June Real Estate Update-South Sound
While things slowed down a little last month and into the first part of June it's clear to see that Tumwater is outperforming the MLS average median home price at 12.2%. Olympia and Lacey are both moving up at a nice pace at greater than 8 %. In addition, thanks to the McCleary Decision, Tumwater and Lacey both got hit with the only negligible increased in property taxes whereas portions of Olympia saw jumps of up to 18% to 22%. This of course is an extra several hundred dollars to year to up to an extra thousand.
General Economic News
If a "for sale" sign goes up in your neighborhood, don't blink, you might miss it. The average home sold in May went under contract in just 34 days, according to real estate brokerage Redfin.
Homes in vacation markets saw an exaggerated boom and bust over the past decade and have been slower to recover than homes in other markets. As the appeal of vacation homes has steadily eroded over the past decade, markets with the highest densities of vacation homes have underperformed the market in all but one year since 2010.
Some factors that determine what a house is worth are out of your control, like its location and the popularity of that market. But you can keep up with repairs and make smart improvements, both proven ways to increase home value.
Mortgage rates ricochet higher after brief lull
Rates for home loans rebounded, with the benchmark touching the second-highest level of 2018, after a brief respite for borrowers came to an end ahead of a key Federal Reserve decision.
U.S. News & World Report
The United States has a building problem. Especially here in the Pacific North West.
6 Ways to Build Home Equity
Home equity is the percentage of your home’s value that you own, and it’s key to building wealth through homeownership. Let’s take a closer look at how to build home equity without blowing your budget — and how to access it when you need it.
Amazon announced its $13.7 billion acquisition of Whole Foods a year ago on June 16, 2017, causing many to reevaluate the future of the grocery industry. The idea of Amazon's technology and pricing capabilities, combined with Whole Foods' reputation for quality products, made many believe that the e-commerce titan would soon rule online and in-store grocery.
Scott Hollis is a Managing Broker with John L State Real Estate in Lacey, WA and specializes in Investment / Commercial / and Relocation Properties. He has resources through out the South Puget Sound to help you get the most for your property as well as help you find that perfect property. Scott's team can be reached at Scott.Hollis01@Gmail.com or by calling 360-701-9682.