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This work-for-hire piece was published in Washington REALTOR® News Magazine (January-February 2008) which is the Bimonthly Publication direct mailed to over 28,000 REALTORS®.
Article Word Count: 548; Sidebar Word Count: 85 (Total: 633) NO REPRINTS Calming
Your Client's Fears By Laura J. Christian With the negative media attention surrounding the housing market inundating consumers it is no surprise that today's buyers are apprehensive. Even though the Washington housing market is one of the strongest in the nation buyers are dragging their feet with unfounded fears and expectations. Many consumers are fearful that they will overpay for a home and that as soon as they purchase one, housing prices and interest rates will drop like a rock leaving them high and dry. You can help reassure your clients by educating them on the true state of the Washington housing market and motivate them to action with accurate and timely information so that they may pursue their dream of home ownership. The Washington Realtors "Get the Facts" media campaign (www.warealtor.com/facts) has set out to help correct the mistaken assumptions of the buying public. Here are some key points from that campaign, as well as other significant information you can use to reassure your clients: The Washington Housing Market is Strong, Stable and (some say) the Envy of the Nation Homes in Washington continue to appreciate in value each year since the spring of 1995, and is outperforming the rest of the country. According to the WSU Center for Real Estate Research home prices in Washington have increased an average of 8.1 percent from a year ago with many counties seeing even higher price hikes, such as 29.8 percent in Chelan County. This, along with Washington's healthy economy and low unemployment rates, help keep the market strong and growing. Washington Foreclosures are Low Washington foreclosure rates are the same today as they were 10 years ago, and less than one percent of all mortgages in Washington end in default. Whereas sub-prime mortgages (which tend to be at greatest risk of defaulting) account for about 20 percent of home loans nationally, only six percent of Washington mortgages are subprime. Interest Rates are at Near-Historical Lows Interest rates are extremely low and just about the only thing that will make them go lower is a recession. Waiting in hopes of getting an even lower interest rate is a big gamble and there are no guarantees that the rates will drop at all, or that if they do, the desired home will be available and at a price they can afford. There are Numerous Financing Options Available Buyers today have many more choices for financing than they have in the past and more bargaining power as well. Fixed rates, FHA financing, first time homeowner bond programs, special loans for teachers and police officers, as well as other options are all available to consumers today. With lenders competing for business and offering perks and informed customer can secure financing that suits their specific needs. Now is a Good Time to Buy By educating your clients with the realities of Washington's strong housing market and alleviating their fears you can give your buyers the piece of mind they crave so that they can focus on finding a home in which to live, instead of worrying about purchasing an "investment" for the future. A strong and stable housing market, low interest rates, and a growing economy, all serve to make now is an excellent time to buy and owning a home in Washington is still a sound long term investment. Sidebar: Get the Facts Campaign To counter the negative press that is making buyers skittish about the housing market, Washington Realtors launched a "Get the Facts" media campaign in October to coincide with the NAR's "Buy Now" campaign. The Washington Realtors campaign urges consumers to get educated about how strong the Washington housing market really is and to take action so they don't miss an opportunity because now is a good time to buy. You can find resources available at www.warealtor.com/facts to share with your clients. |
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