Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

If you’re a first-time buyer looking to break into the housing market but struggling to find a home to buy, condominiums (or condos) could be a great alternative for you. Here are a few reasons condos may be something you’ll want to consider. Exploring Condos Could Add Options That Fit Your Budget Supply challenges  are a reality across the board in today’s housing market. Broadening your home search to include condos could increase your overall pool of options. Just keep in mind, condos generally differ from single-family homes in average space and floorplans. In a  recent article ,  Bankrate  covers some of these differences: “Condos are generally more affordable because they come with less space — you likely won’t have your own backyard, for example, and the interior tends to be smaller than the square footage of a single-family home.” But if the size of a condominium meets your needs, they could match your budget as well. Data from the  National Association of Realtors  (NAR) shows

Based on the  Primary Mortgage Market Survey  from  Freddie Mac , the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here’s a visual to show how mortgage rate movement throughout 2021 was steady compared to the rapid increase in mortgage rates this year: Just a few months ago,  Freddie Mac   projected  mortgage rates would average 3.6% in 2022. Earlier this month,  Fannie Mae   forecast  mortgage rates would average 3.8% in 2022. As the chart above shows, rates have already surpassed those projections. Sam Khater, Chief Economist at  Freddie Mac , explained in a  press release  last week: “This week, the 30-year fixed-rate mortgage increased by more than a quarter of a percent as mortgage rates across all loan types continued to move up. Rising inflation, escalating geopolitical uncertainty and the Federal Reserve’s actions are driving rates higher and weakeni

Are you thinking about  selling  your house? If so, you may want to make it a priority to start the process soon. According to  realtor.com , the sweet spot for sellers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years (excluding 2020, since it was an atypical year). When applied to the current market, experts determined the ideal week to list a house this year. The research says: “Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2022 is approaching quickly.  The week of April 10-16 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year .” If you’ve been putting your move on the back burner waiting for the ideal time to sell, you should know your golden window of opportunity is coming up. If you’re able to get your house ready quickly, here’s what

The link between financial security and homeownership is especially important today as  inflation  rises.  But many people may not realize just how much owning a home contributes to your overall  net worth . As Leslie Rouda Smith, President of the  National Association of Realtors  (NAR),  says : “Homeownership is rewarding in so many ways and can serve as a vital component in achieving financial stability.” Here are just a few reasons why, if you’re looking to increase your financial stability, homeownership is a worthwhile goal. Owning a Home Is a Building Block for Financial Success A recent NAR  report  details several homeownership trends and statistics, including the difference in net worth between homeowners and  renters . It finds: “. . . the net worth of a homeowner was about  $300,000 while that of a renter’s was $8,000 in 2021 .” To put that into perspective, the average homeowner’s net worth is roughly 40 times that of a renter   (see visual below): The results from this re

 Good Morning! National Association of Realtors chief economist, Lawrence Yun, said This Week in Real Estate that he expects mortgage rates to be about 4.5% to 5% for the remainder of the year. Dr. Yun further forecasts about a 7% reduction in home sales compared to 2021. It should be noted that the 6.12 million existing home sales in 2021 was the highest level since 2006. Below are a few newsworthy events from the fourth week of March that influence our business:  * Pending Home Sales Dwindle 4.1% in February. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, waned 4.1% to 104.9 in February. Year-over-year, transactions dropped 5.4%. "Pending transactions diminished in February mainly due to the low number of homes for sale," said Lawrence Yun, NAR's chief economist. "Buyer demand is still intense, but it's as simple as ‘one cannot buy what is not for sale.'” "It is still an extremely competitive

Some Highlights With inflation driving up the cost of  everyday items , seeking out an energy-efficient home can be a great way to decrease the  expenses  you can control. Energy efficiency can help lower your utility bills and possibly even  save you money  on your  taxes .  Options  to look for include efficient appliances, windows, and solar panels. If it’s your goal to  buy a home  this year, consider energy efficiency. Work with a trusted real estate advisor to learn more about features that can save you money for years to come.

As the spring housing market kicks off, you likely want to know what you can expect this season when it comes to  buying  or  selling  a house. While there are multiple factors causing some uncertainty, including the conflict overseas, rising  inflation , and the first rate increase from the  Federal Reserve  in  over three years  — the housing market seems to be relatively immune. Here’s a look at what experts say you can expect this spring. 1. Mortgage Rates Will Climb Freddie Mac   reports  the 30-year fixed mortgage rate has increased by more than a full point in the past six months. And despite some mild  fluctuation  in recent weeks, experts believe rates will continue to edge up over the next 90 days. As  Freddie Mac   says : “The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year.” If you’re a first-time buyer or a seller thinking of moving to a home that better fits your needs, reali