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Buyers: How to Win in this Market
Today’s real estate market is still competitive for buyers. If you fall in love with a home, chances are that other buyers have seen it too and you’ll be competing against them to get your offer accepted. Even though interest rates have increased, there still aren’t...
May Home Price Update
The market seems to be reaching a tipping point. While home prices are still climbing nationally, the increased mortgage costs have also pushed some buyers out of the market. National home sales fell 2.7% in March, and mortgage applications dropped 5% in mid-April. ...
What Caused the Housing Crash 15 Years Ago?
In 2006 foreclosures flooded the market and that dramatically decreased home values. The two main reasons for the flood of foreclosures were: Many purchasers were not truly qualified for the mortgage they obtained, which led to more homes turning into foreclosures....
Three Myths about Short-term Rentals*
Are you thinking about a plan to purchase a property, list it on VRBO or AirBNB, and watch the money roll in. They say short-term rentals, often called vacation rentals, will be a breeze. While short-term rentals do ear owners 30% more than long-term rentals, there...
Home Price Update
Due to pandemic-related disruptions over the past two years, the real estate market has completely changed and decidedly favors sellers. If you want to take advantage of this market and extract as much value out of your property as possible, now is the time to sell....
Rising Rates May have a Silver Lining*
Homebuyers could soon catch a break in this hot seller’s market. Sellers lowered prices and housing inventory grew after the average 30 year, fixed-rate mortgage passed 5% last week. Specifically, for the four weeks ending April 3rd, sellers dropped their asking...
Get Yourself Mortgage Ready
From checking how much you are likely to be able to borrow to planning ahead of an application. Get a Realistic Figure One of the first things you should do is get a realistic idea of how much you’ll likely be able to borrow so you can determine if it is worth...
Why are Homebuyers Braving the Challenging Housing Market?
Even in the face of a daunting struggle – finding a home that met their needs, coming up with the money to afford it, and prevailing in a bidding war, buyers weren’t dissuaded. The top reasons to purchase a home, even in this market, were that buyers wanted to own a...
Who is Out There Competing for Homes?
In such an overheated market, with more buyers than homes for sale, it’s good idea to understand the competition. Millennials have made up the biggest percentage of homebuyers since 2014. Approximately 81% of younger millennials, aged 25 to 31, and 48% of older...
What Today’s Buyers Want in a Home
As the COVID pandemic dragged on, buyers continue to prefer their own space. The majority (about 82%) of home sales were for existing homes. New construction was only about 15% of sales and were mostly buyers that didn’t want to do renovations or have problems with...
Home Sellers are Making Big Profits
Many sellers have made a lot of money on the sale of their properties, seeing about $85,000 over what they originally paid for the property. They’d typically lived in their homes for about 8 years and they typically got the prices they wanted for their homes, with...
Three Economic Factors Impacting the 2022 Housing Market
The overall economy has been a rocky road for the past 2 years, but the housing market has been more boom than bust since mid-2019. According to Realtor Magazine, three economic factors could bring major changes in the housing market over the next few months: Rising...
Real Estate Market Update
It is an extreme seller’s market right now. More people looking to purchase homes than there are homes for sale. Very competitive tor buyers. Two reasons why supply is low: New home construction fell behind for the last 13 years. Builders can’t meet the average,...
Why This is not a Housing Bubble
Many consumers believe there’s a housing bubble forming. This is understandable, as year over year home price appreciation is still in the double digits. However, this market is very different than it was during the housing crash 15 years ago. Here are four key...
Property Taxes
Turns out that the old adage about death and taxes being the only sure things might be true – but with caveats. Property tax payments are due soon, so let’s shed a bit of light on this burden. Property tax makes up about 30% of our state and local taxes and is the...
Remodeling Cost vs. Value
Remodeling Magazine’s “Cost vs Value” report uses figures fathered from survey responses from thousands of Realtors and from RemodelMAX, a publisher of remodeling cost estimating tools. This effort is coordinated by The Farnsworth Group. Two takeaways for any...
Misconceptions about Home Buying
Down Payments are the Only Up-Front Cost Not True. As nice as it is to think the only money you need is your down payment, it’s important to keep closing costs in mind. Buyers can expect to pay 3% – 5% of the loan amount in closing costs. This is an important...
Guide to your Home Equity
Harness the Power of Home Equity for a Secure Financial Future What is Home Equity? Home equity is the difference between what your home is worth and the amount you owe on your mortgage. For example, if your home would currently sell for $450,000 and the balance of...
Staging your Home for Sale
A few hours of work can mean more money in the sale of your home. A well-staged home can make people feel more comfortable and at home. This will likely support your asking price or more. The more attached to the space, the more the potential buyer will likely make...
Homebuyers and the Red Hot Market
Some homebuyers have put their homebuying plans on hold. They should return this year. It should be better this year than last to purchase a home. Three Things Homebuyers Need to Know The market is easing up for homebuyers. The Common Haus Price Index tracks and...
Homebuyers & Mortgage Rates
The recent increase in mortgage rates may cause uncertainty. I want to share some things with homebuyers: The Interest Rate On Rent Is 100%. Remember that when you hear of 4%, 5% or even 6% interest rates. Affordability Can Change. Raising rates can affect what...
Renting vs. Homeownership
Homeownership offers many advantages over renting: Stable Living Environment Predictable Monthly Payments Freedom to Make Modifications Neighborhoods with high rates of homeownership have less crime and more civic engagement. Studies show that homeowners are happier...
Should I Pay Off my Mortgage Early?
Advantages of Paying Off Your Mortgage Early Eliminate monthly mortgage expense – freeing up income for other things such as travel, investing, savings, and/or home improvements Save money in interest What to Consider Before Paying Off Your Mortgage Have you...
Can You Trust Zillow Zestimates
HOW MUCH CAN YOU TRUST ZILLOW’S ZESTIMATES? Can you really trust a Zestimate to accurately determine the value of your home? A Zestimate is Zillow’s online home valuation tool. The answer depends because the valuation tool used is based on an algorithm, which means...
2022 Real Estate Predictions
Thinking of selling your home this year? This might be the perfect chance to list your property. Three Reasons Why Supply is still lacking. Two major trends that we noticed in 2021 were a low supply of homes for sale and supply chain issues. Experts predict that...
End of Year – What’s Next??
2021 was truly a wild ride in Real Estate. Now that the year is over, the market has slowed some, giving us time to take stock. Over the last year, home prices soared upward by as much as 20%. In 2022 home prices won’t increase at the same rate which is good news...
October Home Price Update
DEAR FRIENDS AND CLIENTS, Fall is here, and as the weather begins to cool, so does the real estate market. We’re still very much in a seller’s market, but the incredible rate of appreciation we’ve been experiencing has started to slow. But home prices are still...
Real Estate Advice for First Time Sellers
If you’re selling a home, you already have some experience buying in the real estate market. That experience will come in hand. But you may be new to selling and need some tips on how to go about it. Here are some ways to make the selling process go more smoothly,...
Dear Friends and Clients,
Home price growth has accelerated in the past year as buyers frantically competed for a limited number of houses on the market. Sales of new and existing homes have declined a bit in the past few months, mainly due to prices. Lawrence Yun, NAR’s chief economist...
Taking Advantage of Your Home Equity: A Homeowner’s Guide
Homeownership offers many advantages over renting, including a stable living environment, predictable monthly payments, and the freedom to make modifications. Neighborhoods with high rates of homeownership have less crime and more civic engagement. Also, studies...
Consider These Rebates When Planning Your Home Improvement Projects
Consider these rebates when planning your home improvement projects. Click here to read.
Lumber Prices Drop, But Home Prices Don’t
After rising to shockingly expensive levels this spring, lumber prices have fallen so far that they are starting to look cheap to some buyers. Homebuilders say they expect to collect higher profit margins rather than drop asking prices. That is typical following...
Rates Experience ‘Summer Swood’ as FED Maintains Status Quo
“The summer swoon in mortgage rates continues as the 30-year fixed-rate mortgage fell for the third consecutive week,” Freddie Mac chief economist Sam Khater said in the report. “While this decline is not large, it provides modest relief to borrowers who are...
Costs of Selling a Home
As hectic as it sounds, this market presents great opportunities for homeowners to get top dollar for their property. But just because options are slim and demand is high, doesn’t mean you can simply put your home on the market and expect it to get a maximum price. ...
5 Pro Tips For Buying a Home In A Crazy Market
Considering buying a home in this real estate market? Competition is fierce, and other buyers can be ruthless. Bidding wars are more and more common, and buyers often get caught in a multiple offer situation. Set your emotions aside. In this market, you want to try...
From Millenials to Baby Boomers, Home Buyer Preferences Differ by Generation
The NAR’s generational trends report reveals that each generation is seeking something different in a home, with some similarities. And despite an increasing reliance on the internet to help homebuyers manage the process, they still seek the help of Realtors to find...
Battle Brews Over Banning Natural Gas in Homes
Major cities across the U.S. are raising concerns over the effects of natural gas used in homes for cooking and heating may have on the environment, with many cities wanting to phase out the use altogether, in an effort to combat climate change. Some states have...
Home Price Update June 2021
Friends and Clients, Even after more than a year in a frenzied market, home prices continue to soar. This is great news for those who own homes in our marketplace. The Case-Shiller National Home Price Index measures the average home prices in major markets across the...
Real Trends 2020 Award Winner
Real Trends 2020 Award Winner! Congratulations! Small Teams by Volume Kitsap, Washington
Buyers Expect Prices to Rise Further
71% of Americans can expect home prices to grow even more this year, according to a recent survey by Gallup. That figure stood at only 40% a year ago, and since then, housing prices have risen to record levels. Despite the pricey and hyper-competitive market, 53%...
Strong Growth Could Cool Market
Buyers are seeking out homes in some of the least expensive neighborhoods in the country. Areas with a median home price below $100,000 have seen a 42% jump in home value over the last three years. The only drawback is that this shift may keep some lower-income...
High Costs For Building Materials Impacting Affordability
According to home builders, the cost of lumber has increased more than 300% since last April with other materials like steel and concrete rising fast as well. The NAHB has reached out to lawmakers for solutions resulting in bipartisan support. Source:...
33% of Renters Motivated to Purchase A Home After the Pandemic
A new survey, Renters On The Move by Entrata, studied renters’ behavior in the landmark year of 2020. Key findings from the report state as many as 66% of renters say that renting fits their current lifestyle more than owning a home, while 33% say that the COVID-19...
Appraised Value VS Sales Price
Home prices are surging as high as they’ve ever been, which can mean a significant gap between the sale price and the appraised value. Rushed appraisers can’t always keep up with new data that conflicts with even recent history. One option is a Reconsideration of...
10 Money-Saving Household Tips
Your house gives you so much: security, pride, shelter. It’s easy to assume the costs of keeping it up are just what they are, but there are plenty of expenses that can be a waste. Here are some tips for saving money each month with out putting your home value at...
Prices Rose Everywhere
99% of metro areas saw home prices increase in the first quarter of the year, according to the National Association of Realtors. Though some cities saw year-over-year jumps as high as 35%, even smaller places saw at least modest rises. Experts credit record-low supply...
Worried About A Real Estate Market Crash
Home prices are swelling; buyers and sellers are worried about a market crash. However, today’s market bears little resemblance to the 2008 crisis. Market watchers are wary because the median sale price in February was $313,000, an increase of about 16% from a year...
Half as Many Houses Available
According to Realtor.com’s Monthly Housing Trends Report, prospective buyers shopping today have 52% fewer homes to choose from than at this time last year. This supply crunch translates to a record median list price of $370,000 (15.6% higher than one year ago). The...
Retaining Some Inspection Contingency
In today’s competitive market, buyers are often waiving their offer’s contingency on inspection. Some realtors report using other options for this bargaining chip that won’t leave the buyer open to bigger issues with the home. An example is rather than skipping an...
Americans Prefer Real Estate to Stocks
In a survey conducted by the Federal Reserve Bank of New York, 90% of people would rather invest their money in buying a home than in the stock market. Those surveyed cited the stability of housing as the deciding factor in their preference. Source:...