Pricing Trends and Market Activity - Pierce County Update May

Current Price Trends

April statistics just released by NWMLS show that our market is clearly separated into two segments. The under $250,000 inventory is quickly being sold while the higher priced homes languish on the market. This is driving the median home price for sold homes lower. This trend will likely continue as inventories of bank owned and pre-foreclosure listings increase.

Market Activity

Two trends that are positive were supported by April statistics. Sales increased for the fourth consecutive month and home inventory remained virtually unchanged for the fifth straight month. The 1156 recorded sales is the highest number since May 2007. The 5502 homes available for sale is the lowest number since February 2007. Waiting is reducing buyers choices.

Financial Market Trends
The 30 year fixed rate mortgages continue to fluctuate in a narrow range but finished the month averaging 4.875% to set a new record low. Financing isn’t easy though with underwriting being strict and appraisers using caution. Getting sales closed is taking effort. Buyers need to do diligent preparation with their lender before seriously looking for a home in this market.

Financial Market Trends

The 30 year fixed rate mortgages continue to fluctuate in a narrow range but finished the month averaging 4.875% to set a new record low. Financing isn’t easy though with underwriting being strict and appraisers using caution. Getting sales closed is taking effort. Buyers need to do diligent preparation with their lender before seriously looking for a home in this market.

From Ugly to Pretty, and everything in between, I can get them Sold !

Click Here ~ This is a link for ~ Detailed info on the $8000 federal tax credit for First Time Buyers.

Why buy now versus waiting to "see what happens next"....with the economy

My top 5 reasons to take advantage of the current market conditions.

1. The $8000 tax credit (a.k.a. the 10% of the sales price tax credit) First Time Buyers can get a credit ~ real cash back on their taxes if they buy before November this year 2009. Ex: A $250,000 purchase = $2500 back on your taxes.

2. Low Interst Rates = more buying power and lower monthly payments. Don't wait for inflation to kick in and rates to jump up.

3. More inventory to choose from.

4. Motivated sellers ready to negotiate.

5. Pricing/value ~ nuff said.

Affordable Buy - Puyallup - $230,000

Brand New Roof, Interior Paint, & Carpet ! (in process of completion) Not only is it close-in so you don't have to fight Meridian traffic, the house sits on a .34 acre corner lot w/ huge fenced backyrd w/ coverd patio. BBQ sold seperate! Built in 1988, this 2,074 +/- sq ft home offers 3 BRs, seperate util rm, walk-in pantry, multiple ceiling fans, 2 car garage, & plenty of room 4 parking. Best of all priced at just $230,000 ! That is a real value at $24,000 below Pierce County Tax Assessed Value !

Puyallup Market Statistics

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click on each graph for a larger view.