Posts Tagged ‘rental market’
Are you Confident?
October 25, 2011 | 
Author The American consumer is not confident. The numbers released today show our consumer confidence at a 2 1/2 year low. The last time the numbers were this low was in the spring of 2009 when we were in a recession. What does that mean you may ask? Well, it means people are worried about their jobs and job prospects. It means people are underwater in their houses and must chose between buying things and paying their mortgage. These choices do not exude confidence.
The flip side of course is that those with solid jobs and confidence are finding incredible deals in housing. They have found desperate sellers whether they are selling short or competing with those that are. It is becoming more frequent to purchase a property that will cash flow with rental income especially in the Seattle area. The Troll is not so sure that this is a good thing with desperate people selling so they can rent, but it is the unfortunate reality.
If you are confident give the Troll a call so that he can help you find a great opportunity in todays’ real estate market. You can also call him if you are interested in refinancing to a historic low interest rate. Or even better, call him to get pre-qualified for the loan that purchases the property that he finds for you. Whether it’s your first purchase or a rental property it’s a great time to invest in Seattle real estate.
The Troll
Posted in Troll's Blog | 
Tags: buy a home, financing, home financing, home mortgage, homes, listed properties, mortgage blog, northwest real estate, property for sale, purchase real estate, real estate, real estate agents, real estate blog, real estate info, real estate office, realtor, realtors, realty, realty office, rental market, search real estate, seattle, seattle listings, seattle neighborhoods, short sales, wallingford, wallingford properties, wallingford real estate, washington, washington real estate | 
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Washington State. The Big Layoff
In yesterdays Seattle Times a front page article caught the Trolls eye. It was titled “State government offices-Where are all the people?” The article states that the recent decline in state employment is unprecedented in the 26 years they have tracked the data. I must admit that it comes as no surprise to the Troll that government layoffs have and will continue to play a big role in employment numbers for the foreseeable future. You see, there are a lot of foreclosures and short sales out there. These properties are not current on their debt and therefore are not contributing to the states tax pool in the way of property taxes. Without property taxes coming in there is no where to run and cutbacks are the result. Something else to consider, unemployment benefits are also at unprecedented levels. Unemployment benefits have been extended to a nearly unbelievable 2 year duration which has exhausted the state coffers. As companies layoff employees there is less and less money available to social programs in the way of payroll taxes. A viscous cycle indeed.
It’s tough out there people, we need to look no further than those rioting in England last week over current economic opportunities. It’s a little scary to contemplate the typical 6 month lag for things happening in Europe to reach the United States. And while the domestic economy continues to make tough cuts, this Troll hopes the 6 month lag still only pertains to fashion.
Still, as the Troll wrote yesterday, conditions couldn’t be better for those that have the means to purchase a rental or qualify to refinance at a lower interest rate.
The Troll
Posted in Troll's Blog | Tags: buy a home, economy, employment, home buying tips, home financing, home mortgage, home selling tips, homes, homes for sale, listed properties, mortgage, mortgage blog, northwest real estate, property for sale, purchase real estate, real estate, real estate agents, real estate info, real estate office, realtor, realtors, realty office, rental market, search real estate, seattle, seattle listings, seattle neighborhoods, seattle real estate, wallingford, wallingford real estate, washington, washington property, washington real estate | Comments Closed
It’s Now Time
The Troll firmly believes that now is the time to take action if you are interested in lowering your interest rate or thinking of purchasing a home. Rates are at all time lows and the purchase market playing field is tilted decisively towards buyers. As the stock market declines with the uncertainty of another recession, investors have and will continue to turn to real estate. If you think about it, the housing market has already “bled out”. Tight credit and unemployment have raged since the sub-prime crash 4 years ago. The correction has occurred and with rental demand exploding there are opportunities right now that will provide homeowners positive cash flows. Is there anything more appealing than owning a property that pays itself off? Get on the stick people, if you can swing it, the time is now!
The Troll
Posted in Troll's Blog | Tags: buy a home, economy, financing, home financing, home mortgage, homes, homes for sale, listed properties, mortgage, northwest real estate, property for sale, purchase real estate, real estate, real estate agents, real estate blog, real estate info, real estate office, realtor, realtors, realty office, rental market, search real estate, seattle, seattle listings, seattle real estate, sell a home, sell a house, wallingford, wallingford properties, wallingford real estate, washington, washington real estate | Comments Closed
The Week Ahead
From our friends at Calculated Risk
The most anticipated event this coming week is Fed Chairman Bernanke’s speech at Jackson Hole on Friday.
The key economic releases this week are July New Home Sales on Tuesday and the second estimate of Q2 GDP on Friday. Several high frequency releases will be closely watched: weekly initial unemployment claims, consumer sentiment (final) and two more regional Fed manufacturing surveys. On Monday, the MBA will release the Q2 National Delinquency Survey.
—– Monday, Aug 22nd —–
8:30 AM ET: Chicago Fed National Activity Index (July). This is a composite index of other data.
10:00 AM: Mortgage Bankers Association (MBA) 2nd Quarter 2011 National Delinquency Survey (NDS)
The MBA reported 8.32% of mortgage loans were delinquent at the end of Q1, seasonally adjusted, and another 4.52% were in the foreclosure process (total of 12.84%). The delinquency rate probably decreased in Q2, but the in-foreclosure rate probably increased.
Expected: The Moody’s/REAL Commercial Property Price Indices (commercial real estate price index) for June.
—– Tuesday, Aug 23rd —–
10:00 AM: New Home Sales for July from the Census Bureau. The consensus is for a slight increase to 313 thousand SAAR in July.
10:00 AM: Richmond Fed Survey of Manufacturing Activity for August. The consensus is for the index to be at minus 7, down from minus 1 in July. (below zero is contraction).
—– Wednesday, Aug 24th —–
7:00 AM: The Mortgage Bankers Association (MBA) will release the mortgage purchase applications index. This index has been very weak over the last several months, although refinance activity probably increased sharply last week.
8:30 AM: Durable Goods Orders for July from the Census Bureau. The consensus is for a 2.0% increase in durable goods orders after decreasing 2.1% in June.
10:00 AM: FHFA House Price Index for June 2011. This is based on GSE repeat sales and is no longer as closely followed as Case-Shiller (or CoreLogic).
—– Thursday, Aug 25th —–
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for an increase to 415,000 from 408,000 last week.
11:00 AM: Kansas City Fed regional Manufacturing Survey for August. The index was at 3 in July.
—–Friday, Aug 26th —–
8:30 AM: Q2 GDP (second estimate). This is the second estimate for Q2 GDP from the BEA.
The first estimate was for 1.3% annualized growth in Q2. The consensus is for a downward revision to 1.1% annualized real GDP growth.
9:55 AM: Reuters/University of Mich Consumer Sentiment final for August. The consensus is for a slight increase to 56.0 from the preliminary August reading of 54.9.
10:00 AM: Fed Chairman Ben Bernanke speaks at the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming, “Near- and Long-Term Prospects for the U.S. Economy”
Posted in Troll's Blog | Tags: buy a home, commercial real estate, construction, economy, employment, financing, foreclosures, home buying tips, home financing, home mortgage, homes for sale, listed properties, mortgage, mortgage blog, northwest real estate, property for sale, purchase real estate, real estate, real estate agents, real estate blog, real estate info, real estate office, realtor, realtors, realty, realty office, rental market, search real estate, seattle, seattle listings, seattle neighborhoods, seattle real estate, sell a home, sell a house, short sales, wallingford, wallingford properties, wallingford real estate, washington, washington property | Comments Closed
Rents on the Rise?
I have read some recent publications regarding the rental market and have some information to pass along. According to REIS Inc, an impartial source of commercial real estate data, renters could be facing some substantial rent increases in the next year. The firm’s quarterly report shows that the vacancy rates for apartments dropped dramatically during the first quarter and rents have begun to rise in some parts of the country. Reuters also has a story out that shows apartment vacancy has declined in the past quarter from 6.4% to 6.2% nationally. This is the largest percentage drop in any quarter since REIS Inc has tracked this data (1999). In addition, the Census Bureau confirms this trend and includes other types of rentals (SFR’s). According to their data, the rental vacancy rate dropped 1.3% from 4th quarter 2009 through 4th quarter 2010. We shouldn’t ignore an obvious trend.
In an attempt to bring this national information to a local level; I will pass along my most recent rental experience. Our longtime tenant provided notice in February that she was moving to help her elderly parents. It took the Troll a week get the place ready. He had it professionally cleaned, touched up the paint and completed a landscaping project long overdue (bamboo removal….nasty stuff!). We listed the property on craigslist on a Saturday evening and to our surprise by Sunday morning we had 14 inquiries. I showed the unit to the first few people and rented it after a credit report and a lease agreement. It Took Less Than A Day!
Now, the Troll is not sharing his story to brag about the one time when the sun actually shined on him. As you will soon find out he has numerous shortcomings which Mrs. Troll is always happy to point out. He just wanted to share with his readers an experience he had and hopefully provide some local feedback.
And with that he will crawl back under his bridge.
The Smiling Troll
Posted in Troll's Blog | Tags: buy a home, commercial real estate, economy, financing, home buying tips, home mortgage, mortgage, real estate agents, real estate blog, real estate info, real estate office, realtor, realtors, realty, realty office, rental market, search real estate, seattle, seattle listings, seattle neighborhoods, seattle real estate, wallingford, wallingford real estate, washington real estate | Comments Closed
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