Are you on the fence on whether now is a good time to purchase a home? With low rates and better inventory than the area has seen in years, now is an excellent time to buy. In fact, according to Danny Forbes from Caliber Home Loans, it could cost you to wait. Here's a chart he sent detailing the costs of waiting in King County according to current projections of both home value and mortgage rates:
If you're ready to jump off that fence - give me call! I would love to assist you in all your real estate needs!
KIRKLAND, Washington (February 7, 2019) – Homebuyers around Washington state are making their way back to the market, hoping to take advantage of improving inventory, attractive interest rates, and more approachable sellers, according to officials with Northwest Multiple Listing Service.
Northwest MLS statistics for January show year-over-year improvement in the volume of new listings and total inventory, along with moderating selling prices. Although fewer pending sales (mutually accepted offers) were reported than a year ago (down about 3.3 percent), January was the smallest year over- year decline since May 2018 when the drop was about 2.7 percent.
Commenting on the MLS statistics summarizing last month’s activity, broker Gary O’Leyar said January’s
These classes are a Comprehensive, A to Z, Step by Step tutorial on the Home Buying Process. Great for first time home buyers and veteran home buyers alike. Taking the class is required for homebuyers to qualify for the WHFC Down Payment assistance programs.
Separate fact from fiction about the home buying process. Remove the mystery and uncertainty about buying a home. You will leave this class with the knowledge and confidence necessary to make informed, educated decisions about what could possibly be the largest finacial decision of your life.
Click here for more info or to register for the class!
The earnest money deposit—the cash you offer to essentially call dibs on a house—is one of the most important and misunderstood parts of the home-buying process.
Depending on where you live, you can expect to put down anywhere from 1% to even 10% of the home’s purchase price as earnest money. (In some highly competitive markets, buyers are making even larger deposits in an effort to stand out.) An earnest money deposit tells a seller you are serious about closing. Without earnest money, you could theoretically make offers on multiple homes, essentially taking them off the market until you decide which one you like best.
Don’t worry—the seller isn’t going to run off to Aruba with your cash. It remains in an escrow account or
Several new underwriting guidelines for FHA Loans will go into effect on September 14, 2015, with the release of the updated FHA Handbook. Be sure your mortgage lender is preparing for these changes. Here are a few of the most significant revisions being made.
Current FHA Guideline
New FHA Guideline
Only a canceled check is required as documentation.
The donor’s bank statement showing the withdrawal of funds will be required, and any large cash deposits in the donor’s account will need to be explained.
Definition of family member limited to spouse, children, parents/grandparents, siblings, aunts, and uncles.
This is yet another reason to buy instead of rent if possible. Otherwise you're subject to mandatory government inspections inside your house whether you or your landlord consent to it or not. No matter what the intent, that kind of thing always grinds my gears. Very "Atlas Shrugged-ish".
The intent with this is good and noble. Minimum living standards should definitely exist. However, they are already set with the current landlord tenant law. Of course slum lords do and always will attempt to skirt their responsibilities. And, currently it's pretty much up to the tenant to report violations, and/or demand repairs. Still, this seems to me like "Big Brother" sticking his nose into others' business and throwing his weight around.
Is 2015 the year to buy a home? That's the big question as we head into the spring homebuying season, and unfortunately, there's no easy answer.
For years, analysts have been saying that interest rates are headed up -- that there is, in fact, nowhere for them to go but up. But they've instead held low for much longer than expected -- and will likely continue to hold for some time, says Greg McBride, CFA, Bankrate's chief financial analyst.
"Mortgage rates are currently below 4 percent, and as long as there is enough uncertainty regarding the global economy to keep the Fed from raising short-term interest rates, we're going to see mortgage rates remain very low," McBride says. "But even when that uncertainty dissipates and the Fed does raise
Another group of confident home buyers ready to shop for a new home. Be sure to sign up for the next one if you're planning on buying a home and have any questions about the process. Or even if you don't but would like to take advantage of the down payment assistance programs.
More info below:
These classes are a Comprehensive, A to Z, Step by Step tutorial on the Home Buying Process. Great for first time home buyers and veteran home buyers alike. Taking the class is required for first time homebuyers to qualify for the Down Payment assistance programs. If you have owned a home before, but not within the last 3 years, you still qualify as a first time homebuyer.
UNDERSTANDING THE NUMBERS WHEN BUYING IN A LOW INVENTORY REAL ESTATE MARKET
As a homebuyer in today’s market, you’re no doubt at your wit’s end trying to find your dream home.
And when you find a home you love, you’re competing with all cash offers and bidding wars driving the sales price above what it’s listed for, and many times, even above what the home is actually worth!
While there is nothing you can do to create more homes for sale, you can certainly arm yourself by understanding the trends and patterns in the areas you’re trying to buy in.
While it’s not quite rocket science, there is definitely a significant competitive advantage to those that understand the trends of a real estate market.
A home buyer does not want to be caught off guard in a seller's market. It's one of the reasons that the most important thing a home buyer can do is trust his or her real estate agent to advise on market conditions. If it is a seller's market, it could very difficult, if not almost impossible, to buy the first home a buyer wants to buy.
Because home buyers generally have very little interest in the real estate market when they are not buying a home, they don't always know how the market moves from one season to another, much less from month to month. It is often uncomfortable for a buyer to be told the market is a seller's market when the buyer may believe otherwise -- especially a buyer who is trying to buy in a down real estate market.