Posts

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  Paul Frink Berkshire Hathaway HomeServices Northwest Real Estate Is Granite on its Way Out? According to the National Kitchen and Bath Association, granite countertops are in less demand today, while the use of quartz is on the rise. Why? For one thing, man-made quartz countertops are offered in a far greater range of looks and feels. Reason number two: it’s a bit easier to maintain over the long haul, and it’s deemed a better environmental choice because it emits lower levels of radon—a potentially cancer-causing agent. To be fair, the Environmental Protection Agency (EPA) maintains the radioactive materials in granite countertops are far too minuscule to pose a health threat. So what, exactly, is a quartz countertop? It’s made of engineered stone, composed of at least 90% ground-up quartz mixed with a binder
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  Paul Frink Berkshire Hathaway HomeServices Northwest Real Estate Fewer Millennials Qualifying for Credit Cards Millennials are applying for credit cards more than most age groups, but they’re not qualifying for them, according to consumer behavior data by ID Analytics, a consumer risk management firm. One in five people ages 23-27 have been declined for credit multiple times in a year, and it’s not because they don’t have a high enough income. A lack of credit history or low credit scores are leading to the denials, despite the applicants often having an ability to repay. Being declined for credit makes millennials less likely to apply again for credit cards, with more than six out of 10 who are declined not applying again for at least 12 months, researchers found. Only 10 percent re-apply to the same lender once th
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  Paul Frink Berkshire Hathaway HomeServices Northwest Real Estate Tips to Keep You Hydrated While we all know water is essential for our health, not all of us enjoy chugging those recommended eight daily glasses. Or maybe it’s your child who refuses to drink plain old water. Below are a few tips to help you up your water intake. Add flavor. A squeeze of citrus, fresh mint or a handful of blueberries can make drinking water a bit more fun. Make sure to keep these twists simple and fresh, and avoid sweeteners (artificial or otherwise), which can have health repercussions. Swap in tea. Unsweetened herbal tea can aid your water consumption, especially if you’re steeping the bags yourself, which helps assure there are no sneaky additives. Add a hot cup of herbal first thing in the morning and before bed to squeeze in
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This Week in Real Estate

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  Good Morning! The Census Bureau and the Department of Housing and Urban Administration reported  This Week in Real Estate  that both housing starts and permits declined 4.2% and 2.4% in October from September, respectively. They are 8.8% and 10.1% lower than a year ago, respectively. The 30-year fixed-rate mortgage averaged 6.6% in the week ending November 17, down 47 basis points the week before, marking the largest weekly drop since 1981. Mortgage applications increased for the first time in seven weeks, according to the Mortgage Bankers Association. For the third report in a row the National Association of Realtors reported total inventory has decreased. NAR lists the current inventory at 1.22 million, while historical norms are between 2 million and 2.5 million. Below are a few newsworthy events from the third week of November that influence our business:    *  Homebuilding Continued its Slump in October as Both New Starts and Building Permits Fell.  The pace of new construction
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Millennials Are Still a Driving Force of Today’s Buyer Demand

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If you’re thinking about  selling your house  but wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they’re looking for. While the millennial generation has been dubbed the  renter  generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. Here’s why. Millennial Homebuying Power While there’s no denying higher  mortgage rates  are making it more challenging to afford a home today, many millennials are still eager and able to buy homes – whether it’s their first or they’re moving up. That’s in large part because of the value they place on education. A  recent article  from  First American  says millennials may be the most educated generation in our nation’s history. Because of that, they tend to earn higher wages, and that translates to greater homebuying power. Od
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3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008

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With all the headlines and talk in the media about the  shift  in the housing market, you might be thinking this is a housing bubble. It’s only natural for those thoughts to creep in that make you think it could be a repeat of what took place in 2008. But the good news is, there’s concrete data to show why this is nothing like the last time. There’s Still a Shortage of Homes on the Market Today, Not a Surplus For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically.  Supply  has increased since the start of this year, but there’s still a shortage of inventory available overall, primarily due to almost 15 years of underbuilding homes. The graph below uses  data  from the  National Association of Realtors  (NAR) to show how the months’ supply of homes available now compares to the crash. Today, unsold inventory sits at just a 3.2-months’ supply at the current sales p
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What Happens to Housing when There’s a Recession?

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Since the 2008 housing bubble burst, the word recession strikes a stronger emotional chord than it ever did before. And while there’s some debate around whether we’re officially in a recession right now, the good news is experts say a recession today would likely be mild and the economy would rebound quickly. As the 2022 CEO Outlook from KPMG  says : “Global CEOs see a ‘mild and short’ recession, yet optimistic about global economy over 3-year horizon . . .   More than 8 out of 10 anticipate a recession over the next 12 months, with  more than half expecting it to be mild and short .” To add to that sentiment, housing is typically one of the first sectors to rebound during a slowdown. As Ali Wolf, Chief Economist at  Zonda ,  explains : “Housing is traditionally one of the first sectors to slow as the economy shifts but is also  one of the first to rebound .” Part of that rebound is tied to what has historically happened to mortgage rates during recessions. Here’s a look back at rates
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