Posted on Tuesday, June 19, 2007
Based on information from a recent report, just about 50 percent of home renovations were done to get Gig Harbor homes ready for sale. The majority of work is being done before the property hits the market.

Most of the work includes replacing floors, with either hardwood, ceramic, or quarry tile. Painting makes up 22 percent of the work completed and is a relatively economical way to touch up an area. At around 9 percent each are electrical work, landscaping, or other exterior repairs.

The central purpose for this work is to increase the value of a house and to make it more modern. As the market begins to slow down, houses are remaining on the market for a longer amount of time. To ensure their houses sell quickly, sellers will do all they can now.


Posted on Tuesday, June 19, 2007
Mortgage rates dropped this past week bringing about a bit of confidence for Gig Harbor real estate . Down from 6.67 percent, rates on a 30-year fixed rate mortgage are presently at 6.62 percent, based on information from mortgage company, Freddie Mac. Even though the rate is still a full percentage point more than what it was the previous year, it is the second rate decline in the past 11 weeks.

Also decreasing are rates on a 15-year, fixed-rate mortgages, as well as one-year and five-year ARM mortgages. Interest rates ought to be monitored, regardless of lower mortgage rates and a leveled Gig Harbor real estate market.

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Heidi Rowntree, ABR
Windermere Puyallup/CR

hrowntree@windermere.com
253.227.4975 cell
253.564.0467 fax

 


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