The Cascade Team Blog - Keenan Porter

Fall Housing Market Predictions For 2022

After a tumultuous summer for real estate, autumn is nearly here. As of mid-September, the benchmark 30-year fixed-rate mortgage average is hovering just north of 6 percent, and skyrocketing home prices are finally starting to drop, and in some area literally tumble.

Here are our prediction on which directions the housing market will head in as the leaves start to change.

The Housing Market Is About to Be Hammered

That’s a tough opening statement and it’s meant to get your attention. Here is how the pros back that up.

The market seems to be cooling dramatically, and Rick Sharga, executive vice president of market intelligence for ATTOM Data Solutions, says the signs are undeniable. Case in point: July marked the seventh consecutive month…

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30-year fixed tops 6% for first time since 2008

The 30-year fixed-mortgage rate topped 6% for the first time since 2008 in the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ended Sept. 9. 

Mortgage applications declined 1.2% on a seasonally adjusted basis from the previous week, the MBA said, citing its Market Composite Index, while the association’s Refinance Index slid 4% week over week and 83% year over year. 

“Higher mortgage rates have pushed refinance activity down more than 80% from last year and have contributed to more homebuyers staying on the sidelines,” MBA associate vice president of economic and industry forecasting Joel Kan said in a press release. “Government loans, which tend to be favored by first-time buyers, bucked this trend and increased…

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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!

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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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Odds of Homes Prices Continuing to Fall in Greater Seattle Area Elevated to “VERY HIGH”

What's going on? High-cost tech hubs, like San Francisco and Seattle, are getting hit hard by the tech slowdown. Not only are their high-end real estate markets more rate sensitive, but so are their tech sectors.

Back in June, Fed Chair Jerome Powell made it clear to reporters: The Pandemic Housing Boom was over. Heading forward, he said, spiked mortgage rates would push the U.S. housing market into a slowdown.

“We saw [home] prices moving up very very strongly for the last couple of years. So that changes now. And rates have moved up. We are well aware that mortgage rates have moved up a lot. And you are seeing a changing housing market. We are watching it to see what will happen. How much will it really affect residential investment? Not…

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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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The Housing Market Faces Its Biggest Test Yet

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 real…

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