Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

Some Highlights If you’re trying to decide whether to rent or buy a home, consider the  advantages  homeownership offers. Buying a home can help you escape the cycle of  rising rents , it’s a powerful  wealth-building tool , and it’s typically considered a good hedge against  inflation . If you’re ready to take advantage of the benefits of homeownership, talk with a trusted real estate professional to  explore your options .

Today’s market is at a  turning point , making it more essential than ever to work with a real estate professional. Not only will a trusted real estate advisor keep you updated and help you make the best decisions based on current market trends, but they’re also experts in managing the many aspects of  selling your house . Here are five key reasons why working with a real estate professional makes sense today. 1. A Professional Follows the Latest Market Trends With higher mortgage rates and moderating buyer demand, conditions are changing and staying on top of the latest market information is crucial when you sell. Working with an expert  real estate advisor  helps ensure you can stay updated on what’s happening. They know your local area and follow national trends too. More importantly, they’ll know what this data means for you, and as the market shifts, they’ll be able to help you navigate it and make your best decision. 2. A Professional Helps Maximize Your Pool of Buyers Your agent

The historically low inventory over the past few years led to challenges for many buyers trying to find a home that met their needs and their budget. If you’re in the same boat, you should know the recent shift in the housing market may have opened up doors for you to restart your search. The inventory of homes for sale  has increased  this year, and that’s giving buyers much needed options. As Danielle Hale, Chief Economist at  realtor.com ,  says : “. . . today’s shoppers have more than 5 homes to consider for every 4 they had at this time a year ago.” But perspective is important. Overall, housing supply is still low. If you need even more choices,  expanding your search  by adding additional housing types, like condominiums, could help. Exploring Condos Could Add Options That Fit Your Budget One thing to consider is condos generally differ from single-family homes in average space and floorplans. But that size difference is one reason why condos can be a more affordable option. Acc

If you’re following today’s housing market, you know two of the top issues consumers face are inflation and mortgage rates. Let’s take a look at each one. Inflation  and the Housing Market This year,  inflation  reached a high not seen in  forty years . For the average consumer, you probably felt the pinch at the gas pump and in the grocery store. It may have even impacted your ability to save money to buy a home. While the  Federal Reserve  is working hard to lower inflation, the  August data  shows the inflation rate was still higher than expected. This news impacted the stock market and fueled conversations about a recession. It also played a role in the  Federal Reserve’s  decision to raise the Federal Funds Rate last week. As  Bankrate  says : “. . .   the Fed has raised rates again, announcing yet another three-quarter-point hike on September 21 . . . The hikes are designed to cool an economy that has been on fire. . .” While their actions don’t directly dictate what happens with

Good Morning! The Commerce Department reported This Week in Real Estate that single-family construction grew 3.4% in August, however home building permits fell in August to the slowest pace in more than two years. Some economists point to the stubborn housing shortage as a saving grace that could keep the real estate market from a deep downturn. By some estimates, the nation was short about 5 million homes before the onset of the pandemic. “The shortage is not going away soon,” says Lawrence Yun, chief economist for the National Association of Realtors. “The near-term single-family outlook is complicated due to high mortgage rates. But the long-term outlook for homebuilders is bright due to the need to build more to fully relieve the housing shortage.” Below are a few newsworthy events from the third week of September that influence our business:    * US Home Sales Slipped, Prices Grew More Slowly in August. The National Association of Realtors said Wednesday that existing home

The real estate market is on just about everyone’s mind these days. That’s because the unsustainable market of the past two years is behind us, and the difference is being felt. The question now is,  just how financially strong are homeowners throughout the country ? Mortgage debt grew beyond  10 trillion dollars  over the past year, and many called that a troubling sign when it happened for the first time in history. Recently Odeta Kushi, Deputy Chief Economist at  First American , answered that question when she  said : “U.S. households own $41 trillion in owner-occupied real estate, just over $12 trillion in debt, and the remaining ~$29 trillion in equity. The national “LTV” in Q2 2022 was 29.5%, the lowest since 1983.” She continued on to  say : “Homeowners had an average of $320,000 in inflation-adjusted equity in their homes in Q2 2022, an all-time high.” What Is LTV? The term LTV refers to loan to value ratio. For more context, here’s how the  Mortgage Reports   defines  it: “Yo

Some Highlights When it comes to  selling your house , you want it to look its best inside and out so it catches the attention of buyers. A real estate professional can help you decide what to do to make that happen. Focus on tasks that can make it inviting, show it’s cared for, and boost your  curb appeal . Connect with a trusted real estate professional for advice on what you may want to do to get your house ready to  sell this season .

Experts are starting to make their 2023 home price forecasts. As they do, most agree homes will continue to gain value, just at a slower pace. Over the past couple of years,  home prices  have risen at an unsustainable rate, leaving many to wonder how long it would last. If you’re asking yourself:  what’s ahead for the price of my home,  know that experts are now answering this question, and its welcome news for homeowners who may have been led by the media to believe their home would lose value. Historically, home prices have appreciated at a rate near  4% . For 2023, the average of six major forecasters noted below is 2.5% .  While one,  Zelman & Associates , is calling for depreciation, the other five are calling for appreciation. The graph below outlines each expert forecast to show where they project home prices are going in the coming year. To understand why experts are calling for appreciation next year, look to the economics of supply and demand. Dave Ramsey, Financial Expe