TIP: Know the facts about the market and why now is a great time to buy

THE FACTS:

 

The facts about foreclosure

 

• The foreclosure rates today are the same as they were 10 years ago.
• Fewer than 1 percent of mortgages end in default in Washington state
• As of mid-June, sub-prime, adjustable-rate loans represented 20 percent of loans

nationally, but just 6 percent of home loans on Washington

 

The market is strong

 

 

• Home appreciation in Washington continues to out-perform the rest of the nation

with year-to-year price increases every quarter since the spring of 2005

 

The market is stable

 

 

• Home prices in Washington have increased an average of 8.1 percent since the

same time last year. Many counties, however, have experienced price hikes much higher: Chelan 29.8 percent, Okanogan 24.5 percent, Douglas 22.2 percent and Lewis 19.3 percent.

 

Why Washington is different

 

• The home market isn't keeping pace with the growth of the state's population,
which is continuing to increase at 1.8 percent per year.
• The state's population will increase by nearly 1 million over the present decade

and reach 6.8 million by 2010.

 

What about inventory?

 

• The key to stability in the residential real estate market is balance, where balance
is about a six-month supply (or inventory) of homes available on the market at

any given time.

 

For more information on why now is a great time to buy, contact your local
realtor.