Puget Sound Property Advisors

10/05/2024

Are you waiting for rates to drop below 6%? You may want to rethink that strategy because other people are going to do the same thing.

If rates dip more, it’s likely that buyer competition will go up, driving prices higher.

Right now, we’re in a sweet spot with lower rates and more homes to choose from.

Want to learn more about why buying now might be the better move? DM me.

10/04/2024

Home Values Rise Even as Median Prices Fall

Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create.

Homes on the Market Right Now Are Smaller

The biggest reason for the dip in median price is the size of homes being sold. The median price reflects the middle point of all the homes for sale at any given time. And that’ll be affected by the mix of homes on the market.

Right now, there’s a greater number of smaller, less expensive homes on the market, and that’s bringing the overall median price down. But that doesn’t mean home values are declining.

Price Per Square Foot Is Still Rising

This means that while smaller homes are affecting the median price, the average home’s value is still rising.

So, while headlines may make it sound like prices are crashing...

Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion.

10/03/2024

Seeing headlines that the median price of a home has dropped? It's easy to assume that means home prices are falling. But that’s not the case.

While median prices have dipped, that's because smaller, less expensive homes are hitting the market—and that’s impacting the mix of sales and driving the median down.

A closer look shows prices are still rising nationally. Have questions? DM me.

10/02/2024

Secrets To Selling Your House Quickly

Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some sellers are in that tricky spot today.

According to data from the National Association of Realtors (NAR), the average time a house spends on the market has increased over the past few years.

Some of that is because inventory has gone up, so buyers have more options. And higher mortgage rates have definitely slowed demand over the past two years, and that’s out of your control.

Make no mistake, with the right strategy and agent partner, your house can still sell quickly, even today.

Here are just a few tips a great real estate agent will walk you through. They may seem simple, but advice like this can make all the difference.

1. Competitive Pricing: A local real estate agent will do a competitive market analysis by reviewing recent sales and current listings for your area...

Seeing your house sit on the market without any bites is the ultimate frustration.

10/01/2024

Buying Beats Renting in 22 Major U.S. Cities

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments.

As mortgage rates have eased off their recent peak, home prices have moderated, and inventory has ticked up, affordability has improved significantly. When you add all of that up, it’s getting less expensive to buy a home than to rent one in many parts of the country.

You see, talking with a local real estate agent about what’s happening in your market before this happens in your ideal neighborhood could really change the game for you. It’s all about being informed by a true expert, and understanding what was out of reach before might actually be getting more affordable than you think.

Now, while this study compares monthly rent to principal and interest on a mortgage payment (not the whole monthly payment), let’s think...

That’s right—according to a recent study from Zillow, in 22 of the 50 largest metro areas, monthly mortgage payments are now lower than rent payments.

09/30/2024

Don’t Fall for These Real Estate Agent Myths

When it’s time to buy or sell a home, one of the most important decisions you’ll make is who you’ll work with as your agent. That choice will have an impact on your entire experience and how smoothly it goes.

Myth #1: All Real Estate Agents Are the Same

You might think all agents are the same – so it doesn’t matter who you work with. But, in reality, agents have varying levels of experience, specialties, and market knowledge, which can have a big impact on your results.

Myth #2: You Can Save Money by Not Using an Agent

As a seller, you may think you can save money by not working with a pro. However, the expertise, negotiation skills, and market knowledge an agent provides generally saves you money and helps you avoid making costly mistakes.

Myth #3: Agents Will Push You To Spend More

You may also be worried an agent will push you to buy a more expensive house in...

When it’s time to buy or sell a home, one of the most important decisions you’ll make is who you’ll work with as your agent.

09/28/2024

Buy Now, or Wait?

Buy Now, or Wait? You may be tempted to wait until mortgage rates come down even more. But here’s what you need to know. If you wait, you'll have to compete with all those other people when you go to buy your next home. You have a chance to get ahead of the other buyers right now. Let’s connect and make it happen.

09/27/2024

Have you heard the good news? Mortgage rates are trending down.

And, if you’re looking to buy a home, that helps your bottom line. As rates drop, your monthly payment on your next home does too.

The change we’ve already seen could save you hundreds of dollars a month.

09/26/2024

Lower Mortgage Rates Boost Your Buying Power

As rates drop, your monthly payment on your next home will too. Let’s connect to talk about how today’s rates boost your purchasing power.

09/25/2024

Buy now or wait? That’s the big question for a lot of buyers.

But what you may not realize is just how much equity is at stake if you delay. Even the forecasts for more moderate home price growth could add up to $90,000 in equity over the next 5 years.

So, if you want to move and you’re able to now that mortgage rates have fallen, let’s chat about why it’s worth it to get the ball rolling.

09/24/2024

The Down Payment Assistance You Didn’t Know About

Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. And if you’re hoping to buy a home, this is a mission-critical gap to close – fast.

Amplify Your Down Payment Potential

For first-time buyers, the name of the game with down payments is making sure you’re taking advantage of all the resources out there designed to help you.

For example, there are loan options that require as little as 3% down, or even 0% for certain qualified borrowers, like Veterans. And let’s not forget down payment assistance, like grants and other opportunities, that help you cover the upfront cost of your down payment.

If you’re interested in exploring those options and what you may be able to use to your advantage, connect with a trusted lender.

Don’t Let News Headlines About Down Payments Scare You

There’s one more...

Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it. 

09/23/2024

You want your house to sell quickly and for top dollar. But pricing it too high can seriously jeopardize those goals.

So, once your house is listed, watch out for these 4 signs that it's overpriced.

And if any of these are happening to you, be sure to lean on your agent to course correct.