Why is it a perfect storm to buy a home now?
First, with escalating rents continuing to rise, you have got to be kidding me if are you waiting to buy? Look at the rents in the Seattle area alone, a studio in Capitol Hill is running around $950 or a one bedroom in Queen and or Seattle or Ballard upwards of $1500.
Secondly, inventory is at an all time high as there are so many homes on the market and prices are so low like we haven't seen in years. The word is there are now several offers being made on homes and prices are starting to rebound in the area, uhhh Don't Miss the Boat!!!
Finally, interest rates are at the lowest point they have been all year, for example your average 30 year fixed is 4.5% today 4.75% APR.
These three reasons alone are enough to make one wonder why anyone who is renting is not living in their own home. It may and probably will not get any better of a time to purchase a home. Don't be a "would have should have" kind of person. Most likely someone in Seattle will be looking at a home for sale in a few months from now saying "wow I could've purchased that $300,000 home for $225,000 and now interest rates are high".
The best thing you can do is get the facts. Find out how much house you can afford, get prequalified. Find out what monthly payments are, it may surprise you that the payments are less than what you are already paying in rent. This does not take into consideration the pride of ownership or the joy of owning your own home.
Once you have been preapproved feel free to contact me and I will put you in touch with a realtor in the area that you want to live in and get you a free list of homes to look at that you can afford.
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