Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about the buying process. A specific cause for concern tends to be mortgage qualification. For many, the mortgage process can be scary, but it doesn’t have to be! In order to qualify in today’s market, you’ll need a down payment  (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less) , a stable income, and good credit history. Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you. Once you’re ready to apply, here are 5 easy steps that  Freddie Mac   suggests  to follow: Find out your current credit history & score  – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score® of all closed loans in September was 731...

Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a  long-standing ‘rule’  that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses. According to new  data  released from  ApartmentList.com ,  49.5 million renters  in the United States were cost-burdened in 2017, meaning they  spent more than 30%  of their monthly incomes on rent. This accounts for nearly half of all renter households in the country and is up 3.1 million from 2007. When a household is cost-burdened by their monthly housing expense, they are not as easily able to save money for the future. This is a big factor for many renters who dream of owning their own homes someday. But there is hope for those who are able to save at least a 3% down payment! Th...

Despite the slowdown in the rate of home price appreciation as reported by ATTOM Data Solutions  This Week in Real Estate,   homeowners who sold in Q3 2018 realized the highest average price gain since Q2 2007 .  Below are a few  highlights from the fourth  week of October that influence our business : *  Pending Home Sales Stabilize .   Pending home sales increased in September, but have decreased on an annual basis for nine consecutive months. The Pending Home Sale Index increased 0.5% in September, but remains down 1.0% year-over-year. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR). The PHSI increased to 104.6 in September, from 104.1 in August. The PHSI increased 4.5% in the West and 1.2% in the Midwest, but decreased 0.4% in the Northeast and 1.4% in the South. Year-over-year, the PHSI increased 3.3% in the South, but decl...

With home prices on the rise and buyer demand still strong, some sellers may be tempted to  try  and sell their homes on their own without using the services of a real estate professional. Real estate agents are trained and experienced in negotiation and, in most cases, the seller is not. Sellers must realize that their ability to negotiate will determine whether or not they get the best deal for themselves and their families. Here is a list of just some of the people with whom the seller must be prepared to negotiate with if they decide to For Sale by Owner (FSBO): The buyer who wants the best deal possible The buyer’s agent who solely represents the best interests of the buyer The buyer’s attorney (in some parts of the country) The  home inspection  companies, which work for the buyer and will almost always find  some problems with the house The termite company if there are challenges The buyer’s lender if the structure of the mortgage requires th...

Some Highlights: Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home which stops many of them from even trying! Here are some facts: 72% of buyers who purchased homes this year have put down less than 20%. 76.4% of loan applications were approved last month. The average credit score of approved loans was 727 in September. OCTOBER 26, 2018 / BY  THE KCM CREW

There are many questions about where home prices will be next year as well as where they may be headed over the next several years to come. We have gathered the most reliable sources to help answer these questions: The Home Price Expectation Survey  – A survey of over 100 market analysts, real estate experts, and economists conducted by  Pulsenomics  each quarter. Zelman & Associates  – The firm leverages unparalleled housing market expertise, extensive surveys of industry executives, and rigorous financial analysis to deliver proprietary research and advice to leading global institutional investors and senior-level company executives. Mortgage Bankers Association  (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments. Freddie Mac  – An organization whose mission is to provide liqu...

According to a  new study  from  Urban Institute , there are over 19 million millennials in 31 cities who are not only ready and willing to become homeowners, but are able to as well! Now that the largest generation since baby boomers has aged into prime homebuying age, there will no doubt be an uptick in the national homeownership rate. The study from Urban Institute revealed that nearly a quarter of this generation has the credit and income needed to purchase a home. Surprisingly, the largest share of mortgage-ready millennials lives in expensive coastal cities. These cities often attract highly skilled workers who demand higher salaries for their expertise. So, what’s holding these mortgage-ready millennials back from buying? Myths About Down Payment Requirements!   Most of the millennials surveyed for the study believe that they need at least a 15% down payment in order to buy a home when, in reality, the median down payment in the US in 2017 was just...

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By Chip @ Reliance Network Client Registration Options Update Registration/Login means the website visitor provides you their name and email address and is associated with you in  My Office  as a ‘web client’, which allows you to track their website activity (what listings are viewed, what searches are conducted, etc.) and be the agent who receives forms and emails submitted by the client through any of the websites.  When does a website visitor have to register/login to your website? You control this, and it is an extension of your online business strategy, so it is important for you to know what settings are available and understand what they mean.  There are four levels of client registration control which may be applied when a website visitor clicks ‘More Details’ or ‘View Details’ at search results, Email Alerts, etc.: Unlimited Level:  The contact can see all property details without either registering or logging in. Maximum Level: ...