Something from Bob
Fall is definitely here in the PNW. Check out this article for the top 6 suggestions home owners so do in October. What resources/services can I provide/refer you to as you get ready for winter?
Mortgage rates continue to go down. September's monthly average was lower than all months in 2023. The Fed is expected to cut rates again this year. Will that continue to lower mortgage rates? Time will tell, but fingers are definitely crossed. As always, to see how the current yearly average compares with years past, check out my website.
The most recent monthly market update from the NWMLS shows a continued increase in inventory (year or year) -- 31.4% to be exact. That's good for buyers. At the same time, sellers are still seeing increases in the final price they are paid -- up 5.8% from 2023. These percentages are for the entire state, but specifics can be found in the report.
As always, I'm available to talk about your plans and/or anything I've mentioned above.
Until next month... |
Buyers Beware: Eight Warning Signs You Shouldn't Ignore
When buying a home, it's essential to look out for potential issues that could lead to significant costs. If you notice any of the following warning signs during a viewing, consider them red flags. Ensure you get a thorough inspection that covers specific issues and includes a cost breakdown for repairs.
Structural Problems
Be wary if you see cracks in walls or floors. Pay attention to doors that are hard to close or have crooked... Read More
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Protect Your Roof and Foundation with These Fall Tasks
A well-maintained roof boosts curb appeal and prepares your home for fall and winter. Extend your roof's life span and save on repairs with these tasks to safeguard your roof and foundation.
Give Your Roof a Checkup
Examine your roof for damage, such as missing, cracked, or curling shingles. Even minor damage can lead to leaks and significant problems. If you notice moss... Read More
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Understanding Current Mortgage Trends: Insights from Freddie Mac
Freddie Mac's recent report, "U.S. Economic, Housing, and Mortgage Market Outlook," sheds light on the current state of refinancing trends. Higher mortgage rates since 2022 have significantly slowed refinancing activity. With the average mortgage rate on outstanding loans at 4.1% in Q1 2024 and rates climbing to 6.9% by the end of Q2 2024, homeowners have little incentive to refinance. However, refinancing remains an... Read More
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Past Newsletters
In case you missed a previous newsletter, all of my Out of Bounds Realty newsletters can be found here.
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Housing Market Optimism Rises as Mortgage Rates Slowly Decline
The housing market may be starting to favor homebuyers, according to the National Association of Realtors (NAR). Existing-home sales increased in July, bringing about an end to a four-month decline. With inventory levels on the rise and mortgage rates dropping, homebuyers will not only have more options to choose from in the current market, but they'll see an improvement in affordability as well.
Improving Home Sales
Existing-home sales climbed in July in three of the four major U.S... Read More
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Optimize Your Small Kitchen with These Stylish Solutions
A kitchen is one of the most important rooms in the home. If you're planning a kitchen makeover but are tight on square footage, creative interior design can still make a big impact. These tips will bring your small kitchen to life.
Prioritize Must-Have Features
Before starting your design, make a list of absolute essentials you can't live without. Maybe you've always dreamed of wall-mounted shelving for your spice jars, a coffee corner with all your gear, or a wall rack for your cast iron collection. Once you've decided on your must-haves, build your design around them.
Stick with a Functional Layout
Consider the work triangle... Read More
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Market Statistics Around the Puget Sound Region
The market has been very dynamic for years -- either a strong seller's market or a strong buyer's market. I've put together some graphs to show what's happening.
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Mortgage Rates since 1971
Interest rates have changed -- jumped, some say. But, looking at the past can put into perspective how good or bad the current rates really are. Take a look.
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