Looking back at 2012 it was a great year in the real estate market for both buyers and for sellers in Lake Stevens. The market showed consecutive months with higher sales than we have seen in years, increasing values and great interest rates.
We knew we were at the bottom of the market in 2011 when prices seemed to stabilize and investors started buying real estate properties. 2012 values showed increasing values from the beginning to the end of the year.
The Northwest Multiple Listing Service reports that Lake Stevens started 2012 in January with 26 residential home sales. The official count is not yet available but it is at least 58 for the month of December. Median values for Lake Stevens show a increase in median value from $217,800 in January 2012 to $235,000 in December 2012.
The NWMLS reports that current inventory for Active Residential Listings in Snohomish County is at 1,317, half of what we started the year with in January 2012 when there were 2,638 active listings for sale. The math is simple. More buyers, less inventory equal rising values.
Mortgage manager and Lake Stevens resident Paul Armstrong from Crane Financial Group, a division of Guild Mortgage in Snohomish, tells us “Interest rates are at a all time low. A year ago they were a full percentage higher.”
Interest rates depend on a customers loan program, as well as their credit score. Armstrong continued, “The only way for rates to go is up. As the economy improves, consumers gain confidence, interest rates will rise. When interest rates rise, it sparks more people to buy, to get in on the good rates before they go higher.”
After looking back at last year, 2013 has lots of promise for a smoking hot real estate market here in Lake Stevens. If you are even thinking of buying, now is the time to jump on the good deals while they are still here, and the rates are as good as they are.
To learn more about the real estate market and how to contact Paul Armstrong, visit www.johnlscott.com/steves.