Great news regarding the supply of homes: Homes that have been on the market for almost a year, and some that have been on longer, have now started to sell. And once those homes sell, those sellers will become buyers, bringing the law of supply and demand into play. The other good news is that the “affordability index” (the average mortgage payment for an average-priced home as a percent of average household income) has improved greatly.
Between 1970 and 2008, this index averaged 18.8 percent. Thanks to the current low interest rates together with the current low home prices, the current rate of affordability index is just 14 percent. Making this housing market-from the standpoint of affordability-about as good as it gets. If you have been waiting to make your move, the ideal time is now.
The gorgeous unobstructed panoramic 180′ view condo on Mercer Island (with views from Mt. Rainier to Mt. Baker) that I’ve mentioned has now been reduced $70,000 to the very low price of $359,000. You have to see this to believe it. Please call, text, or email me for a private showing at your convenience.
This week-end May 2nd and 3rd, I also have a listing that is a part of the “Issaquah Home Tour” that will be open from 1:00-5:00 both Saturday and Sunday. It’s a great custom home on over 1/3 acre on Cougar Mountain in Issaquah that’s on the market for the first time. Its serene setting is similar to many Mercer Island sites-on a private lane, overlooking a lush ravine. That 4 bedroom 3 bath home is offered at the unbelievably low price of $410,000. For more information on these great properties, please visit my web site listed here, or contact me directly. Thank you – I look forward to hearing from you!
FYI: Incidentally, in keeping with our helpful community services, The Mercer Island Community Fund recently awarded a $3,000 grant to the Mercer Island Youth and Family Services Foundation for summer camp scholarships for children from low-income families.