The Cascade Team Blog - Market Conditions

What Ranks High with Luxury Homebuyers

Luxury home owners and buyers place a high value on real estate, according to a new survey conducted by Better Homes and Gardens of 500 luxury home buyers.

In fact, the survey finds that 75 percent of luxury home buyers believe home ownership is a sounder investment than the stock market. What’s more, 57 percent of luxury home owners say home ownership is a bigger indicator of success than their job or title.

“The luxury consumer is considered a trendsetter in most industries, and to see the strong connection this consumer has with ‘home’ is very significant as we look at the real estate market as a whole,” says Sherry Chris, president and CEO of Better Homes and Gardens…

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Canadian Home Buyers Still Good Value in Phoenix Real Estate Prices

Even with the rise in Phoenix home prices, Canadian home buyers are still see great value in Phoenix real estate compared to what they would pay for similar homes in Canada.  The following article outlines some of the reasons why Canadian home buyers are looking at the Greater Phoenix market as a great spot for a second home; especially in the winter.  There are some great master planned communities like Verrado and Anthem that seem to have a strong appeal to Canadian buyers as we are seeing strong activity in both those areas.  Scroll down in the window below to read the article published in Financial Post.  

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Verrado Real Estate Market Update

Verrado newly listed homes has slowed over the summer as we currently sit at 63 active Verrado homes for sale (including 7 under contract but accepting back up offers), with 5 short sales and 3 REO lender owned homes.  There are now currently 34 pending with 14 homes new construction.  Overall, new construction home activity remains brisk, but overall the market has slowed due to the hot summer weather and a spike in interest rates.  Long term a move up in interest rates should allow for more balance in the market and allow inventory to catch up with demand.

Now when shifting over to sold homes in Verrado, we find a total of 80 homes sold over the last 90 days, up substantially from earlier this summer.  The average closed price of these…

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Western Washington experencing a "Positive Cyclone of Home Sales Activity,”

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• Sold Homes up 27.5% compaired to last year.
• Pending Sales up 13.6%
• Prices are up 10.8% Compaired to last year
• Multiple offers being reported in ALL price range!

Home sales, prices still rising in Western Washington despite lean inventory and increasing mortgage rates:

KIRKLAND, Wash. (Aug. 6, 2013) – Rising interest rates, rising prices and rising consumer confidence are creating a "positive cyclone of home sales activity," according to members of the Northwest Multiple Listing Service. A robust job market around the Greater Seattle area is also spurring sales.

Member-brokers reported 9,565 pending sales during July for an increase of more than 13.6 percent from a year ago – the highest year-over-year gain…

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Why is there a lack of homes for sale?

In many once-distressed housing markets, home sale prices are rising by double-digit percentages, and homes are selling much faster than in recent years, often with multiple offers. Mortgage rates are extremely cheap. But before we strike up the band, you guessed it, there's a catch.

There aren't enough homes available to satisfy demand.

In these now-thriving markets, severe inventory constraints are causing consternation for buyers, Realtors and the mortgage industry. Why are so many potential sellers sitting on the sidelines?

In cities such as Atlanta, Ga., there were 42% fewer new listings on the market in the first two weeks of 2013 than there were in 2012. Seattle saw a 23% dip; Los Angeles dropped by 36% and Denver fell by 35%.

In many…

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Mesa Real Estate Market On The Rise

Good news for the Mesa real estate market as new housing activity more than doubled in the last three years

During the 2011 year, the city only issued 414 new home permits for new construction, while during the most recent fiscal year, which ended June 30, Mesa issued 982 permits; nearly double from two years prior.  In June alone, 146 new home permits were issued, and that is a single month record, greater than any month in the last five years.  Mesa beat out the national trend where new home construction dropped unexpectedly in June.  I personally know of some small developers that are working on some 80 to 120 unit developments over in Mesa and they are confident they will sell through the inventory quite quickly.

If you want to read more, click…

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Mortgage Rates Nudge Slightly Lower This Week

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Following several weeks of increases, mortgage rates decreased, giving some relief to home buyers.

The Fed’s monthly bond purchase program has been keeping mortgage rates low for the past year, but there has been concern recently that the program will be ending soon, which has prompted mortgage rates to move up the last few weeks. 

This week, "fixed mortgage rates fell as Federal Reserve Chairman Bernanke helped ease market concerns about the Fed reducing its bond purchases,” says Frank Nothaft, vice president and chief economist, Freddie Mac.

Freddie Mac reported the following national averages with mortgage rates for the week ending July 18: 

• …

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Greater Seattle Real Estate Prices Still On The Rise

Northwest MLS brokers say market stays "extremely competitive", while some industry experts believe "housing affordability may never be better".

KIRKLAND, Wash. (July 3, 2013) including rising mortgage rates, tight inventory and declining unemployment are driving even more buyers into what is already a competitive housing market.

New figures from the MLS show pending sales during June jumped 10.6 percent from twelve months ago as buyers scrambled to lock in loan rates and bid on a limited supply of homes. Members in the 21 counties served by Northwest MLS reported 9,484 mutually accepted offers last month, outgaining the year-ago number of pending sales by 907 transactions.

Frank Wilson, an officer on the Northwest MLS board, recommends sellers…

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Experts say Home price increases are 'unsustainable'

By Diana Olick | CNBC.com

For six straight months, home prices have been leaping in double digits from a year ago. In May, the median existing home sale price was 15.4 percent higher nationally than May of 2012, according to a new report from the National Association of Realtors.

The Realtors themselves say that kind of jump is "unsustainable."

"Some of the increases can be explained by the fact that it is recovering from an over-corrected situation," said Lawrence Yun, chief economist for the Realtors. "But with people's income rising at only 1 or 2 percent and prices rising in double digits, it cannot continue."

Part of the steep rise in the median home price can be attributed to a change in the mix of homes that are selling. Sales of homes…

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30-Year Mortgage Rates Climb Near 4% Range

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For the sixth consecutive week, mortgage rates inched higher, continuing to climb from all-time lows, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage—the most popular among home buyers—has now climbed a half percentage point since last month. 

A strengthening economy and positive employment report this month prompted fixed-rate mortgages to climb higher this week, says Frank Nothaft, Freddie Mac’s chief economist. 

Freddie Mac reports the following national averages with mortgage rates for the week ending June 13: 

• 30-year fixed-rate mortgages averaged 3.98 percent, with an average 0.7 point, rising from last…

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