Found 153 blog entries tagged as Real Estate News Blog.

  •         Sales of previously owned homes decreased 4.3% from the prior month.
  •         30-year fixed mortgage jumped by nearly a quarter percentage point to 7.1%

The U.S. housing market is coming under renewed pressure, buffeted by mortgage rates that rose above 7% again and uncertainty over changes to the commission system for buying and selling a home.

The average rate on the standard 30-year fixed mortgage jumped by nearly a quarter percentage point to 7.1%, according to a survey of lenders released Thursday by mortgage-finance giant Freddie Mac. That is the highest level since late 2023 and the largest weekly increase in nearly a year.

Low inventory continues to fuel competition among area buyers in Western Washington However.…

1384 Views, 0 Comments

You’ve probably heard the news that there are changes coming in terms of how real estate commissions are paid. And while the seismic settlement announced by the National Association of Realtors earlier this month has not yet been approved it’s already sending shockwaves through the real estate industry.

This might sound exciting and like a potential game-changer for you as a home seller or buyer, with headlines proclaiming things like:

  • “Real estate commissions are being slashed!”
  • “Selling your house will now be less expensive!”
  • “No more paying 6% to real estate agents!”

But you’re also probably not sure exactly what it all means, how it will work, or how you’ll benefit from the changes.

Unfortunately, even if you ask the most…

2002 Views, 0 Comments

Interest rates have decreased by 0.15% over the past month to 6.79%, and while the rate decrease is encouraging, it has yet to have a significant impact on prospective buyers’ purchasing power or prospective sellers’ willingness to give up low interest rate mortgages. For the Washington counties covered by NWMLS, March 2024 saw an 11.2% decrease in the number of closed sales year-over-year, although median sales prices have continued to steadily rise with a year-over-year increase of 7.5%.

“Northwestern markets are finally showing signs of thawing,” said Selma Hepp, chief economist for CoreLogic. “With new listings picking up the pace from 2023 lows, potential home buyers have more options to choose from.”

“Still, there seems to be more buyers…

1104 Views, 0 Comments

National Association of Realtors' settlement on home-sale commissions will go into effect July if approved.

I want to start by addressing the "misinformation" involving the landmark settlement that could impact real estate practices and commissions as we know them.  There is a lot of uncertainty out there. And there are tons of people who thrive on that, they love to stir the pot and tell you “The Sky Is Falling.”

I know I speak for a lot of real estate professionals when I say that we’re upset with a lot of the misinformation that is getting circulated about the proposed settlement. What these proposed changes will do is clean up a lot of real estate agents who don’t run their business like an actual business or keep up with new rules and…

2091 Views, 0 Comments

As March Madness sweeps the nation, with college basketball teams vying for the championship title, a different kind of competition is heating up in the real estate market. Just like the thrilling, unpredictable nature of the tournament, the real estate market in March can be full of surprises, opportunities, and strategic plays.

The Starting Lineup: Preparing Your Home for Sale

Just as a basketball team prepares for the big game, so should homeowners prepare their property for sale too. This includes decluttering, deep cleaning, making necessary repairs, and staging the home to make it appealing to potential buyers. A well-prepared home can make a strong first impression, just like a strong starting lineup can set the tone for the game.

1217 Views, 0 Comments

If commissions are decoupled, researchers believe the competition will drive real estate commissions down.

A groundbreaking $418 million legal agreement could drive down commission rates and shrink the number of real-estate agents.

As an example, the DOJ cites Northwest MLS (NWMLS), which no longer requires listing agents to make offers of buyer broker compensation in order to list a property. Despite this being allowed, the practice of cooperative compensation continues, and agent commissions have not changed.

“As long as sellers can make buyer-broker commission offers, they will continue to offer ‘customary’ commissions out of fear that buyer brokers will direct buyers away from listings with lower commissions — a well-documented phenomenon…

1298 Views, 0 Comments

Western Washington saw one of the largest year-over-year decreases in active inventory last month. There were 3,333 properties for sale in January — a 23.2% decrease from January 2023, when there were 4,342 homes on the market. Only Las Vagas had a steeper nation drop in inventory levels.

As a result of the low housing inventory levels around Western Washington, we are returning to bidding war situations. Seattle area home sales increased by 7% in January, marking the first year-over-year increase since March 2022. Meanwhile, home sale prices increased by 3.4% year over year.

Additionally, the new commission rules are allowing Sellers to save 10’s of thousands in Buyer Agent commissions.

Cascade Team Saves Commissions For Sellers

Taking advantage of low inventory before more homes…

955 Views, 0 Comments

As Valentine's Day approaches, love is in the air. But this year, instead of focusing solely on chocolates and roses, why not consider a different kind of matchmaking? Just like finding the perfect partner, finding the perfect home can be a journey of discovery, filled with excitement, anticipation, and even a few butterflies.

1. Love at First Sight: The Importance of First Impressions Just like a first date, the first impression of a home can be a game-changer. A well-maintained exterior, a welcoming entrance, and a clean, inviting interior can make potential buyers fall in love instantly. As a seller, it's essential to ensure your property is looking its best for every viewing. As a buyer, remember that while first impressions are important,…

825 Views, 0 Comments

After a particularly rough stretch, the frozen housing market has begun to thaw.

Mortgage rates have tumbled, more homes are being listed, and sales are rising as buyers are pouncing on their sudden change in fortune.

“The worst is over for the housing market,” says Mark Zandi, chief economist at Moody’s Analytics. But “it will take a number of years for the housing market to fully normalize.”

Indeed, the signs of a gradual sea change have been abundant in the past two months.

Market Recap

Real estate market activity has remained slow in accordance with typical seasonal patterns. Interest rates held steady through the month of January to end at 6.69%; at the time of this publication, there was a slight decrease to 6.63%. For the…

821 Views, 0 Comments

On January 1, 2024, the revised “Agency Law” that governs real estate brokerage relationships (RCW 18.86) becomes effective. Among other changes, a significant revision to the law requires real estate firms to enter into a written brokerage services agreement with a buyer before, or as soon as reasonably practical after, commencing real estate brokerage services for that buyer.

These revisions to Agency Law require that brokers enter into a brokerage services agreement with their client before — or as soon as reasonably practical after — the provision of real estate brokerage services. This contract will include stipulations like length of partnership, exclusivity vs. non-exclusivity and the rate of compensation.

Looking at the law

It may…

913 Views, 0 Comments