Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

Some Highlights The housing market is moving away from the frenzy of the past year and it’s opening doors for you if you’re thinking about  buying a home . Housing inventory  is  increasing , which means  more options  for your search. Plus, the intensity of  bidding wars  may ease as buyer demand moderates, leading to fewer homes selling above  asking price . If you’re ready to buy a home, now may be the moment you’ve been waiting for. Partner with a real estate professional to start the homebuying process today.

If you’re following the news, chances are you’ve seen or heard some headlines about the housing market that don’t give the full picture. The real estate market is shifting, and when that happens, it can be hard to separate fact from fiction. That’s where a trusted real estate professional comes in. They can help debunk the headlines so you can really understand today’s market and what it means for you. Here are three common housing market myths you might be hearing, along with the expert analysis that provides better context. Myth 1: Home Prices Are Going To Fall One piece of fiction many buyers may have seen or heard is that  home prices  are going to crash. That’s because headlines often use similar, but different,  terms  to describe what’s happening with prices. A few you might be seeing right now include: Appreciation , or an increase in home prices. Depreciation , or a decrease in home prices. And d eceleration , which is an increase in home prices, but at a sl...

There are  more homes for sale  today than at any time last year. So, if you tried to  buy a home  last year and were outbid or out priced, now may be your opportunity. The number of homes for sale in the U.S. has been growing over the past four months as rising  mortgage rates  help slow the frenzy the  housing market  saw during the pandemic. Lawrence Yun, Chief Economist at the  National Association of Realtors  (NAR),  explains  why the shifting market creates a window of opportunity for you: “This is an opportunity for people with a secure job to jump into the market, when other people are a little hesitant because of a possible recession. . . They’ll have fewer buyers to compete with.” Two Reasons There Are More Homes for Sale The first reason the market is seeing more homes available for sale is the number of sales happening each month has decreased. This slowdown has been caused by rising mortgage rates and rising ...

Mortgage rates are much higher today than they were at the beginning of the year, and that’s had a clear impact on the  housing market . As a result, the market is seeing a shift back toward the range of pre-pandemic levels for buyer demand and home sales. But the transition back toward pre-pandemic levels isn’t a bad thing. In fact, the years leading up to the pandemic were some of the best the housing market has seen. That’s why, as the market undergoes this shift, it’s important to compare today not to the abnormal pandemic years, but to the most recent normal years to show how the current  housing market  is still strong. Higher Mortgage Rates Are Moderating the Housing Market   The  ShowingTime Showing Index  tracks the traffic of home showings according to agents and brokers. It’s also a good indication of buyer demand over time. Here’s a look at their  data  going back to 2017 ( see graph below ): Here’s a breakdown of the story this data t...

Good Morning! The National Association of Realtors reported This Week in Real Estate that existing home sales decreased for the fifth consecutive month in June while the median price climbed to a record high. As inventory is on the rise eighty-eight of homes sold in June were on the market for less than a month while the average days on market reached the shortest duration on record, just 14 days, suggesting that homes priced right are still selling very quickly. More inventory moderates a market. The number of single-family homes under construction is 21% higher than a year ago due to the acceleration of permits and starts in the recent past. How long will that continue? Future inventory is less certain given the number of single-family starts and single-family permits decreased to their lowest pace in two years according to the U.S. Department of Housing and Urban Development. Below are a few newsworthy events from the third week of July that influence our business:  ...

If you’re thinking about  making a move , you probably want to know what’s going to happen to  home prices  for the rest of the year. While experts say  price growth  will moderate due to the shifting market, ongoing appreciation is expected. That means home prices won’t fall. Here’s a look at two key reasons experts forecast continued price growth: supply and demand. While Growing, Housing Supply Is Still Low Even though  inventory is increasing  this year as the  market moderates , supply is still low. The graph below helps tell the story of why there still aren’t enough homes on the market today. It uses  data  from the  Census  to show the number of single-family homes that were built in this country going all the way back to the 1970s. The blue bars represent the years leading up to the housing crisis in 2008. As the graph shows, right before the crash, homebuilding increased significantly. That’s because buyer demand was ...

Some Highlights Experts say the number of homes for sale is  growing  this year, and that can have a big impact on your move. If you’re planning to buy,  additional options  in today’s market may be just what you’ve been waiting for. More  inventory  means  added opportunities  to find the home of your dreams. Connect with a local real estate advisor so you have the latest information on available homes in your area.