Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead. Lawrence Yun,  Chief Economist ,  National Association of Realtors  (NAR) “In 2021, I think rates will be similar or modestly higher, maybe 3%…So,  mortgage rates will continue to be historically favorable .” Danielle Hale,  Chief Economist ,  realtor.com “We expect  sales to grow 7 percent  and  prices to   rise another 5.7 percent on top of 2020’s already high levels .” Robert Dietz,  Senior Vice President and Chief Economist ,  National Association of Home Builders  (NAHB) “With home builder confidence near record highs,  we expect continued gains for single-family construction , albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes t

  There are many benefits to working with a real estate professional when selling your house. During challenging times, like what we face today, it becomes even more important to have an expert you trust to help guide you through the process. If you’re considering selling on your own, known in the industry as a  For Sale By Owner (FSBO) , it’s critical to consider the following items. 1. Your Safety Is a Priority Your safety should always come first, and that’s more crucial than ever given the current health situation in our country. 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 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, real estate professionals are equipped to follow the latest industry  standards  recomm

  More Generations Are Living under One Roof This Year This year challenged us to reprioritize everything – from the way we use our time to where we work, how we socialize and gather together, and our needs at home. For many, this also meant making decisions about how to best support and engage with our extended families, near and far. In some cases, we weren’t able to see our relatives and loved ones who were living in senior facilities. In others, maybe older children moved back home. Jessica Lautz,  Vice President of Demographics and Behavioral Insights  for the  National Association of Realtors  (NAR),  says : “ A lot of families have an aging senior relative who was living independently or in senior care and wanted to move them into their home. ” These changes led more homebuyers to invest in multi-generational homes to accommodate more long-term plans. A multi-generational home, according to the  2020 Profile of Home Buyers and Sellers  from NAR, is a home that has adult siblings

  Check out our upcoming events for January: Virtual Jump Start: https://www.eventbrite.com/e/133119705623 Career Night: https://www.eventbrite.com/e/133130178949 Real estate test prep: https://www.eventbrite.com/e/133133270195 Virtual form class: https://www.eventbrite.com/e/133134307297 How to host a perfect open house: https://www.eventbrite.com/e/133135555029

  Why It’s Important to Price Your House Right Today Even in today’s  sellers’ market , setting the right price for your house is one of the most valuable things you can do. According to the  U.S. Economic Outlook  by the  National Association of Realtors  (NAR), existing home prices nationwide are forecasted to  increase by 4.5% in 2021 . This means experts anticipate home values will continue climbing next year. Danielle Hale,  Chief Economist  for  realtor.com,   notes : “We expect price gains to ease somewhat in 2021 and end  5.7% above 2020 levels , decelerating steadily through the spring and summer, and then gradually reaccelerating toward the end of the year.” How to Price Your House When it comes to setting the right price for your house, the goal is to increase visibility and drive more buyers your way. Instead of trying to win the negotiation with one buyer, you should price your house so that  demand is maximized  and more buyers want to take a look. As a seller in today’s

  Did You Outgrow Your Home in 2020? It may seem hard to imagine that the home you’re in today – whether it’s your starter home or just one you’ve fallen in love with along the way – might not be your forever home. Many needs have changed in 2020, and it’s okay to admit if your house no longer fits your lifestyle. If you’re now working remotely, facilitating virtual school, trying to exercise at home, or simply just spending more time in your own four walls, you may be bursting at the seams in your current house. According to the latest  Home Price Insights  from  CoreLogic , prices have appreciated 7.3% year-over-year. At the same time, the  National Association of Realtors  (NAR)  reports  that inventory has dropped 22% from one year ago. These two statistics are directly related to one another. As inventory has  decreased  and demand has  increased , prices have been driven up. This is great news if you own a home and you’re thinking about selling. The  equity  in your house has lik

  Once you’ve found the right home and applied for a mortgage, there are some key things to keep in mind before you close. You’re undoubtedly excited about the opportunity to decorate your new place, but before you make any large purchases, move your money around, or make any major life changes, consult your lender – someone who is qualified to tell you how your financial decisions may impact your home loan. Below is a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process. 1. Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender.  Lenders need to source your money, and cash is not easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer. 2. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home.  New debt comes with new monthly obligations. New obligatio

  According to the Census Bureau This Week in Real Estate single-family housing starts increased for the seventh consecutive month in November, climbing to the highest level since 2007 and 27.1% higher than last year. Below are a few newsworthy events from the third week of December that influence our business:    * Single-Family Housing Starts Reach Highest Level Since 2007. Single-family housing starts continued their seven-month climb in November, coming in to the highest level since 2007, according to the Census Bureau. Housing starts rose 1.2% in November compared to October and are up 12.8% year over year to a seasonally adjusted annual pace of 1.58 million starts. Single-family housing starts rose 0.4% from October and 27.1% compared to last year.  “Additionally, permits for new single-family construction also rose to 2007 highs, potentially an indication that we might see the increase in homebuilding continue into early 2021,“ Kan said. First American’s Deputy