Berkshire Hathaway HomeServices Northwest Real Estate Federal Way & Puyallup

Good Morning and Happy Easter! Fannie Mae released their Q1 2022 Home Price Index This Week in Real Estate showing the Index accelerated to its fastest annual pace in its 47-year history, up 20.0% year-over-year, topping the 19.1% annual rate recorded in Q4 2021. The 30-year fixed-rate mortgage jumped to a 5% average, the first time since 2011. And, the Mortgage Bankers Association is reforecasting their purchase origination volume to a record $1.72 trillion, down from its previous forecast of $1.77 trillion. Below are a few newsworthy events from the second week of April that influence our business:  * Fannie Mae Home Price Index Measured Home Price Growth At Annual Rate Of 20.0% In Q1 2022. The Fannie Mae Home Price Index (FNM-HPI) accelerated in Q1 2022 to its fastest annual pace in the 47-year history of the index, measuring 20.0 percent year over year, non-seasonally adjusted, up from the 19.1 percent annual rate recorded in Q4 2021. On a quarterly basis, hom...

Some Highlights If you have additional loved ones coming to live with you but don’t have enough space, it may be time to consider a larger,  multigenerational home . Some key  benefits  of multigenerational living include a combined homebuying budget, shared caregiving duties, enhanced relationships, and more. These benefits might be why  more people  are choosing to live in multigenerational homes today. Connect with a real estate professional to find a house that meets your  changing needs  and has plenty of space for you and your loved ones.

If you’re thinking of  selling  your house, it may be because you’ve heard  prices are rising , listings are going fast, and sellers are getting  multiple offers  on their homes. But why are conditions so good for sellers today? And what can you  expect  when you move? To help answer both of those questions, let’s turn to the data. Today, there are far more buyers looking for homes than sellers listing their houses. Here are the maps of the latest  buyer and seller traffic  from the  National Association of Realtors  (NAR) to help paint the picture of what this looks like: Notice how much darker the blues are on the left. This shows buyer traffic is strong today. In contrast, the much lighter blues on the right indicate weak or very weak seller traffic.  In a nutshell, the demand for homes is significantly greater than what’s available to purchase. What That Means for You You have an incredible advantage when you  sell you...

There’s never been a truer statement regarding forecasting mortgage rates than the one offered last year by  Mark Fleming , Chief Economist at  First American : “You know, the fallacy of economic forecasting is:  Don’t ever try and forecast interest rates and or, more specifically, if you’re a real estate economist mortgage rates, because you will always invariably be wrong .” Coming into this year, most experts projected mortgage rates would  gradually increase  and end 2022 in the high three-percent range. It’s only April, and rates have already blown past those numbers.  Freddie Mac   announced  last week that the 30-year fixed-rate mortgage is already at 4.72%. Danielle Hale, Chief Economist at  realtor.com ,  tweeted on March 31 : “Continuing on the recent trajectory, would have  mortgage rates hitting 5% within a matter of weeks . . . .” Just five days later, on April 5, the  Mortgage News Daily   quoted  a rate...

  Good Morning! According to Realtor.com This Week in Real Estate the median U.S. home listing price reached its all-time high in March. Purchase mortgage rates have risen faster in the last three months than at any time in the past 28 years. Prices continue to surge and rates are rising, but today’s market differs significantly from the “Great Recession.” Below are a few newsworthy events from the first week of April that influence our business:  * Waiting On The Housing Market To Crash? Don’t, Experts Say. Home prices are higher than they’ve ever been, and they show no signs of stopping . The median U.S. home listing price was $405,000 in March 2022, the first time it’s broken the $400,000 price threshold, according to data from Realtor.com. That is an increase of 26.5% over two years. Homebuyers might see similarities between what’s happening today and the 2006 housing market where home prices became increasingly unaffordable until the bubble burst . Today’s...