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. But that doesn't mean you don't have an opportunity to buy the place you want.
People always ask me what the right 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 have 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 a pre-approval letter from 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/Oregon there are three different loan pools to qualify in and all have their own unique financing requirements.
Oregon and Washington - Conventional loans ranging from $0-$766,550 in loan amount.
2-plex loan limits - up to $981,550
3-plex loan limits - up to $1,186,350
4-plex loan limits - up to 1,474,400
Washington - Conventional High Balance loans in KING, PIERCE and SNOHOMISH COUNTY ranging from $766,550 to $977,500.
Jumbo Loans ranging from $977,500 on up.
VA Loans - up to $5 million - specific to your eligibility.
FHA Loans - specific to your eligibility and location.
There are many different loan products available to buyers including but not limited to the following:
Fixed rate mortgages, available in a variety if terms - 30 and 15 year terms to name a few.
Adjustable rate mortgages, available in a variety of terms - 7 and 10 year ARMS to name a few.
FHA reduced their monthly mortgage insurance premiums, which results in monthly savings.
I don’t know where rates are headed but what I do know is that the right 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 are in constant change.
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 Mortgage Coach Total Cost Analysis for you to help you decide what makes sense financially