Real Estate | Market News & Stats Blog

Wednesday, October 28, 2020   /   by Laura Lynn

Buyer Interest Is Growing among Younger Generations

The demand for homes this year is extraordinary as record-breaking numbers of hopeful buyers continue to shop for homes. In a normal year, the peak homebuying season comes to a close by early fall. However, 2020 is anything but a normal year, and the housing market is no exception. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season…I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”

What’s drawing so many buyers to the market?
As Yun mentioned, record-low interest rates are key. Today’s rates are strengthening purchasing power for buyers, too. Sam Khater, Chief Economist at F ...

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  northwest real estate, real estate market statistics, real estate news, housing supply, pnw, economy, home buyer

Tuesday, October 27, 2020   /   by Laura Lynn

How Down Payment Assistance Opens the Door to Homeownership

Many people are eager to buy a home right now while affordability continues to be a highlight of the current housing market. However, a recent survey by Sparks Research shows that 20% of first-time homebuyers cite a lack of financial education as a barrier to homeownership. This is definitely understandable. If you don’t feel comfortable with the financial process of buying a home, it’s hard to make a confident decision. In fact, four in five homebuyers say they need help to understand what they can even afford in the first place. This is why finding the right professionals to help you through the process is so important.
On top of that, the same survey reports over two-thirds of prospective homebuyers believe they’ll need assistance to save enough for a down payment. What they may not realize is that there are a lot of down payment assistance programs at the state and regional levels, and many of them have funds available for ...

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  northwest real estate, real estate, economy, home buyer, home owner

Monday, October 26, 2020   /   by Laura Lynn

Two Important Impacts of Home Equity

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Equity continues to rise, helping American homeowners secure a much more stable financial future. According to the most recent data from CoreLogic, the average homeowner gained $9,800 in equity over the past year. In addition, experts project 2020 home prices to continue rising. With prices going up, equity gains will also keep accelerating. Black Knight just reported:

“The annual percent change in the overall median existing single-family-home price has skyrocketed in the past several months, with recent numbers at three to five times higher than rates seen in the past several years.”

Jeff Tucker, Senior Economist at Zillow, just qualified recent price increases as “jaw-dropping” and “within a hair's breadth of double-digit year-over-year appreciation.”
Knowing equity will help enable many homeowners to better survive the economic distress caused by the ongoing pande ...

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  northwest real estate, real estate, washington, housing supply, economy, home owner, home equity

Friday, October 23, 2020   /   by Laura Lynn

Selling Your House Is the Right Move, Right Now [INFOGRAPHIC]

Some Highlights

Demand from homebuyers has skyrocketed this year, which means today’s sellers are poised to win big. This ideal moment in time to sell your house won’t last forever, though.
With more sellers coming to the market in the spring, waiting until next year means buyers will have more choices, so your home may not stand out from the crowd.
Let’s connect today to discuss why now may be the right time to make a move on your terms.


Want to discuss this further? Call us at 425-209-0204 or email Team@nwret.com 

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  northwest real estate, real estate, real estate market statistics, housing supply, home seller, real estate statistics, home values

Thursday, October 22, 2020   /   by Laura Lynn

Home Values Projected to Keep Rising

As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come.
Due to the undersupply of homes on the market today, there’s upward pressure on prices. Consider simple economics: when there is high demand for an item and a low supply of it, consumers are willing to pay more for that item. That’s what’s happening in today’s real estate market. The housing supply shortage is also resulting in bidding wars, which will also drive price points higher in the home sale process.
There’s no evidence that buyer demand will wane. As a result, experts project price appreciation will continue over the next twelve months. Here’s a graph of the major forecasts released in the last 60 days:
I hear m ...

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