Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

  Some Highlights In today’s hyper-competitive market, buyers are often willing to overlook cosmetic or minor repair needs if it means snagging a home in their price range. With so few houses available for sale today, you may be able to skip the bigger renovations before you sell and cash in on the current demand for your house. If you’re ready to move, reach out to a local real estate professional to determine your best next steps in this sellers’ market.

  The number of houses for sale today is significantly lower than the   high buyer activity   in the current housing market. According to Lawrence Yun,   Chief Economist   for the   National Association of Realtors   ( NAR ): “There is no shortage of hopeful, potential buyers, but inventory is historically low.” When the demand for homes is higher than what’s available for sale, it’s a great time for homeowners to sell their house. Here are three ways low inventory can help you win if you’re ready to make a move this fall. 1. Higher Prices With so many more buyers in the market than homes available for sale, homebuyers are frequently entering into  bidding wars  for the houses they want to purchase. This buyer competition drives home prices up. As a seller, this can definitely work to your advantage, potentially netting you more for your house when you close the deal. 2. Greater Return on Your Investment Rising prices mean homes are also gaining value, which drives an increase in the e

  Many people are eager to buy a home right now while  affordability  continues to be a highlight of the current housing market. However, a recent  survey  by  Sparks Research  shows that 20% of first-time homebuyers cite a lack of financial education as a barrier to homeownership. This is definitely understandable. If you don’t feel comfortable with the financial process of buying a home, it’s hard to make a confident decision. In fact, four in five homebuyers say they need help to understand what they can even afford in the first place. This is why finding the right professionals to help you through the process is so important. On top of that, the same survey reports over two-thirds of prospective homebuyers believe they’ll need assistance to save enough for a  down payment . What they may not realize is that there are a lot of down payment assistance programs at the state and regional levels, and many of them have funds available for potential buyers.  Down Payment Resources  recent

  According to the National Association of Realtors and the U.S. Census Bureau   This Week in Real Estat e   existing home sales and single-family starts soared in September. Sales experienced an increase of 9.4% over prior month and single-family starts realized an 8.5% increase over August starts. Below  are a few newsworthy events from the   third week of October   that influence our business:    *  Existing Home Sales Surge 9.4% in September.   Sales of existing homes took off in September, jumping 9.4% from August a seasonally adjusted annual rate of 6.54 million, the National Association of Realtors said in a report on Thursday. Compared to a year ago, sales are up 20.9%.   “Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” said Lawrence Yun, NAR’s chief economist. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of va

  1.2K SHARES 978 81 19 150 As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come. Due to the  undersupply  of homes on the market today, there’s upward pressure on prices. Consider simple economics: when there is high demand for an item and a low supply of it, consumers are willing to pay more for that item. That’s what’s happening in today’s real estate market. The housing supply shortage is also resulting in  bidding wars , which will also drive price points higher in the home sale process. There’s no evidence that buyer  demand  will wane. As a result, experts project price appreciation will continue over the next twelve months. Here’s a graph of the major forecasts released in the last 60 days: I hear many foreclosures might be coming to

According to the National Association of Home Builders  This Week in Real Estat e   new home sales are outpacing new home starts at a historic rate. Once again, for the 10 th   time this year, the average mortgage interest rate for the week was the lowest rate since Freddie Mac began tracking such data 49 years ago. Below  are a few newsworthy events from the   second week of October   that influence our business:    *  Mortgage Rates Set Record Low for 10 th  Time.   Mortgage rates fell slightly this week, setting a new record low for the 10th time this year, Freddie Mac reports. The 30-year fixed-rate mortgage averaged 2.81%, the lowest rate since Freddie Mac began tracking such data in 1971. The previous all-time low, an average of 2.86%, was set in mid-September .  “With mortgage rates to remain near 3% for the next couple of years, homebuying activity is expected to stay strong for several more years,” said Nadia Evangelou, a research economist for the National Association of REAL

The 2020 housing market has surpassed all expectations and continues to drive the nation’s economic recovery. The question is, will this positive trend continue throughout the rest of the year, especially given the uncertainty around the current health crisis, the upcoming election, and more? Here’s a look at what several industry-leading experts have to say. Lawrence Yun,   Chief Economist,   National Association of Realtors “Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market… Further gains in sales are likely for the remainder of the year,   with mortgage rates hovering around 3% and with continued job recovery.” Frank Martell,   President   and   CEO ,   CoreLogic “Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures…Although the exact contours of the economic recovery remain uncertain,   we expect current equity gains, fueled by strong demand for available ho