Sellers have to realize that the competition for buyers is brutal as shown by the huge increase in months of inventory and days on the market. Also, home prices have settled. The seller’s list price is critical. Buyers are looking at the new listings and those that sit will do just that until there is a significant adjustment in price.
As we see mortgage interest rates increase so quickly, the buyer pool in every price range moves down the ladder. Keep in mind that an interest rate increase of 1% reduces the buyer’s buying power by 10%. This means that a borrower that could comfortably afford a $1M property before the increase, can now only
What is a 2/1 temporary Buydown Read More »
2021, what a year! Tom Perry Realty Executives Brio - January 2022 All data from Northwest Multiple Listing Service.  We will remember 2021 for the continued effect of the covid virus, shortage of goods in the stores because of shipping and transportation issues, the highest inflation numbers in many years, automotive shortage because of
2021 Year End Statistics for Seattle’s Eastside Read More »
Take a look at home value appreciation across the country and our neck of the woods.  Nationally: Home prices rose a nearly 8% according to several reports. Contributing to this were several hot pockets both urban and rural. Prices rose 10% and higher in these smaller metropolitan markets: Indianapolis, Kansas City, Boise, Austin, Cleveland,
2020 Year End Statistics Read More »
Summary of an Article from Realtor.com . Millennials, the largest generation in U.S. history Millennials are the largest generation in U.S. history, surpassing Baby Boomers. They were born between 1981 and 1997. For the last 5 years, they have been the dominant buying force in the market. This survey was conducted in June 2020 of 2,000
Who is Today’s Millennial Home Buyer? Read More »
