What does selling your home have in common with online dating? Probably a whole lot more than you think.

Two-thirds of home buyers said they searched for more than three months before going under contract on a home, according to a new survey by the National Association of Home Builders. Buyers also complain that homes are getting too pricey. Forty-two percent of respondents said that the homes they wanted were too expensive for their budgets, which further delayed their search. Twenty-seven percent said that the increase in interest rates over the past 12 months had severely affected their home search parameters.

For Valentines: How Home Shopping Can Feel Like Dating

Are your home shoppers desperately trying to find “the one?” Finding the perfect…

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As real estate and real estate-related companies continue to cut their workforces, it's become clear that it's no mirage -- the housing market is indeed cooling. Another sign? The real estate giant Redfin has experienced a nearly 92% drop in stock value since last year.

While homes are still more expensive today than they were before COVID-19 changed the world, demand is slowing, and prices are dropping. Redfin recently released data showing which markets are cooling at the fastest rate. What was a seller's market is quickly flipping to a buyer's market in these areas of the country:

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Rank

Metro Area

Median Sale Price

              

Rank

Metro Area

 Median Sale Price

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You may be aware of a new rule change from the Northwest Multiple Listing Service regarding “Offering” a Buyer’s Agent Compensation (We no longer use the term Commission). While it’s a confusing topic for both consumers and real estate agents alike, The Cascade Team has put together some Questions and Answers on the topic.

 

Why was this rule change put into effect?

 

Do I have to offer a Buyer’s Agent compensation?

 

Who pays the Buyer’s Agent compensation?

 

Is compensation negotiable?

 

What happens if I don’t offer a SOC (Selling Office Compensation)?

 

Can I “Test” the waters with no SOC and then change my mind a few weeks later?

 

What happens when a Buyer’s Agent has a Buyers'…

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Weekly Review
Newsletter - 09/26/2022

Week of September 19, 2022 in Review

Despite slowing activity in the housing market, supply remains tight. Plus, the Fed’s latest rate hike caused volatility in the markets. Here’s what you need to know:

  • Fed Hikes Rates Another 75 Basis Points
  • Low Housing Inventory Remains Supportive of Prices
  • Household Formations Continue to Outpace Completions
  • More Home Builders Offering Incentives as Confidence Wanes
  • Low Jobless Claims Show Labor Market Remains Tight

Fed Hikes Rates Another 75 Basis Points

As expected, the Fed hiked its benchmark Fed Funds Rate by an aggressive 75 basis points at its meeting last Wednesday. This follows the 25, 50, 75 and 75 basis point hikes the Fed previously made…

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The real estate market has two opposing sides: buyers, who want to keep their costs low, and sellers, who want to maximize their profits. Depending on the inventory of available housing, one of those sides might have bigger advantages — and greater bargaining power — than the other. Understanding the difference between a buyer’s market and a seller’s market can be tied back to one of the fundamental laws of economics: supply and demand.

What is a buyer’s market?

When there is a surplus of homes and low demand for them, you’re in a buyer’s market. Prices tend to go down in these conditions, because there’s less competition. Additionally, homes are likely to stay on the market for longer, putting pressure on sellers to make concessions during…

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  • Buyer opportunities have returned to the Puget Sound market
  • Active listings have nearly doubled from a year ago
  • The market balance is favoring buyers
  • “We are seeing builders moving their price points down and providing incentives to buyers in closing costs and buydowns to help borrowers obtain lower interest rates.”
  • Overpriced listings have missed the market.

KIRKLAND, Washington (August 4, 2022) – New statistics from Northwest Multiple Listing Service confirm reports of a shifting housing market, prompting one industry leader to suggest “all parties involved in a transaction today have to recalibrate.”

“Today’s buyers have their cups finally overflowing with options as residential inventory grows to about two months of supply,”…

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