Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

If you’re thinking of buying a home in today’s housing market, you may be wondering how strong your investment will be. You might be asking yourself: if I buy a home now, will it lose value? Or will it continue to appreciate going forward? The good news is, according to the experts, home prices are not projected to decline. Here’s why. With buyers still outweighing sellers, home prices are forecast to continue climbing in 2022, just at a slower or more  moderate pace . Why the continued increase? It’s the simple law of supply and demand. When there are fewer items on the market than there are buyers, the competition for that item makes prices naturally rise. And while the number of homes for sale today is expected to improve with more sellers getting ready to  list their houses  this winter, we’re certainly not out of the inventory woods yet. Thus, the projections show continued appreciation, but at a more moderate rate than what we’ve seen over the past year. Here’s a look at the late

  Some Highlights It’s no secret that we love our furry friends – about 70% of U.S.  households  have pets. What may come as a surprise is how large a role they play in the  homebuying  process. Americans  spend  $1,163 a year on their pets, and nearly half of pet owners  say  they would  move  for better accommodations and  amenities  for their pets. If you’re thinking of adding a furry friend, or if you already have, connect with your trusted real estate advisor to discuss how you can find a home that meets all your pet’s needs.

If you’re a homeowner who’s decided your current house no longer fits your needs, or a renter with a strong desire to become a homeowner, you may be hoping that waiting until next year could mean better market conditions to purchase a home. To determine whether you should buy now or wait another year, you can ask yourself two simple questions: Where will home prices be a year from now? Where will mortgage rates be a year from now? Let’s shed some light on the answers to both of these questions. Where Will Home Prices Be a Year from Now? Three major housing industry entities are projecting ongoing home price appreciation in 2022. Here are their forecasts: Fannie Mae : 7.4% Freddie Mac : 7% Mortgage Bankers Association : 5.2% According to the  National Association of Realtors  (NAR), the median price of a home today is  $353,900 . Using an average of the three price projections above (6.53%), a home that sold for $353,900 today would be valued at $377,010 at the end of next year. As a pr

There’s no question that the financial benefits of  selling  a house are outstanding today. Now is truly a great time to list if you’re ready to make a change. But if you do sell your house right now, you may be wondering where you’ll go when you move. With so few homes available to  buy  right now, you might be considering building a new home as one of your options. But you may be unsure if that’s the way to go. Let’s compare the benefits of a newly built home versus moving into an existing one, and why working with a  real estate agent  throughout the process is mission-critical to your success no matter what you decide. The Pros of Newly Built Homes First, let’s look at the benefits of purchasing a newly constructed home. With a brand-new home, you’ll be able to: 1. Create your perfect home. If you build a home from the ground up, you’ll have the option to select the custom features you want, including appliances, finishes, landscaping, layout, and more. 2. Cash-in on energy efficie

Since the pandemic began, Americans have reevaluated the meaning of the word  home . That’s led some renters to realize the many benefits of homeownership, including the feelings of  security and stability  and the financial benefits that come with rising  home equity . At the same time, many current homeowners have decided their house no longer meets their needs, so they moved into homes with more space inside and out, including a home office for  remote work . However, not every purchaser has been able to fulfill their desire for a new home. Here are two obstacles some homebuyers are facing: The ability to save for a down payment The ability to qualify for a mortgage at the current lending standards This past week, both of those challenges have been mitigated to some degree for many purchasers. The FHFA (which handles mortgages by  Freddie Mac ,  Fannie Mae , and the  Federal Housing Administration ) is raising its loan limit for prospective purchasers in 2022. The term used to descr

  Good Morning! The Federal Housing Finance Agency announced This Week in Real Estate the baseline conforming loan limit for 2022 will be $647,200, an increase of 18%. Additionally, for “high cost” areas, those in which 115% of the local median home value exceeds the baseline conforming loan limit, the applicable loan limit will be capped at $970,800. Below are a few newsworthy events from the final days of November and first days of December that influence our business:  * 2022 Housing Outlook. 2022 should be a strong year for housing. Look for mortgage rates to rise but remain historically very low, home sales to grow to a 16-year high, price and rent growth to slow, refinance to shift toward cash-out, and delinquency rates to remain low albeit with an uptick in distressed sales. With the Federal Reserve gradually “tapering” its supportive monetary policy, mortgage rates should slowly rise in the coming year: look for mortgage rates to average about one-half of a percentage poi