Real Estate Blog

Adding an Accessory Dwelling Unit (ADU) to your property is a smart way to increase living space, boost property value, and even generate rental income. Whether you're looking to house family members or make some extra cash, here’s a breakdown of how to finance and manage ADU costs. What’s an ADU? An ADU is a secondary living space on your property, sometimes referred to as a "granny flat," "in-law suite," or "tiny house." These can be standalone buildings, attached additions, or conversions of existing spaces like basements or garages. The key is that they include a bathroom and kitchen, making them fully independent living quarters. Why Add an ADU? There are plenty of benefits to adding an ADU. Beyond increasing your property value, they can be rented out for extra income, or used to house aging parents or adult children. In high-demand housing markets, ADUs can significantly increase your home’s appreciation rate. Types of ADUs Freestanding ADUs : S...

Exciting news for the Pacific Northwest! The Biden-Harris Administration has awarded $16 million to expand affordable housing for people with disabilities in Oregon and Washington. This funding is part of a larger $138.5 million grant from the U.S. Department of Housing and Urban Development (HUD), aimed at increasing housing options and supportive services for low-income individuals with disabilities across the country. Here’s what this means for our local communities: Washington is receiving $8 million, which will create 158 new housing units. Oregon is also getting $8 million, allowing for the development of 153 housing units. This initiative is part of HUD’s Section 811 Project Rental Assistance (PRA) program, which focuses on providing rental assistance and supportive services to help individuals with disabilities live more independently. It’s a significant step forward in reducing housing costs and expanding access to affordable housing, especially for those who need it most. H...

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 ...

  How to Winterize Your Home in Port Angeles, Washington Winter is coming, and if you live in Port Angeles, Washington, you know that it can bring cold temperatures, rain, snow, and ice. While winter can be a beautiful and cozy season, it can also pose some challenges for your home. That’s why it’s important to winterize your home before the cold weather arrives, to protect it from damage, save energy, and keep you and your family comfortable and safe. In this blog post, I’ll share some tips and tricks on how to winterize your home in Port Angeles, Washington, based on the average weather and climate of the area. What is the average weather and climate in Port Angeles in winter? Port Angeles has a sub-oceanic climate, with mild, rainy winters and mild, fairly sunny summers. The town is located in the northwest of Washington state and overlooks the Strait of Juan de Fuca. It is in the area protected by the Olympic Mountains, where there is a relatively dry and sunny microclimate. Ho...