I experienced a boom of activity in the fourth quarter, and it is only anticipated to get busier since 1st quarter months are traditionally the best time to sell in our local West Seattle market. The boom I experienced is confirmed when you read the activity that is reported from the Associated Press.

The Associated Press reports good news on the economy front as we saw a 2.2% growth in the 3rd quarter. The US Commerce Department was slightly off in their estimations, previously estimating a 2.8% growth rate. Officials attributed this discrepancy to consumer caution, saying that consumers simply didn’t spend as much. But many analysts still believe the economy is likely to improve in the current quarter, growing at an estimated 4%, or perhaps, even 5%. Those Fourth quarter results will be released on January 29, so we won’t have long to find out.

According to Housing Wire, it looks like the extended and expanded tax credit is truly getting buyers off the fence. And it’s not just the $8,000 for first time buyers, the new $6,500 move-up Homebuyer Tax Credit is apparently motivating buyers, according to a Campbell Communications survey of 1,500 real estate practitioners. Existing home owners accounted for 41% of home purchases in November, up from 38% in October, the survey found. Survey research director, Thomas Popik, says that current home owners are jumping at the credit.
Existing-home sales rose again in November as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors.

Existing home sales, including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.

According to Freddie Mac, a 30-year, conventional, fixed-rate mortgage fell to 4.88 percent in November from 4.95 percent in October; the rate was 6.09 percent in November 2008. Last month’s mortgage interest rate was the second lowest on record after bottoming at 4.81 percent in April 2009.

NAR President, Vicki Cox Golder, said conditions are optimal for buyers in the current market. “Inventories have steadily declined and are closer to balanced levels, which indicate home prices in many areas are either stabilizing or could soon stabilize and return to normal appreciation patterns,” she said.

According to Forbes Magazine, Seattle is still ranked as one of the best places to live. Furthermore, West Seattle is and will always be in demand as one of the top locations to live within Seattle. West Seattle is famous for its views of the Puget Sound, Olympic Mountains, and the Seattle Skyline. Its close proximity to downtown and the airport makes it a commuters dream
This is the best time to sell your house since this housing market crisis began. With inventory declining, record low mortgage rates, and buyer tax credits until Spring, it creates the perfect time to sell your house.

James Tibbetts, Associate Broker, Windermere 206-932-2550