Friday, June 27, 2008

Renting versus Buying

Do you realize how good our local economy is? We have the lowest rental vacancy rate in 3 years and rent rates have risen 7.8% in one year. In the greater Puget Sound area during the first four months of 2008, there were 7400 new jobs. You are probably aware that builders are having a difficult time selling their inventory and as a result there has been a substantial decrease in building permits issued. New construction sales are down 49% compared to last year.The inventory of homes for sale has increased by 10%. So where are you buyers?? First time buyers are paying more in rent, while the cost of a home to purchase has decreased. Seems like a smart time to search for your own home!

And those of you who want to sell your house and buy another, why are you waiting!? You might be thinking that you won't get as much for your house than you might get in the future. Of course! BUT you will also be paying less for your new home! Good deals are out there. Don't be scared off by our media! They like to quote NATIONAL statistics. Places like Sacramento and Las Vegas don't represent our housing market.

NOW IS STILL A GOOD TIME TO BUY OR SELL!! Need more convincing?? Give me a call at (425)890-0124 and let's talk.

Saturday, June 7, 2008

The Generation Y First Time Buyers

What is Generation Y? Well, that would be the under 30 year old. The Seattle Times has a good article in today's paper about just what this generation is looking for in a home. Plus, this age group is quite knowledgable about the house buying process. After all, they have grown up with computers and know how to use them! The average age for purchasing their first home is 26, which is 3 years younger than the Gen Xers and Baby Boomers. And just what are they looking for? Surprisingly, they want simple, built green and a low maintenance small lot. They want to be free from all the upkeep that a mini-mansion requires. I wonder in 15 or 20 years, if they will opt up for the same type houses that they were raised in as kids. Check out the link below if you'd like to read the article for yourself!