The real estate market in Gig Harbor is tumbling? - NOT TRUE!!!!!

For the last year I have been advising clients that the real estate market was going down and it certainly has. My reasoning for the downturn had to do with the price affordability index and what was happening in the national real estate market. National markets are affecting our market.

ENOUGH is enough! I am tired of hearing about the doom and gloom. Florida, Southern California, Detroit, and other parts of the country do not represent the market in Washington.
The Washington real estate market is a stable and responsible market place for home buyers.
I just received some interesting information from Washington Realtors. Here are some facts:

• The foreclosure rates today are the same as they were 10 years ago.
• Fewer than 1% of mortgages end in default in Washington State.
• As of mid June, sub prime, adjustable-rate loans represented 20% of loans nationally, but just 6% of loans in Washington.
• Home appreciation continues to out perform the rest of the nation with year-to-year price increases every quarter since the spring of 1995.
• The home market is not keeping pace with the growth of the states population, which is continuing to increase at 1.8% per year.

On October 15th, 2007 media campaign was started exposing the truth about the strength and stability of the Washington housing market.

There are way too many positive things happening in Gig Harbor. The market will turn around. If you have thought about selling, the selling market may not be too far in the future. If you are thinking about buying, it might be time to get going.

I just updated the Gig Harbor market reports. They can be seen at www.GigHarborRealEstate.com/market-condition-report.htm if you have been looking at these reports regularly, you may have noticed the slight trend of an improving market in the lower price ranges.

By the way, all of our listings can be seen at this site as well.

Mike Esteb