a looming deadline for the tax credit are propelling activity. “There seems to finally be a feeling of urgency to take advantage of this program before it goes away,” remarked NWMLS director Meribeth Hutchings, broker/owner of Windermere Real Estate/ Lake Stevens.

In an effort to keep agents and their clients focused on the time remaining for the $8,000 tax credit opportunity, Sparks said his company has a clock prominently displayed on its internal website that ticks down the days, minutes and seconds until the midnight deadline on Nov. 30. He also commented on the secondary benefits of the credit. “My daughter just closed on her first home, and she intends on using the tax credit for household items she’ll need as a new homeowner. She’s excited to buy her first lawn mower…good for her, good for housing, and good for the economy,” he stated.

Commenting on the tax credit, NWMLS director Dick Beeson said first time homebuyers are “getting it. All they talk about is the $8,000 tax credit and how good interest rates are.”

Beeson, the broker/owner of Windermere Commencement Associates in Tacoma, said with the exception of prices, the numbers are all moving in the right direction. “Inventory is adjusting down, even though it is summer, pending sales are moving up, and even more importantly, closed sales are above last year.” Those numbers are a sign of a “modest, modest recovery,” according to the 30-year veteran of the real estate profession.

NWMLS members added 11,481 new listings to inventory during July, 1,612 fewer than during the same month a year ago. At month end, there were 42,310 active listings of single family homes and condominiums in the MLS database, down 18 percent from a year ago. Twelve of the 19 counties in the MLS reported double-digit shrinkage in inventory.

MLS brokers reported a system-wide total of 5,527 closed sales for the month of July, an increase of 256 transactions from a year ago for a 4.9 percent gain. The median selling price for those closings was $279,000, down 10 percent from the year-ago price of $310,000. Among the 19 counties served by NWMLS, the price changes from a year ago ranged from a 25.1 percent increase in Okanogan County to a 17.8 percent decline in Cowlitz County.

For the four-county Puget Sound region, the median selling price for last month’s completed sales of single family homes (excluding condos) was $314,000, about 13.5 percent less than the year-ago price of $363,000.

“After almost two years of relative calm, the close-in Seattle neighborhoods have definitely come to life in a major way,” remarked Mike Skahen, owner/broker at Lake & Co. Real Estate, Inc., in Seattle and a member of the NWMLS board of directors. He described open house traffic as “very strong” with a typical home drawing 20 to 50 buyers.

Multiple offers are once again becoming common on well-priced quality listings, according to Skahen. Although noticeable during the past few months for homes priced under $450,000, he said there are now instances of competition at higher price ranges. A recent listing of a Wallingford bungalow priced at $550,000 drew eight offers, which Skahen said is a “good indication the trade up buyers have finally decided that prices have bottomed out, so after waiting too long they are now competing for fewer listings.”

Skahen also said the tax credit has created such strong demand for starter homes that those sellers now realize they actually gain more by trading up in this market because they save more on their trade-up home and there is good demand for the home they’re selling.
Skahen also said the tax credit has created such strong demand for starter homes that those sellers now realize they actually gain more by trading up in this market because they save more on their trade-up home and there is good demand for the home they’re selling.

On a cautionary note, Skahen said there is very likely to be a shortage of homes and townhouses in some Seattle neighborhoods by next year. “New construction has almost ground to a halt because builders can’t get prices that even cover construction costs,” he reported.

Hutchings, whose office is in Snohomish County, said they’re also seeing move up buyers re-entering the market. “They understand even if their current home has lost value, their new home will also offer them a greater savings. That, along with low interest rates, make it a great time to buy up,” she emphasized.

Beeson said the transition from a buyers’ market to a sellers’ market is occurring in, “of all places,” the foreclosure market. “Banks are pricing many homes slightly under market value and watching multiple offers come in, bidding up the price. What a change that is,” he exclaimed, while noting he hopes the next wave of foreclosure homes coming on the market later this year will finally flush out the remaining inventory and “we’ll get back to a more normal market.”

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 27,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties in western and central Washington.

Best Regards!

David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
 
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.

The Maple Hills neighborhood in Renton lives up to the grandeur its name implies, with sweeping views of Mount Rainier, close proximity to Lakes McDonald and Kathleen, numerous hiking and biking trails around the edge of the neighborhood and membership access to the Maple Hills Community Park and Pool.

Maple Hills is located between Renton, Maple Valley and Issaquah. I-405, I-90 and HWY 169 are all easy to get to, so it is a nice central location from which to get around.
The neighborhood consists of about 400 homes. Many residents choose Maple Hills because they have discovered that by moving a little farther south on the Eastside they could get a bigger and newer house for their money.

According to Estately.com, the 133 homes for sale in East Renton Highlands which is home to Maple Hills Estates have an average price of $551,467. The average home is 2,897 square feet, has 3.8 bedrooms, and 2.6 bathrooms. The typical home for sale in East Renton Highlands was built in 1992, which is a little newer than the typical home for sale in Washington.
Located in the center of the vibrant neighborhood, Maple Hills Elementary School’s volunteers include parents, community members, retirees, middle and high school students some of whom are “alumni”. Each year, in classrooms, the library, and throughout the school, 10,000 to 12,000 hours are donated to benefit the students.

The PTA supports the school in a wide variety of ways and with unending dedication and enthusiasm. The PTA has earned the 100% Membership award, the State PTA Standards of Excellence Award and the National Honor Unit Award.

The Maple Hills Park just north of Maple Hills Elementary School is a major asset to the neighborhood and a gathering place for many Maple Hills residents.

With a large play area, two tennis courts, basketball courts, horseshoe pits, barbeque pits, ample parking and a swimming pool, it is a popular destination. Summer at Maple Hills Park is full of activities such as movie nights, social feeds and the 4th of July Neighborhood Parade, 5K Run and Fireworks. The park also hosts sporting events for soccer, football and baseball leagues. The community pool offers swimming lessons and sponsors the Maple Hills Marlins, a competitive swim team.

The homeowners association, which meets monthly, can be found online at http://sites.google.com/site/maplehillsorgsite/.  Association Dues are less than $300 per year.

To learn more about home homes for sale in Maple Hills, visit http://www.davidjedwards.com/34057.asp.

Best Regards,

David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards..com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT

The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.

The housing industry received some good news last week, as Existing Home Sales came in better than anticipated, and marking the third straight month that Existing Home Sales have increased. And perhaps even better, the supply of unsold homes on the market dropped from the prior reading of 9.8 months down to 9.4 months - which is the best level seen in over a year. With home loan rates still at low levels and homes priced to sell - this is a great time for potential homebuyers to stop thinking, and go ahead and take some action.

Despite that bright spot of news, last week’s Consumer Sentiment report - which measures consumers’ attitudes and expectations concerning both present and future economic conditions - showed that consumers still think the economy has a ways to go, as the report did come in a bit weaker than anticipated. According to the report last week, Consumer Sentiment came in at 66 for the month of July, down from June’s reading of 70.8.

And one of the major reasons for the decline in Consumer Sentiment was ongoing concern over unemployment - and last week, Initial Jobless Claims reportedly rose by 554,000. While this number was high, it was essentially in-line with expectations of 557,000.

The big news that many headlines featured was the number of Continuing Claims, which fell from 6.31 million the prior week to 6.22 million. And although this drop was reported as positive news, we need to remember that a large number of people are still unable to find jobs, but are no longer being counted in Continuing Claims because their unemployment benefits have expired. The bottom line is that it will be hard for the economy to really turn higher with momentum until the labor market starts to turn around.

David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT

The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.

The ability to teach students at current schools and the nearly $2 million in annual operating costs, were cited as reasons for postponement.

June 10, 2009 — Renton School Board members voted at tonight’s meeting to delay the opening of Honey Dew Elementary School for another school year. Board members were presented a plan by the district to continue to house students at existing schools. The presentation also emphasized that the cost to open and manage a new elementary school could be as much as $2 million per year; money the district would have to find in its current operating budget, even as the budget was reduced for next school year by $5.3 million. Board members will again review the use of the school sometime in the coming school year for the 2010-2011 school year.

Honey Dew, located at 800 Union Ave NE, Renton, has not been used as a neighborhood school for the past 10 years as it housed students from other district elementary schools as those schools were rebuilt. Thanks to voter support, all of the district’s 13 elementary schools have been completely rebuilt.

Student enrollment throughout the district remains stable at about 13,700 students. The district welcomes about 100 new students each school year.
Although some neighboring schools are nearing capacity, district numbers show that students who would attend Honey Dew can continue to receive quality instruction at other local elementary schools, located within about a one-and-a-half mile radius of Honey Dew.

Honey Dew Elementary is currently undergoing modernization to meet the needs of a 21st century school. The work is part of a bond measure approved by voters in 2003. The construction project is on time and on budget. Many elements of the existing building will be reused to be environmentally friendly.

Improvements to the fields at Honey Dew also continue. The new fields, which are widely used by neighborhood and community sports teams, will be ready by the summer of 2010, and will include: a new baseball field with dugout and bleachers, 2 softball fields with backstops and 2 soccer fields. The field will also benefit from replacement of the sod and infield dirt mix; raising of the field and improved drainage to keep water from standing on the surface; and, installation of an irrigation system.

The district held true to its promise not to increase tax rates with the approval of the bond and levy measures to renovate Honey Dew, add a classroom wing at Hazen High School, and many other classroom and field improvements throughout the district. The district’s tax rate remains among the lowest in the region.

David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT

The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.

Paul R. La Monica, CNNMoney.com’s editor at large wrote an interesting article about the rise in long term treasury bond yields and their impact on interest rates. To read the full article visit http://money.cnn.com/2009/06/08/markets/thebuzz/index.htm.
 
Here is an excerpt from the article:

“The Fed lowered its key federal funds rate, an overnight bank lending rate, to near zero in December and has kept it there ever since. And the central bank announced in March it would start buying $300 billion in long-term Treasuries to keep long-term rates low, a phenomenon known as “quantitative easing.”

The justification is that many believe the only way for the economy to truly get healthier again is for the housing market to get out of its funk. The direction of long-term yields tends to have an effect on mortgage rates.

Some fear that a nascent pickup in housing sales — despite a continued slide in prices — could come crashing to a halt if it suddenly become smore costly for people to finance a home purchase.

And according to Bankrate.com, a Web site that tracks lending rates across the country, the average 30 year fixed rate mortgage is now 5.45% up from 5.23% a week ago and a record low of 4.85% in April.”

Nonetheless, it’s important to note that even if rates go up a full point, they will still be within the average 5% to 6% we were used to during the runup between 2003 and 2006.

It’s my belief that rates won’t skyrocket much higher. Rates seem to have rebounded because people believe the economy is getting better. If they keep surging, it could slow down our recovery.

David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT

The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.

Although it’s sometimes hard to feel, home purchase activity in the Northwest is trending upward. In the first quarter of 2009 the percentage of home purchases vs. refinances increased from 11% in January to 23% in March.
Although still a long way from the 7 to 3 purchase to refinance ratio of a few years ago, it’s heading in the right direction.

We don’t really want to be where we were a few years ago anyway. The more steady the recovery, the more likely we are to avoid another runup that will borrow buyers from the future. We want the recovery to take the shape of a “V” rather than the shape of a “W” which would result in another drop before we stabalize.

A slowdown could easily be caused by the Federal Government’s failure to renew the first time homebuyer tax credit and/or a rise in interest rates for home loans.

Best Regards

David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEF
View This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT

The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.

3rd largest company in U.S. the only major franchise to show growth

AUSTIN, TEXAS (May 19, 2009) —According to two of the industry’s most comprehensive annual surveys, Keller Williams Realty brokerages continue to defy the pervasive downturn in the industry by growing and expanding.

RISMedia’s Power Broker Report and REAL Trends’  REAL Trends 500 rank the largest residential real estate brokerages in the U.S. based on transaction sides and sales volume. This year, Keller Williams Realty had more brokerages on both lists than any other real estate brand.

In the REAL Trends 500 report, Keller Williams Realty dominated, with its offices comprising more than a quarter of the entire list. Of all the major brands represented in the report, Keller Williams was the only company to boast growth in both number of agents added to its ranks and in total transactions closed.

Within RISMedia’s Power Broker Report, Keller Williams Realty again had the largest majority on the list – accounting for 35 percent of all the brokerages listed. The report also ranked Keller Williams Realty #1 in number of agents and total closed transactions.

“These results prove what we already knew – Keller Williams Realty is experiencing the next phase of our growth during this shift,” said Mark Willis, CEO of Keller Williams Realty, Inc. “Our agents and offices are capitalizing on the opportunities presented in today’s market and powering forward.”

“Two years ago, when the market began to shift, we mobilized to make sure our people would have the training, support and technology to tackle the market and they have truly blown us away with their accomplishments,” he added.

Within the past 18 months, Gary Keller, co-founder and chairman of the company, released his latest book, SHIFT: How Top Real Estate Agents Tackle Tough Times which became the No. 1 selling real estate book for agents in 2008. The launch also included a nationwide seminar tour which is slated to visit more than 50 cities throughout North America by the end of the summer. Other initiatives included the delivery of affordable health care options for KW associates through the new Keller Williams Health Providers Program and the launch of the company’s commercial arm, KW Commercial.

“When we do what we do best – coach and train our associates to higher levels of personal productivity and profitability – growth takes care of itself,” said Mary Tennant, president and COO of Keller Williams Realty, Inc. “Keller Williams Realty, the franchise company, didn’t rank on these lists – our people did.”

“We’re confident we’re in businesses with some of the most talented and focused individuals in the industry and we are so proud of all they’ve achieved,” added Willis.

About Keller Williams Realty Inc.:

Founded in 1983, Keller Williams Realty Inc. is the third-largest real estate franchise operation in the United States, with 679 offices and 73,000 associates in the United States and Canada. The company, which began franchising in 1990, has an agent-centric culture that emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. The company also provides specialized agents in luxury homes and commercial real estate properties. For more information, or to search for homes for sale visit Keller Williams Realty online at (www.kw.com).

All analysis conducted based on rank by transaction sides

David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
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The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.