The Cascade Team Blog - Agent Tips

“Oh, Hell No!” Mortgage Rates Hit 6.66% Just in Time For Halloween

I personally would say “Hell No” to this rate. Up or down a fraction of a percentage please before I locked this one in!

The rate on a 30-year fixed mortgage averaged 6.66% this week, down from 6.70% one week ago, mortgage finance giant Freddie Mac reported on Thursday. Last year at this time, the typical rate was 2.99%.

The interest rate on the most popular home loan in America has fallen for the first time in seven weeks, ending a streak that pushed borrowing costs to their highest point since 2007.

Yet even with the decline, the average 30-year fixed mortgage rate is still more than double what it was last year.

Text “BOO” to (425) 223-4655 for a Free Value Analysis

Unfortunately for borrowers, this week’s dip was just a small…

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A Real Estate Agents Haunted House

The only thing scarier than paying too high of a commission to sell your home… Is realizing that you don’t have too while getting even MORE service and support than most brokerages offer at a higher fee!

The Cascade Team Agents are Full Service. We are a real estate company like no other, because of the tools, service and savings we provide our clients with. We understand that in today’s fast paced environment, we need to provide a high level of service, utilize technology to keep our clients up to date at all times and provide added value to both buyers and sellers in the transaction. By leveraging these technological tools, it allows our agents to focus more of their time to servicing our clients, and also provide the most comprehensive…

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Seattle The Fastest-Cooling Housing Market in the Country

As real estate and real estate-related companies continue to cut their workforces, it's become clear that it's no mirage -- the housing market is indeed cooling. Another sign? The real estate giant Redfin has experienced a nearly 92% drop in stock value since last year.

While homes are still more expensive today than they were before COVID-19 changed the world, demand is slowing, and prices are dropping. Redfin recently released data showing which markets are cooling at the fastest rate. What was a seller's market is quickly flipping to a buyer's market in these areas of the country:

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ATTENTION HOME OWNERS! New Real Estate Commission "Now Compensation" Rules Start October 3rd 2022

You may be aware of a new rule change from the Northwest Multiple Listing Service regarding “Offering” a Buyer’s Agent Compensation (We no longer use the term Commission). While it’s a confusing topic for both consumers and real estate agents alike, The Cascade Team has put together some Questions and Answers on the topic.

What is a “Fair” amount to pay for real estate compensation?

“Fair” is whatever you and the agent decide is fair, and just as you are not under any obligation to pay more than you want, the agent is not under any obligation to do business with you if they are not going to earn what they expect.

The Cascade Team will charge a total of 2% compensation to sell your home if the buyer comes unrepresented.

This includes full…

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Buyer’s market vs. seller’s market: What’s the difference?

Ben Luthi

The real estate market has two opposing sides: buyers, who want to keep their costs low, and sellers, who want to maximize their profits. Depending on the inventory of available housing, one of those sides might have bigger advantages — and greater bargaining power — than the other. Understanding the difference between a buyer’s market and a seller’s market can be tied back to one of the fundamental laws of economics: supply and demand.

What is a buyer’s market?

When there is a surplus of homes and low demand for them, you’re in a buyer’s market. Prices tend to go down in these conditions, because there’s less competition. Additionally, homes are likely to stay on the market for longer, putting pressure on sellers to…

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Real Estate News Blog for Sammamish and Issaquah

Covering housing news and more. Our informative and locally based real estate news blog will feature the latest housing statistics for Sammamish and Issaquah as well as information on the housing market shift, mortgage rates and local information that affect your home, commute and the area you live in. 

We’ll dive deep into the stats and strive hard to provide detailed analysis that is helpfully while also being easy to understand.

If you ever have a question or suggestion we’re here. Just reach out to us and let us know and we’ll be happy to answer!

CONTACT HERE

The Cascade Team Real Estate

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Cary Porter 425-891-7447

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Check out some of our most current stories…

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Mortgage Rates Hit Highest Level Since 2008 As Seattle Area Housing Market Shows Signs of Decline

•          Pending sales drop nearly 22% from a year-ago
•          Closings were down about 24% from a year ago
•          Economist Gardner expects prices will soften.
•          trend toward a more balanced market.
• Mortgage rates are at their highest level since the Great Recession, according to data released by Freddie Mac Thursday, as housing affordability continues to slump.
• The 30-year fixed mortgage rate is now 5.89%, according to Freddie Mac, up from 5.66% last week and 2.88% at this time last year.
• Mortgage rates are now at their highest since November 2008, when Freddie Mac reported a 6.04% 30-year rate.
• Mortgage rates have climbed as the Federal Reserve raises interest rates to tame inflation.

Surprising Fact

 The…

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Home Values on Zillow Just Fell for the First Time in a Decade

Home values decreased for the first time in a decade, according to Zillow, and that's just one of several signs it's finally getting easier to buy a house.

The Zillow Home Value Index dropped in July for the first time since 2012, according to new data from the real estate website. The index, which uses Zillow data to measure the value of a typical home, fell 0.1% on a monthly basis.

That decrease may not seem like a lot (home values are still significantly higher than they were last year and the year before), but it’s likely a welcome relief for buyers who have been struggling in the red-hot market.

"Home values flattening so quickly after recent record growth might surprise,” Zillow Chief Economist Skylar Olsen said in a news release, “but…

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Housing Market Recalibrating as Market Shifts Towards Buyers

•          Buyer opportunities have returned to the Puget Sound market
•          Active listings have nearly doubled from a year ago
•          The market balance is favoring buyers
•          “We are seeing builders moving their price points down and providing incentives to buyers in closing costs and buydowns to help borrowers obtain lower interest rates.”
•          Overpriced listings have missed the market.

KIRKLAND, Washington (August 4, 2022) – New statistics from Northwest Multiple Listing Service confirm reports of a shifting housing market, prompting one industry leader to suggest “all parties involved in a transaction today have to recalibrate.”

“Today’s buyers have their cups finally overflowing with options as residential…

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SHOULD I SELL MY HOME RIGHT NOW? SHOULD I BUY

Growing Number of Experts Calling for Substantial Home Price Declines

• Significant price declines lie ahead, many experts argue.
• Insider recently spoke with three experts calling for median home prices to fall.
• Recession fears and rising interest rates have started to cool interest in the U.S. housing market.
• Poor consumer sentiment implies home prices may decline this year and next.

One of the most remarkable developments in the post-pandemic economy has been the sharp rise of the housing market. Despite initial pandemic fears, people with means rushed into the real estate sector in 2020, inherently driving up home prices. The Federal Reserve also dramatically reduced benchmark interest rates, spurring acquisitiveness.

But what…

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