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<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Thursday, March 6, 2008 Home buyers seeking stability Home sales continue to languish, but local real estate agents see signs of hope. By Mike Benbow Herald Writer Snohomish County home sales fell in February and prices remained flat, but real estate agents say there were some hopeful signs that things will improve this spring along with the weather. "The atmosphere is definitely changing," said Diedre Haines, a broker with Coldwell Banker Bain in Lynnwood, who is also a director of the Northwest Multiple Listing Service. The service reported February sales on Wednesday, painting a sales picture that was similar to what we've seen through much of the winter. Locally, the numbers showed that available listings increased by more than 53 percent last month to 6,434 single-family homes and condominiums. Pending sales, meaning deals that hadn't closed in February, dropped by nearly 33 percent, while closed sales declined by more than 36 percent. Combined prices of houses and condos dropped by 1.4 percent last month, placing the median home price at $329,950. That compares with $334,700 from February of last year. General concern about the economy and frequent news stories about the sagging real estate market in many parts of the country have clearly had an effect, said Dick Beeson, a Tacoma broker and a director of the listing service. "Buyers need stability to trust that all is well and that they'll be able to obtain financing," he said. Interest costs have continued to drop as the Federal Reserve has dropped its bank rates, but many institutions have also stiffened their rules for mortgage loans. Real estate agents hope the stronger economy in the Northwest and the new bank rules will provide potential buyers with the assurance their seeking. "No-down-payment loans are pretty much a thing of the past and FHA loans are becoming more attractive because of low down payment and reasonable qualifying standards," he said. Haines said she sees signs of an improving market in the form of more homes receiving multiple sales offers and an increased interest in open houses. She said a new development in Mill Creek drew more than 100 visitors during a recent weekend. "There's an opportunity to really have a lot of business," she said. While prices for single-family residences were flat or down slightly, condominium prices in Snohomish County continued to climb. The median price for condos last month was $245,000, meaning half the homes sold for more and half sold for less. The compares with $222,990 from a year ago, a nearly 10 percent increase in price.

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