What’s Behind Falling Housing Inventories?

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Home prices are increasing across the country as the number of homes for-sale continues to fall. But at a time when buyer demand is picking up, why is inventory still so low? 

Inventories fell to 1.82 million at the end of last year, a 21.6 percent drop from one year earlier, the National Association of REALTORS® reports. 

The Wall Street Journal recently highlighted several reasons behind the dropping inventories, including: 

• Sellers hesitant to sell: About 22 percent of home owners with a mortgage are still underwater, owing more than their home is currently worth. Home…

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The Color of the Year for 2013 Is …

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By Melissa Dittmann Tracey, REALTOR(R) Magazine

Home interiors are going green this year. Pantone has named “Emerald” its color of the year for 2013.

Pantone describes the jewel-like hue as a “lively, radiant, lush green” that can offer sophistication and luxury.

“Green is the most abundant hue in nature – the human eye sees more green than any other color in the spectrum,” says Leatrice Eiseman, executive director of the Pantone Color Institute. “Symbolically, Emerald brings a sense of clarity, renewal and rejuvenation.…

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How Long Can Interest Rates Stay This Low?

Now Is The Time!

Interest rates remain at all-time lows as the

Federal Reserve continues to use their balance

sheet to buy mortgages and keep rates low.

Interest rates are likely to rise when the economy

has enough momentum to sustain growth

without the help of the Fed.

No one knows

for sure when that will happen but now

is a great time to take advantage

of these interest rates.

Start your search for your new "Dream Home" HERE

Have you found the house of your dreams yet? If you've found a property you love, you now need to decide how much you're willing to offer. You want to be conservative enough that you get a good deal, but you don't want to bid so low that you risk losing the house. The following are some questions…

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Government Regulators Releases New Rules for Foreclosures

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The Consumer Financial Protection Bureau released new guidelines for mortgage servicers on Thursday that set out to help protect home owners who may be facing foreclosure. 

CFPB Director Richard Cordraysays the new rules are aimed at trying to prevent “unnecessary foreclosures” as well as “ensure fair treatment for all borrowers and establish strong protections for those struggling to save their homes.” 

Among the CFPB’s new guidelines: 

• Mortgage servicers are prohibited from foreclosing on a home owner who is seeking loan modifications. Servicers will be unable to file a…

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2012 Western Washington Real Estate Market in Review (This Year was Positive. It's Okay to Look!)

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Northwest MLS brokers report nearly $20 billion in sales for 2012 outgaining prior year by $3.2 billion

KIRKLAND, Wash. (Jan. 17, 2013) –

Members of Northwest Multiple Listing Service tallied 64,624 closed sales of single family homes and condominiums during 2012, improving on 2011’s volume by 8,332 transaction for a gain of nearly 15 percent.  

Last year’s completed sales included 55,699 single family homes and 8,925 condominiums. Together, these sales were valued at more than $19.9 billion, which compares to the previous year’s total of around $16.7 billion (up nearly 19.6 percent). 

…

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Seattle Area Inventory Dives by 45%: Home Owners Reluctant to Sell; Inventories Fall

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Inventory levels of for-sale homes at the end of 2012 were down 17.3 percent from year-ago levels, reaching the lowest level in more than five years, Realtor.com reports. In some areas, inventories have dropped 68 percent over the year. 

“It’s been a buyers’ market for a while. Sellers have been reluctant to put their homes on the market,” says Steve Berkowitz, chief executive of Move Inc., which operates Realtor.com. As housing numbers roll out for January and February in the coming weeks, these…

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How to Submit a Winning Offer on Your Dream Home

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Have you found the house of your dreams yet? If you've found a property you love, you now need to decide how much you're willing to offer. You want to be conservative enough that you get a good deal, but you don't want to bid so low that you risk losing the house. The following are some questions that need to be answered prior to making an offer:

• How long has the house been on the market? The longer it's been on the market, the more flexible the sellers are likely to be.
• How much are people paying for similar properties in the area?
• How much can you afford?
• Are you pre-approved for a loan? If so, you will be very attractive to sellers, and you'll have more room to…

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Sweeping Changes to Mortgage Rules Take Effect Jan. 21

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The Consumer Financial Protection Bureau unveiled new mortgage rules Thursday that are expected to change how home buyers go about getting approved for a home loan. 

Every company that issues mortgages will be required to follow the new guidelines. 

Loans that meet the agency’s new lending criteria now will be called a “qualified mortgage.” Qualified mortgages will be given protection for the bank from lawsuits filed by troubled borrowers or buyers of mortgage-backed bonds. 

A “qualified mortgage” will consist of the following:

• Lenders must prove that income and assets are…

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Save Thousands on Your Home Purchase with The Cascade Team & Axia Home Loans

Axia Home Loans - Preferred Lender for The Cascade Team Real Estate

If you are looking to purchase a new home, be sure to contact one of our Local Real Estate Agents about our lending partnership with Axia Home Loans.  Cascade Team customers have the opportunity to take advantage of additional incentives and loans with no origination fees, potentially saving you thousands on your next home purchase.  Use the mortage estimator below to determine an approximate payment and then contact us below for more information.

Call 425.214.4643 to speak with a licensed mortgage originator

Axia Home Loans - Preferred Lender

If you are looking to purchase a new home, be sure to contact one our of local real estate agents about our lending partnership…

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Housing Affordability Index to Set Annual Record

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With 11 months of data reported, 2012 will clearly go down as a record year for favorable housing affordability conditions and a great year for buyers who could get a mortgage, according to the National Association of REALTORS®.

NAR’s national Housing Affordability Index stood at 198.2 in November, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power; recordkeeping began in 1970.

An index of 100 is defined as the point where a median-income household has exactly enough…

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