Mortgage rates rise above 5%

For a long period of time, it was the golden age of sellers. Home prices have been soaring by up to 40% a year. Sellers were so happy watching not only their homes skyrocket but also buyers paying whatever they could to snatch it up against the next highest bidder. But sellers are now facing what all those home buyers were. Naturally, if you sell, you'll have to go somewhere and compete for that home you want.  And with such high-interest rates compared to 2020, fewer homeowners have decided to sell creating far more competition for the few remaining homes. 

Mortgage rates continue to climb up

CNN Business addresses that mortgage rates have reached their highest level in more than a decade.

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Rent or own? What should a home buyer do?

What is the better option for buyers in this real estate market?

The market has made it challenging for home buyers, who have to balance little inventory and a lot of competition. So, in a time like this, with interest rates shooting up more and more, what options do home buyers have? Should they just rent? Should they take the leap and buy? Should they just keep waiting? 

According to a (past report in March 2021) from Zillow, it might make sense for buyers to act now — even in a competitive market. It could save people hundreds on their monthly mortgage payments if they move quickly, the report found, as experts predict home values and interest rates will rise.

“The best time to buy a home should always be when it’s the right time for you…

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Predictions for what lies ahead in Real Estate

Just recently, we were discussing the beginnings of a change in the housing market. Here are some predictions for what lies ahead in the real estate market that may affect both home buyers and home sellers. 

Price appreciation will slow: The local market has seen tremendous price appreciation in the last two years. We anticipate that price appreciation will moderate slightly this year. After the big price boost in the spring, premium pricing may lower this summer. However, the year 2022 will end with positive price appreciation overall.

Luxury market stability: The luxury market has taken off over the last two years and will continue to be a strong segment of the local market due to solid job growth, the wealth effect and historically low…

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Are we seeing the beginnings of a change in the housing market?

The past few years in western Washington can be referred to as the golden age of selling your home. Sellers have had unprecedented control over the market commanding prices up to hundreds of thousands of dollars over asking price. Numerous factors have contributed to this including a massive influx of people to the area, historically low inventory, prime location. However, the largest factor leading to such a competitive buyers’ market was interest rates. The lowest rates in the history of the United States occurred in 2020 with rates sitting at 2.68% (Rocket Mortgage). This led to a frenzy by buyers, all of whom were trying to lock in the lowest rate possible. Additionally, this low of a mortgage rate allowed buyers to spend more and justify…

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Some kitchen renovations that will hurt your home’s value

Some not so great kitchen renovations 

Most people that are considering listing their homes know it’s a seller’s market. Several home values have been sky rocking these days, and homeownership is proving to be quite the investment. A lot of people know kitchen renovations can be one of the most beneficial investments in earning top dollar for your home. With it being spring selling season, it can be traditionally the busiest time of year for real estate. In a market like this, with wildly competitive open houses, sky-high prices, and ever-escalating offers. I get it, why not add an extra touch to make your home stand out even more? An updated kitchen is a huge selling point to a buyer’s eye. But consider this, not all types of kitchen updates can…

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Cities in Snohomish County market update

Monroe, Snohomish city, Duvall and Sultan market update 

In 2021 we were starting to see many people transition to moving from the bigger cities in Washington to more rural areas in the Snohomish County communities like Monroe, Sultan, Duvall, and Snohomish city. In a blog I wrote in May 2021 Washington's Rural Communities I addressed how Snohomish saw an increase of over 10% in sale prices, with an average of seven days on the market. And while housing prices are rising in smaller cities, you also get more bang for your buck than buying in the bigger cities like Seattle. In 2022, the trend continues. I investigated the average appreciation of some cities in Snohomish County and wanted others to see how much they have appreciated in…

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Are We Seeing the Beginnings of a Change in The Housing Market?

The past few years in western Washington can be referred to as the golden age of selling your home. Sellers have had unprecedented control over the market commanding prices up to hundreds of thousands of dollars over asking price. Numerous factors have contributed to this including a massive influx of people to the area, historically low inventory, prime location. However, the largest factor leading to such a competitive buyers’ market was interest rates. The lowest rates in the history of the United States occurred in 2020 with rates sitting at 2.68% (Rocket Mortgage). This led to a frenzy by buyers, all of whom were trying to lock in the lowest rate possible. Additionally, this low of a mortgage rate allowed buyers to spend more and justify…

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Touring Homes for Sale

 Use All Five Senses When Touring Homes for Sale

by SARAH KUTA

We all know that first impressions matter when it comes to buying and selling homes. It’s why curb appeal is such an important real estate tenet, why homeowners hire professional photographers to take listing photos, and why home stagers make spaces look beautiful and inviting.

But if you only use your eyes during your search for the perfect home, you could be overlooking some very crucial clues about whether a listing is right for you. Most people forget to use all of their senses during open houses and home tours.

The next time you attend a showing, take “the five-sense approach” to home touring. Use your sight, hearing, sense of smell, touch, and even taste to evaluate…

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High mortgage rates are here to stay. But is it better to own than rent?

To buy a house or rent, that is the question?

The market has made it challenging for home buyers, who must balance little inventory and a lot of competition. And to make matters worse, rising interest rates are here to stay. While home mortgage interest rates have increased to the high 4% range, this would be the time to really ask yourself what is the better option... buy or rent? I get it, it's a tough market right now, it may be nerve-wracking to deal with putting an offer on that home you have dreamt about and very likely deal with buyer’s fatigue and end up paying more a month because of the current rates. However, investing in real estate may be more beneficial than you know in the long run.

You can say Yahoo! News  explains it…

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Mortgage rate trap

The mortgage rate trap is making the housing market worse

Within the last couple of years, mortgage rates have been historically low. At the start of 2022 we were seeing signs of mortgage rates starting to climb, and with inflation, there is even more promise that mortgage rates won’t get better any time soon.  One big factor that helped numerous homeowners save money is ultimately hurting homebuyers. Yahoo! News is calling it the interest rate trap. No earlier than January of 2022 I blogged about how mortgage rates were on the rise, The U.S. Mortgage Rates Hit The Highest Level in Two Years explaining how the rate on your mortgage can make a huge difference in how much home you can afford and what the size of your monthly payments will be…

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