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
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.
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):
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.
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!
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!
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!
Wishing you a wonderful Fourth of July! If you’re in the area, here are some fun events you might enjoy.
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:
Let’s lift up the dads in our lives and let them know how much we appreciate them!
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.
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.
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.
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.
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.
Mother’s Day is this Sunday! What a perfect time to honor all of the mothers we know, whether it be our own mom, our mother-in-law, a daughter-in-law or neighbor who is a dedicated mother, or any other motherly figure we admire.
Here are some creative ideas to celebrate the moms in our lives:
Let’s show appreciation to the moms in our lives who have blessed us and others in so many ways.
Thinking of buying or selling a home? Our new spring buyer and seller guides are now available! You can download your free guide or contact us and we’ll send you a printed copy.
These guides will give you the best information on home prices, mortgage rates, inventory and how to position yourself to make educated real estate decisions.
As always, we’re here to help!
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