When Will Mortgage Rates Come Down? Here’s When 9 Experts Say It Will Happen.

•          High mortgage rates make it difficult for prospective homebuyers to enter the market.
•          Mortgage rates could decline if the Federal Reserve cuts interest rates next year.
•          Here are nine projections from experts on when the Fed's first-rate cut will come.

High mortgage rates have effectively frozen the US housing market. And while lower rates could be on the horizon, Americans might have to wait awhile.

The average rate for a 30-year fixed-rate mortgage is over 7.4%, up from roughly 3% at the beginning of 2022. This has deterred prospective first-time homebuyers from taking the plunge and made existing homeowners reluctant to sell their homes and buy another — they'd rather stick with the super low rates they…

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Busted! Myths Both Buyers and Sellers Believe About The Current Market

In today's wild market, there are plenty of bad ideas on both sides of the buyer/seller equation. Here's how to correct those misconceptions so that everyone can get what they want.

The current market has buyers and sellers on pause. Interest rates have certainly put a damper on many would-be buyers and sellers’ plans. Depending on their budget, where they want to go or what kind of property they are looking for, inventory may be a concern, as well as insurance. 

Everyone seems to be in a state of flux. Many would-be buyers who are renting are continuing to do so, even though the landlord raised their rent, and while not ideal, they don’t know what else to do.

Sellers, despite being able to cash out and make some good equity, cannot make the…

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3 Reasons To Lock In A Mortgage Rate Today!

Following months of encouraging signs that inflation was finally cooling, a new report showed that it ticked back up in July. With the benchmark interest rate already at a 22-year high and mortgage interest rates the highest they've been since 2000, many buyers may elect to sit on the sidelines and wait for the rate environment to improve. That said, there's no clear insight into when that improvement will actually take place. Nor do experts know how much rates will even fall. With this forecast unclear, it may still make sense for buyers to act now.

3 reasons why it's worth locking in a mortgage rate now.

There are multiple compelling reasons buyers may want to lock in a mortgage rate now. Here are three things to consider. 

Rates could go…

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Cruel Summer Of Increasing Home Prices & Mortgage Rates Comes To a Close—Why Fall Should Bring Buyers Hope

By Margaret Heidenry

Mortgage rates just jumped to their highest level in 20 years, averaging 7.09% for a 30-year fixed-rate home loan as of Aug. 17, according to Freddie Mac.

In addition to home loan rates hitting their highest levels in two decades, home prices edged upward for the week ending Aug. 12 compared with this same time period last year.

“For the third consecutive week, the median home listing price maintained a slight upward trajectory,” says Realtor.com® economic data manager Sabrina Speianu in her analysis.

Why record-high mortgage rates affect both homebuyers and sellers.

Record-high mortgage rates aren’t just weighing down buyers—they’re tethering sellers to their homes, too.

Speianu explains that most homeowners…

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Housing market downturn “inevitable” with higher rates, but brokers find bright spots.

KIRKLAND, Washington (August 7, 2023) –A downturn in the housing market was inevitable given higher mortgage rates, acknowledged broker Dick Beeson, but he and others who commented on the latest report from Northwest Multiple Listing Service noted some positives for both buyers and sellers.

The Northwest MLS statistics summarizing July activity for 26 counties in the report showed declines in listings, pending sales, closed sales and prices when compared to 12 months ago. The same metrics, which include single family homes and condominiums, were also down from June, with the exception of total active listings and months of inventory. Both showed slight month-over-month improvement.

 Buyers could choose from 10,982 active listings at the end of…

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As mortgage rates hit 7%, Is There a Magic Interest Rate Number That Will Convince Homeowners to Sell?

Story by Aarthi Swaminathan

Homeowner Marie Cantu, 35, lives just outside of Seattle, and has been looking to buy a single-family home outside of Boston to be closer to her family.

The mom-of-five has been “seriously looking” for three-bedroom homes for the last six months. Cantu is hoping to rent her home in Washington, and move roughly before the school year starts, so that her children can adjust better to the new neighborhood. Cantu, a stay-at-home mother, homeschools her children. 

Higher rates make housing more expensive — and less affordable — for aspiring homeowners. They have also been a major factor in keeping would-be home sellers out of the housing market.

On Wednesday, the U.S. Federal Reserve raised the benchmark rate by 25…

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Despite High Interest Rates Buyers Compete Over Low Inventory

“Although at a lower velocity than previous years, low inventory and higher interest rates keep the overall market in a more balanced state as sales keep pace with new and existing inventory,”

KIRKLAND, Washington (July 6, 2023) – Brokers with Northwest Multiple Listing Service reported their highest volume of closed sales last month (6,842) since September 2022’s total (7,504) as buyers competed for limited inventory.

The Northwest MLS report summarizing June activity showed there were about six weeks of supply (1.55 months), with twelve of the 26 counties having less than two months of inventory. Among those were King, Kitsap, Pierce and Snohomish counties, where nearly 55% of the inventory is located. Five counties reported having more than…

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Preparing Your Home to Sell

True Full Service, Marketing & The Latest Innovative Technology, for a 1% Listing Fee!

As a home seller, the initial launch of your home for sale is a very important event. We want to make sure that all our clients give a great first impression to all home buyers who enter their homes. Here are some things you should look at when preparing to list your home for sale.

Home-improvements: Our local real estate agents and home stagers can provide you information on those items that provide the greatest return on getting your home sold quickly and for making a strong first impression.

Timing: We usually recommend to list your home for sale on a Thursday to maximize exposure to the weekend home buyers. Most people searching for homes will tour…

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Housing Market Down 20% And Up 10%.... Wait… WHAT?

KIRKLAND, Washington (June 5, 2023) – Home buyers around Washington state found the largest selection of listings last month since December. Both pending sales and closed sales reached their highest volume in months. Brokers at Northwest Multiple Listing Service (NWMLS) welcomed the uptick in activity but say rising interest rates are crimping activity.

•          Year Over-Year Prices have dropped by as much as 20% in areas where bidding wars dominated.
•          Our market pricing peaked in April/May of 2022
•          However, King County residential has had an increase of 16.5% YTD for 2023.
•          The average rate on a 30-year fixed mortgage jumped to 6.79% from 6.39% the first week of May.
•          Buyers remain selective with…

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Western Washington Housing Market Moving In A Positive Direction

KIRKLAND, Washington (May 4, 2023) – Market dynamics are influencing adjustments in housing prices, suggested an officer at Northwest Multiple Listing Service, but with “very constricted” inventory, he said homes that are well priced continue to receive multiple offers.

Commenting on the latest statistics from Northwest MLS, Frank Leach, vice chairperson of the MLS board of directors and the broker/owner at RE/MAX Platinum Services in Silverdale, said despite limited inventory (about 1.5 months of supply overall), it is an “excellent market.” As summer approaches, Leach expects to see increased activity with inventory “being snapped up as it comes onto the market and savvy buyers taking advantage of softening interest rates.”

The latest report…

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