Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

  Existing-home sales set a record in July for month-over-month increase as July sales were up 25% over June sales according to the National Association of Realtors  This Week in Real Estat e.  In addition, home builder confidence has reached its highest reading in the 35-year history of the Housing Market Index, matching the record set in December 1998. Below  are a few newsworthy events from the  third week of August  that influence our business:    *  U.S. Home Sales And Median Price Soar to a Record in July.   Existing-home sales jumped 25% in July from June, beating the prior record gain of 21% set a month earlier, as low mortgage rates fueled demand for real estate.   Sales of single-family homes, townhomes, condominiums, and co-ops rose to a seasonally adjusted 5.86 million, the highest level since 2006, the National Association of Realtors said in a report on Friday. The median price increased 8.5% from a...

With businesses reopening throughout the country and some experts indicating early signs of a much-anticipated economic  recovery , more homebuyers are actively entering the housing market this summer. Today, housing is truly driving the U.S. economy forward. With so many buyers looking for homes to purchase and so few houses for sale right  now , there’s a disconnect between supply and demand. This imbalance is pushing home prices upward while driving more bidding wars and multiple-offer scenarios. Danielle Hale,  Chief Economist  at  realtor.com  explains : “People are surprised that prices are rising, not falling, because in the last  recession  home prices fell, the difference this time is the severe shortage of homes for sale…We are seeing bigger price increases with [a limited] number of homes…That is likely to lead to more competition and potentially multiple offers and bidding wars.” According to the recent  Realtors Confidence Index ...

  Today, many people are asking themselves if they should buy or sell a home in 2020. Some have shifted their plans or put them on hold over the past couple of months, and understandably so. Everyone seems to be wondering if the market is going to change and when the economy will turn around. If you’re trying to figure out what’s going to happen and how to play your cards this year, you’re not alone. This spring in the 2020 NAR Flash Survey: Economic Pulse , the National Association of Realtors (NAR) has been tracking the behavior changes of homebuyers and sellers. In a reaction to their most recent survey, Lawrence Yun, Chief Economist at NAR, noted the beginnings of a turn in the market: “After a pause, home sellers are gearing up to list their properties with the reopening of the economy…Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.” Wha...

  With the recent lower interest rates, many homeowners are wondering if they should refinance. To decide if refinancing is the best option for your family, start by asking yourself these questions: Why do you want to refinance? There are many reasons to refinance, but here are three of the most common ones: Lo wer your interest rate and payment – This is the most popular reason. If you have a 5% interest rate or higher, it might be worth seeing if you can take advantage of the current lower interest rates, hovering below 4%, to reduce your monthly payment and overall cost of the loan. Shorten the term of your loan – If you have a 30-year loan, it may be advantageous to change it to a 15 or 20-year loan to pay off your mortgage sooner. Cash-out refinance – With home prices increasing, you might have enough equity to cash out and invest in something else, like your children’s education, a vacation home, or a new business. Once you know why you might want to r...

As we transition from Q1 to Q2  This Week in Real Estate  we do so on the heels of the median value of homes for sale reaching a record high, declining interest rates spurring a refinance surge and unemployment claims at the lowest level since December 1969.  Below  are a   few highlights from the  first  week of  April  that influence our business : *  Home Prices Hit a Record High.  If you're shopping for a cheap home this spring, good luck. The median value of homes listed for sale   in March hit a record $300,000, according to realtor.com.   "Despite a slowing growth rate, home prices will likely continue to set new   records later this year," said Danielle Hale, realtor.com's chief economist. "Heading into spring, U.S. prices are expected to continue to rise   and inventory is expected to continue to increase, but at a slower pace than we've seen the last few months as fewer sellers wa...

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. ...

As the pace of home price appreciation begins to temper and available inventory rises, the need to educate homeowners of selling in a transitioning market as well as establishing new expectations intensifies. According to a report released by Trulia  This Week in Real Estate  17.2% of U.S. listings experienced a price cut in August. That is the highest level of price cuts since 2014.  Below are a few  highlights from the second  week of October that influence our business :   *  New Home Sales Dip, Still Stronger Than Last Year .   The Mortgage Bankers Association (MBA) reports a  drop in  applications   for the purchase of newly constructed homes last  month.  Those applications fell by 3.9  percent compared to  August although they remained 8.2 percent higher than they were the previous September.  " Even though new home sales decreased 3.9 percent  over the month, t...