Mason County Real Estate Improving

The National Association of Realtors recently reported that pending sales have
shown steady improvement over the last three consecutive months.  According to
Lawrence Yun, NAR chief economist, buyers are responding to current market
conditions. “Housing affordability conditions have been at historic highs, but
now the $8,000 first-time buyer tax credit is beginning to impact the market,”
he said. ”Since first-time buyers must finalize their purchase by November 30
to get the credit, we expect greater activity in the months ahead and that
should spark more sales by repeat buyers.”

Puget Sound Sales statistics, according to  the  NorthWest Multiple Listing
Service, posted 7,160 pending sales during May of 2009.  That number is up by
17.7% from a year ago and an improvement of 3.5% from April. The large
metropolitan areas of Puget Sound had a 21.5% jump in Pending sales.

Rural areas like Mason County are still lagging behind this trend,  however,
local inventories are beginning to be absorbed and prices are showing signs of
stabilizing. Local Realtors are reporting that well priced homes in the
$200,000 and under range and that show well are seeing good offers and in some
cases multiple offers.

I personally believe that the historic low interest rates, adjusted lower home
prices and the $8,000 tax credit has generated a lot of interest and terrific
opportunities for  buyers.

Another trend in the current market is that buyers are still looking for Short
Sales. Many of these buyers, however, are beginning to realize that these
transactions can take a much longer time to close, in fact, sometimes twice as
long as a conventional sale. Many buyers have become frustrated with the long
process and have withdrawn from the sales. Many short sale properties end up in
foreclosure.

So the question is are we in a recovering market? Based on pending sales and
lower inventories, both locally and Nationally, Realtors are optimistic and
feel the worst is behind us.

The only unknown at this point is the mortgage rates. There has been some rate
fluctuation and hopefully rates will stay low. Who knows if we will see rates
under 5% again. Does this mean this is the time to buy. In my humble opinion,
waiting longer to buy a home may not be the best strategy.

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