Relate to Real Estate

  Now, more than ever, having the right home insurance is essential.  With rates on the rise, how do you ensure you're getting the best coverage without breaking the bank? Let's explore the ins and outs of home insurance and uncover some strategies to secure the best deal for your home . Understanding the Rising Costs of Home Insurance Since 2019, home insurance rates have surged by 37.8% across the United States. Several factors contribute to this rise: Inflation and Home Prices : As home prices increase, so does the cost to insure them. Inflation has also driven up the cost of building materials, making repairs more expensive. Natural Disasters : Climate change has led to more frequent and severe natural disasters, resulting in higher claims and, consequently, higher premiums. Insurance Company Costs : Insurance companies are facing higher costs to repair homes and are passing these costs on to consumers. In Washington , home insurance rates are following the national tren...

Lately, there's been a lot of buzz about what's next for home prices, especially with 2024 shifting gears in some markets. Here in King County, we saw a 5.4% increase in median price for residential homes and condos as compared to this time last year (stats pulled from NWMLS June report). So what about the future of the market? No one has a crystal ball, but experts have released early predictions for home prices in 2025. Take a look: The Big Picture: National Home Price Predictions for 2025 The year is moving quickly and 2024 is halfway over! Looking ahead to 2025, experts predict a slowdown in the national housing market's breakneck pace. Now, that doesn't mean prices are plummeting. In fact, the average forecast anticipates a +2.5% increase in national home prices for 2025. That would mark the 13th consecutive year of home price growth .  Home projections vary among groups, with predictions running from a 0.3% increase to 4.4% Goldman Sachs: +4.4% growth in home pr...

Since 2019, the real estate market has transformed dramatically. Remote work, low mortgage rates, and high demand for homes led to a boom in new construction. Even with a slight cooling in demand and rising mortgage rates, new builds remain crucial in today's market. Did you know that newly built homes made up 33.4% of the market in Q1 2024 according to Redfin?  Why New Construction Homes Are in High Demand: Limited Supply of Existing Homes : Builders are constructing about 1 million single-family homes a year, but many homeowners are holding onto their properties due to high mortgage rates. This means new constructions are filling the gap in the market. Attractive Pricing and Incentives : Builders are often more flexible with pricing and offer enticing incentives like mortgage rate buy-downs, price cuts, and covering closing costs. New homes are becoming more affordable compared to existing ones, with a median sale price only 4% higher than that of existing homes. Why Consider a N...