Sarosh Altaf Lynnwood WA Real Estate Agent

  If you’re a millennial, homebuying might be top of mind for you. Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the  National Association of Realtors  (NAR). And while other millennials are looking to buy for the first time, you may be one of the many who are now discovering you’ve outgrown your home. If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. As a recent report from the  Wall Street Journal  states: "They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already under way. . . .  Millennials who already owned homes traded up for more space ." So, if you’re working  remotely  now or simply have a growing need for additional space, it may be time to move. And even if you purchased your current home sometime ove...

  In today’s  housing market , there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers. Nationally, Demand Is High and Supply Is Very Low The latest buyer and seller  activity data  from the  National Association of Realtors  (NAR) indicates buyer traffic heavily outweighs seller traffic today, as shown in the maps below. There are far darker blues (strong buyer activity) on the left and much lighter blues (weak seller activity) on the right. In other words, this shows how the demand for homes is significantly greater than what’...

A  recent survey  revealed that many consumers believe there’s a housing bubble beginning to form. That feeling is understandable, as year-over-year home price appreciation is still in the double digits. However, this market is very different than it was during the housing crash 15 years ago. Here are four key reasons why today is nothing like the last time. 1. Houses Are Not Unaffordable Like They Were During the Housing Boom The affordability formula has three components: the price of the home, wages earned by the purchaser, and the mortgage rate available at the time. Conventional lending standards say a purchaser should not spend more than  28%  of their gross income on their mortgage payment. Fifteen years ago, prices were high, wages were low, and mortgage rates were over 6%. Today, prices are still high. Wages, however, have increased, and the mortgage rate, even after the recent spike, is still well below 6%. That means the average purchaser today pays less o...

  The Perks of Owning More Than One Home Many things have changed over the past couple of years, and real estate is no exception. One impact is an increased desire to own more than one home. According to the recent  Luxury Market Report  from  Luxury Home Marketing : “As trends such as remote working and flexi-hours took hold in 2021, so too did the flexibility of  relocating  as well as  the growth of second homeownership .” This may be because the pandemic has altered how we think about our homes. Where we live has become, more than ever, our  safe space  and our getaway. And with the rise in  remote work , more people are reconsidering where they want to live and buying second homes to give them greater flexibility. If you fall in that category, here are just a few of the perks you’ll enjoy, and how owning a second home may be a great decision for your lifestyle and your future. Enjoy a Change in Scenery (or Weather) When you have two...

  In an annual  Gallup  poll, Americans chose real estate as the best long-term investment. And it’s not the first time it’s topped the list, either. Real estate has been on a winning streak for the past eight years, consistently gaining traction as the best  long-term investment  ( see graph below ): If you’re thinking about purchasing a home this year, this poll should reassure you. Even when inflation is rising like it is today, Americans agree  an investment like real estate truly shines. Why Is Real Estate a Great Investment During Times of High Inflation? With inflation reaching its highest level in  40 years , it’s more important than ever to understand the financial benefits of homeownership. Rising inflation means prices are increasing across the board. That includes goods, services, housing costs, and more. But when you purchase your home, you lock in your monthly housing payments, effectively shielding yourself from increasing housing paymen...