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August 2020

Found 3 blog entries for August 2020.

With many people continuing to hunker down in their homes during the ongoing pandemic, home-buying habits have gone through a sizable shift, both in Seattle and across the United States.

Puget Sound housing market ‘remarkably stable’ despite pandemic

“Nationwide, the pandemic caused massive changes in buyer behavior,” a recent study from real estate researchers at Point2 noted. “From square footage and number of bedrooms to access to outdoor amenities like pools and gardens, the post-lockdown home seekers are not willing to compromise on anything – and they are willing to pay the (higher) price to get it.”

In Seattle, that’s manifested in a marked increase in searches for homes under 1,000 square feet, as prospective buyers have scrambled to get out of

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To say that this is the strangest year most of us have ever experienced is an understatement. Let's talk about the changes that are happening in the real estate industry as a result of the pandemic.

First, the good news. The combination of historically low interest rates and people leaving big cities in droves has fueled the single-family housing market around the United States. These low rates are helping people who previously could not afford to buy a home to do so now. To get that ultra-low rate, lucky buyers who still have a job will be required, in some cases, to put at least 20% down and must have a credit score over 700 with proof of their ability to pay. Those unable to meet these requirements will largely remain in the rental pool.

But does a

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Two weeks ago mortgage interest rates slipped below 3% for the first time on record and after briefly inching their way back across that threshold last week interest rates have returned to just under 3% once again. According to data released from Freddie Mac, interest rates on a 30-year loan are 2.99%, not quite the 2.98% they reached two weeks ago but slightly better than the 3.01% they settled on during the week in between.

For a 15-year loan the rates landed at 2.51%, down from 2.54% last week and 2.58% the week before that. This steady decrease, without the slight uptick we saw with 30-year loans last week, is another indication of how willing lenders are to give loans to buyers with a strong financial profile on their application.

“It’s Groundhog Day

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