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Every six months, we look back at the details of the homes sold on Camano Island. We use this data to determine some very interesting facts. Here are our findings from April 1 through September 30, 2011:

There are two markets – those properties that sell without a price drop and those with price changes. It is about a 30/70 percent split. Listings without price drops were on the market for a median of 37 days and sold for 97% of original list price. Those with price drops were on the market for 180 days and sold for 74% of original list price. While the original list price is important it is also acknowledged that pricing a home in today’s market is extremely difficult.

The other information we found is, the longer a house is on the market, the lower the selling price in relation to the original asking price.

*1 Sold means residential properties with a sold status date between April 1 and September 30, 2011 located on Camano Island. There were 131 total properties matching the above criteria. 34 had no price changes, 95 had price reductions and 2 had price increases.
*2 Total days on market is the NWMLS cumulative days on market.
*3 Original list price is the original list price of the earliest listing price during the cumulative days on market period.
*4 The median number of price changes was 3 and the median price drop before the sale was 7.0%.

For information on these or other Camano Island or Stanwood real estate statistics, please contact me at marlaheagle@windermere.com or 360-387-HOME.

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Many people are afraid to buy a home in times like these, with the economy tanking and home prices continuing to fall. But if you're brave enough to stray from the herd, you might be in for the home-buying opportunity of a lifetime.  Below is a list published in the Wall Street Journal.

1. You can get a good deal 
2. Mortgages are cheap
3. You’ll save on taxes
4. It’ll be yours
5. You’ll get a better home
6. It offers some inflation protection
7. It’s risk capital
8. It’s forced savings
9. There’s a lot to choose from
10. Sooner or later, the market will clear 

Web Article By: Brett Arends, The Wall Street Journal  Visit this link for further detail on each reason: http://articles.moneycentral.msn.com/Banking/HomeFinancing/10-reasons-you-should-buy-a-home-now.aspx?cp-documentid=25948264>1=33006#q=10%20reasons%20you%20should%20buy%20a%20home%20now%20%3A%20Sooner%20or%20later%2C%20the%20market%20will%20clear

Last week, the 30 year-fixed mortgage rates reached an average of 4.93% – the lowest level of 2010.  Below is an article from the Washington Association of Realtors:

McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending May 13, 2010, down from last week when it averaged 5.00 percent. Last year at this time, the 30-year FRM averaged 4.86 percent. The 30-year FRM has not been lower since the week ending December 10, 2009, when it averaged 4.81 percent.

The 15-year FRM this week averaged 4.30 percent with an average 0.6 point, down from last week when it averaged 4.36 percent. A year ago at this time, the 15-year FRM averaged 4.52 percent. The 15-year FRM has not been lower since the week ending December 3, 2009 when it averaged 4.27 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.95 percent this week, with an average 0.6 point, down from last week when it averaged 3.97 percent. A year ago, the 5-year ARM averaged 4.82 percent. The 5-year ARM has not been lower since Freddie Mac started tracking the 5-year ARM in January of 2005.

The 1-year Treasury-indexed ARM averaged 4.02 percent this week with an average 0.6 point, down from last week when it averaged 4.07 percent. At this time last year, the 1-year ARM averaged 4.71 percent. The 1-year ARM has not been lower since the week ending November 4, 2004, when it averaged 4.00 percent.

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If you’ve been curious about the ins and outs of the 2 Extended Home Buyer Tax Credits, here is some great information from the National Association of Realtors…

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

To read the entire article click here

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