Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

  Good Morning! Fannie Mae’s Economic and Strategic Research Group reported  This Week in Real Estate  that they have raised their forecast for a March increase in the Fed funds rate from 25 basis points to 50 in response to escalating inflation. They now expect initial rate hikes from March to July to total 100 basis points followed by a pause for the balance of the year while they assess the impact of the increases. Fannie expects a decline in total home sales of 2.4 percent while new home sales will increase 15.4 percent higher than 2021. Below are a few newsworthy events from the fourth week of February that influence our business:   *  Pending Home Sales Drop For Third Straight Month.  With housing inventory at an all-time low, contract signings decreased 5.7% month over month in January - the third consecutive month for a drop, the National Association of REALTORS reported Friday. NAR’s Pending Home Sales Index, a forward-looking indicator o...

Some Highlights If you’re deciding whether to rent or  buy , consider the many  financial benefits  that come with owning a home. As a renter, you build your  landlord’s wealth  and face  rising costs . As a homeowner, you build your own  net worth  and can lock in your  monthly payments  for the length of your loan. If you’re weighing your options, remember that owning a home is a decision that has considerable financial perks. Contact a local real estate professional to learn more.

What Is Jump Start?????

Almost every industry is currently struggling with supply chain disruptions. This also applies to the current U.S. housing market, where buyer demand far exceeds housing supply. Purchaser demand is very strong right now. The  National Association of Realtors  (NAR) just released their latest  Existing Home Sales Report  which reveals that sales surged in January. Existing home sales rose to a seasonally adjusted annual rate of 6.5 million – an increase of 6.7% from the prior month, with sales up in all regions. However, there’s one big challenge. Inventory Is at an All-Time Low Because purchaser demand is so high, the market is running out of available homes for sale. The above-mentioned report states that the current months’ supply of inventory of homes for sale has fallen to 1.6 months. This prompts Lawrence Yun, Chief Economist at NAR, to say: “The inventory of homes on the market remains woefully depleted, and in fact is  currently   at an all-time low ...

In today’s  housing market , there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers. Nationally, Demand Is High and Supply Is Very Low The latest buyer and seller  activity data  from the  National Association of Realtors  (NAR) indicates buyer traffic heavily outweighs seller traffic today, as shown in the maps below. There are far darker blues (strong buyer activity) on the left and much lighter blues (weak seller activity) on the right. In other words, this shows how the demand for homes is significantly greater than what’s avail...

  Good Morning! The National Association of Realtors reported This Week in Real Estate that January existing-home sales rose nearly 7% over the prior month despite total inventory down 2.3% from December and down 16.5% compared to January 2021. According to the Department of Housing and Urban Development and the U.S. Census Bureau, housing starts dipped 4.1% in January, however building permits increased at a solid pace in January. The number of single-family homes under construction is 27% higher than a year ago. Below are a few newsworthy events from the third week of February that influence our business:  * Existing-Home Sales Surge 6.7% in January. Existing-home sales rose in January, making a notable move upward following a previous month where sales declined, according to the National Association of Realtors. "Buyers were likely anticipating further rate increases and locking-in at the low rates, and investors added to overall demand with all-cash offers,...

Many things have changed over the past couple of years, and real estate is no exception. One impact is an increased desire to own more than one home. According to the recent  Luxury Market Report  from  Luxury Home Marketing : “As trends such as remote working and flexi-hours took hold in 2021, so too did the flexibility of  relocating  as well as  the growth of second homeownership .” This may be because the pandemic has altered how we think about our homes. Where we live has become, more than ever, our  safe space  and our getaway. And with the rise in  remote work , more people are reconsidering where they want to live and buying second homes to give them greater flexibility. If you fall in that category, here are just a few of the perks you’ll enjoy, and how owning a second home may be a great decision for your lifestyle and your future. Enjoy a Change in Scenery (or Weather) When you have two homes, you can alternate between them as the ...

What a great house

If you’re planning to sell this year, you’re probably thinking about what you’ll need to do to get your house ready to appeal to the most buyers. It’s crucial to work with a trusted real estate professional who knows your local market to get your home ready to sell. But there are a few things you should consider when deciding what to renovate and update before listing this season. Here are three things to keep top of mind as you’re making your list of projects to tackle this year. 1. The Number of Homes for Sale Is Very Low Housing inventory  sits far below what is normally considered a balanced market. In fact, according to the  National Association of Realtors  (NAR), the latest data indicates inventory is hitting an all-time low. Because there’s such a limited supply of homes available for sale, you’re in a unique position when you sell your house to benefit from multiple offers and a quick process. But you want to do so while buyers are still scooping homes up as fast...