Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

  Some Highlights In today’s whirlwind real estate market, houses are selling at astonishing speed – from sea to shining sea. Four years ago, the average house spent 39 days on the market. Two years ago, homes were on the market for about 24 days. Today, that number has dropped to just  17 short days . If you’re looking to sell your house quickly and on the best possible terms, today’s market can’t be beat. Reach out to a local real estate professional to discuss how to secure a speedy, top-dollar sale for your house.

There’s a lot of discussion about affordability as home prices continue to appreciate rapidly. Even though the most recent index on affordability from the  National Association of Realtors  (NAR) shows homes are more affordable today than the  historical average , some still have concerns about whether or not it’s truly affordable to buy a home right now. When addressing this topic, there are various measures of affordability to consider. However, very few of the indexes compare the affordability of owning a home to renting one. In a paper just published by the  Urban Institute,  Homeownership Is Affordable Housing , author Mike Loftin examines whether it’s more affordable to buy or rent. Here are some of the highlights included. 1. Renters pay a higher percentage of their income toward their rental payment than homeowners pay toward their mortgage. The report explains: “When we look at the median housing expense ratio of all households, the typical homeowner household spends 16 percen

The last year has put emphasis on the importance of one’s home. As a result, some renters are making the jump into homeownership while some homeowners are re-evaluating their current house and considering a move to one that better fits their current lifestyle. Understanding how housing affordability works and the main market factors that impact it may help those who are ready to buy a home narrow down the optimal window of time in which to make a purchase. There are three main factors that go into determining how affordable homes are for buyers: Mortgage Rates Mortgage Payments as a Percentage of Income Home Prices The  National Association of Realtors  (NAR) produces a  Housing Affordability Index . It takes these three factors into account and determines an overall affordability score for housing. According to NAR, the index: “…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the

As we enter the middle of 2021, many are wondering if we’ll see big changes in the housing market during the second half of this year. Here’s a look at what some experts have to say about key factors that will drive the industry and the economy forward in the months to come. realtor.com “. . . homes continue to sell quickly in what’s normally the fastest-moving time of the year. This is in contrast with 2020 when homes sold slower in the spring and fastest in September and October. While we expect fall to be competitive, this year’s seasonal pattern is likely to be more normal, with  homes selling fastest from roughly now until mid-summer .” National Association of Realtors  (NAR) “ Sellers who have been hesitant  to list homes as part of their personal health safety precautions  may be more encouraged to list and show their homes  with a population mostly vaccinated by the mid-year.” Danielle Hale,  Chief Economist  at  realtor.com “Surveys showed that seller confidence continued to r

  Today’s housing market is full of unprecedented  opportunities . High buyer demand paired with record-low housing inventory is creating the ultimate  sellers’ market , which means it’s a fantastic time to  sell your house . However, that doesn’t mean sellers are guaranteed success no matter what. There are still some key things to know so you can avoid costly mistakes and win big when you make a move. 1. Price Your House Right When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing  price . Believe it or not, that’s not always true. Even in a sellers’ market, listing your house for the right price will maximize the number of buyers that see your house. This creates the best environment for bidding wars, which in turn are more likely to increase the final sale price. A real estate professional is the best person to help you set the best price for your house so you can achieve your financial goals. 2. Keep You

  Good Morning! Despite surging construction costs homebuilder confidence has held steady in May according to the most recent National Association of Home Builders/Wells Fargo Housing Market Index released This Week in Real Estat e . Additionally, Freddie Mac reports that  home prices are climbing at their fastest pace in more than 15 years. Below are a few newsworthy events from the third week of May that influence our business:  * NAR Predicts Consumer Spending Will Propel Continued Economic Growth in 2021. According to the National Association of Realtors, after recording the quickest recovery in the nation's history in the wake of the COVID-19 pandemic, the U.S. economy is expected to kick into higher gear in 2021. NAR Chief Economist Lawrence Yun anticipates the economy will grow 4.5% in 2021. "Consumers will begin to spend massive savings, and do more shopping, restaurant dining, traveling and in-person house hunting," he said. The marketplace has surpasse

Some Highlights For the eighth year in a row,  real estate  maintained its position as the preferred long-term investment among Americans. Real estate has been gaining ground against stocks, gold, and savings accounts over the last 11 years and now stands at its highest rating in  survey  history. Contact a local professional if you’re  ready  to make real estate your best investment this year.

The level of equity homeowners have is at an all-time high. According to the  U.S. Census ,  over 38%  of owner-occupied homes are owned free and clear, meaning they don’t have a mortgage. Those with a mortgage are seeing their equity skyrocket too. Every time real estate values increase, homeowners get a dollar-for-dollar gain in their home equity. According to the first-quarter  2021 U.S. Home Equity Report  from  ATTOM Data Solutions : “17.8 million residential properties in the United States were considered equity-rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value. The count of equity-rich properties in the first quarter of 2021 represented 31.9 percent, or about one in three, of the 55.8 million mortgaged homes in the United States. That was up from 30.2 percent in the fourth quarter of 2020, 28.3 percent in the third quarter and 26.5 percent in the first quarter of 2020.” This surge in home