From my vantage point as a real estate broker, this is an exceptional time to buy real estate in our area. Why? As I tell my clients, there are three main factors:
Home prices. Over the past few years, home prices in Western Washington have for the most part decreased. If there is a property you’ve had your eye on, it’s a good bet that right now you’ll get a quality home at a good price.
Mortgage rates. Because interest rates remain exceptionally low, you may well have the ability to purchase your dream home with more affordable monthly payments than you could in the past.
The rental market. In much of our region rental vacancies are at their lowest rates in years; low vacancy rates generally translate to higher rents. If you’re a renter, chances are you may now be able to purchase a home and spend the same or less on your monthly payment than you do currently on rent. Or, if you’re an investor looking to purchase a rental property, now might be as advantageous a time as any to do so.
These factors add up to a healthier buyer’s market than we’ve seen in years. This may mean more competition for you as you search for your perfect home. To help my clients prepare to become homebuyers, I like to share the following tips:
Make sure to get pre-qualified for a home loan soon so that you’re in position to take advantage of today’s rates before they go up.
Begin your search for the right home and get a jump on the market by registering for My Home Planner on CBBain.com, which sends you email updates of homes recently listed on the Northwest Multiple Listing Service. Once we’ve had a chance to discuss your specific needs and parameters for a new home, I can easily sign you up for this and forward you login information.
You can also use My Home Planner to look at recent sold home prices to compare what homes are selling for in your neighborhoods of interest.
I’m always happy to assist you as you determine whether now is the right time to become a home buyer. So contact me today, and without obligation!