Real Estate Blog

The Washington State House of Representatives has approved House Bill 1696, aiming to broaden homeownership opportunities for residents, particularly those historically affected by housing discrimination. ​ NonStop Local Tri-Cities/Yakima Key Provisions of HB 1696: Expansion of the Covenant Homeownership Program: Established in 2023, this program offers down payment and closing cost assistance to first-time homebuyers. The recent bill proposes to increase the Area Median Income (AMI) eligibility threshold from 100% to 120%, allowing more individuals to qualify. ​ Loan Forgiveness: The bill introduces loan forgiveness for qualifying participants after five years, reducing the financial burden on new homeowners. ​ Impact of the Covenant Homeownership Program: Since its inception, the program has facilitated the purchase of 247 homes across 20 counties, with an additional 54 loans pending. This initiative addresses historical barriers to homeownership faced by Black Ameri...

During the intense housing market of the pandemic years, cash offers dominated, often outpacing traditional buyers. However, the landscape is changing, offering new opportunities for smaller investors and regular homebuyers. Decline in All-Cash Purchases According to a recent Realtor.com® report, the percentage of investors buying homes with all cash dropped to 64% in the first quarter of 2024. This is a notable decrease from the fourth quarter of 2021, when nearly 69.7% of investors were making all-cash offers to secure properties in competitive bidding wars. This marks the lowest level since 2008. For regular homebuyers, this trend is good news. With fewer investors wielding cash offers, the playing field is leveling, making it easier for everyone to compete. Why Cash Isn't King Anymore One significant factor in this shift is the rise of independent investors, often referred to as "mom and pop" investors, who now make up 62.6% of investor purchases. These smaller invest...

 As we keep an eye on the housing market, mortgage rates have remained steady this week, leaving many potential homebuyers in a holding pattern. Meanwhile, inventory is growing, but sellers are starting to pull back. Let's break down the latest market trends and what they mean for you. Mortgage Rates Update This week, the average 30-year fixed-rate mortgage edged up slightly to 6.78%, just above last week's 6.77%, according to Freddie Mac. The 15-year fixed-rate also saw a slight increase, reaching 6.07%. These rates have stayed relatively stable following a recent three-week decline. What’s Next for Interest Rates? Next week's Federal Reserve meeting is expected to provide some clarity on the future of interest rates. While a rate cut in July is unlikely, many analysts anticipate that cuts could begin in September. Danielle Hale, chief economist at Realtor.com, suggests that even a 'data dependent' stance from the Fed could hint at lower rates on the horizon, poten...

 Understanding a home's price per square foot can help you determine if you're getting a good deal or paying too much. It's a handy metric when you're shopping for a home, offering a quick way to gauge whether the seller's asking price is reasonable compared to similar homes in the area. Zillow® analyzed the top 50 U.S. metro areas to find the lowest and highest price per square foot for a typical home. As of April 2024, the median price per square foot in the 10 least expensive metros was under $164, with Cleveland being the most affordable at $124 per square foot. On the other hand, the 10 most expensive metros ranged from $328 to $1,004 per square foot. This median figure represents the middle point, where half of the homes are more expensive per square foot and half are less. Many of these metros also appeared on Zillow's list of the 25 most affordable places for buyers in 2024. However, not all of these affordable markets had low enough square footage cost...

 When you're ready to buy a home, tapping into the expertise of real estate agents can be invaluable. We asked four of our partner agents to share their best advice on staying on budget in a competitive housing market. Whether you're a first-time buyer or a seasoned homeowner, these 21 tips can help you navigate the journey to homeownership. 1. Find Your Financial Comfort Zone Shelly Salas, a broker with Your Home Sold Guaranteed Realty, emphasizes the importance of getting pre-qualified for a loan to understand your purchasing power. She advises clients to consider their current rent and desired lifestyle when determining their budget. "Just because you qualify for a higher loan doesn't mean you want to stretch your finances thin," Salas says. "It's about finding a home you love within a comfortable budget." 2. Explore Government Programs for Down Payments Government programs can assist with down payments, even if only one partner has never owned a ...

Are you ready to take the exciting leap into homeownership? Becoming a first-time homebuyer is a significant milestone in your life, and it's an adventure that requires some preparation. Here's a guide to help you embark on this journey with confidence and ease: 1. Establish Your Budget:  Begin by assessing your financial situation. Determine how much you can comfortably afford as a down payment and your monthly mortgage payments. Take into account additional costs like property taxes, insurance, and maintenance. Being clear about your budget will help you narrow down your options and avoid overextending yourself. Play with a  mortgage calculator  to get a better sense of what payments will look like.  2. Check Your Credit:  Your credit score plays a crucial role in securing a mortgage with favorable terms. Review your credit report and address any discrepancies or outstanding debts. A good credit score will not only make you eligible for better loan options but...

                                       Just saw an article by  Yaёl Bizouati-Kennedy on  GoBankingRates  : The top key points are: Uptick in New Listings : In August, there was a 4% increase in new home listings across the United States, providing potential homebuyers with more choices. This positive development is seen as a relief for those waiting to enter the real estate market. Persistent Competition : Despite the increase in listings, the competition for homes remains strong. The article emphasizes that buyers still face significant competition in the real estate market. Inventory Improvement : While inventory levels are still lower than pre-pandemic levels, the surge in new listings represents a welcome respite for home seekers who have been dealing with limited options. Positive Trends in August : The article highlights a reduction in the annual deficit of new listin...