I hear so often that people are waiting to buy a home because they want to save more down payment! It’s such a valid reason to wait….but how realistic is it. How much are you planning on saving and will it actually save you money when buying a home? In this current market in the Eastside and Seattle areas, with home prices increasing monthly and the looming threat of interest rates increasing, waiting to save a few thousand dollars won’t make a huge dent.
For every 1% interest rates go up, you lose buying power by 10%. If you were qualified to buy a $550,000 home — with an interest rate increase of 1% that home now will cost $665,000.
The link below is a great article about how many years it will take to save 10% down payment. In Washington it’s over 5 years! If you rent, just think of how much you would have saved in rent. Well over 10% down on a $550,000 home.
Check out this great article and chart that depicts what increase in interest rates and the climb of home prices can do to you buying power. This also speaks to sellers as well. If you wait to sell, you're limiting the number of buyers that are able to buy your home. So if you're on the fence to buy or sell be sure to act sooner rather than later.
To celebrate the beginning what we all hope will be a Fabulous Mariners season — let us reflect what we love about baseball! It's a contest to win some tickets to a game this season. Here's what you could win!!
- A pair of Club Level tickets (some restrictions apply); and
- $25 Starbucks gift card.
Want to play? Here’s how:
Simply leave a comment below about your favorite thing about baseball season between now and May 5th at 12noon (PST). Whether it’s a favorite baseball moment, memory, favorite player —I want to hear about it. One entry per person please. A random drawing will be done of all names of those that write a comment!
This is a great snapshot of what's going many neighborhoods. And it's good news…..Market Prices are up and Market Time is down.
If you are considering selling your house and aren't sure when to do it consider this…..Buyers are looking to live in your neighborhood NOW, Today! Currently buyers that are looking to live in many of the great neighborhoods in Greater Seattle and Eastside and can’t find much to buy.
I’ve had conversations with clients who are going to sell in 2015. Several commented that they thought summer would be the best time. It’s a common misconception that can cost Seller’s thousands of dollars.
The chart shows how many home receive offers each month in our area. Things actually peak in May and trend down after that. Selling in early Spring will give you access to more buyers than waiting until Summer. Interestingly, most of the price appreciation also happens in the first 6 months of the year. Want to maxizmize your sale price — consider selling sooner than later!
Yes, home ownership is still the American Dream. And while it may appear to still be difficult to purhcase a home, many of our goals still point to homeownership. See more…
Keep Current on Regular Home Maintenance
One of the most important things you can do as a homeowner is to make sure routine maintenance is part of your plan. Catching problems early can often help you avoid larger issues down the road. What is now a minor plumbing or roof leak can cause major problems if not detected and fixed immediately. Check around your home for cracked or peeling paint, have chimneys and fireplaces inspected and cleaned, and make sure the driveway and walkways are not cracked or lifting.
Update your home inventory for insurance purposes:
If you're like many homeowners, it's probably been a while since you've reviewed your home insurance policy and reassessed the value of your home's contents. An updated home inventory of your possessions can help you determine if you have the proper type and amount of insurance. Your insurance company may make forms available to help you organize and record your inventory, and there are several home inventory software programs available. You also can download a free program from www.knowyourstuff.org. Should you have an insurance claim for property loss or damage, your inventory can help make the process and accurate valuation easier.
Audit Home for Energy Savings:
There are simple things that every homeowner can do to improved energy efficiency and save on utility bills. Switching from conventional light bulbs to compact fluorescent versions wherever possible saves money and makes things easier for you, too. For example, you will need to replace bulbs in awkward places less often. Make sure windows and doors are caulked and in good repair; this will save energy in both winter and summer. If you're planning to replace any appliances this year, shop for and compare efficient, energy-saving models.
Create a Fire Safety Plan for your Family
Everyone knows the importance of having a plan in place should a fire occur in your home. But each year, tragedy strikes homes and families who didn't think about it or who promised to make a plan "one of these days". The basics include working and properly installed smoke detectors, fire extinguishers, and an escape plan for every room. Your local fire department is an excellent resource for directions on creating a plan designed to keep you and your loved ones safe. Give yourself some peace of mind by making this the year to put that plan in place.
Information provided by
Randy Kneram, Pillar to Post