If you are on the hunt for a luxurious bay-front home, look no further than 268 Sunrise AVE SE in Ocean Shores, Washington. This highly sought-after property is listed for $825,000 and boasts breathtaking views of the bay and the Olympic Mountains. From the moment you step inside, it's clear that this home has been exquisitely finished and lovingly maintained.Light and BrightOne of the standout features of this property is the spacious, light and bright interior. The huge kitchen boasts plenty of cabinet space and a pantry closet, making it perfect for the home chef. From the kitchen, you can take in the stunning great room, complete with vaulted shiplap ceilings, a gas fireplace, and incredible views of the bay. It's the perfect space for entertaining guests or simply relaxing with a good book.Luxurious Primary BedroomThe primary bedroom is another highlight of this property. It features a slider that leads to a large solarium overlooking the bay, as well as a spacious walk-in closet and a marble bathroom. The luxurious finishes and attention to detail are evident throughout the home, from the plantation shutters to the composite decks.Additional BedroomsIn addition to the primary bedroom, there are two more bedrooms in the home. The second bedroom is located down the hall and has its own bathroom, while the third bedroom is off the entry and features a full wall of built-in bookshelves.Low Maintenance LandscapeOne of the best things about this property is the beautiful, low maintenance landscape. The fully fenced yard is perfect for pets and children, and there is a firepit for enjoying the beautiful bay views on cool evenings. The two-car garage provides ample space for parking and storage.Incredible Bay ViewsOf course, the main attraction of this property is the incredible bay views. Whether you're cooking in the kitchen, relaxing in the great room, or enjoying the solarium, you'll be able to take in the stunning scenery. This truly is a bay-front stunner.In conclusion, 268 Sunrise AVE SE is a must-see property for anyone looking for a luxurious bay-front home in Ocean Shores. From the spacious great room to the luxurious primary bedroom, this home has everything you could want and more. With its beautiful, low maintenance landscape and incredible bay views, it's the perfect place to call home.

The National Association of Realtors (NAR) will release its latest Existing Home Sales (EHS) report later this week. This monthly report provides information on the sales volume and price trend for previously owned homes. In the upcoming release, it’ll likely say home prices are down. This may feel a bit confusing, especially if you’ve been following along and seeing the blogs saying that home prices have bottomed out and turned a corner.So, why will this likely say home prices are falling when so many other price reports say they’re going back up? It all depends on the methodology of each report. NAR reports on the median sales price, while some other sources use repeat sales prices. Here’s how those approaches differ.The Center for Real Estate Studies at Wichita State University explains median prices like this:“The median sale price measures the ‘middle’ price of homes that sold, meaning that half of the homes sold for a higher price and half sold for less . . . For example, if more lower-priced homes have sold recently, the median sale price would decline (because the “middle” home is now a lower-priced home), even if the value of each individual home is rising.”Investopedia helps define what a repeat sales approach means:“Repeat-sales methods calculate changes in home prices based on sales of the same property, thereby avoiding the problem of trying to account for price differences in homes with varying characteristics.”The Challenge with the Median Sales Price TodayAs the quotes above say, the approaches can tell different stories. That’s why median price data (like EHS) may say prices are down, even though the vast majority of the repeat sales reports show prices are appreciating again.Bill McBride, Author of the Calculated Risk blog, sums the difference up like this:“Median prices are distorted by the mix and repeat sales indexes like Case-Shiller and FHFA are probably better for measuring prices.”To drive this point home, here’s a simple explanation of median value (see visual below). Let’s say you have three coins in your pocket, and you decide to line them up according to their value from low to high. If you have one nickel and two dimes, the median value (the middle one) is 10 cents. If you have two nickels and one dime, the median value is now five cents.In both cases, a nickel is still worth five cents and a dime is still worth 10 cents. The value of each coin didn’t change.That’s why using the median home price as a gauge of what’s happening with home values isn’t worthwhile right now. Most buyers look at home prices as a starting point to determine if they match their budgets. But, most people buy homes based on the monthly mortgage payment they can afford, not just the price of the house. When mortgage rates are higher, you may have to buy a less expensive home to keep your monthly housing expense affordable. A greater number of ‘less-expensive’ houses are selling right now for this exact reason, and that’s causing the median price to decline. But that doesn’t mean any single house lost value. When you see the stories in the media that prices are falling later this week, remember the coins. Just because the median price changes, it doesn’t mean home prices are falling. What it means is the mix of homes being sold is being impacted by affordability and current mortgage rates.Bottom LineFor a more in-depth understanding of home price trends and reports, reach out to a local real estate professional.

If you're planning to buy your first home, then you're probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you’re intimidated by how much you need to save for that, it may be because you believe you must put 20% down. That doesn’t necessarily have to be the case. As the National Association of Realtors (NAR) notes:“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.”And a recent Freddie Mac survey finds:“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”Here’s the good news. Unless specified by your loan type or lender, it’s typically not required to put 20% down. This means you could be closer to your homebuying dream than you realize.According to NAR, the median down payment hasn’t been over 20% since 2005. In fact, the median down payment for all homebuyers today is only 14%. And it’s even lower for first-time homebuyers at just 6% (see graph below):What does this mean for you? It means you may not need to save as much as you originally thought.Learn About Options That Can Help You Toward Your GoalAnd it’s not just how much you need for your down payment that isn’t clear. There are also misconceptions about down payment assistance programs. For starters, many people believe there’s only assistance available for first-time homebuyers. While first-time buyers have many options to explore, repeat buyers have some, too.According to Down Payment Resource, there are over 2,000 homebuyer assistance programs in the U.S., and the majority are intended to help with down payments. That same resource goes on to say:“You don’t have to be a first-time buyer. Over 38% of all programs are for repeat homebuyers who have owned a home in the last 3 years.”Plus, there are even loan types, like FHA loans with down payments as low as 3.5% as well as options like VA loans and USDA loans with no down payment requirements for qualified applicants.If you’re interested in learning more about down payment assistance programs, information is available through sites like Down Payment Resource. Then, partner with a trusted lender to learn what you qualify for on your homebuying journey.Bottom LineRemember, a 20% down payment isn’t always required. If you want to purchase a home this year, reach out to a trusted real estate professional to start the conversation about your homebuying goals.

Some HighlightsIf you’re thinking of buying a home this year, be sure to factor in the long-term benefits of homeownership.Over time, homeownership allows you to build equity. On average, nationwide home prices appreciated by 290.2% over the last 32 years.That means your net worth can grow significantly in the long term when you own a home. Reach out to a real estate professional so you can start your homebuying journey today.