Intrust Funding, the leading hard money lender in King County, is bringing you the latest market updates:
The market is done with needed correction and there continues to be low inventory levels and high buyer demand which is causing multiple offers in many local neighborhoods.Frank Wilson, MLS director, says "the current market is the best of both worlds: low interest rates, a supply of homes to choose from that are aggressively priced, and lenders who are beginning to engage in loans that make sense." Brokers are noticing a definite uptick in the number of cash buyers, many of which are investors. In this kind of market, giving a cash offer can make all the difference. Investors are utilizing hard money loans because it is necessary due to the extremely low inventory. In King County, just 3,720 houses were on the market as of Nov. 30th, 14% fewer than at the end of Oct. and 43% fewer than a year ago. While inventory does tend to dip around the holiday season, it hasn't been this low since 1999.Closed sales were up 19% in Nov. year over year and there were 16% more closings than listings last month.
The lowest inventory levels tend to be areas close to urban centers, which is many parts of King County. While the number of houses last month in Snohomish County were about on par with Nov. 2011, prices are up.
In Pierce County, home sales and median prices rose in Nov. according to the MLS. Home sales increased 11% to 841 units last month from 758 units in Nov. 2011. Median prices rose too, climbing 5.5% to $195k last month from $185k a year ago.
The market is steadily improving in King, Pierce and Snohomish Counties, making 2013 an ideal time to start investing in real estate. Hard money lending is a necessary tool if you want to be a smart and competitive investor.
If you want to learn more about how to purchase flips and cash flow properties, we have created a free Flip & Cash Flow class taught by Co-Founders Will Heaton & James Dainard, who have successfully invested in hundreds of properties in Washington. We have 4 spots left for our Mon., Jan. 7th class at 6:15 PM in our Bellevue office. Let 2013 be the year that you accomplish your long-term financial goals and reach new levels of cash on cash return.
Please email firstname.lastname@example.org to reserve a spot today!
If you've never used hard money for investing, you'll be shocked at how easy and fast the process is. Give us a call to get started and apply today!