Market News & Stats Blog

Tuesday, November 24, 2020   /   by Laura Lynn

Is Buying a Home Today a Good Financial Move?

There’s no doubt 2020 has been a challenging year. A global pandemic coupled with an economic recession has caused heartache for many. However, it has also prompted more Americans to reconsider the meaning of “home.” This quest for a place better equipped to fulfill our needs, along with record-low mortgage rates, has skyrocketed the demand for home purchases.
This increase in demand, on top of the severe shortage of homes for sale, has also caused more bidding wars and thus has home prices appreciating rather dramatically. Some, therefore, have become cautious about buying a home right now.
The truth of the matter is, even though homes have appreciated by a whopping 6.7% over the last twelve months, the cost to buy a home has actually dropped. This is largely due to mortgage rates falling by a full percentage point.
Let’s take a look at the monthly mortgage payment on a $300,000 house one year ago, and ...

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  northwest real estate, real estate, housing supply, economy, home buyer, real estate statistics, buy vs. rent, home owner

Monday, November 23, 2020   /   by Laura Lynn

Don’t Let Buyer Competition Keep You from Purchasing a Home

This year’s record-low mortgage rates sparked high demand among homebuyers. Current homeowners, however, haven’t put their houses on the market so quickly. This makes finding a home to buy today challenging for many potential buyers. With an obstacle like this, those searching for their dream homes may be pressing pause on their searches as we approach the end of the year, but that could be a big mistake for many hopeful house hunters. Here’s why. 
According to the most recent Housing Trends Report from the National Association of Home Builders (NAHB):

“The length of time spent searching for a home continues to grow.”

The report indicates that 62% of buyers now spend 3 months or more looking for a home, an increase from 58% one year ago. A primary cause for the delay is the heavy competition today’s buyers face when making an offer on a home. Based on recent data from the National As ...

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  northwest real estate, real estate market statistics, housing supply, economy, home buyer, home values

Friday, November 20, 2020   /   by Laura Lynn

It Pays to Sell with a Real Estate Agent [INFOGRAPHIC]

Some Highlights

Today, it’s more important than ever to have an expert you trust to guide you as you sell your house.
From your safety throughout the process to the complexity of negotiating the deal, you need a professional on your side.
Before you decide to take on the challenge of selling your house on your own, let’s connect to discuss your options.

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  northwest real estate, real estate market statistics, real estate news, economy, real estate statistics, agent value

Thursday, November 19, 2020   /   by Laura Lynn

Will Mortgage Rates Remain Low Next Year?

In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year. According to Freddie Mac, rates hit all-time lows 12 times this year, dipping below 3% for the first time ever while making buying a home more and more attractive as the year progressed (See graph below):When you continually hear how rates are hitting record lows, you may be wondering: Are they going to keep falling? Should I wait until they get even lower?


The Challenge with Waiting


The challenge with waiting is that you can easily miss this optimal window of time and then end up paying more in the long run. Last week, mortgage rates ticked up slightly. Sam Khater, Chief Economist at Freddie Mac, explains:




“Mortgage rates jumped this week as a result of positive news about a COVID-19 vaccine. Despite this rise, mortgage rates remain about a percentage point below a year ago.”



W ...

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  northwest real estate, real estate market statistics, economy, mortgage rates

Wednesday, November 18, 2020   /   by Laura Lynn

Chances of Another Foreclosure Crisis? “About Zero Percent.”

There seems to be some concern that the 2020 economic downturn will lead to another foreclosure crisis like the one we experienced after the housing crash a little over a decade ago. However, there’s one major difference this time: a robust forbearance program.
During the housing crash of 2006-2008, many felt homeowners should be forced to pay their mortgages despite the economic hardships they were experiencing. There was no empathy for the challenges those households were facing. In a 2009 Wall Street Journal article titled Is Walking Away From Your Mortgage Immoral?, John Courson, Chief Executive of the Mortgage Bankers Association, was asked to comment on those not paying their mortgage. He famously said:

“What about the message they will send to their family and their kids?”

Courson suggested that people unable to pay their mortgage were bad parents.
What resulted from that lack of empathy? Foreclosures mounte ...

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  northwest real estate, real estate, economy