Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic – and it drove  home prices  up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way. But here’s the news you’ve been waiting for: data shows clear signs bidding wars are easing this year. According to the  National Association of Realtors  (NAR), the average  number of offers  on recently sold homes has declined considerably over the past few months ( see graph below ): The graph shows homes were seeing a high of around five offers earlier this year. But the latest data shows that average was down to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand an

One of the biggest questions people are asking right now is:  what’s happening with home prices ? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture. Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today. Appreciation  is when home prices  increase . Depreciation  is when home prices  decrease . Deceleration  is when home prices  continue to appreciate, but at a slower or more moderate pace. Experts agree that, nationally, what we’re seeing today is  deceleration . That means home prices are appreciating, just not at the record-breaking pace they have over the past year. In 2021,  data  from  CoreLogic  tells us home prices  appreciated  by an average of 15% nationwide. An

Good Morning! While the debate among economists and prognosticators continue as to the near-term future of the housing market, the data, the most valuable currency in business, suggests the environment today is nothing like it was leading up to or during the period known as the “Great Recession” of 2008 - 2012. One of the key reasons why the current market will not experience the same results of that period is the undersupply of homes for sale. While inventory is up 27.8% compared to the same week last year, compared to the same week in 2019 there are 42.6% fewer homes for sale, meaning inventory is still historically low. Realtor.com economist, Jiayi Xu, reported This Week in Real Estate that this week marks the seventh straight week of year-over-year declines in the number of new listings and a second consecutive week of double-digit declines. For the week ending August 20, the number of new listings dropped by 12% from a year earlier. Ironically, prices continue to climb. For the

If you’re a  homeowner  or are planning to become one soon, you’re probably looking for clear information about  today’s housing market . And if you’ve turned to the news or even just read headlines recently, you might feel like you’re left with more questions than answers. The best way to make sure you get what you need is to work with an expert. Why You Want To Lean on a Trusted Professional With any big milestone in life, it’s wise to seek advice from people who are experts in their field.  While you likely want that advice to be perfect, perfect simply isn’t possible. But professionals have the knowledge and experience to be able to provide you with the best advice for your situation. For example, let’s say you need an attorney, so you seek out an expert in the type of law required for your case. They won’t immediately tell you how the case is going to end or how the judge or jury will rule. But what a good attorney can do is discuss the most effective strategies based on their exp

Some Highlights If you’re wondering what a  potential recession  could mean for the housing market, here’s what  history  tells us. In four of the last six recessions,  home prices  actually appreciated, only  falling  during the early 90s and the housing crash in 2008.  Mortgage rates , though, declined during each of the previous  recessions . If you have questions about buying or selling a home in today’s market, reach out to a trusted real estate professional.

If you’re thinking about  buying a home , you likely have a lot of factors on your mind. You’re weighing your own needs against higher  mortgage rates , today’s home prices, and more to try to decide if you want to jump into the market. While some buyers may wait things out, there’s a reason serious buyers are making moves right now, and that’s the growing number of homes for sale. So far this year,  housing inventory  has been increasing and that’s making the prospect of finding your dream home less difficult. While there are always reasons you could delay making a big decision, there are also always reasons to consider moving forward. And having a  growing number of options  for your home search may be exactly what you needed to feel more confident in making a move. What’s Causing Housing Inventory To Grow? As new data comes out, we’re getting an updated picture of why housing supply is increasing so much this year. As Bill McBride, Author of  Calculated Risk ,  explains : “ We are s

Whether or not you owned a home in 2008, you likely remember the housing crash that took place back then. And news about an  economic slowdown  happening today may bring all those concerns back to the surface. While those feelings are understandable, data can help reassure you the situation today is nothing like it was in 2008. One of the key reasons why the market  won’t crash  this time is the current undersupply of inventory. Housing supply comes from three key places: Current homeowners putting their homes up for sale Newly built homes coming onto the market Distressed properties (short sales or foreclosures) For the market to crash, you’d have to make a case for an oversupply of inventory headed to the market, and the numbers just don’t support that. So, here’s a deeper look at where inventory is coming from today to help prove why the housing market isn’t headed for a crash. Current Homeowners Putting Their Homes Up for Sale Even though  housing supply  is increasing this year, t