Interested in buying?
Right now I am sure you are aware that the amount of inventory (homes for sale) on the market is much less than the amount of buyers in the market. Seattle is hot right now. Portland is hot right now. California is hot right now! But that doesn't mean you don't have an opportunity to buy the place you want.
People always ask me what the best steps are to take when getting ready to buy their next home in this market. The first step is to be confident and know you want to buy; this means you have to be ready to go in making a quality offer. Teetering between certainty and uncertainty doesn't help in this marketplace. In fact, going into an offer situation with cold feet or a contingency plan to back out because you may changed your mind is not the best idea; in a competitive marketplace, it could mean having your offer rejected by the seller. Whether it be a town house in Ballard or Fremont, a condo in Queen Anne or Capitol Hill or a single family home in Wallingford or Madison Park - you need to be confident the time is now for you to buy.
How do you make a quality and competitive offer?
It may be wise to get pre-underwritten approved by a reputable and local lender. What that means is that you have all your financing in order, have run through various Total Cost Mortgage Analysis with your lender and know exactly what it takes to close on the house you want. You also need a good real estate agent who knows and understands the market and can give you expert advice. Making an offer is more than just putting together a Purchase and Sale Agreement contract. Rely on the experts who are out viewing homes, searching for homes and understand the market analytics in neighborhoods you want to live in. Click Here to find out what you need to get started on your loan approval.
Financed buyers are winning in multiple offer situations all the time. These buyers aren't all cash buyers. These are people who are putting 3, 5, 10, 20 and more percent down on homes. They are closing quickly, on time and getting in homes they love.
If you want to learn more about how to get your offer accepted give me a call, shoot me a text or just email me and we can discuss your options.
Need To Know Information:
In Washington there are three different loan pools to qualify in and all have their own unique financing requirements.
Conventional loans ranging from $0-484,350 in loan amount.
Conventional High Balance loans ranging from $484,351 to $726,525.
Jumbo Loans ranging from $726,525 on up.
VA Loans - Talk with Chris
FHA Loans - Talk with Chris
There are many different loan products available to buyers including but not limited to the following:
Fixed rate mortgages, available in a variety of terms
5, 7, 10,15 Year Adjustable Rate mortgages
HELOCS - home equity lines of credit
FHA reduced their monthly mortgage insurance premiums by .55%. That is about a 40% decrease in monthly mortgage insurance costs with FHA mortgages OR on a $200,000 loan that is savings of about $130/month!
I don’t know where rates are headed but what I do know is that the best way to find out what you qualify for is to set up an in-person or on the phone consultation with me. Rates are low right now.
Fact. If rates go up 1% then your purchasing power changes significantly (about 10%).
Rates will go up. There is no doubt about that. We’ve seen historical lows since 2012. The good news is that the average interest rate over the last 30 years is about 9% and rates are still lower than the average.
There are numerous different ways to qualify and you might already be there.
There are many different ways to handle mortgage insurance and Chris will put together a cost analysis for you to help you decide what makes sense financially