Now is the time to "Move up in a down market"
Right now is actually a great time to be thinking about buying. Not
only are rates low, inventory high and massive tax credits for first
timers, the long term results are worth it alone.
Here are some reasons you should seriously be thinking about
buying right now.
Percent of Net Loss/Gain
Here is an example if you were to sell your home in the Seattle market today: You could take a 10% loss over what you desire to receive. We are all playing on a level playing field, so we would also have to consider that the seller of your move-up home would also take a 10% loss. Base on your existing home value of $550,000 less 5% we are looking at $27,500. On the surface, that is not a loss you would want to take, but if the prospective home’s value is $850,000, the net loss to the seller would be $42,500, yielding a $15,000 net gain to you.
Good Selection
The “supply vs. demand” scenario is in full swing right now hence
the lower house prices and larger inventory. What this means to the
buyer is that there is plenty
of homes and properties in all price ranges to choose from.
There is probably no such thing as the perfect home, but you can get
a lot closer to what you want than you would be able to if it were a
“Seller’s
Market.” In times past, you may have been reluctant to
sell before you had located you next home. In today’s market that
simply is not necessary with the larger inventory. This
buyer's market makes it
possible for most
buyers to find their home and
negotiate for the terms they feel is adequate.
Interest Rates
The current interest rates continue to hold in the lower areas for
the borrower. They have not risen significantly, and though they
probably will not go down much more then they already are, when the
market does pick up, we could see a rise which would also cost you
money every month. You would be amazed at what a difference just 1%
can make on your mortgage payment each month. Even though the
lenders have made it a little tougher for
buyers to obtain a loan this
is actually good, in that it helps you know exactly how much you can
afford without over budgeting yourself. Lenders are not in the
real estate business
and don't want to get stuck with a bunch of houses again, so they
are going be more careful as to who gets the loans. But they are
still lending money to those who have good credit.
Timing is everything,
and if you are considering
buying
in the Seattle
real estate
market, this truly is a great time to do it.
Give us a call today
to see how much you can afford and to look at homes in your price
range.
Contact Brett and Kristin to help you take advantage of this market.
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Kristin Frosaker Associate Broker 206-755-7918 kfrosaker@columbia-re.com |
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Brett Frosaker Broker 206-755-7858 bfrosaker@columbia-re.com  |
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