Tony Meier - EastsideHomesBlog.com

Moving day...

Tony Meier — Mon, 21 Mar 2011 21:36:56 -0700

This blog will now be hosted at:

http://eastsidehomes.com/blog/

Please come visit here!

Thanks!

Tony Meier

NAR - Existing-Home Sales Up Again in January

Tony Meier — Wed, 23 Feb 2011 12:43:30 -0800

The uptrend in existing-home sales continues, with January sales rising for the third consecutive month with a pace that is now above levels a year ago, according to the NATIONAL ASSOCIATION OF REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from a downwardly revised 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier.

Lawrence Yun, NAR chief economist, said the improvement is good but could be better. “The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence,” Yun said. “The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.”

A parallel NAR practitioner survey shows first-time buyers purchased 29 percent of homes in January, down from 33 percent in December and 40 percent in January 2010 when an extended tax credit was in place.
Investors accounted for 23 percent of purchases in January, up from 20 percent in December and 17 percent in January 2010; the balance of sales were to repeat buyers. All-cash sales rose to 32 percent in January from 29 percent in December and 26 percent in January 2010.

“Increases in all-cash transactions, the investor market share and distressed home sales all go hand-in-hand. With tight credit standards, it’s not surprising to see so much activity where cash is king and investors are taking advantage of conditions to purchase undervalued homes,” Yun said.

All-cash purchases are at the highest level since NAR started measuring these purchases monthly in October 2008, when they accounted for 15 percent of the market. The average of all-cash deals was 20 percent in 2009, rising to 28 percent last year.

The national median existing-home price for all housing types was $158,800 in January, down 3.7 percent from January 2010. Distressed homes edged up to a 37 percent market share in January from 36 percent in December; it was 38 percent in January 2010.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the median price is being dampened by unusual market factors. “Unprecedented levels of all-cash purchases, primarily of distressed homes sold at deep discounts, undoubtedly pulls the median price downward,” Phipps said. “Given the levels of inventory we see today, we believe that traditional homes in good condition have held their value.”

Total housing inventory at the end of January fell 5.1 percent to 3.38 million existing homes available for sale, which represents a 7.6-month supply at the current sales pace, down from an 8.2-month supply in December. The inventory supply is at the lowest level since December 2009 when there was a 7.3-month supply.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.76 percent in January from 4.71 percent in December; the rate was 5.03 percent in January 2010.
Single-family home sales rose 2.4 percent to a seasonally adjusted annual rate of 4.69 million in January from 4.58 million in December, and are 4.9 percent higher than the 4.47 million level in January 2010. The median existing single-family home price was $159,400 in January, down 2.7 percent from a year ago.

Existing condominium and co-op sales increased 4.7 percent to a seasonally adjusted annual rate of 670,000 in January from 640,000 in December, and are 7.9 percent above the 621,000-unit pace one year ago. The median existing condo price was $154,900 in January, which is 10.2 percent below January 2010.

Regional Sales
Northeast: Regionally, existing-home sales in the Northeast fell 4.6 percent to an annual pace of 830,000 in January from a spike in December and are 1.2 percent below January 2010. The median price in the Northeast was $236,500, which is 4.0 percent below a year ago.

Midwest :"Existing-home sales in the Midwest rose 1.8 percent in January to a level of 1.14 million and are 3.6 percent above a year ago. The median price in the Midwest was $126,300, which is 3.2 percent below January 2010.

South: In the South, existing-home sales increased 3.6 percent to an annual pace of 2.02 million in January and are 8.0 percent higher than January 2010. The median price in the South was $136,600, down 2.1 percent from a year ago.

West: Existing-home sales in the West rose 7.9 percent to an annual level of 1.37 million in January and are 7.0 percent above January 2010. The median price in the West was $193,200, down 5.7 percent from a year ago.

— NAR

CNN/Money puts Seattle on top 10 list as "Best Recovery Bets" with appreciation predicted in 2012

Tony Meier — Mon, 14 Feb 2011 15:52:55 -0800

Housing markets: Best recovery bets

6 of 10 Seattle

Median home price: $375,000

Drop since market peak: 24.4%

Forecast gain by 9/2012: 3.7%

Seattle is a good mix of new and old economies, with Microsoft, Amazon and Boeing offering good, well-paying jobs. And that has been key to getting the city's economy off life support, with the unemployment rate dropping below 9% in December.

"We've got solid corporate leaders and that firms up the purchase market," said Lennox Scott, CEO of John L. Scott Real Estate.

However, Seattle is also a popular place to live and many people financed their homes with dangerous loan products during the last decade. That meant that when the bust hit, foreclosures skyrocketed. The city is in the nation's top 50 hardest-hit areas for foreclosure filings, according to RealtyTrac.

But home prices will be rebounding, thanks, in part, to Seattle's position between mountain and sea. Because the area lacks land to build on, supply can be limited once the foreclosure market dries up.

Source article:
http://money.cnn.com/galleries/2011/real_estate/1102/gallery.best_recovery_bets/6.html

December 2010 Existing Home Sales Jump

Tony Meier — Thu, 20 Jan 2011 12:22:55 -0800

Washington, DC, January 20, 2011

Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS®.

Existing-home sales¹, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.

Lawrence Yun, NAR chief economist, said sales are on an uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”

The national median existing-home price² for all housing types was $168,800 in December, which is 1.0 percent below December 2009. Distressed homes³ rose to a 36 percent market share in December from 33 percent in November, and 32 percent in December 2009.

“The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, but the flat price trend continues,” Yun explained.

Total housing inventory at the end of December fell 4.2 percent to 3.56 million existing homes available for sale, which represents an 8.1-month supply⁴ at the current sales pace, down from a 9.5-month supply in November.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said buyers are responding to very good affordability conditions despite tight mortgage credit. “Historically low mortgage interest rates, stable home prices, and pent-up demand are drawing home buyers into the market,” Phipps said. “Recent home buyers have been successful with very low default rates, given the outstanding performance for loans originated in 2009 and 2010.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.71 percent in December from 4.30 percent in November; the rate was 4.93 percent in December 2009.

A parallel NAR practitioner survey shows first-time buyers purchased 33 percent of homes in December, up from 32 percent in November, but are below a 43 percent share in December 2009.

Investors accounted for 20 percent of transactions in December, up from 19 percent in November and 15 percent in December 2009; the balance of sales were to repeat buyers. All-cash sales were at 29 percent in December, compared with 31 percent in November, but up from 22 percent a year ago. “All-cash sales have been consistently high at about 30 percent of the market over the past six months,” Yun said.

Single-family home sales jumped 11.8 percent to a seasonally adjusted annual rate of 4.64 million in December from 4.15 million in November, but are 2.5 percent below the 4.76 million level in December 2009. The median existing single-family home price was $169,300 in December, down 0.2 percent from a year ago.

Existing condominium and co-op sales surged 16.4 percent to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2 percent below the 675,000-unit pace one year ago. The median existing condo price⁵ was $165,000 in December, which is 7.4 percent below December 2009.

Regionally, existing-home sales in the Northeast jumped 13.0 percent to an annual pace of 870,000 in December but are 5.4 percent below December 2009. The median price in the Northeast was $237,300, which is 1.4 percent below a year ago.

Existing-home sales in the Midwest rose 11.0 percent in December to a level of 1.11 million but are 4.3 percent below a year ago. The median price in the Midwest was $139,700, up 3.3 percent from December 2009.

In the South, existing-home sales increased 10.1 percent to an annual pace of 1.97 million in December but are 2.5 percent below December 2009. The median price in the South was $148,400, unchanged from a year ago.

Existing-home sales in the West surged 16.7 percent to an annual level of 1.33 million in December but remain 1.5 percent below December 2009. The median price in the West was $204,000, down 5.6 percent from a year ago.

The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Why I still enjoy the Real Estate business after 22 years...

Tony Meier — Wed, 19 Jan 2011 15:19:14 -0800

1/13/2011

"We worked with Tony on both the purchase of our new home and the sale of our old home.

Throughout the process, Tony proved to be committed, knowledgeable, and savvy while taking us through the purchase and sales process. Regarding the sale, even in a down market, Tony managed to get our house sold. Unlike many real estate professionals, Tony is a very good communicator and kept us informed and up-to-speed on everything that was happening at all times.

We would highly recommend his services if you are planning to purchase or sell a home."

James and Kim Mastan

Thank you James & Kim for the opportunity to serve you. It was my pleasure!

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

Pending Home Sales Continue Recovery, Gradual Improvement Seen in 2011

Tony Meier — Thu, 06 Jan 2011 09:15:36 -0800

Washington, DC, December 30, 2010

Pending home sales rose again in November, with the broad trend over the past five months indicating a gradual recovery into 2011, according to the National Association of REALTORS®.

The Pending Home Sales Index,* a forward-looking indicator, rose 3.5 percent to 92.2 based on contracts signed in November from a downwardly revised 89.1 in October. The index is 5.0 percent below a reading of 97.0 in November 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said historically high housing affordability is boosting sales activity. “In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” he said. “But further gains are needed to reach normal levels of sales activity.”

The PHSI in the Northeast increased 1.8 percent to 72.6 in November but is 6.2 percent below November 2009. In the Midwest the index declined 4.2 percent in November to 78.3 and is 7.7 percent below a year ago. Pending home sales in the South slipped 1.8 percent to an index of 91.4 and are 7.2 percent below November 2009. In the West the index jumped 18.2 percent to 123.3 and is 0.4 percent above a year ago.

“If we add 2 million jobs as expected in 2011, and mortgage rates rise only moderately, we should see existing-home sales rise to a higher, sustainable volume,” Yun said. “Credit remains tight, but if lenders return to more normal, safe underwriting standards for creditworthy buyers, there would be a bigger boost to the housing market and spillover benefits for the broader economy.”

The 30-year fixed-rate mortgage is forecast to rise gradually to 5.3 percent around the end of 2011; at the same time, unemployment should drop to 9.2 percent.

For perspective, Yun said that the U.S. has added 27 million people over the past 10 years. “However, the number of jobs is roughly the same as it was in 2000 when existing-home sales totaled 5.2 million, which appears to be a sustainable figure given the current level of employment,” he explained.

“All the indicator trends are pointing to a gradual housing recovery,” Yun said. “Home price prospects will vary depending largely upon local job market conditions. The national median home price, however, is expected to remain stable even with a continuing flow of distressed properties coming onto the market, as long as there is a steady demand of financially healthy home buyers.”

Existing-home sales are projected to rise about 8 percent to 5.2 million in 2011 from 4.8 million in 2010, with an additional gain of 4 percent in 2012. The median existing-home price could rise 0.6 percent to $173,700 in 2011 from $172,700 in 2010, which was essentially unchanged from 2009.

“As we gradually work off the excess housing inventory, supply levels will eventually come more in-line with historic averages, and could allow home prices to rise modestly in the range of 2 to 3 percent in 2012,” Yun said.

New-home sales are estimated to rise 24 percent to 392,000 in 2011, but would remain well below historic averages, while housing starts are forecast to rise 21 percent to 716,000.

Yun sees Gross Domestic Product growing 2.5 percent in 2011, and the Consumer Price Index rising 2.3 percent.

# # #

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

NOTE: The next Pending Home Sales Index will be released January 27, and existing-home sales for December will be reported January 20; release times are 10:00 a.m. EST.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTORS® are members of NAR.

Tony Meier's 2010 Holiday Message to Friends and Clients

Tony Meier — Tue, 21 Dec 2010 17:40:53 -0800

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

Redmond Listing - 3670 sf two story home in Mount Clare Estates on English Hill

Tony Meier — Tue, 28 Sep 2010 09:49:53 -0700

17631 NE 134th Pl, Redmond - $585,000

Attractively priced two story on private, 3/4 acre lot in Mount Clare Estates on English Hill. The wonderful floor plan features 5 bedrooms, 2.25 baths, 3670 s.f., den & bonus room. Dramatic two story entry draws you in. Formal living room with fireplace & bay window. Formal dining room with ample seating for 8 or more. Large kitchen with granite counters, newer appliances & attached nook. Huge family room with brick wrapped fireplace & French doors opening to rear deck & yard. Private den with wet bar. Large master bedroom with remodeled bath & walk-in closet. Upper level bonus room with rich hardwood floors. Four additional bedrooms are all generously sized. The lot is 32,430 s.f with a large rear yard that is fully fenced. The private, south facing rear yard has an entertainment sized deck, water feature, big storage shed and a separate play area. The big side yard is ready for your imagination – perfect for a sport court or RV parking! Two car attached garage. Large wrap around front porch provides plenty of room to entertain out of the sun or rain. Newer roof, carpets & recently refinish hardwoods too. Outstanding Northshore schools - Sunrise Elementary, Timbercrest Jr High, & Woodinville High. Fantastic location with easy access to shopping & Downtown Redmond!

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

Sold in 3 days! 12904 176th Pl NE - Olde Morrison Place on English Hill in Redmond

Tony Meier — Fri, 02 Jul 2010 16:50:34 -0700

12904 176th Pl NE, Redmond WA 98052 - $449,900

Completely remodeled home in Olde Morrison on English Hill. The well laid out floorplan boasts 1930 s.f. and features 3 bedrooms, 2.5 baths on a private lot! Many recent updates include - remodeled kitchen and baths, new carpets, refinished hardwood floors, new molding and doors! Sunken formal living room with bay windows. Formal dining room with coffered ceiling and ample windows. Totally updated kitchen with island, skylights, pantry, attached nook and features white cabinets, new slab granite counters & new stainless appliances included! Relaxing family room with cozy brick fireplace and big windows overlooking the rear yard. Remodeled powder room with bead board, cherry vanity and granite counter. Wonderful master suite with walk-in-closet. The 5 piece master bath has been totally remodeled with tile floors, pedestal sinks, glass block shower - all accented in white bead board. Two additional bedrooms upstairs are very spacious. The full bath in the hall has been remodeled with tile floors, cherry vanity and granite counter. Big, entertainment sized deck overlooks the private rear yard which is surrounded in greenery - great for relaxing or soaking up the sun! Garden beds and lush plantings will satisfy any gardener! Attached two car garage with storage possibilities above. Outstanding Northshore schools - Sunrise Elementary, Timbercrest Jr High & Woodinville High.

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com

SOLD! 12918 179th Ave NE - Redmond - Olde Morrison Place on English Hill

Tony Meier — Mon, 14 Jun 2010 12:17:53 -0700

Just Listed - 12918 179th Ave NE - Redmond - Olde Morrison Place - $450,000
http://EnglishHillTwoStory.net

Set back from the street in Olde Morrison Place on English Hill, sits this charming two story home. The spacious, “light filled” floorplan boasts 2120 s.f. and features 4 bedrooms, 2.5 baths on a very private 15,000 s.f. lot! Many updates include vinyl windows, water heater, new carpet and fresh paint throughout! Formal living room with big windows overlooking front yard. Spacious formal dining room with scenic garden outlook. Updated kitchen with hardwood floors, cherry cabinets, granite counters and stainless appliances! Sunny nook with bay window overlooking rear deck. Huge family room with brick fireplace and gas insert. Nice powder room on main. Generous master bedroom with “his & her’s” closets and attached full bath with a double vanity, skylight and shower over the tub. Three additional bedrooms upstairs are very spacious and you'll find a full bath in the hall too! The real gem of this home is the very private and large rear yard which is fully fenced and features an entertainment sized deck, built-in seating area, gazebo with hot tub, huge sport court, child’s play structure, storage shed, abundant garden beds, pond and plenty of room for relaxing or some serious fun! Attached two car garage with storage possibilities above. Outstanding Northshore schools - Sunrise Elementary, Timbercrest Jr High & Woodinville High.

Posted By:
Tony Meier
Eastside & Seattle Realtor
EastsideHomesBlog.com
EastsideHomes.com
Seattle's Eastside Real Estate Resource
tony@eastsidehomes.com