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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:...
Buyers Moving Away From City Centers
Fannie Mae economists saw a pronounced move away from dense cities during the pandemic. In a normal year, just over 9% of movers went from high-density zip codes to low-density ones. But in 2020, that figure jumped to 10.8% - a 20 percent increase over the prior...
Supply and DEMAND
Housing inventory already sits at a record low. Now challenges from severe weather further shrink the supply. New listings are down more than 200,000 in the first two months of the year, compared to the average in previous years. The result: home prices are up 10%...
Homes Selling at Light Speed
Homes sold last month in an average of only 20 days on the market (compared to 36 days at this time last year). That may relax as higher prices and interest rates make housing less affordable. Also, there is more inventory hitting the market as builders add new homes...
50 Easy Spring Decorating Ideas
Add pretty spring flair to your home with these ideas for centerpieces, table settings, door decorations, Easter egg displays and more. Click here to read 50 Easy Spring Decorating Ideas
Huge Price Gains May Not Last
Home prices rose 11.1 % over the past year, the biggest jump in almost 15 years. Economists see monthly price gains beginning to slow and expect the frenzy to moderate as more inventory comes on the market in the spring and summer months. However, they warn that...
3D-Printed Houses Arrive
Last month, the first publicly listed 3D-printed house went on the market. Now entire communities built with this technology are coming online. Industry leaders estimate that these extruded concrete or polymer structures can save 30% off conventional building costs...
Bridge Loans Boost Buyers
Prospective buyers may have to make offers that are contingent on selling their current home. That can put them at a disadvantage in a competitive bidding market. Short-term bridge loans let them waive that contingency and then pay back the loan as soon as their...
Record Growth On The Way
Goldman Sachs predicts that the U.S. economy will see 7% GDP growth in 2021, the highest figure since 1984. The combination of a fast pandemic recovery and the passage of the $1.9 trillion American Rescue Plan should also spill into 2022, with Goldman anticipating...
The Writing Is On The Wall for Homebuyers and Refinancers
Home prices have been against buyers for a while now, but soon, rates won’t be on their side either. We saw rates hit new record lows on 14 separate occasions in 2020, but the limbo game seems to be over. Buyers waiting to see if rates will dip back down in the coming...
Material Costs Hindering Home Building
Construction of new homes weakened in February as high costs for lumber and other material hindered new-home construction, according to a March 17 report. Housing starts – both single-family and multifamily building – fell 10.3% to a seasonally adjusted annual rate of...
Prices Keep Cranking Up
At the end of February, it was reported that home prices had been increasing at the fastest pace since 2014. In at least 18 of the 20 large cities tracked by the S&P Corelogic Case-Shiller index, home prices rose considerably with Phoenix, Seattle, and San Diego...
Rates Are Still Relatively Low, But Not for Lack of Upward Pressure
Last month, total mortgage application volume fell by 1.4%, while refinance applications plummeted by 40%. Freddie Mac reported that the benchmark for a 30-year fixed-rate mortgage had ratcheted up to 2.97% - still historically low. For context, last year at this...
Buying With No Credit
First-time homebuyers with little or no credit have what some call a “thin file.” But it may not prevent them from getting approved for a mortgage. Most are eligible for FHA loans and can even get conventional mortgages if they prove steady income, assets, and a...
10 Tips to Prepare Your Garden for Spring
Spring is on its way and you’ll soon be caught up in a frenzy of seed sowing, growing, and nurturing your garden as it comes back to life. Make use of these quieter winter months to organize your thoughts and get a head start on the new gardening year. Read these...
FHFA Relaxes Standards
The Federal Housing Finance Agency (FHFA) is extending lighter appraisal and employment verification rules for Fannie Mae and Freddie Mac. Because the pandemic made it harder for appraisers to enter houses, FHFA authorized mor drive-by and desktop appraisals. It will...
2021 Local Farmers Markets
Visit your communities local farmers market this season! Bainbridge Island Summer Farmers Market, Bremerton Farmers Market, Kingston Public Market, Port Orchard Farmers Market, Port Orchard Public Market, Poulsbo Farmers Market, Silverdale Farmers Market; and more!
The Simple Spring Cleaning Checklist
The simple spring cleaning checklist for the interior and exterior of your home! Use this list to get your home sparkling this season!
Sales of New Homes Leading the Way
The Mortgage Bankers Association predicts that the number of existing homes sold will hold steady at 6.4 million each quarter, and sales of new homes will grow from 905,000 to 979,000 per quarter by the end of the year as builders generate more inventory. MBA sees...
Rate Disparities for Women
In 49 states, women pay higher mortgage rates than men – on average, paying 8 to 10 points higher. That translates to nearly $7,000 more over the life of the mortgage. If a homebuyer has received only one preapproval, but has not spoken with more than one loan...
Watch Out for FOMO (Fear of Missing Out)
Fueled by FOMO, some buyers skip steps in their eagerness to strike while the iron is hot. Experts caution borrowers to buy a home that’s right in as many ways as possible, including financially. Principal and interest are only a portion of a home’s cost. Standard...
Surging Sales
January saw single-family home purchases rise 4.3% above December’s numbers. Experts see this impressive growth as a sign of an improving economy on the horizon. Home sales remain robust despite rates on 30-year fixed mortgages passing 3% earlier this month. Source:...
4 Things You Need To Know Before Selling Your Home
Why are you Selling? What is your Timeframe? Is Your Home Ready for the Market? I have a free book, “The Black Book for Market Preparation” How Much is your Home Worth in Today’s Market? Once you have your answers, pick up your phone and call me! Penny McLaughlin...
New Buyers are Surprised by How Affordable Homes are Today
Right now, headlines suggest that homes have become unaffordable for most Americans. But in reality, evidence shows that owning a home is more affordable than renting in most parts of the country. Record-low interest rates are keeping monthly mortgage payments about...
Housing Shortage Persists
Overall housing inventory plummeted 43% in January compared to the same time in 2020. New listings were also down by 23% year over year. The home shortage increased the median home prices by 15.4%. The market is so tight that the typical home spends 10 days less on...
Credit Score Surprises
FICO, Experian, Equifax and TransUnion are all different credit bureaus calculating credit scores. A borrower’s credit score will impact mortgage pricing. If there is a significant difference in the expected score and the actual score, this may indicate fraud or an...
Stage Your Home Like a Real Estate Pro
Home staging can be a significant factor in attracting your asking price. Real estate agents how that to make an excellent first impression, you should refresh paint on your front door as well as adding some color with potted plants or a new door mat. Every buyer has...
How 2020 Changed House Selling Forever
Homebuyers liked the convenient and innovative ways agents showed homes and closed on properties during COVID. Those practices may be here to stay. Buyers continue to want self-guided tours, high quality listing photos, detailed listing descriptions, video tours...
Getting Organized
Have you ever noticed that most of our self-improvement resolutions are action oriented? We’re going to join a yoga class. We’re going to clean out the garage. We’re going to reorganize our pantry. Simply setting a goal to “get organized” is too broad and you may find...
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