2008

Question by John V: Does this sum up 2008 in Chicago?
As I reflect on 2008, I can say we had a great year:
Blacks are happy; Obama was elected.
Whites are happy, OJ is in jail.
Democrats are happy; George Bush is leaving office.
Republicans are happy: Democrats will finally quit saying George
Bush stole the election.
And all of us are so happy; The election is FINALLY OVER!

I think 2009 will be even better: Immediately after his inauguration,
Obama will balance the budget, revive the economy, solve the real
estate problem, solve the auto industry problem, solve our
gas/alternative energy problem, stop the fires and mudslides in
California, ban hurricanes and
tornadoes, stop identity theft,
reverse global warming, find Osama, solve the Israeli-Palestinian
conflict, get rid of corruption in government and achieve world peace.

Then on the 7th day, He will rest.

But then, we still have – CHICAGO !

Chicago . . . . Who Runs it?
Senators: Barack Obama & Dick Durbin
Representative: Jesse Jackson, Jr.
Illinois Governor: Rod Blogojevich (arrested)
Illinois House leader: Mike Madigan
Illinois Attorney General: Lisa Madigan (daughter of Mike, above)
Chicago Mayor: Richard M. Daley (son of Mayor
Richard J. Daley – need we say more?)
The leadership in Illinois ?
…..all Democrats.

And Thank You for the combat zone in Chicago .

Body count in the last six months: 292 killed (murdered) in
Chicago : 221 killed in Iraq

State pension fund – $ 44 Billion in debt – worst in the country.

Cook County ( Chicago ) sales tax – 10.25%, highest in
country. (Look it up).

Chicago school system – rated one of the worst in the country.

Of course, they’re all blaming each other. They can’t blame
Republicans because there aren’t any!

This is the political culture that Obama comes from in Illinois . And
he’s going to ‘”fix” Washington politics for us?

How stupid can we be???

Good luck and may God help us.

My best wishes for 2009!

And remember

“The government cannot give to anyone anything
that it does not first take from someone
else.”

Best answer:

Answer by The Hague Awaits Mr. Bush
LOL.

It’s going to be a very long four years for you and your ilk.

The rest of America will move forward, truly happy.

Give your answer to this question below!

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A client who has wandered the world once told us, after a particularly good travel story, “The most uncomfortable experiences always make the most interesting stories.”  As we look back on the current economic times, I’m sure that will be the case.  What makes it uncomfortable today is that we don’t know the story’s ending.  In the case of the real estate market, we want to know, “Will prices drop?  Will sales fall?  When should I buy or sell?” 

            None of the experts have those answers.   Most of them admit that they didn’t see the current situation coming and that we have no good historical examples to show us what to expect.  But as humans, we want answers for the future, so the experts give us their best guesses, which range from a pickup in the 1st quarter 2009 due to excellent interest rates to softness through 2010 due to job losses and lack of consumer confidence.

            The reality is that nothing in life is guaranteed and that each of us needs to make our own financial decisions based on our individual circumstances.  Some people have to move regardless of the market, but more move by choice, and in today’s market it still makes sense for some people to move up or downsize.  The current actual value of your property really doesn’t matter – what matters is whether that value will allow you to make the change you want to make in your lifestyle.

                            

            Statistics can show us what has happened in the past, don’t help a lot in predicting the future, but give us some indication as to where we are currently, so let’s look at some of the numbers:

Single family home sales in Whatcom County peaked in 2003 at 3052 units sold

Single family home average sale price in Whatcom County peaked in 2007 at 4,698

Condo sales in Whatcom County peaked in 2007 at 685 units sold

Condo average sale price in Whatcom County peaked in 2007 at 5,146        

                                 

2007 to 2008 comparisons of single family homes in Whatcom County show the following:

26.4% fewer sold (2693 to 1981)

4.4% drop in average sale price (4,698 to 7,740)

4.5% drop in median sale price (0,000 to 6,900)

2007 to 2008 comparisons of single family homes in Bellingham show the following:

28% fewer sold (1219 to 881)

4% drop in average sale price (5,161 to 9,151)

5% drop in median sale price (5,000 to 9,000)

                           

            To summarize the numbers, the odds of a house selling at this time are lower than they were a year ago and the price may be a bit lower than it was, but there has been no dramatic drop.  List prices are being negotiated down about ½ % further than they were a year ago.

            To summarize the reality behind the numbers, the basics of buying and selling have not changed.  There are people looking for property.  When something comes up that fits their needs and is good value, they buy quickly and  pay the listed price.  Some areas and price ranges are more desirable and in shorter supply than others so pricing is stronger and sell times are shorter.  With less new construction available, newer homes and nicely renovated homes have an advantage.

                                      

 

You can meet on the web at Johnson Team Real Estate Bellingham Washington or interact with us on our Blog at Johnson Team Real Estate Bellingham Real Estate Blog

Lylene & I have been licensed Realtors for 20 years. We have been married for 40 years & have had many lives wearing many different hats to include Corporate Manager, Middle School Teacher, Grocer, Baker, Contractor & finally for the last 20 years Realtor.

You can meet on the web at Johnson Team Real Estate Bellingham Washington or interact with us on our Blog at Johnson Team Real Estate Bellingham Real Estate Blog

You can meet us on the web at Johnson Team or read our Blog at Johnson Team Blog

Article from articlesbase.com

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First the bad news:  the number of homes sold in Bellingham in November of 2008 was down 41% from November of 2007 and down 38% for Whatcom County as a whole.  Average prices were down 16% in both Bellingham and Whatcom County.  The average prices were impacted strongly by softness in the upper end of the market, as was indicated by the smaller change in median prices – down 10% in Bellingham and 12% in the county as a whole.

Residential units sold in Bellingham by month through 2007 and 2008 saw less bounce during the typical “selling season” and in November declined considerably below the level at which it began in the first quarter of the year.  This is not typical of the normal sales curve, which tends to end the year at about the same point where it began.  The next 2 months should tell us if this is an aberration or an indication that the 2009 sales curve will be lower still. 

Bellingham Average Prices

Average sale prices have been rather sticky, dropping just 3.8% year-to-date from 2007 to 2008.  October and November saw this trend change, at least in part due to softness in the upper end of the market.  While these numbers reflect Bellingham sales, they typically constitute approximately 50% of total Whatcom County sales, and the trend lines are very similar.

Inventory levels, particularly in Bellingham and Sudden Valley, are definitely lower than a year ago, at least in part due to little new construction.  Sudden Valley is seeing fairly strong sales due to the new construction inventory available there, and contractors have been discounting prices fairly heavily.

Another bright spot in the local real estate scene are current interest rates.  Most lenders have FHA programs and rates that are very attractive with as little as 3% down.  I received an e-mail notice from a local mortgage broker this week with 30-year fixed rate home loans available at 5% interest, no points, 20% down.  The key to that one was a credit score of at least 740.  That is the best I have seen, but there are a number of good loan opportunities out there and they are changing constantly, so stay in touch with your lender if you are planning to buy.

I was asked today if people are still moving here, and the answer is yes.  We are also seeing investors coming into the market, which is a good sign. So what is coming for Bellingham/Whatcom County real estate?  Probably more of the same for some time, although I think the contraction in inventory and lack of new construction will be with us for a while, which will serve to help hold the price point.

To review this information plotted on a chart, refer to our web site which is referenced below.

In any type of real estate market it is important to know what is going on before you jump in as either a buyer or a seller.  We track many segments of the market so that our clients have the knowledge they need to make good decisions.  It’s one of those services that we consider essential, so if you have a need to know, contact us at 360-527-8766. You can meet us on the web at Johnson Team Real Estate or view or Blog

Lylene & I have been licensed Realtors for 20 years. We have been married for 40 years & have had many lives wearing many different hats to include Corporate Manager, Middle School Teacher, Grocer, Baker, Contractor & finally for the last 20 years Realtor.


You can meet us on the web at Johnson Team or read our Blog at Johnson Team Blog

Article from articlesbase.com

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