Big News in the JBLM Real Estate Market From Phil Sharp HomesJuly 2013
If someone you know is PCS’ing to JBLM, please forward this email…It contains lots of great links for resources and housing in the JBLM area!
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Didn’t the Government Say that Interest Rates Wouldn’t Change?
Mortgage interest rates, to include VA Mortgage rates, have increased significantly over the past month. Although the fed has stated that they will keep interest rates and other stimulus in place, the lending industry, taking advantage of strong demand, feels otherwise.
Almost all mortgage money in this country comes from the fed. They lend the money, with strings, to the private lending industry….currently for zero interest. In simple terms, the lending industry marks the interest rate up by a certain margin, which represents their overhead and profit.
If you have been shopping for a home loan, VA or any other type, you have probably noticed the increase in rates. A well-qualified VA borrower just a few months ago could get an interest rate of less that 3.5% without any additional fees (points). Currently, the same buyer is looking at a rate of 4.25-4.5% depending on the various factors that go into qualifying for a mortgage….Credit Score, Debt to income ratio etc.
I expect that rates will continue in a range of about 3.5-4.5% for the foreseeable future. As I mentioned earlier, the Fed says that it will hold its rates at current levels thru 2014. I believe that going into the fall of 2013 that demand will seasonally slow, reducing the probability that the lending industry will raise rates further…at least before next spring. If demand continues as it has thus far this year however, it is possible that rates will rise further.
The real estate market has turned around, and looks like it is going to continue upward. Home prices are much closer to the bottom that to the top…but as home prices increase, it appears that so will interest rates. Keep in mind that if you wait on purchasing a home “until you get to know the area” that prices are going to continue to go up, and interest rates likely will too…but hopefully not until next spring.
Current Market Stats
177.2 Housing Affordability Index for all buyers, 1st Quarter 2013. Second most affordable on record. $237,600 Median existing home price, 1st Quarter 2013; 14.1% higher than year ago but still 21.0% lower than 2007’s 1st Quarter high. 28.6% Increase in single family building permits compared to 1st Quarter 2012. $8.38b Dollar volume of commercial property sales in Washington as monitored by Commercial Brokers Association. Excludes multifamily. 4.2 Months supply of homes available for sale, end of 1st Quarter 2013 (5-7 months is a balanced market). 39.1% Proportion of Washington homes sales in 1st Quarter of 2013 with accepted Purchase and Sale Agreement within 30 days of listing. 3.56% Effective mortgage rates on loans closed in 1st Quarter 2013. Lowest on record. $1.3B Dollard value of residential (single-family and multifamily) building permits issued in 1st Quarter 2013 (excludes land value); 37.4% above year earlier. 88,440 Seasonally adjusted annual rate of home sales in 1st Quarter 2013. Highest since 3rd Quarter 2007. 68,250 Number of seriously delinquent home mortgages in Washington in 1st Quarter; 10,600 fewer than a year earlier. 28,118 Total units authorized by building permits in Washington in 2012. 34.8% above 2011 but still 47.7% below 2005 peak. 18.5% Proportion of 1st quarter home sales reported as cash sales.
How Affordable is Owning a Home?
Our Comparisons in BUYING vs. RENTING. Information gathered July 26, 2013. Rental ad retreived from The Nisqually Valley News. Real Property listing retreived from the Northwest MLS Home Search on PhilSharpHomes.com.
Rental: McKenna/Roy Area, WA
3 Bed, 1.5 bath, 3 car garage – Remodeled.
RENT: $1300.00 mo.
For Sale: MLS# 480344 Yelm, WA
3 bed, 2 bath, 2 parking NEW CONSTRUCTION 1,442 sq. ft., slab granite counter tops in kitchen & bath, hardwood flooring, gas fireplace, backyard fenced with patio, lg. master suite w/fireplace, 5pc bath & walk-in closet. 3% buyer bonus, $189,950 NEW CONSTRUCTION!
Mortgage Calculator Results: (All values are estimates, no fees or taxes included. Your results may vary based on your qualifications)
20% down – $37,990 w/4.5% interest, 30 yr. = $769.00 mo.
0 down – w/4.5% interest, 30 yr. = $962.00 mo.
Click the links below to go see the latest foreclosure “quick search” listings available.
Your Resource Toolbox
Free Relocation Packet
Get your FREE Relocation Packet via USPS today! We send to APO’s too, of course! Get Pierce & Thurston County Visitor Guides, Area Maps, WA Visitors Guide, Area Lodging, Recreation, Community & JBLM information and MORE! Click the pic above or click here to get your FREE Relocation Packet sent today.
YOUR Personal Relocation Sponsor, Meet Gina
Gina is NOT and agent, sales person, or paid on commission. Gina IS YOUR personal contact who offers FREE information services to those relocating to the JBLM area. She knows about the area, schools, commutes, employment, and more…just ask her! If Gina doesn’t know, she’ll find out. Visit the Relocation Dept or email Gina directly at firstname.lastname@example.org.
The Best Home Search Tools Available
FREE Android Home Search APP. Scan the QR code with your phone to get the “PSHomes Search” App in the Android Market for FREE.
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ABOUT YOUR PHIL SHARP NETWORK
Phil Sharp is the sole agent/Broker at Phil Sharp Homes and uses his extensive network to help YOU find or sell your home. Keeping your needs in mind, his wife Gayle will assist while touring homes, Stephanie will help with paperwork and finding the listings you want, Gina will help with all your relocation needs, and countless other resources and tools Phil has as part of his “network” is available to assist you.
ONE AGENT, AN ARMY OF RESOURCES.
SPECIALIZING IN MILITARY MOVES doesn’t mean PSH only deals with service members. Spouses, family and community members are equally served. Our Relocation Services are especially for Military Spouses to help meet the FAMILY’s needs. We are your personal contact and resource when you are moving to WA. Spouses need info., we have it here just for you.Contact: Phil Sharp Homes 4133 Sleater-Kinney Rd NE, Olympia, WA 98506 360-970-9977
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