ResalesRedmond, Washington Realtors Report Rising Prices, Slowing Sales
The hot market in Redmond, Washington is starting to slightly cool, but local Realtors report that prices are still rising against record low interest rates.
With the Pacific Ocean, Puget Sound, mountains, Rain Forest, desert and moderate temperatures, Redmond Washington has it all, says Realtor Jirius Isaac, "we have it all within two hours of town."
Advises Isaac, "The market here has been incredibly good for several years now and started to cool lately. And with interest rates below 6 percent, it is a good time to finance a home or re-finance. It is no longer a seller"s market except maybe at the low end of the price scale. Prices in the under $350,000 are continuing to rise, but at a lower rate than in the past. Houses in the $350,000 to $500,000 range are maintaining their own and taking a little while to sell. Houses at the high end are actually seeing a drop in price, due to the economy and the high-tech industry problems we have seen lately."
But the area"s beauty is very much an attraction.
Says Realtor Jan Snook, "Located on the northern shores of Lake Sammamish and the Sammimish River Trail, Redmond is a Northwest fusion of big business and the beautiful outdoors. Salmon-spawning streams and evergreen-lined trails in Redmond provide an ideal setting for outdoor recreation. Marymoor Park, the city"s largest, includes soccer fields, lighted tennis courts, a large off-leash dog area and one of the nations few velodromes. The park also serves as the southern trailhead for the Sammamish River Trail - a 27-mile pather that stretches past the number of local wineries and breweries to Seattle"s fabulous shoreline on Puget Sound. Like other eastside communities, Redmond is within minutes of the Cascade foothills and yet close to the cultural amenities of downtown Seattle. Redmond is the home to some of the world"s largest tech companies, including Mircrosoft and Nintendo of America. Eddie Bauer makes its company headquarters here, too."
"While mortgage rates hover around 6%, median home prices in the Seattle/Eastside area continue to rise," says Realtor Glenn Froehlich. "In the Seattle area, home prices increased by 10.35 percent from 2002-2003, with a median sales price of $289,450. On the eastside, home prices increased 9.7 percent in 2002-2003, with a median sales price of $315,000 as of January 2003. Pending sales are also up 7.9 percent. In addition, the number of homes listed with the Northwest MLS has increased 11 percent in the last year throughout the Metro area.
He advises, "For the Seller, this type of market demands a market value listing price, coupled with an increase in potential buyers. A positive note for sellers - these same buyers are taking advantage of the lower interest rates and purchasing a more expensive home than previously possible. For the Buyer, this type of market offers an increased selection of homes and incredible financing opportunities. Make sure you have your preapproval in order, as homes in the mid and upper price ranges are selling fairly quickly."
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