Team Diva Real Estate notes on this weeks round up of news. First off we were appalled last week at the shootings in Arizona. Our hearts go out to everyone who was impacted. From a global perspective, we really hope people will take the time to increase their civility to those with opposing views. Who knows what we can learn?
On a local level, the Divas have seen a crazy increase in the number of requests for rental properties. This goes back to our note from last week that Seattle is seeing super low vacancy levels in apartments. Specifically, we are seeing this in core neighborhoods like Capitol Hill, Central District, Ballard, Wallingford, etc. Our own Swedish FIUTS exchange student is getting ready to pay close to $500 a month to rent a very small room up on Capitol Hill. So I ask all of you – Is it time to buy rental properties?
Green Built inventory is also at record lows right now. The demand rate in the Central Area is hovering around 1.8 for Green Built homes (anything less than 2.5 is considered a Sellers market). In West Seattle there are only 3 properties on the market for the Admiral/Alki area that are Green Built and in an affordable price point. Expect to see resale and new Green Built fly off the market this Spring!
Zillow: Seattle’s one of the worst markets to invest in. Diva Pal Tad sent this article over. The interesting thing is that if you make the right buy right now this is a seriously good opportunity to get into an investment property. Low rates + the masses have yet to return to the market + low rental inventory = Profit!
Housing starts expected to climb in 2011: A 21% increase over 2010 is predicted.
Economists become more upbeat: Economists are increasingly optimistic about the pace of the recovery, predicting better than a 3.2% annual rate in each quarter this year.
Mortgage rates decline to 4 week low: After a few weeks of rising rates, a bit of relief.
Seven mortgage trends to expect in 2011: While expected to continue their climb, interest rates are still near historic lows.
Parents investing in childâ€™s future mortgage: A once common way to get into a first home, this tactic is becoming popular again.
Foreclosure crisis still bleak: The Divas just want to say we are still fairing way better than most!
Banks Housing Giveaway: An interesting take on the perpetual reductions caused by distressed sales.
No McMansions for Millennials: Less is more is what every urbanite needs!
Home sale gains seen: Economists see resale housing making gains this Spring.