Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

With the U.S. economy on everyone’s minds right now, questions about the country’s financial outlook continue to come up daily. The one that seems to keep rising to the top is:  when will the economy begin to  recover ?  While no one knows exactly how a rebound will play out, expert economists around the country are becoming more aligned on when the recovery will begin. According to the latest  Wall Street Journal  Economic Forecasting Survey , which polls more than 60 economists on a monthly basis,  85.3% believe a recovery will begin in the second half of 2020   (see graph below): There seems to be a growing consensus among these experts that the second half of this year will be the start of a turnaround in this country. Chris Hyzy,  Chief Investment Officer  for  Merrill   notes : “We fully expect the economy could begin to pick up in late June and July with a strong recovery in the fourth quarter.”  In additio...

With stay-at-home orders starting to gradually  lift  throughout parts of the country, data indicates homebuyers are  jumping back  into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate. Joel Kan ,  Economist  at  The Mortgage Bankers Association (MBA)  notes: “Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks…Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.” Additionally, according to  Google Trends , which scores search terms online, searches for  real estate increased from 68 points the week of March 15 th  to 92 points last w...

According to the Mortgage Bankers Association applications for home purchases increased for the fifth consecutive week  This Week in Real Estate ,  while Wall Street also experienced significant rallies. The S&P 500 reached a two-month high and the Nasdaq finished at its highest close in three months.  Below are a few newsworthy events from the  third  week of  May  that influence our business:  *  Weekly Mortgage Applications Point to a Remarkable Recovery in Homebuying .   If mortgage demand is an indicator, buyers are coming back to the housing market far faster than anticipated, despite coronavirus shutdowns and job losses. Mortgage applications to purchase a home rose 6% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Purchase volume was just 1.5% lower than a year ago, a rather stunning recovery from just six weeks ago, when purchase volume was down...

One of the biggest questions we all seem to be asking these days is:  When are we going to start to see an economic recovery?  As the country begins to slowly  reopen , moving forward in strategic phases, business activity will help bring our nation back to life. Many economists indicate a recovery should begin to happen in the second half of this year. Here’s a look at what some of the experts have to say. Jerome Powell,  Federal Reserve Chairman “I think there’s a good chance that there’ll be positive growth in the third quarter. And I think it’s a reasonable expectation that there’ll be growth in the second half of the year… So, in the long run, I would say the U.S. economy will recover. We’ll get back to the place we were in February; we’ll get to an even better place than that.   I’m highly confident of that. And it won’t take that long to get there.” Nonpartisan Analysis for the U.S Congress “The economy is expected to begin recovering duri...

There are many  benefits  to working with a real estate professional when selling your house. During challenging times like the one we face today, it becomes even more important to have an expert help guide you through the process. If you’re considering selling on your own, known in the industry as a  For Sale By Owner  or  FSBO , please consider the following: 1. Your Safety Is a Priority During this pandemic, your family’s safety comes first. When you FSBO, it is incredibly difficult to control entry into your home. A real estate professional will have the proper protocols in place to protect not only your belongings, but your family’s health and well-being too. From regulating the number of people in your home at one time to ensuring proper sanitization during and after a showing, and even facilitating virtual tours for buyers, agents are equipped to follow the latest industry  standards  recommended by the  National Association of Realt...

    There are many benefits to working with a real estate professional when selling your house. During challenging times like the one we face today, it becomes even more important to have an expert help guide you through the process. If you’re considering selling on your own, known in the industry as a  For Sale By Owner or FSBO , please consider the following: 1. Your Safety Is a Priority During this pandemic, your family’s safety comes first. When you FSBO, it is incredibly difficult to control entry into your home. A real estate professional will have the proper protocols in place to protect not only your belongings, but your family’s health and well-being too. From regulating the number of people in your home at one time to ensuring proper sanitization during and after a showing, and even facilitating virtual tours for buyers, agents are equipped to follow the latest industry standards recommended by the National Association of Realtors (NAR) to...

All eyes are on the American economy. As it goes, so does the world economy. With states beginning to reopen, the question becomes:  which sectors of the economy will drive its recovery?  There seems to be a growing consensus that the housing market is positioned to be that driving force, the tailwind that is necessary. Some may question that assertion as they look back on the last recession in 2008 when housing was the anchor to the economy – holding it back from sailing forward. But even then, the overall economy did not begin to recover until the real estate market started to regain its strength. This time, the housing market was in great shape when the virus hit. As Mark Fleming,  Chief Economist  of  First American ,  recently explained : “Many still bear scars from the Great Recession and may expect the housing market to follow a similar trajectory in response to the coronavirus outbreak. But, there are distinct differences that indicate the...