Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

The National Association of Realtors (NAR) reported  This Week in Real Estate  that the August Pending Home Sales Index (PHSI) rose to its second-highest level since 2018. NAR believes the housing market is starting to get a lift from lower mortgage rates and coupled with solid job growth, expects sales will continue to rise in the coming months and into 2020.  Below  are a   few highlights from the  fourth week  of  September  that influence our business : *  Pending Home Sales Rebound in August.  After an unexpected decline in previous month, pending home sales rebounded in August, largely led by gains in the West. The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI rose 1.6% from 105.6 in July to 107.3 in August, the second-highest level since 2018. On a year-over-year basis, sales were 2.5% higher than a ...

Now that October is almost here, check out our calendar to see the exciting event & trainings we will be offering! Below are some of the registration links. For others, please RSVP via email to bethanyfrench@bhhsnwre.com. Career Night: https:// www.eventbrite.com/e/ career-night-berkshire-hath away-homeservices-tickets- 53981579357 RE Test Prep: https:// www.eventbrite.com/e/ real-estate-test-prep-ticke ts-55304087013?aff=ebapi Forms Class: https://bhhsformswithfrink.eventbrite.com Business Planning Workshop: https://bpwfw.eventbrite.com Surge: https://resurge.eventbrite.com DISC 1: https://bhhsfwdisc1.eventbrite.com If you do not get a chance to RSVP or register, you are still welcome to attend class. We just like to get a rough estimate to be prepared for all attendees!

As we near the end of Q3 and begin looking towards the final three months of 2019, Ellie Mae reported  This Week in Real Estate  that interest rates moved lower for the eighth consecutive month in August, while builder confidence hit a yearly high this month on the heels of total housing starts realizing a significant month-over-month increase in August.  Below  are a   few highlights from the  third week  of  September  that influence our business : *  Existing-Home Sales Increase 1.3% in August.  Existing-home sales inched forward 1.3% in August from the prior month, reaching a 17-month high, according to the National Association of Realtors .   Overall sales are up 2.6% from a year ago (5.35 million in August 2018).   Lawrence Yun, NAR’s chief economist, attributed the increase in sales to falling mortgage rates. “As expected, buyers are finding it hard to resist the current rates,” he said. “The de...

  When searching for a home, you may end up selecting a property in a community with a Homeowners Association (HOA). Before you buy, it’s important to know how an HOA works and what they mean for you. According to a recent article on realtor.com , “In a nutshell, an HOA helps ensure that your community looks its best and functions smoothly…The number of Americans living in homes with HOAs is on the rise, growing from a mere 1% in 1970 to 25% today, according to the Foundation for Community Association Research.” An HOA is governed by a board nominated by those living in the neighborhood. It is designed to make sure the residents have a support structure to maintain the value of the community while abiding by a set of guidelines called Common Restrictive Covenants (CC&R), “Simply put, CC&Rs are just the rules you’ll have to follow if you live in that community. Unlike zoning regulations, which are government-imposed requirements on how land can be use...

While American’s average credit score has never been better as reported by FICO  This Week in Real Estate , conversations swirl around the notion of interest rates dropping to zero following the President’s ask of the Federal Reserve.  Below  are a   few highlights from the  second week  of  September  that influence our business : *  Could Mortgage Rates Really Drop to Zero.  President Donald Trump has called on the U.S. Federal Reserve to drop interest rates to zero, or even negative, at its next meeting on September 17. That has sparked several discussions this week on how that could impact the housing market .  For one, that could mean cheaper mortgages for home buyers, housing analysts say. While the Fed’s benchmark rate does not have a direct influence on mortgage rates, it does often influence them. “If the federal rates go down to zero, mortgage rates could drop from 3.56% for a 30-year fixed-rate loan, as...

  With the current uncertainty about the economy triggered by a potential trade war, some people are waiting to purchase their first home or move-up to their dream house because they think or hope home prices will drop over the next few years. However, the experts disagree with this perspective. Here is a table showing the predicted levels of appreciation from six major housing sources: As we can see, every source believes home prices will continue to appreciate (albeit at lower levels than we have seen over the last several years). But, not one source is calling for residential real estate values to depreciate. Additionally, ARCH Mortgage Insurance Company in their current Housing and Mortgage Market Review revealed their latest ARCH Risk Index, which estimates the probability of home prices being lower in two years. There was not one state that even had a moderate probability of home prices lowering. In fact, 34 of the 50 states had a minimal probability. ...

Last week realtor.com released the results of a survey that produced three major revelations: 53% of home purchasers (first-time and repeat buyers) currently in the market believe a recession will occur this year or next. 57% believe the next recession will be as bad or worse than 2008. 55% said they would cancel plans to move if a recession occurred. Since we are currently experiencing the longest-ever economic expansion in American history, there is reason to believe a recession could occur in the not-too-distant future. And, it does make sense that buyers and sellers remember the horrors of 2008 when they hear the word “recession.” Ali Wolf, Director of Economic Research at the real estate consulting firm Meyers Research , addressed this point in a recent interview : “With people having PTSD from the last time, they’re still afraid of buying at the wrong time.” Most experts, however, believe if there is a recession, it will not resemble 2008 . This housing...

When buying a home, taxes are one of the expenses that can make a significant difference in your monthly payment. Do you know how much you might pay for property taxes in your state or local area? When applying for a mortgage, you’ll see one of two acronyms in your paperwork –  P&I or PITI  – depending on how you’re including your taxes in your mortgage payment. P&I  stands for  Principal and Interest , and both are parts of your monthly mortgage payment that go toward paying off the loan you borrow.  PITI  stands for  Principal, Interest, Taxes, and Insurance,  and they’re all important factors to calculate when you want to determine exactly what the cost of your new home will be. TaxRates.org  defines property taxes as, “A municipal tax levied by counties, cities, or special tax districts on most types of real estate – including homes, businesses, and parcels of land. The amount of property tax owed depends on the appr...

Below are 5 compelling reasons listing your home for sale this fall makes sense. 1. Demand Is Strong The latest  Buyer Traffic Report  from the  National Association of Realtors  (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase…and are in the market right now. More often than not, in many areas of the country, multiple buyers are competing with each other to buy the same home. Take advantage of the buyer activity currently in the market. 2. There Is Less Competition Now Housing  inventory  is still under the 6-month supply that is needed for a normal market. This means that in the majority of the country, there are not enough homes for sale to satisfy the number of buyers. Historically, a homeowner would  stay  an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. There is a pent-up des...

On Labor Day we celebrate the hard work that helps us achieve the American Dream. Growing up, many of us thought about our future lives with great ambition. We drew pictures of what jobs we wanted to have and where we would live as a representation of a secure life for ourselves and our families. Today we celebrate the workers that make this country a place where those dreams can become a reality. According to  Wikipedia, “ Labor Day  honors the  American labor movement  and the contributions that workers have made to the development, growth, endurance, strength, security, prosperity, productivity , laws , sustainability, persistence, structure, and well-being of the country .” The hard work that happens every day across this country allows so many to achieve the American Dream. The  2019 Aspiring Home Buyers Profile  by the  National Association of Realtors (NAR)  says, “Approximately 75% of non-homeowners believe homeownersh...