From Coldwell Banker Bain’s vantage point as real estate experts, we see this as an excellent time to buy western Washington real estate. Why? Three main factors:
- Home prices. Over the past few years, home prices in the Pacific Northwest have remained fairly stable and in some areas have 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, buyers have a greater ability to purchase the homes they want with affordable monthly payments. 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 increase.
- The rental market. In the greater Seattle area 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.
What can I expect if I’m ready to buy a home?
Because of the three factors above, we see the current buyer’s market as healthier than it has been in years. This means more competition for you as you search for your perfect home. Prepare yourself for your search by following these steps:
- Learn about the process of becoming a western Washington home buyer.
- Start your search for the professional Realtor who best fits your style and needs.
- Get prequalified for a home loan as soon as you can.
- Begin your search for the right home and get a jump on the market by registering for My Home Planner at CBBain.com. Receive emails of recently listed homes in areas from Seattle’s Magnolia neighborhood to Tacoma’s Stadium District to cities like Bellevue, Edmonds, Duvall or Renton.
- Also use My Home Planner to look at recent sold home prices to compare what homes are selling for in your neighborhoods of interest.
At CBBain, our real estate brokers are always happy to assist you as you determine whether now is the right time to become a home buyer. Contact one without obligation and let him or her help you begin your Washington home search today!
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