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!
Even more great news for buyers! Not only is there ton more inventory to choose from than has been available the last few years, mortgage rates are dropping as well. This last week saw the biggest one-week drop in a decade. Rates overall are down almost a full point (1%!) from last October. Now is a great time to buy - if you've been on the fence, let's get you a home! Contact me anytime for all your real estate needs, I'd love to help you get into your new home.
See the article below from freddiemac.com (source link below, along with a good read from fortune.com regarding the rate drop):
The Federal Reserve's concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in
If you follow business and financial news, you hear a lot about which way the wind is blowing in the housing market. Including on Marketplace. From housing starts and new home sales, to existing home sales and various price indices, figuring out what all these numbers mean can be head-spinning.
Even one of the biggest homebuilders recently looked at all the signals coming from the housing market and, basically, shrugged. In January, Stuart Miller, executive chairman of real estate company Lennar, told analysts the company wouldn’t give a forecast for the year. “We’ve been careful not to give too much guidance looking ahead because there’s uncertainty,” he said in an earnings call.
How to make sense of it all? First, keep in mind that some of
After inventory and affordability challenges in 2018, prospective home buyers may have better chances of scoring a property this year. Affordability will remain an issue in some high-priced markets, says realtor.com® Chief Economist Danielle Hale, but overall, the national market is looking brighter for buyers who have stayed on the sidelines. Here’s why.
More homes are for sale. For the last few years, a limited number of listings has given buyers fewer choices. But housing experts predict more robust inventory this year. “For buyers, there is going to be more inventory, so that’s a bright spot,” Hale says. “The downside of that bright spot is it might not be in their price range.” The supply of homes for sale under $300,000 may not grow
Although consumer confidence seemed low in January with only 15 closed sales in Snoqualmie, and 20 in North Bend in what I feel is mainly due to the government shutdown; the market looking strong for sellers and buyers!
The Federal Open Market Committee (FOMC) voted to leave policy rates unchanged earlier this week during what was one of only eight regularly scheduled meeting the FOMC holds per year. Signaling that we may not see any further rate hikes this year.
Rates are still low by historical standards! Purchasing a home 10 or more years ago, chances are we were paying a much higher rate. Keep in mind we are still continuing trade talks with China and March 1st is the deadline for an agreement. However, with rates
This is one of the biggest questions people face when considering purchasing a home. Lenders frequently approve a home loan far above what people are realistically able to purchase. This can leave you house poor and really strapped for cash. This is mostly due to the fact that lender approvals and limits are based upon your gross income and do not account for income tax with holdings, health insurance and retirement savings – all things that come out of your paycheck before it hits your bank account.
What do you need to consider? In order to maintain a healthy budget, your mortgage, property taxes and home owners insurance should account for no more than 25%-30% of your take-home pay. These numbers will vary depending on a few key pieces of
There are many differences between the housing market in 2005 and the current market. In 2005, subprime loans totaled more than $620 billion and made up 20 percent of the mortgage market. In 2015, they totaled $56 billion and comprised 5 percent of the market.
Banks have raised lending standards. According to CoreLogic’s Housing Credit Index, loans originated in 2016 were among the highest quality originated in the last 15 years. In October 2009, the average FICO score was 686, according to Fair Isaac. In 2001, the average score was 490 to 510.
Posted by Hailey Miller on Wednesday, August 22nd, 2018 at 9:05am.
Want to create wealth through homeownership? Build equity.
Home equity is the percentage of your home’s value that you own, and it’s key to building wealth through homeownership. Let’s take a closer look at how to build home equity without blowing your budget — and how to access it when you need it.
How much equity do you have?
Equity is easy to calculate when you first buy a home because it’s basically your down payment. For example, if you put $11,250 down on a $225,000 home, your down payment is 5 percent and so is your equity.
From 2016 to the first quarter of 2018, most first-time home buyers in the U.S. started with about 7-percent equity, according to
These are exciting times. You've finally outgrown apartment life or living with your parents or sharing a place with waaaaayyyyy too many roommates, and you're ready to take the leap to homeownership. Now it's time to prepare. As you embark on this journey, beware of six important don'ts that could potentially derail your purchase.
Don't think it's too early to get prequalified
So, you're just going to go out "looking" at houses, you say? The time when you just expect to drive around a little and maybe visit an open house or two is obviously the time when you're going to fall in love with a house and want to make a move on it right away. If you're not already prequalified with a lender, you may not have a chance at it. Competition is fierce