At our All Agent Compass Meeting on Tuesday, Economist Todd Britsch from MetroStudy gave us in the Puget Sound area (and Washington state as a whole) positive news about trends and
anticipated growth through 2021. Although our market is becoming more balanced with greater inventory available, our area continues to have huge growth and more buyers than sellers and interest rates make buying right now very attractive.
News
DID YOU KNOW? BOFA Chief Economist Michelle Meyer provided a great summary of the US economy worth sharing...
DID YOU KNOW?
Information provided by Compass Guru Leonard Steinberg
At yesterday's Compass/Bank Of America meeting, BOFA Chief Economist Michelle Meyer provided a great summary of the US economy worth sharing:
* It’s all about the FED.
* We are in the 10th year of the business cycle, the longest ever.
* Business cycles don’t end because of old age, they usually do so because of vulnerability or shocks.
* The only shock right now is the trade wars. This could shift the entire global mentality of our economy if they continue or expand.
* Confidence is down.
* Domestically oriented components are strong. Slightly weaker but strong. International markets are not as strong.
* The US consumer is super strong.
* Unemployment is strong.
* Housing shows some areas of price stretching, mostly on the west coast. Pricing in some areas may be a little too inflated.
* The backdrop is solid for housing.
* The economy still has room to grow still for the next 6-12 months.....except for the trade wars. They are a cloud over the economy.
* The upcoming G20 summit may reveal an agreement or direction to a resolution.
* So far most consumer goods have avoided tariffs....if that changes, all could be different.
* We are in the midst of the crosshairs.
* The Fed watches all this closely. Chances are rates will be cut to offset any risks imposed by tariffs. September is likely, possibly sooner. Low interest rates bode well for the housing market.
* The 10-year treasury rate is down 50% compared to a year ago.
Watch the following indicators:
1. The Labor market. Job creation is key. Last month showed dramatic slowing. Was it just a single month blimp?
2. Wage growth shows the ability of the consumer to spend.
3. What are the market signals? Right now stocks are high and bonds are low. The yield curve is inverted, indicating the bond market believes a recession is imminent.
Key takeaway: The last recession was unusual in that it affected the ENTIRE US housing market. Today, with much more banking and lending regulation the chances of that repeating are lessened considerably. Housing 'recessions' are much more localized based on local economies and supply/demand.
#Breaking News and Compass Quarter 1 2019 Wrap Up
It just gets better and better….
Compassed welcomed 2,775 agents and 446 employees.
We added 49 offices
We helped 8,659 clients find their place in the world
and we’ve only just begun.
The Compass Concierge Program
How It Works:
Our team will develop a tailored project plan with suggested home improvements and updates to prepare your home for the market.
You will contract directly with home improvement service providers.
Compass Concierge will pay the associated cost for home improvement work performed subject to your agreements with home service providers.
At the closing of the property, Compass Concierge will collect a fee that covers the cost of the work performed.
Key Eligibility Criteria & Restrictions:
The program is available to all sellers with an exclusive Listing Agreement with Compass.
Prospective sellers interested in participating in the Compass Concierge program must review and execute the Compass Concierge Service Agreement outlining the program services.
Properties that are short-sales or foreclosures are not eligible for the program. Structural or construction services will not be covered
Payment for Services:
Invoices should be sent to your Compass Agent for payment by Compass.When your property closes during the term of the Listing Agreement, Compass Concierge will issue an invoice reflecting the total cost of services rendered.
Payment for the program services will be collected using your preferred payment method at the earlier of (a) the actual closing of the property or (b) the one-year anniversary of your participation in the program.
In the event that your property does not sell or the Listing Agreement is terminated for any or no reason (including the property going off market), Compass Concierge will collect any actual costs incurred by the home improvement work performed (within 15 days).
Interested in more information for The Compass Concierge program? I would love to assist you. You may call me at 206.819.4663, email me at Chris@SeatlesGreatestHomes.com or fill out the form below!
DID YOU KNOW?
in News
DID YOU KNOW? U.S. consumer spending increased by the most in 7 months in October. (Reuters)
DID YOU KNOW? Millennial spending habits are a lot like the generations that came before them, they just have less money at this point in their lives. The group born between 1981 and 1997 has fallen behind because many of them came of age during the financial crisis. (Business Insider)
DID YOU KNOW? The Fed is expected to raise interest rates a fourth time this year in December, but stated it would be ‘flexible’ on plans to raise rates. (CNN)
DID YOU KNOW? The Comptroller of the Currency, the Federal Deposit Insurance Corp. and the Federal Reserve have proposed loosening real-estate appraisal requirements to enable a majority of U.S. homes to be bought and sold without being evaluated by a licensed human appraiser, potentially opening the door for cheaper, faster, untested property valuations based on computer algorithms. It would increase to $400,000, from $250,000, the value of homes that can be bought and sold without a human appraiser visiting a property. (WSJ)