Here is this weeks weekly mortgage update. In this weeks update read up on how the housing stats are actually improving!

Weekly mortgage update.

Wow, there was a buzz this week about the default rate of subprime mortgages and the doom and gloom press jumped all over it. In this weeks update you will see the truth of the matter and see how this will affect or not affect mortgage rates.

Weekly mortgage update.

How is Snohomish county doing in real estate? Are we still gaining equity in our homes? What is the percentage of gain? These are questions I hear on a daily basis and here is my answer - as a whole, Snohomish county residents are  expereincing appreciation. The percentage depends once again on the location, type, and value of your home. If I had to give a percentage to "blanket" Snohomish county, I would say between 5%- 10%. Is this less than last year? Yes, but the slowing appreciation rate will actually improve the real estate market. If you're wondering how, here is one way - in the last three years the appreciation has been at an unhealthy level, causing drastic price increases that could not be sustained for a long period of time. This actually priced some first time home buyers out of the market. In addition, if you are unable to sell your first home, then you're unable to buy your second home, and if you are unable to sell your second home then you are unable to buy your third home. Another way the drastic increase in real estate values has affected the majority of the public has been in real estate taxes. As values go up, so do taxes! Here is another factor: as home values rise, the cost of land, the cost of developing the land, the cost of raw materials, and other expenses affect the price of the home. With the appreciation now coming to a healthier percentage, all of this should come back into balance. Not to mention that wages in Snohomish county did not and cannot keep up the price of homes when we are consistently experiencing years of double digit appreciation.

Buyer's market or seller's market? There seem to be many answers for this question. I would like to base my answer on my experience and concentrate on the Snohomish county real estate market. Let's start with the answer- no one can say buyer's and no one can say seller's. If you hear one or the other, you should question the responder. The answer should be "It depends".  Here's why. If you are selling a home in the "starter" home price range or the "first time home buyer" price range, there is a great demand. Not only do the majority of the buyers have the ability to afford your home, but you will also have many investors intrested as well. So in this market, if you are priced right, it is still a seller's market.  For example- I just sold a rambler in Lake Stevens in less than 16 days for full price. The sellers were in control. Now if you have a home in a higher price range, you will leaning more to a buyers market. For example- in Mukilteo I have a home for sale in the $700,000 range. Within a short distance from this home there are many other homes for sale in the same price range, causing a "glut" of inventory. This is a true buyer's market. So the correct answer to this question takes research and analyzing the area you plan on buying or selling your home. I see both scenerios happening all over Snohomish county - Lake Stevens, Three lakes area, Mukilteo, Cathcart area, Mill Creek, Bothell,  Marysville, Everett, Arlington, and Snohomish. Don't be naive and believe everything the press is saying or what an uneducated  responder might say!

Alan Greenspan is still affecting home interest rates, see how in this weeks mortgage update.

Weekly mortgage update.

After the rise and mainly fall of stocks last week we saw that home loan rates finished up unchanged if not better.

Weekly mortgage update.