Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

  Some Highlights Applying for a mortgage is a big step towards  homeownership , but it doesn’t need to be one you fear. Here are some tips to help you prepare. Know your credit score and work to build strong credit. When you’re ready, lean on your agent to connect you with a  lender  so you can get  pre-approved  and begin your  home search . Any major life change can be scary, and buying a home is no different. Partner with a trusted real estate professional to take the fear out of the equation.

  The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we’ve experienced historically. There are many reasons for the limited number of homes on the market, but as you can see in the graph below, we’re well below where we’ve been for most of the past 10 years. Today, across the country, there is only a  2.4-month  supply of homes available for sale. The Opportunity   This lack of homes for sale is creating a challenge for many buyers who are growing frustrated in their search. On the other hand, this is a huge opportunity for sellers as low supply is driving up home values. According to  CoreLogic , the average home has appreciated by more than $50,000 over the  past year . And for many homeowners, that’s opening new doors as they re-think their needs and use their equity to move up or downsize. According to  Dr. Frank Nothaft , Chief Economist at 

  There’s a lot of talk lately about how challenging it can be to find a home to buy. While housing inventory is still low, there are a few important things to understand about the  supply  of homes for sale as we move into the end of the year. The Number of Homes for Sale Usually Peaks in the Fall In the residential real estate market, trends generally follow a predictable and seasonal pattern. Typically, the number of homes available for sale (or active monthly listings) peaks in the fall. But in a chapter where so little feels normal, the question becomes: should we expect a fall peak this year? If we look at the active monthly listings for 2021 ( shown in the chart below ), we’ll see that the number of homes on the market has increased fairly steadily since spring this year. The  realtor.com   data  shows we’re still seeing an increase in active inventory month-over-month. While that gain is a bit smaller month-to-month ( see August to September   in the chart ), September numbers

Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. That’s because high buyer demand and  low housing supply  are driving intense competition and leading some buyers to consider waiving those contingencies to stand out in the crowded market. But is that the best move? Buying a home is one of the most  important  transactions in your lifetime, and  it’s critical to keep your best interests in mind.  Here’s a breakdown of what to expect from the appraisal and the inspection, and why each one can potentially save you a lot of time, money, and headaches down the road. Home Appraisal The home  appraisal  is a critical step for securing a mortgage on your home. As  Home Light  explains: “. . . lenders typically require an appraisal to ensure that your loan-to-value ratio falls within their underwriting guidelines. Mortgages are secured loans where the lender uses your home as collateral in case you default on the agreed-upon payme

  Good Morning! Strong consumer demand helped drive builder confidence higher in October according to the most recent National Association of Home Builders Housing Market Index. The National Association of Realtors also released This Week in Real Estate that September existing-home sales realized a 7% increase over August sales. The Mortgage Bankers Association announced their expectations for 2022 this week, forecasting a 9% increase of purchase mortgage originations to a record of $1.73 trillion, a 62% decrease in refinance originations to $860 billion and the 30-year fixed-rate mortgage increasing to 4.0% by the end of 2022. Below are a few newsworthy events from the third week of October that influence our business:  * Existing-Home Sales Ascend 7% in September. Existing-home sales rebounded in September after seeing sales wane the previous month, according to the National Association of Realtors. Each of the four major U.S. regions witnessed increases on a month-over-month b

While today’s  supply  of homes for sale is still low, the number of  newly built homes is increasing . If you’re  ready to sell  but have held off because you weren’t sure you’d be able to find a home to move into, newly built homes and those under construction can provide the options you’ve been waiting for. The latest  Census  data shows the inventory of new homes is increasing this year  (see graph below) : With more new homes coming to the market, this means you’ll have more options to choose from if you’re ready to buy. Of course, if you do consider a newly built home, you’ll want to keep timing in mind. The supply shown in the graph above includes homes at various stages of the construction process – some are near completion while others may be months away. According to Robert Dietz, Chief Economist and Senior VP for Economics and Housing Policy for the  National Association of Home Builders  (NAHB): “ 28% of new home inventory consists of homes that have not started constructio

If you’re looking to buy or sell a house, chances are you’ve heard talk about today’s  rising home prices . And while this increase in home values is great news for sellers, you may be wondering what the future holds. Will prices continue to rise with time, or should you expect them to fall? To answer that question, let’s first understand a few terms you may be hearing right now. Appreciation  is an  increase  in the value of an asset. Depreciation  is a  decrease  in the value of an asset. Deceleration  is when something happens at a  slower pace . It’s important to note home prices have increased, or  appreciated , for  114  straight months. To find out if that trend may continue, look to the experts.  Pulsenomics  surveyed over 100 economists, investment strategists, and housing market analysts asking for their five-year projections. In terms of what lies ahead, experts say the market may see some slight  deceleration , but not  depreciation . Here’s the forecast for the next few ye