Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

  With the strength of the current housing market growing every day and more Americans returning to work, a faster-than-expected recovery in the housing sector is already well underway. Regardless, many are still asking the question: will we see a wave of foreclosures as a result of the current crisis? Thankfully, research shows the number of foreclosures is expected to be much lower than what this country experienced during the last recession. Here’s why. According to Black Knight Inc. , the number of those in active forbearance has been leveling-off over the past month (see graph below):   Black Knight Inc. also notes , of the original 4,208,000 families granted forbearance, only 2,588,000 of these homeowners got an extension. Many homeowners have once again started to pay their mortgages, paid off their homes, or never went delinquent on their payments in the first place. They may have applied for forbearance out of precaution, but never fully acted on it (see...

  We’re in a changing real estate market, and life, in general, is changing too – from how we grocery shop and meal prep to the ways we can interact with our friends and neighbors. Even practices for engaging with agents, lenders, and all of the players involved in a real estate transaction are changing to a virtual format. What isn’t changing, however, is one key thing that can drive the local economy: buying a home. We’re all being impacted in different ways by the effects of the coronavirus. If you’re in a position to buy a home today, know that you’re a major economic force in your neighborhood. And while we all wait patiently for the current pandemic to pass, there are a lot of things you can do in the meantime to keep your home search on track. Every year the National Association of Realtors (NAR) shares a report that notes the full economic impact of home sales. This report summarizes: “The total economic impact of real estate related industries on the...

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. ...

  According to the ‘ 2019 Home Buyer Report ’  conducted by  Nerdwallet , many first-time buyers still believe they need a 20% down payment to buy a home in today’s market: “More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.” When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say, “The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown below): The lack of knowledge about the home-buying process is unfortunately keeping many motivated buyers on the sidelines. Bottom Line Don’t let a lack of understanding keep you and your family out of the housing market. Meet with a local real estate professional who can show you your options today.

As we near the end of Q3 and begin looking towards the final three months of 2019, Ellie Mae reported  This Week in Real Estate  that interest rates moved lower for the eighth consecutive month in August, while builder confidence hit a yearly high this month on the heels of total housing starts realizing a significant month-over-month increase in August.  Below  are a   few highlights from the  third week  of  September  that influence our business : *  Existing-Home Sales Increase 1.3% in August.  Existing-home sales inched forward 1.3% in August from the prior month, reaching a 17-month high, according to the National Association of Realtors .   Overall sales are up 2.6% from a year ago (5.35 million in August 2018).   Lawrence Yun, NAR’s chief economist, attributed the increase in sales to falling mortgage rates. “As expected, buyers are finding it hard to resist the current rates,” he said. “The de...

While American’s average credit score has never been better as reported by FICO  This Week in Real Estate , conversations swirl around the notion of interest rates dropping to zero following the President’s ask of the Federal Reserve.  Below  are a   few highlights from the  second week  of  September  that influence our business : *  Could Mortgage Rates Really Drop to Zero.  President Donald Trump has called on the U.S. Federal Reserve to drop interest rates to zero, or even negative, at its next meeting on September 17. That has sparked several discussions this week on how that could impact the housing market .  For one, that could mean cheaper mortgages for home buyers, housing analysts say. While the Fed’s benchmark rate does not have a direct influence on mortgage rates, it does often influence them. “If the federal rates go down to zero, mortgage rates could drop from 3.56% for a 30-year fixed-rate loan, as...

September is just around the corner. Check out all of the exciting events & training we have to offer! Below are some of the registration links, for others please RSVP via email to Bethanyfrench@bhhsnwre.com Career Night: https://bhhsfwcareer.eventbrite.com Instructor Development Workshop (2 Days): https://bhhsidw.eventbrite.com RE Test Prep: https://bhhstestprep.eventbrite.com Jump Start @ W Seattle: https://jumpstartbhhs.eventbrite.com Lastly, if you do not get a chance to register or RSVP, you are still welcome to come to class ☺ We just like a rough estimate to be prepared for all attendees!