Found 52 blog entries tagged as buyers.

A new survey finds Americans are woefully misinformed about the nation’s mercurial housing market, even as millions of them prepare to buy homes.  

Twenty-eight million Americans plan to purchase a home in 2023, according to a survey released Tuesday by NerdWallet, the personal finance company. On average, they hope to spend $269,200. 

But that figure falls more than $100,000 short of the median home price, which was $388,100 in December, according to the real estate brokerage Redfin. Home prices crossed the $269,000 threshold sometime in 2013, Federal Reserve statistics show. 

If prospective homebuyers sound oddly optimistic about prices, that may be because they are pessimistic about the state of the housing market. Two-thirds of Americans

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KIRKLAND, Washington (January 6, 2023) – Last year was a tale of two housing markets, suggested broker Dean Rebhuhn in commenting on the latest statistics from Northwest Multiple Listing Service.

  •          In the first half of the year, we had low interest rates, rising prices, and little inventory
  •          The second half of the year brought increasing interest rates, some lowering of prices, and increasing inventory
  •          The local housing market in 2022 ended with a whimper rather than a bang
  •          Overall, the housing market is going to continue falling off the artificial ‘sugar high’ that was a function of the artificially low mortgage rates during the pandemic
  •          Gardner, the Windermere economist, expects prices will
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Mortgage rates are continuing their downward trend as investors keep a lookout for more signs of cooling inflation.

“This week, labor cost data provided a ray of hope as it showed that hourly compensation was lower than previously reported in the second and third quarters for all sectors except manufacturing,” writes Danielle Hale, chief economist at Realtor.com, adding that gas prices are also plunging.

Nadia Evangelou, NAR senior economist and director of real estate research, commented: 

“Mortgage rates continue to move down. According to Freddie Mac, the rate on a 30-year fixed mortgage dropped to 6.33% from 6.59% the previous week. Housing affordability rose about 8% in the last four weeks as mortgage rates moved closer to 6%. If inflation

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What a difference just a few months can make. As the year comes to a close, the red-hot housing market has been brought to its knees by soaring mortgage interest rates.

  •          “Seattle, Phoenix, San Francisco could all see 20% price drops.”
  •          Wolf, of Zonda, expects prices could fall by 15% nationally over the next year
  •          “A really important thing to remember is housing is cyclical,” says Wolf. “We came from a massive run-up in prices, sales, demand in the housing market, and now it’s contracting. This is not new.”
  •          Nationally, home list prices rose 40.6% in just over two years’ time
  •          So, a 10%, 15%, or even 20% drop over a two-year span isn’t as significant as it might seem at first.

It now

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“As for the interest rate ‘elephant in the room,’ the time has come for buyers and sellers to revisit financing methods from previous markets,”

  •          “Mortgage programs are offering below-market rates with various buydown options – something we have not seen for years!”
  •          Buydowns, adjustable-rate loans, carrying back second deeds of trust, and closing cost allowances as possible options.
  •          Sellers need to be “laser focused on price and condition
  •          “What your neighbor’s house sold for six months ago has very little bearing on your home’s value today.”
  •          This is the new normal until interest rates go down.”

KIRKLAND, Washington (November 7, 2022) – Brokers with Northwest Multiple Listing Service

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KIRKLAND, Washington (October 6, 2022) – “The shift in the market isn’t a surprise,” said broker Mike Larson when commenting on the latest statistics from Northwest Multiple Listing Service. The report on September activity shows active listings are nearly doubled from a year ago, pending sales declined more than 31%, but prices in most counties are still rising.

“Buyers are finally getting some relief,” said Larson, a member of the Northwest MLS board of directors and the managing broker at Compass in Tacoma. “Getting back to a balanced, more normal market is almost a welcome change,” he added, but noted “inflation and rising rates aren’t helping.”

“Though technically still a seller’s market, it is more favorable to buyers than it has been in a

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Led by Sammamish at No. 12, five towns in the Seattle metro area ranked among the top 100 Best Small Cities in America, according to a recent analysis by WalletHub.

WalletHub compared more than 1,300 cities with populations between 25,000 and 100,000 across five metrics, including affordability, economic health, education and health, quality of life and safety. The cities were also compared across 43 livability indicators, including housing costs, quality of school systems and number of restaurants per capita. 

Sammamish was No. 12 overall among the 1,300 cities measured, finishing 30th for safety, 75th for education and health, 89th for economic health and 183rd for affordability. 

Redmond was No. 21 on the list, boosted by its ranking of

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  •          Pending sales drop nearly 22% from a year-ago
  •          Closings were down about 24% from a year ago
  •          Economist Gardner expects prices will soften.
  •          trend toward a more balanced market.
  • Mortgage rates are at their highest level since the Great Recession, according to data released by Freddie Mac Thursday, as housing affordability continues to slump.
  • The 30-year fixed mortgage rate is now 5.89%, according to Freddie Mac, up from 5.66% last week and 2.88% at this time last year.
  • Mortgage rates are now at their highest since November 2008, when Freddie Mac reported a 6.04% 30-year rate.
  • Mortgage rates have climbed as the Federal Reserve raises interest rates to tame inflation.

Surprising Fact

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SEATTLE — Housing prices coming down are a welcome sight for those in Seattle looking to buy a home. For-sale signs and open houses dot lawns in West Seattle. 

"We saw the open house sign and decided to come check it out," said Jennifer. 

Jennifer came to look at homes with her son, Brandon who is also looking to buy in the future. She has seen more houses on the market, which makes her feel better about what's available. 

"I'm renting in Arbor Heights and me and my girlfriend are looking to buy a house eventually but just how expensive everything is right now," said Brandon.

Housing prices are cooling down and the 30-year mortgage dropped a quarter of a percent this week, according to the NASDAQ. Even with this

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Over the past few year’s buyers within the Washington housing market have been taking hit after hit. Back in 2020 through 2021 buyers were faced with the lowest inventory of homes Washington has ever seen. This was then coupled with an excess of other buyers all trying to lock in a sub 3% rate. These factors led to bidding wars of hundreds of thousands over asking price and buyers having to submit offers on close to ten homes before acceptance.

Then another punch in the nose befell home buyers. Just as inventory began creeping up so did interest rates. “Experts are forecasting that the 30-year, fixed-mortgage rate will vary from 5% to 7% by the end of 2022. Here are their more detailed predictions, as of late May 2022:” (Forbes). Some say

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