Well, Real Estate from a lenders point of view is wonderful the Olympia, Washington market for them has been fast and furious. Appraisers are behind because of the load of work thrown at them so closings are taking longer approx 45 days for a sale to close.
Most of the above is directly related to the refinancing and foreclosures that have and are taking place although purchases have started to climb in numbers and so has the interest rate. As of today a fixed 30 year loan is at 5.56%, a 15 year fixed rate is 5.07% a 30 year fixed jumbo loan is at 6.65% all of these being up from last week but still much better than past times, check with, a lender before taking the above for granted as rates are moving every day.
Homes sales are picking up as people see the rate increases and this time of year is when people make their move with schools being out. We are seeing some builders starting to build but not rushing in and building to fast.
The price adjustment that we are seeing now has happened many times in areas of the country as I remember in my 32+ years in the business, but most of the Pacific Northwest has not experienced a hit like this in many years, it is being reported as a 15% to 25% adjustment on average, depending on where you live and what price range you property is valued, this loss of equity is not a loss really as real estate will bounce back, and if you sell now for the lower price you can buy lower for those that are making these type of transitions.
I have said this saying so often, and it keeps me going in the business, “They are not making more land (yet) but one thing for sure they are making more people”. That in itself assures that real estate will come back.
I would look forward to hearing experiences, on what is happening out there, so drop me a message.