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A look at the King County housing market trends in East and Southeast King County Washington. Available properties for sale continue a 6 month drop as pending sales increase. This is leading to fewer houses for home buyers and greater certainty for home sellers. Are we at the bottom of the market?

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Most of us grew up thinking that if we planned well and played by the rules, we’d never have to stand by as our financial lives unraveled.

But upheaval on Wall Street, unacceptable rates of unemployment and plummeting real estate values have taken their toll.  Since 2007, 7.9 million homeowners have lost their homes to foreclosure. Current estimates are that one in four homeowners owe more on their mortgages than they could get from the sale of their home. Millions more homes will be lost to foreclosure before this real estate crisis runs its course.

The sad fact is that foreclosure is not an isolated event. For months leading up to the loss of a home, financially strapped homeowners live under a cloud of uncertainty.  And then for many years afterwards, the blow to credit gets in the way of buying another home or buying anything on credit. Foreclosure even complicates employment prospects.

The impact of foreclosure is huge and the sad fact is that it’s often avoidable.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially strapped homeowners with options to foreclosure, ensure that they steer clear of scams, and help navigate them through the solution that best meets their needs.

Among the most important facts to keep in mind: the sooner help is sought, the better the options. Of the properties that go to foreclosure auction 70% of the homeowners never talked to a trained professional….70%. This tells me two things;

1. Homeowners who seek help avoid foreclosure,
2. Way to many people still need my help and are not getting it!

I will make this commitment here for all to see. If you are behind on your mortgage, or even suspect you may go late call me. I will give you 15 minutes of my time where we will figure out where you are at financially, what your options are, and then help you with the resources to execute the option you feel is best for you. We are happy to point you in the right direction tor get you on the path to financial security.

These are tough times, but more help is available than ever before. If you or someone you care about is ready to navigate away from the dark cloud of an unmanageable mortgage and realize that hope and blue skies are within reach, contact me today and let’s get started.

And the winners of the 2011 real estate market in Seattle are………. First time homebuyers! Yeah. First time homebuyers in the Seattle are in 2011 benefitted from the aligning of a real estate crash and economic decline that created a buying opportunity once only heard of as tales from our grandfathers day. In 25 years as a professional broker never was there a time when you could buy a property at such an affordable price that if financial disaster did hit you could rent the property out to cover the payment almost as soon as you closed.

The runners up in 2011 are long-term real estate investors. Yes, indeed it is once again possible to buy rental properties and you actually receive a cash return on your investment beyond interest deductions and depreciation benefits at tax time. I have long held that the bottom of our market will come when renters pay a premium over the cost to own a home that fairly reflects the portability and lack of risk renters enjoy in occupying a property. Clearly we are getting to that point in a meaningful way.

Third runner up and a suprise last minute entry ……….. Homeowners who short sold in 2009 and are now recovered and buying again at historically low rates. I am seeing the first of my past customers coming back into the market after having short sold their homes prior to 2009. This trend will continue for the next several years, as distressed homeowners who took decisive action will be singing Happy Days Are Here Again! This year homeowners who have been hanging on hoping the market is going to get better will begin letting go as they see these early adopters of the short sale reap the rewards of a full recovery. Contrary to almost every pundit and prognosticator I have heard or read the real life examples of the damage that short sales have done to credit scores has been minimal. In addition to that the recovery time was relatively swift as well.

2012 is now here and the future looks bright for most of us. Prices in the Seattle area are showing signs of stabilizing as select markets, such as Renton and Federal Way, see inventory dropping and higher sales volumes over last year. The general pricing trend is still on a slightly downward slope. I am not alone in hoping that this year it will finally reverse. Even then it will be years for an actual recovery but the good news is (I think) the worst is over.

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