Snohomish County Market Up-Dates for Dec 2007

Snohomish County Market up-date (listings, pending sales and close sales) for December 2007 have just been announced.

Listings

The Snohomish County real estate market seen 50% increase total homes on the market from one year previously. This is not surprising though after the year 2007 turned out to be. The under-controlled lending left many homeowner’s faced with adjusting mortgages which rapidly became drastically unaffordable. The US Government is trying to restore the real estate financial markets with programs like the modernization of FHA (FHA Secure) and locally, in Washington State, it is the revitalization of older programs like House Key State Bond.

Pending Sales

As listings increased, pending sales on the other hand decreased almost 32% from a year ago. These figures show that buyers are watching were the market is heading and may stay on the fence just a little bit longer. But with 30 year fixed for January 2008 registered at 5.76%, according to FreddieMac, is almost a .5% percent lower than in 2007 making the rates far more attractive for standard financing programs which should encourage people to invest in real estate or refinance into a fixed rate.

Closed Sales

Pricing in Snohomish County was virtually unchanged; the price reduction amounted to $2,156. Not the enourmous loss the media was reporting. Snohomish County was shelted from a collaspe due to its strong local economy; Boeing’s massive hirings.