Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

According to the Census Bureau, HUD and Commerce Department  This Week in Real Estate   the  market to start the year for newly built single-family homes experienced significant growth year-over-year. Permits in January reached their highest level since June 2007 and housing starts were 21.4% above January 2019.  Below  are a few highlights from the  third week of February  that influence our business: *  Housing Starts Mark a Solid Start in 2020 .   Relative to January 2019 total housing starts are 21.4 percent above the annual pace of 1.29 million units. The three-month moving average for single-family in January is an annual rate of 1,008,000 units, which is the highest pace since the Great recession.   Single-family permits have registered a 20.2 percent gain compared to a year ago. This is in line with the NAHB/Wells Fargo Housing Market Index, which held builder confidence in the market for newly-built single-fam...

According to Freddie Mac  This Week in Real Estate  first-time homebuyers, generation Z homebuyers and single female homebuyers have taken full advantage of the fifty-year low in unemployment and low mortgage rates. Forty-Six percent (46%) of all loans Freddie Mac has purchased this year came from first-time homebuyers, while there has been a 200% and 500% increase in Gen Z and single female homebuyers, respectively.  Below  are a few highlights from the second week of October that influence our business: *  Labor Costs Likely to Push Home Prices Higher.  In an article in CoreLogic's Insights blog, Nothaft quotes National Association of Home Builder (NAHB) figures that say about 60 percent of a new home's sales price reflects the construction costs of the home. The major components of building costs are those associated with purchasing and preparing a lot, acquiring permits and inspections, hiring labor and buying materials. ...

For the first time since at least World War II mortgage rates are below 4% while at the same time the unemployment rate is below 4%. As a result, CoreLogic Chief Economist Frank Nothaft predicts  This Week in Real Estate  that home prices will increase at a faster pace over the next 12 months than they have in 2019.  Below  are a   few highlights from the  first week  of  October  that influence our business : *  CoreLogic Says U.S. Home-Price Gains Will Accelerate Through 2020.  CoreLogic Chief Economist Frank Nothaft said the pace of home-price gains will quicken over the next 12 months as low mortgage rates give buyers the ability to pay more for properties. Home prices probably will increase 5.8% in the 12 months through August 2020, Nothaft said in an exclusive interview with HousingWire. That’s a faster pace than the 3.6% growth seen in August 2019 from a year earlier.   Rates for fixed mortgages will p...

According to research released by realtor.com  This Week in Real Estate ,   the best time to list a home for sale in the top 50 largest U.S. Metro areas is the first week of April. The research suggests the best week to go live for the Seattle-Tacoma-Bellevue area is April 7, 2019 and for the Portland-Vancouver area is April 14, 2019, respectively.  Below  are a few highlights from the  fourth  week of  March  that influence our business : *  New Home Sales Rise to 11-Month High in February.  Sales of new U.S. single-family homes increased to an 11-month high in February and sales for January were revised higher .  The Commerce Department said on Friday new home sales rose 4.9 percent to a seasonally adjusted annual rate of 667,000 units last month, the highest level since March 2018. January's sales pace was revised up to 636,000 units from the previously reported 607,000 units. The 30-year fixed mortgage rat...

The first two months of the fourth quarter has seen consecutive months of increased existing home sales as reported by the National Association of Realtors  This Week in Real Estate  and rising inventory beginning to tame home price appreciation. Below are a few highlights from the third week of December that influence our business : * Existing Home Sales Increase for Second Consecutive Month.   Existing-home sales increased in November, according to the National Association of Realtors, marking two consecutive months of increases.   Total existing-home sales ,  completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.9 percent from October to a seasonally adjusted rate of 5.32 million in November. Sales are now down 7.0 percent from a year ago (5.72 million in November 2017).  Single-family home sales sit at a seasonally adjusted annual rate of 4.71 million in November. ...

Every year at this time there are many homeowners who decide to wait until after the holidays to list their homes for the first time, while others who already have their homes on the market decide to take them off until after the holidays. Here are seven great reasons not to wait: Relocation buyers are out there. Many companies are still hiring throughout the holidays and need their new employees in their new positions as soon as possible. Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy  now . You can restrict the showings on your home to the times you want it shown. You will remain in control. Homes show better when decorated for the holidays. There is minimal competition for you as a seller right now. Inventory of homes for sale traditionally slows in the late fall, early winter. Let’s take a look at listing inventory as compared to the same time last year: The desire to own a home doesn’t stop when the holidays co...

Despite the slowdown in the rate of home price appreciation as reported by ATTOM Data Solutions  This Week in Real Estate,   homeowners who sold in Q3 2018 realized the highest average price gain since Q2 2007 .  Below are a few  highlights from the fourth  week of October that influence our business : *  Pending Home Sales Stabilize .   Pending home sales increased in September, but have decreased on an annual basis for nine consecutive months. The Pending Home Sale Index increased 0.5% in September, but remains down 1.0% year-over-year. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR). The PHSI increased to 104.6 in September, from 104.1 in August. The PHSI increased 4.5% in the West and 1.2% in the Midwest, but decreased 0.4% in the Northeast and 1.4% in the South. Year-over-year, the PHSI increased 3.3% in the South, but decl...