Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

Sellers have a great opportunity this season as buyer demand still heavily outweighs the current supply of homes for sale. According to the  National Association of Realtors  (NAR), today’s housing inventory sits at only a 2.6-month supply. To put that into perspective, a neutral market typically features a 6-month supply.  That places today’s market firmly in the  sellers’ market  category . That same NAR data also shows today’s inventory of single-family homes is trailing behind the level we saw last year  (see graph below) : Because of the ongoing supply challenges, buyers can feel like they’re wandering across a vast, empty desert when searching for their next home.  That means your house could provide an oasis for  buyers  thirsty for options  – and it could increase the chances of buyers entering a bidding war for your home. The latest  Realtors Confidence Index Survey  from NAR shows houses are  receiving an average...

  Good Morning! This is the time of year that economists begin in earnest forecasting and refining their early predictions for the following year. Fannie Mae economists released  This Week in Real Estate  their 2022 expectations of mortgage rates and home prices. Fannie Mae expects increases in both with the 30-year fixed mortgage rate to average 3.3% and home price increases of 7.4%. Economists at Goldman Sachs, one of the largest investment banking enterprises in the world, predicts home prices will increase another 16% in 2022. While that is a significant difference between the two economist groups, what can be deduced is consensus that the U.S. housing market will continue to realize strong price appreciation through next year. Below are a few newsworthy events from the second week of October that influence our business:  *  Fannie Mae: Mortgage Rates and Home Prices Will Rise in `22.  Economists at Fannie Mae expect an increase of m...

  As you follow the news, you’re likely seeing headlines discussing what’s going on in today’s housing market. Chances are high that some of the more recent storylines you’ve come across mention terms like  cooling  or  slowing  when talking about where the market is headed. But what do these terms mean?  The housing market today is  anything but normal , and it’s still an incredibly strong  sellers’ market , especially when compared to the few years leading up to the pandemic. With that in mind, what can previous years tell us about today’s real estate market and if it’s truly slowing? We’re Still Seeing an Above Average Number of Sales You may see headlines about a drop in home sales. But are those headlines telling the full story? The most recent  Existing Home Sales Report  from the  National Association of Realtors  (NAR) does show a drop of about 2% from July to August. But the month-over-month decline doesn’t provide the...

  The last 18 months changed what many buyers are looking for in a home. Recently, the  American Institute of Architects  released their  AIA Home Design Trends Survey  results for Q3 2021. The survey reveals the following: 70% of respondents want more outdoor living space 69% of respondents want a home office (48% wanted multiple offices) 46% of respondents want a multi-function room/flexible space 42% of respondents want an au pair/in-law suite 39% of respondents want an exercise room/yoga space If you’re a homeowner who wants to add any of the above, you have two options: renovate your current house or buy a home that already has the spaces you desire. The decision you make could be determined by factors like: A possible desire to relocate The difference in the cost of a renovation versus a purchase Finding an existing home or designing a new home that has exactly what you want (versus trying to restructure the layout of your current house) In either case, yo...

  A recent survey from  LendingTree.com  found there are multiple reasons why Americans would choose to purchase a home instead of  renting . Some of the most popular  non-financial  reasons given include: The flexibility to make the space your own The pride homeownership offers The sense of stability In the same survey, 41% of respondents say they’d rather own a home than rent because of the unique way  homeownership  builds wealth  over time. And experts agree – the home you own is an important tool for building your net worth.  Here’s what many of those experts have to say about building long-term financial stability through homeownership. According to the  National Association of Realtors  (NAR): “Homeowners who purchased a typical single-family existing-home 30 years ago at the median sales price of $103,333 with a 10% down payment loan and who sold the property at the median sales price of $357,700 in 2021 Q2  accumu...