The Cascade Team Real Estate Blog

 

Over the past few year’s buyers within the Washington housing market have been taking hit after hit. Back in 2020 through 2021 buyers were faced with the lowest inventory of homes Washington has ever seen. This was then coupled with an excess of other buyers all trying to lock in a sub 3% rate. These factors led to bidding wars of hundreds of thousands over asking price and buyers having to submit offers on close to ten homes before acceptance.

Then another punch in the nose befell home buyers. Just as inventory began creeping up so did interest rates. “Experts are forecasting that the 30-year, fixed-mortgage rate will vary from 5% to 7% by the end of 2022. Here are their more detailed predictions, as of late May 2022:” (Forbes). Some say

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Weekly Review
Newsletter - 07/05/2022

Week of June 27, 2022 in Review

Consumer inflation remained near a 40-year high, and home purchase activity stayed strong in May. Home prices also continued to rise in April. Here’s what you need to know:

  • Consumer Inflation Remains Near 40-Year High
  • Home Purchase Activity Still Standing Strong
  • Home Price Appreciation Remained Hot in April
  • Final First Quarter GDP Reading Sparks More Recession Fears
  • Keeping an Eye on Jobless Claims

Consumer Inflation Remains Near 40-Year High

The Fed’s favorite measure of inflation, Personal Consumption Expenditures (PCE), showed that headline inflation rose 0.6% in May, slightly below the estimates of 0.7%. The year over year reading remained near a

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Compared to a year ago, Northwest MLS (NWMLS) brokers reported:

  •          Significant jump in inventory,
  •          double-digit drops in both pending and closed sales
  •          And the smallest year-over-year (YOY) increase in prices since June 2020.

What the changes mean in general terms are:

  •          More houses on the market
  •          Longer market times
  •          Stabilizing home prices
  •          Fewer showings and open house visitors
  •          Fewer offers at one time
  •          And more price adjustments

KIRKLAND, Washington (July 6, 2022) – Housing statistics from Northwest Multiple Listing Service for June show signs of a shifting market, creating opportunities for some buyers. Compared to a year ago,

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The NW housing market is changing - while we are not near a balanced market things are looking up for buyers as the market continues to correct itself - 

Compared to a year ago, Northwest MLS (NWMLS) brokers reported:

  •          Significant jump in inventory, 
  •          Double-digit drops in both pending and closed sales
  •          And the smallest year-over-year (YOY) increase in prices since June 2020.

What the changes mean in general terms are:

  •          More houses on the market
  •          Longer market times
  •          Stabilizing home prices
  •          Fewer showings and open house visitors
  •          Fewer offers at one time
  •          And more price adjustments

KIRKLAND, Washington (July 6, 2022) – Housing

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Compared to a year ago, Northwest MLS (NWMLS) brokers reported:

  •          Significant jump in inventory,
  •          double-digit drops in both pending and closed sales
  •          And the smallest year-over-year (YOY) increase in prices since June 2020.

What the changes mean in general terms are:

  •          More houses on the market
  •          Longer market times
  •          Stabilizing home prices
  •          Fewer showings and open house visitors
  •          Fewer offers at one time
  •          And more price adjustments

KIRKLAND, Washington (July 6, 2022) – Housing statistics from Northwest Multiple Listing Service for June show signs of a shifting market, creating opportunities for some buyers. Compared to a year ago,

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High Impact Real Estate Marketing & 4% Total Commissions For Today’s Home Sellers

The Cascade Team Real Estate is a company like no other because of the marketing, service and home seller savings we provide. We understand that in today’s real estate & home selling environment, we need to provide a high level of real estate service and widespread marketing of the home for sale, utilize technology to keep our home seller clients in the communication loop and provide added value to both buyers and home sellers in the real estate transaction. The effective use of technology tools allows our local real estate agents to focus more of their time on servicing our clients and finding buyers for your home, all the while providing the most comprehensive

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Tomorow is the biggest party of the summer, the 4th of July.  Just about everyone will be doing something to celebrate America's birthday and most lilely this will invlove a party or BBQ at someones home.  

At Greer Real Estate we want to wish everyone a safe and fun 4th of July weekend and we want to pass along some tips for keeping your home and family safe during the celebration.

Fireworks: One of the time-honored traditions of this festive holiday is lighting off fireworks. If you will be igniting fireworks at your home make sure a responsible adult is supervising the task. Also make sure you have a fire extinguisher or hose nearby to douse any flames out and don’t light fireworks near dry grass. Never aim

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Mortgage lending took a nosedive across the U.S. in the first quarter of 2022, according to a new report from ATTOM. 

Secured mortgages fell 18% from the fourth quarter of 2021 and were down 32% from the same time last year — the biggest year-over-year drop since 2014. This marked the fourth quarterly decrease, which the data management company said was the result of “double-digit downturns in purchase and refinance activity, even as home-equity lending rose.”

Along with the 32% decline in residential mortgages, the report found the number of new loans fell for the fourth straight quarter, meanwhile refinance lending fell another 22% and purchase mortgages were down 18%. 

Mortgage rates have climbed to their highest level since 2008, pinching

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Weekly Review
Newsletter - 06/27/2022

Week of June 20, 2022 in Review

Inventory issues continue to impact home sales and rental home prices, while Fed Chair Powell said a recession is “certainly a possibility.” Here are the key stories:

  • Existing Home Sales Still Strong Into Summer
  • The Real Scoop on New Home Inventory
  • Fed Chair Powell Testifies That Recession Is “Certainly a Possibility”
  • Single-family Rent Price Growth Hits New Record
  • Is An Increase In Jobless Claims Ahead?

Existing Home Sales Still Strong Into Summer

Existing Home Sales, which measure closings on existing homes, showed sales were down 3.4% in May at a 5.41 million-unit annualized pace. This data likely reflects people shopping for homes in March and

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Weekly Review
Newsletter - 06/21/2022

Week of June 13, 2022 in Review

A Fed rate hike, hot wholesale inflation, weakening builder confidence and signs of economic slowdown led to a volatile week in the markets. Here are the top headlines:

  • Fed Rate Hike Largest Since 1994
  • Wholesale Inflation Declines Slightly But Remains Elevated
  • Builder Confidence Weakens as Homebuyer Traffic Slows
  • Despite Slowing Housing Starts, Glimmer of Hope for Home Completions
  • What to Look for in Jobless Claims Data
  • More Signs of Economic Slowdown

Fed Rate Hike Largest Since 1994

The Fed was expected to hike its benchmark Fed Funds Rate by 50 basis points at its meeting last week, but instead acted more aggressively with a 75 basis point hike, due

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