April statistics from the Northwest Multiple Listing Service show that residential home prices on Seattle’s Eastside remain steady.   Most people get what they ask for their homes.   Values have not materially slipped from where they were in 2007. 

More houses are on the market, times on market lengthen, the over all inventory still speaks to a buyer’s market.   Yet, depending on the Eastside area where you’re looking ( e.g,  Woodinville)  prices have held, appreciated or declined only modestly.

Hungry for a good real estate bargain?

Pending sales during April reached their highest level in eight months, according to the latest figures from Northwest Multiple Listing Service.  The Multiple covers 19 counties in western and central Washington.

Other indicators tracked by the multiple listing service were mixed.  Prices for sales that closed during April were down about 5.5 percent compared to a year ago, but a look at more recent months shows stable price in many areas – especially compared to most metropolitan areas around the country.

In King County, the median price for last month’s closed sales of single family homes and condos was $410,000. That’s up slightly (0.67 percent) from 12 months ago and only $5,000 below the price reported for August 2007.

House hunters continued to have plenty of choices last month as realtors added 13,607 new listings during April.   That’s about 9 percent less than twelve months ago.

Northwest Multiple Listing Service, owned by its member brokers, is the largest full-service MLS in the Northwest. Its membership includes approximately 31,000 brokers and agents. The organization, based in Kirkland, currently serves 19 counties, mostly in western Washington, plus Grant, Kittitas and Okanogan counties in the central part of the state.

• Please consider the cost of financing when buying your home. look at your monthly payment!  You think home prices might drop, you wait to buy.  Is this wise? What if home prices drop a little and interest rates (now in the 6s) go up?
• Even if the price on the home of your dreams drops $20K, you would still pay more if rates go up to 7%.  Take advantage of today’s good rates.  They most likely will not go much lower.
• For most buyers, it’s not so much the price of the home as the monthly budget.  It’s not so much about the asking price as it is about how much the monthly payment will work out to with gas and groceries more expensive.
• In today, real estate market, it’s is about the monthly payment as much as price.

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A face trying to figure the market

We here provide a paraphrase of Washington Realtors Market Report for the State of Washington 2008. The Report was compiled in cooperation with the Washington Center for Real Estate Research Washington State University.

The question posed:  if there’s a lot more inventory out there and talk of a “buyer’s market” whey haven’t home prices dropped?

Because the demand has never gone away.  Increased inventory allows buyers to be more selective and better match homes to their need.  Buyers have been able to negotiate prices somewhat. 

Individual homes may be selling at prices a bit below the maximum they could achieved in 2006, but buyers have been getting bargains, buying more house (or land) and spending more total dollars.

Due to pent up demand, reasonable seller pricing and great financing available, prices should remain at least steady and may continue to rise, though in moderation.

Prices should not drop appreciably unless there is a significant increase in the interest rates, the unemployment rate or a tremendous surge in new home construction this year.

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