Inland Northwest's Real Estate Adventure

Home Sales Expected To Continue Increasing In 2019 Freddie Mac ,  Fannie Mae,  and the  Mortgage Bankers Association  are all projecting that home sales will increase nicely in 2019. Below is a chart depicting the projections of each entity for the remainder of 2018, as well as for 2019. As we can see,  Freddie Mac ,  Fannie Mae,  and the  Mortgage Bankers Association  all believe that homes sales will increase steadily over the next year. If you are a homeowner who has considered selling your house recently, now may be the best time to put it on the market. If you are looking to purchase a home in 2019, or even in 2018, Please reach out to me and let's see what I can do to help you.  Jeremy Lemm 509-217-9904 jjlemmrealtor@gmail.com

Housing Market: Another Gigantic Difference Between 2008 And 2018 Some are attempting to compare the current housing market to the market leading up to the “boom and bust” that we experienced a decade ago. They look at price appreciation and conclude that we are on a similar trajectory, speeding toward another housing crisis. However, there is a major difference between the two markets. Last decade, while demand was being artificially created by extremely loose lending standards, a tremendous amount of inventory was coming to the market to satisfy that demand. Below is a graph of the inventory of homes available for sale leading up to the 2008 crash. A normal market should have approximately 6 months supply of housing inventory. As we can see, that number jumped to over 11 months supply leading up to the housing crisis. When questionable mortgage practices ceased, and demand dried up, there was a glut of inventory on the market which caused prices to drop as ther...

I found this article and found it interesting, especially with the Real Estate Market seeming to continue it's historic climb. I am sure we will see things to start cooling off, as we have seen in some markets. But, we will see the bottom drop out like we did in the early 2000's? 4 Reasons Why We Are Not Heading Toward Another Housing Bubble With home prices continuing to appreciate above historic levels, some are concerned that we may be heading for another housing ‘boom & bust.’ It is important to remember, however, that today’s market is quite different than the bubble market of twelve years ago. Here are four key metrics that will explain why: 1.      Home Prices 2.      Mortgage Standards 3.      Foreclosure Rates 4.      Housing Affordability 1. HOME PRICES There is no doubt that home prices have reached 2006 levels in many markets across the ...

Buying Is Now 26.3% Cheaper Than Renting In The US The results of the latest  Rent vs. Buy Report  from  Trulia  show that homeownership remains cheaper than renting, with a traditional 30-year fixed rate mortgage, in 98 of the 100 largest metro areas in the United States. In the six years that  Trulia  has conducted this study, this is the first time that it was cheaper to rent than buy in any of the metropolitan areas. It’s no surprise, however, that those two metros are San Jose and San Francisco, CA, where median home prices have jumped to over $1 million dollars this year. Home values in San Jose have risen 29% in the last year, while rents have remained relatively unchanged. For the 98 metros where homeownership wins out, 97 of them show a double-digit advantage when buying. The range is an average of 2.0% less expensive in Honolulu (HI), all the way up to 48.9% in Detroit (MI), and 26.3% nationwide! Below is a map of the 100 metros th...

Here is an article on rising mortgage rates and their effects for homeowners. In our market homes are still selling pretty fast and with Amazon and other companies coming to the area it seems it will maintain the pace. But with anything time will tell.  What do rising interest rates mean for homeowners? Mortgage payments might go up, but the market as a whole will likely shrug By  Jeff Andrews   Feb 20, 2018, 12:49pm EST Since the housing collapse 10 years ago, the U.S Federal Reserve has maintained a loose monetary policy, keeping interest rates low and providing easy access to credit. But with the economy nearing full employment and corporate America raking in record profits, the Fed’s policy is tightening. After years of a fixed 30-year mortgage interest rate below 4 percent, that rate is now 4.5 percent.   Anxiety over rising interest rates was one of the factors that caused the recent  stock market swings,  and it’s only a matter...

Congrats! Your Offer Has Been Accepted, But Now What???? Congratulations on your offer being accepted! You have worked very hard to get this far, but there are many more steps that need to happen in order for you to purchase the home. Earnest Money (EM)  – This amount is outlined in the Purchase and Sale Agreement, and is typically about 1% of the purchase price. This amount has to be submitted via cashier’s check or personal check to either Coldwell Banker Trust, or the closing company. This check must be received within two days of mutual acceptance (MA) of the purchase and sale agreement. This money is credited towards your closing costs or down payment at closing. Inspection –  This is a very important part of the process. In most cases you have 10 days from MA to perform any and all inspections that you want on the house. The first one would include an overall Home Inspection, you pay for this home inspection because it is for your knowledge and your propert...