Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

In the spring, many excited buyers get ready to enter the housing market. Others continue dreaming about the homes they’d like to buy. The truth is, many potential buyers continue to dream longer than they need to, simply because they’re confused about the homebuying process. Thankfully, working with a trusted real estate professional can help ease those concerns and make the process to homeownership much easier to understand. A recent  survey  conducted by  Ipson and Freddie Mac  reveals the confidence level of Gen Z and Millennial buyers regarding the homebuying process. The graph below shows the breakdown of the top results, clearly indicating there’s a significant portion of younger buyers who are not yet confident with some of the steps in the homebuying process. Between the  homebuying  process  and the  mortgage process , there are  230  possible steps in the transaction. With trusted professionals on your side, you certainly...

The labor market started the new year with a solid gain as the number of residential construction jobs realized the largest growth in the past twelve months while the unemployment rate still hovers around a 50-year low. As jobs go so goes consumer confidence. According to Fannie Mae’s Home Purchase Sentiment Index  This Week in Real Estate  the net share of Americans who say it is a good time to buy is 14 points higher than in January of 2019 .  Below  are a few highlights from the  first week of February  that influence our business: *  A Strong Start for 2020 .   The labor market started the new year with a solid gain. Total payroll employment increased by 225,000 and the unemployment rate was 3.6% in January; still near a 50-year low. Employment in the overall construction sector increased by 44,000 in January. The number of residential construction jobs increased by 20,200 in January. It marks the largest gain in the past tw...

Some Highlights: Americans are on the move, and the most recent  Atlas Van Lines   Migration Patterns Survey  tracked the 2019 traffic flow from state-to-state. Idaho held on to the top spot of ‘high inbound’ states for the second time since 2017, followed by Washington State. New York was the country’s outbound move leader in 2019, a designation it most recently held in 2014.

Rents in the United States have been skyrocketing since 2012. This has caused many renters to face a tremendous burden when juggling their housing expenses and the desire to save for a down payment at the same time. The recent stabilization of rental prices provides a great opportunity for renters to save more of their current income to put toward the purchase of a home. Just last week the  Joint Center of Housing Studies of Harvard University  released the  America’s Rental Housing 2020 Report . The results explain the financial challenges renters are experiencing today, “Despite slowing demand and the continued strength of new construction, rental markets in the U.S. remain extremely tight. Vacancy rates are at decades-long lows, pushing up rents far faster than incomes. Both the number and share of cost-burdened renters are again on the rise, especially among middle-income households.” According to the most recent  Zillow Rent Index , which measures the...

If the first month of the new decade is any indication of what we can expect from the real estate market in 2020, than it will be another solid year of activity. The Consumer Confidence Index climbed to a five-month high this month while the average rate for a 30-year fixed mortgage dropped to the second-lowest level in three years, according to Freddie Mac  This Week in Real Estate .  Below  are a few highlights from the  fourth week of January  that influence our business: *  Homeownership Rate Reaches Six-Year High .   According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate increased to 65.1% in the fourth quarter of 2019. This is 0.5 percentage points higher than the previous quarter reading of 64.8% and the highest the rate has been since the last quarter of 2013 .  Decreasing mortgage interest rates have helped support the recent improvement in homeownership, along with  housing affo...

When the number of buyers in the housing market  outnumbers  the number of  homes for sale , it’s called a “seller’s market.” The advantage tips toward the seller as low inventory heats up the competition among those searching for a place to call their own. This can create multiple offer scenarios and bidding wars, making it tough for buyers to land their dream homes –  unless they stand out from the crowd . Here are three reasons why pre-approval should be your first step in the homebuying process. 1. Gain a Competitive Advantage Low  inventory , like we have today, means homebuyers need every advantage they can get to make a strong impression and close the deal. One of the best ways to get one step ahead of other buyers is to get pre-approved for a mortgage before you make an offer. For one, it shows the sellers you’re serious about buying a home, which is always a plus in your corner. 2. Accelerate the Homebuying Process Pre-approval can also speed...

According to ATTOM Data Solutions Year-End 2019 U.S. Home Sales Report released  This Week in Real Estate , the average home seller profit represented a 34 percent return on investment compared to the original purchase price. The average ROI in 2019 is the highest average home-seller ROI since 2006.  Below  are a few highlights from the  third week of January  that influence our business: *  Existing Home Sales End Year With Solid Gain .   After a slight decline last month, existing home sales, released by the National Association of Realtors (NAR), surged to near two-year high in December. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, rose 3.6% to a seasonally adjusted annual rate of 5.54 million in December, the highest level since February 2018. On a year-over-year basis, sales were 10.8% higher than a year ago.   Regionally, all regions saw an increase in existing home sales in...