Real Estate Tips • January 30, 2025

Two Resources That Can Help You Buy a Home Right Now

by Susan Camerer

A recent report from Realtor.com says 20% of Americans don’t think homeownership is achievable. Maybe you feel the same way. With inflation driving up day-to-day expenses, saving enough to buy your first home is more of a challenge. But here’s the thing. With the right resources and help, you can still make it happen.

There are options that can help make buying a home possible today — even if your savings are limited or your credit isn’t perfect. Let’s explore just two of the solutions that could help get you into your first home no matter the market.

1. FHA Loans

If your down payment savings and your credit score aren’t where you want them to be, an FHA loan could be your pathway to buying a home. According to the U.S. Department of Housing and Urban Development (HUD) and Bankrate, the big perks of an FHA home loan are:

Lower Down Payments: They typically require a smaller down payment than conventional loans, sometimes as low as 3.5% of the home’s purchase price.
Lower Credit Score Requirements: They’re designed to help buyers with credit scores that might not qualify for conventional financing. This means, when conventional loans aren’t an option, you may still be able to get an FHA loan.

The first step is to connect with a lender who can help you explore your options and determine if you qualify.

2. Homeownership Assistance Programs

And if you need a more budget-friendly down payment, that’s not your only option. Did you know there are over 2,000 homeownership assistance programs available across the U.S. according to Down Payment Resource? And more than 75% of these programs are designed to help buyers with their down payment. Here’s a bit more information about why these could be such powerful tools for you:

Financial Support: The average benefit for buyers who qualify for down payment assistance is $17,000. And that’s not a small number.
Stackable Benefits: To make it even better, in some cases, you may be able to qualify for multiple programs at once, giving your down payment an even bigger boost.

Rob Chrane, CEO of Down Payment Resource confirms a little-known fact:

“Some of these programs can be layered. And so, in other words, you may not be limited to just one program.”

If you want to learn more or see what you qualify for, be sure to lean on the pros. A trusted real estate agent and a lender can guide you through the process, explain the help that’s out there, and connect you with resources to make buying a home a reality.

Bottom Line

If you’re ready to stop wondering if buying a home is possible and start exploring solutions, let’s connect.

Real Estate Tips • November 16, 2024

Camerer Real Estate Showcase

by Susan Camerer

We’re excited to share with you the homes we’ve recently helped our clients sell, and also properties we’ve helped our buyers purchase!

It’s such an honor to assist people in taking the next steps in their real estate dreams and goals.

Camerer Real Estate listings over the past 12 months:

Sold for an average of 2.3% over asking, while the entire MLS was .5% under the list price!
Had an average of 12 showings per listing, surpassing the MLS average of 5, thanks to our high-end staging and marketing strategies!
Went pending in an average of 15 days, outperforming the MLS average of 37 days!

If you’re considering buying or selling a home, let us know. We would be happy to answer any questions and provide you with a free Comparative Market Analysis.

Sincerely,

Susan and Austin

Community • October 24, 2024

Neighborhood Halloween Bash!

by Susan Camerer

Halloween is a season of tricks, treats, and unforgettable fun!

If you’re in the area, join us at our neighborhood Halloween bash on October 31st from 6 – 8pm. Come to the corner of NE 24th St & Vashon Ave NE in Renton and head south.

There will be candy, hot cider, and a haunted house!

You can also help families experiencing homelessness by bringing gently used hats, gloves, scarves and coats.

Hope to see you there!

Susan and Austin

Real Estate Tips • September 20, 2024

Falling Mortgage Rates Are Bringing Buyers Back

by Susan Camerer

After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. This week the Federal Reserve cut the Federal Funds Rate for the first time since they began raising that rate in March 2022. And while they don’t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have – especially since more cuts from the Fed are expected into next year. Lower mortgage rates are bringing more buyers back into the market.

Lisa Sturtevant, Chief Economist at Bright MLS, says:

“A drop in the cost of borrowing will help fuel more homebuyer demand . . . Falling rates will also bring more sellers into the market.”

The best part? You can take advantage of that renewed buyer interest.

As Rates Fall, Buyer Activity Goes Up

The graph below illustrates the relationship between falling mortgage rates and rising buyer activity. The orange line represents the average 30-year fixed mortgage rate, while the blue line shows the Mortgage Bankers Association (MBA) Mortgage Application Index, which tracks the number of mortgage applications.

As you can see, as mortgage rates (orange) come down, the Mortgage Application Index (blue) rises, showing more people start to re-engage in the process (see graph below):

What This Means for You

More buyers means more competition, which can lead to higher offers and shorter time on the market for your house. According to Edward Seiler, AVP of Housing Economics at the Mortgage Bankers Association (MBA), this trend is expected to continue:

“MBA is expecting that slower home-price appreciation, coupled with lower rates, will ease affordability constraints and lead to increased activity in the housing market.”

All in all, the market is becoming more accessible to a wider range of buyers, which could result in even more people looking to purchase a house like yours.

Bottom Line

The recent decline in mortgage rates is already driving more buyers into the market, and experts project this trend will continue. If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign that it may be time!

Camerer Real Estate has the experience, expertise and a team of professionals ready to assist you with selling or buying a home. Contact us anytime – we’ve got you covered!

Real Estate Tips • August 22, 2024

NAR SETTLEMENT: What does it mean for us locally?

by Susan Camerer

The Northwest Multiple Listing Service (NWMLS) is owned by its member brokers, not the Realtor Associations, as many national MLS’s are.

The NWMLS has been proactively pursuing transparency regarding broker compensation years before the National Association of Realtors (NAR) settlement ever came to fruition.

The NWMLS has opted out of the NAR settlement, in an effort to continue the pursuit of additional transparency regarding compensation, leaving our clients better informed.

WHAT DOES THIS MEAN FOR YOU?

If you are a seller, you get to choose the level of compensation you want to offer to a buyer broker. Your Windermere Broker can help you understand the advantages and disadvantages of whatever your decision may be.

If you are a buyer, when you hire a broker to represent you, there is open conversation regarding what they charge, how they are paid and how it affects you.

Much of the news you hear is coming from a national level and does not necessarily correlate to how we are doing business here in Washington; in other parts of the country, they are just beginning the journey of broker compensation transparency.

We at Windermere Real Estate PSR, Inc. believe that the NAR Settlement will help the entire Real Estate industry move in a positive direction. We support our local NWMLS and their decision to opt out in an effort to continue to provide even more clarity and options for buyers, sellers and brokers.

You may just be hearing about the changes now, but we’ve actually been ahead of the curve and have had these practices in place for over a year. As a broker-owned MLS, we’ve taken a proactive approach to ensuring clarity and safeguarding the interests of our agents and clients.

If you’re curious about how things operate, want to learn more about our business, or have questions about broker compensation, don’t hesitate to contact us!

Real Estate Tips • July 29, 2024

Unlocking the Benefits of Your Home Equity

by Susan Camerer

Let’s talk about equity.

On average, homeowners gained $28,000 over the past year and have a grand total of $305,000 worth of equity in their homes. And many people have much more than that. That’s a whole lot of leverage for your next move.

Curious about how much equity you have in your home? Contact us and we would be happy to do a Professional Equity Assessment Report at no cost to you!

Community • July 3, 2024

4th of July Activities!

by Susan Camerer

Wishing you a wonderful Fourth of July! If you’re in the area, here are some fun events you might enjoy.

Community • June 12, 2024

Father’s Day Celebration Ideas

by Susan Camerer

This Sunday is Father’s Day, a time to honor our dads as well as other men who have been positive fatherly figures in our lives. It’s also a great time to show appreciation for young dads who are working hard and caring for their families.

Here are some creative ways to celebrate the dads we admire:

Take him on a scenic drive or ferry ride. Stop for lunch or bring a picnic and enjoy the views.
Assist him with tasks or projects. Turn on his favorite music and work together to accomplish some of those items on his “To Do” list.
Get him some funny gifts, such as socks with your picture on them, a personalized t-shirt, a book of Dad jokes.
Treat him to a special activity: a baseball game, a museum related to his interests, golf – putt putt or TopGolf or a round at a golf course, a movie, or do an Escape Room together.
Make him a coupon booklet with a special activity or item on each page that he can “cash in” with you throughout the year.

Let’s lift up the dads in our lives and let them know how much we appreciate them!

Real Estate Tips • May 22, 2024

What’s Next for Home Prices and Mortgage Rates?

by Susan Camerer

If you’re thinking of making a move this year, there are two housing market factors that are probably on your mind: home prices and mortgage rates. You’re wondering what’s going to happen next. And if it’s worth it to move now, or better to wait it out.

The only thing you can really do is make the best decision you can based on the latest information available. So, here’s what experts are saying about both prices and rates.

1. What’s Next for Home Prices?

One reliable place you can turn to for information on home price forecasts is the Home Price Expectations Survey from Fannie Mae – a survey of over one hundred economists, real estate experts, and investment and market strategists.

According to the most recent release, experts are projecting home prices will continue to rise at least through 2028 (see the graph below):

While the percent of appreciation varies year-to-year, this survey says we’ll see prices rise (not fall) for at least the next 5 years, and at a much more normal pace.

What does that mean for your move? If you buy now, your home will likely grow in value and you should gain equity in the years ahead. But, based on these forecasts, if you wait and prices continue to climb, the price of a home will only be higher later on.

2. When Will Mortgage Rates Come Down?

This is the million-dollar question in the industry. And there’s no easy way to answer it. That’s because there are a number of factors that are contributing to the volatile mortgage rate environment we’re in. Odeta Kushi, Deputy Chief Economist at First American, explains:

“Every month brings a new set of inflation and labor data that can influence the direction of mortgage rates. Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”

What happens next will depend on where each of those factors goes from here. Experts are optimistic rates should still come down later this year, but acknowledge changing economic indicators will continue to have an impact. As a CNET article says:

“Though mortgage rates could still go down later in the year, housing market predictions change regularly in response to economic data, geopolitical events and more.”

So, if you’re ready, willing, and able to afford a home right now, partner with a trusted real estate advisor to weigh your options and decide what’s right for you.

Bottom Line

Let’s connect to make sure you have the latest information available on home prices and mortgage rate expectations. Together we’ll go over what the experts are saying so you can make an informed decision on your move.

Community • May 15, 2024

Join us! Vision House Benefit Luncheon

by Susan Camerer

You won’t want to miss the Vision House Benefit Luncheon! Enjoy an hour of laughter and inspiration with guest speaker Bob Goff, author of the New York Times best selling books Love Does, Everybody Always, Dream Big, and Undistracted. You will also learn about Vision House and how you can help end family homelessness one family at a time.

Date: Tuesday, May 21, 2024

Time: Doors open 11:30 / Program 12 – 1pm

Location: Meydenbauer Center, Bellevue, WA

Cost: FREE! Donations will be appreciated.

Register: at visionhouse.org

New Exhibit: Navigating Homelessness – see firsthand what a family experiencing homelessness must navigate to find housing. Come early and check it out!

Can’t Attend? Please consider making a donation to Vision House to help homeless families rebuild their lives.

Camerer Real Estate is honored to be the presenting sponsor of the luncheon.

1. FHA Loans

2. Homeownership Assistance Programs

Bottom Line

As Rates Fall, Buyer Activity Goes Up

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What This Means for You

Bottom Line

1. What’s Next for Home Prices?

2. When Will Mortgage Rates Come Down?

Bottom Line