The Consumer Confidence Index just had its biggest rise since November of 2005. This is significant. I think we all knew that in time, we would pull out our wallets again and face our fears. Our economy is fueled by the buying power and overall consumption of our own. Therefore as our confidence increases so will the life of our economy!
You want to know what $700,000 and change will get you in the city? I thought I would pull a sample for all of those who may be as curious as I was. My sampling is within the price range of $725,000 to $825,000. These are only 2 bedroom units and they range geographically from Belltown to First Hill.
Starting at the top:
1. Unit #724 at the Parc ($820,000)
2. Unit #2907 at Cosmopolitan ($800,000)
3. Unit #2807 at Cosmopolitan ($800,000)
4. Unit #205 at Pomeroy ($799,000)
5. Unit #1107 at 98 Union ($799,000)
6. Unit #702 at Gallery ($785,000)
7. Unit #703 at Cristalla ($785,000)
8. Unit #1807 at Cristalla ($779,900)
9. Unit#300 at Concord ($775,000)
10. Unit#703 at Gallery ($769,000)
11. Unit#105 at 2200 Westlake ($750,000)
12. Unit#3009 at Cosmopolitan ($750,000)
13. Unit#2203 at Meridan ($749,000)
14. Unit#1402 at Cosmopolitan ($739,950)
15. Unit#1102 at Bay Vista ($739,500)
The next few weeks are very important for housing. As we saw last Month the February housing numbers showed improvement. Existing home sales, Pending sales and New construction starts make up the lion share of “important” housing data.
Most experts will predict improvement again. This improvement is critical for the health of the housing industry. If you watch closely each month from here on out will dictate how the media reports the bottom as well as whats considered the “right time to buy”. Everyone likes to be an expert in housing. If you would like to be an expert yourself, a real expert that is, watch the data this month and then challenge your crazy uncle who claims that we’ll lose another 20% in value before the years over…..FYI if you haven’t figured it out so far…..He’s wrong .
Housing will be a sexy purchase again soon. It always has been and always will be. There is a reason that over a third of America’s wealth is tied to Real Estate. As always, please feel free to contact me with any questions.
Consumer confidence is an indicator responsible for the overwhelming majority of our economies success or weakness. For a lot of Americans, your confidence and the way you perceive the success of our economy depends on how we grew up and who we spend our time with. Our family, friends, co-workers, colleagues and closest contacts can influence our perception of reality.
I was at Porcello Jewelers today Bellevue and was humored by two drastically different points of view from the two store attendees that I spoke with. One of the employees expressed an enthusiasm for the future of our economy and the emerging confidence that has been created by the last 3-4 weeks on the Stock Market. He shared his view on the new president and our ability to pull ourselves out of the challenge we have recently faced. The other gentleman shared a very different point of view. He spoke about the fear he had and the necessity to pull money out of the markets and stash it away for safekeeping. He envisioned another big fall in the markets and a depression like state here in the Puget Sound over the next coming months. He had a bearish outlook on local real estate as well.
Well, if you haven’t already been able to tell, I envision our local glass being half-full and not half-empty. I understand that over the last 8 months we have experienced frightening changes to our economic climate. Thus resulting in an enormous burst in our confidence bubble. I also understand there is consistent job loss, and a stifling lack of confidence, but as of late the reality is; we’ve have really started the process of curing our economic hangover. Since some fear has subsided and we have moved into the 4thmonth of this year I’ve incredible signs of life.
Imagine what will happen when we go out to dinner again. Maybe when we decide to buy that shirt we have been wanting or we take our family out to a movie or a baseball game. All of these acitivies lift our spirits and produce velocity that will begin to catch our economy on fire again. It’s not easy with the media these days to turn off the negativity. We are constantly bombarded by negative ads on TV, Radio, and the Internet. Well, if negativity has created a shrinking in our economy, positive attitudes and optimism will do the same. For a basic example of this think about this; most media outlets will talk about how bad unemployment is and how unfortunate our employment picture has become. There are a few of us out there that see it a different way. I see that 91.5 percent of Americans have jobs. I also see that we are only 4 percent off of the healthy unemployment percentage of 4.5%. So how do you see it?
Lift your glass up…….lets toast to a new attitude as we head into some of the best months of the year. When you wake up tomorrow, instead of laying there with your head under the pillow; get up, and head into work with a smile on your face. The positive feeling you get with a change of perception will catch like wildfire and we’ll be back before we know it. Cheers. It’s a good life!
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I will be updating this post throughout the week. Thanks. Jeff