Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

Here are four great reasons to consider buying a home today, instead of waiting. 1. Prices Will Continue to Rise CoreLogic’s  latest  Home Price Insights Report   shows  that home prices have appreciated by 3.6% over the last 12 months. The same report predicts prices will continue to increase at a rate of 5.8% over the next year. The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense. 2. Mortgage Interest Rates Are Projected to Increase Next Year The  Primary Mortgage Market Survey  from  Freddie Mac   indicates  that interest rates for a 30-year mortgage have recently hovered just above 3.5%. This is great news for buyers in the market right now, because low interest rates increase your  purchasing power  – but don’t wait! Most experts predict rates will rise over the next 12 months.  The Mortgage Bankers Association, Fannie Mae, Freddie Mac,  and  the National Association of Realtors  are in unison,

According to ATTOM Data Solutions   This Week in Real Estate   U.S. homeowners who sold in the third quarter of 2019 realized an average home price gain since purchase of $68,686. That represented an average 34.5 percent return as a percentage of original purchase price .  Below  are a few highlights from the  fourth  week of October that influence our business: *  U.S. Median Home Prices Jump 8 Percent, to New High in Q3 2019 .  ATTOM Data Solutions released its Q3 2019 U.S. Home Sales Report, which shows that single-family homes and condos sold for a median price of $270,000 in the third quarter, up 2.9 percent from the previous quarter and up 8.3 percent from a year ago - reaching a new high. Meanwhile, the report shows that homeowners who sold in the third quarter earned a median profit that ticked up to a post-recession high of 34.5 percent, up from 34.4 percent in Q2 2019 and 34.3 percent from Q3 2018.   Among the 164 metropolitan statistical areas analyzed, those with t

Now that November 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://bhhsfwcareer.eventbrite.com RE Test Prep: https://bhhstestprep.eventbrite.com Forms Class: https://bhhsfwformswithfrink.eventbrite.com Business Planning Workshop: https://bpwfw.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!

In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. Here are five tips from  realtor.com ’s  article ,  “How to Find Your Dream Home—Without Losing Your Mind.” 1. Get Pre-Approved for a Mortgage Before You Start Your Search One way to show you’re serious about buying your dream home is to get pre-qualified or  pre-approved  for a mortgage. Even if you’re in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach. This will help you avoid the disappointment of falling in love with a home well outside your price range. 2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’ Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Before you start your sear

According to CoreLogic   This Week in Real Estate   no economic expansion has lasted longer than the one the U.S. is currently experiencing.  Home equity wealth has increased $10 trillion since 2011 and stands at a record $18.7 trillion as of mid-2019. The average equity per borrower increased from $75,000 to $176,000 between the first quarter of 2011 and the second quarter of 2019.  Below  are a few highlights from the  third  week of October that influence our business: *  Economic Expansion Reaches Milestone .  Economists have measured business cycles dating back 165 years in America, and none have lasted more than a decade. That is, until the current expansion. The economic recovery that began mid-2009 set a longevity record as it entered July 2019, and the recovery is expected to continue at least into next year. Residential building and contractor jobs are up by nearly one million from the trough in January 2011 .  Home prices have rebounded from their trough in all metr

According to Freddie Mac  This Week in Real Estate  first-time homebuyers, generation Z homebuyers and single female homebuyers have taken full advantage of the fifty-year low in unemployment and low mortgage rates. Forty-Six percent (46%) of all loans Freddie Mac has purchased this year came from first-time homebuyers, while there has been a 200% and 500% increase in Gen Z and single female homebuyers, respectively.  Below  are a few highlights from the second week of October that influence our business: *  Labor Costs Likely to Push Home Prices Higher.  In an article in CoreLogic's Insights blog, Nothaft quotes National Association of Home Builder (NAHB) figures that say about 60 percent of a new home's sales price reflects the construction costs of the home. The major components of building costs are those associated with purchasing and preparing a lot, acquiring permits and inspections, hiring labor and buying materials.   There was a significant price run-up in the

  According to the ‘ 2019 Home Buyer Report ’  conducted by  Nerdwallet , many first-time buyers still believe they need a 20% down payment to buy a home in today’s market: “More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.” When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say, “The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown below): The lack of knowledge about the home-buying process is unfortunately keeping many motivated buyers on the sidelines. Bottom Line Don’t let a lack of understanding keep you and your family out of the housing market. Meet with a local real estate professional who can show you your options today.

For the first time since at least World War II mortgage rates are below 4% while at the same time the unemployment rate is below 4%. As a result, CoreLogic Chief Economist Frank Nothaft predicts  This Week in Real Estate  that home prices will increase at a faster pace over the next 12 months than they have in 2019.  Below  are a   few highlights from the  first week  of  October  that influence our business : *  CoreLogic Says U.S. Home-Price Gains Will Accelerate Through 2020.  CoreLogic Chief Economist Frank Nothaft said the pace of home-price gains will quicken over the next 12 months as low mortgage rates give buyers the ability to pay more for properties. Home prices probably will increase 5.8% in the 12 months through August 2020, Nothaft said in an exclusive interview with HousingWire. That’s a faster pace than the 3.6% growth seen in August 2019 from a year earlier.   Rates for fixed mortgages will probably stay below 4% through the end of 2020, Nothaft said.   “We’re