When is the best time to buy a home?

Does it seem like everyone around you is buying a new home?  Yet, you do not own a home – you are not alone.   There are many reason why you may not be able to purchase a home. Unfortunately, the number of Americans that own homes, as a percentage of the population, is decreasing. There are various reasons for this.

 

• There are many former homeowners that lost their homes during the financial crisis that are now renting.
•  Many others simply do not have the income or credit to qualify.

Add to this the fact that the Greater Seattle area has been in a seller’s market, home ownership is simply out of reach.

Seller’s Market

Home prices are on the rise—fueled by the extremely low supply, low interest rates and heavy investor buying— especially in the Greater Seattle area!  With not enough inventory and a glut of buyers, the Greater Seattle real estate market is definitely a  HOT seller’s market. Multiple bids offering well over asking price are pricing many buyers out of the market!  Even with great credit, substantial down payments, large earnest money deposits and waiver of inspections, potential buyers are losing the opportunity by as little as $1,000.

$1,000 can make a big difference

A colleague of mine from Buffalo – NY, Colleen Kulikowski stated in a recent blog post, “A new report by the National Association of Home Builders points out that an increase of just one thousand dollars in the price of a new home can upset the delicate balance of income-to-debt ratios required to qualify for mortgages. According to their report, that $1000 increase in a home’s price knocked over 200,000 potential buyers out of the market in 2013, assuming a 10 percent down payment and a 30-year mortgage.”

See if we can help!

We have the knowledge and the expertise to position you in the current seller’s market.  It is all about strategy and putting together the best offer package.  It is not just about the offer.  There are many things that can and will influence an offer. We at the Knowles Team know what those are.  Can we help you?

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Want to Buy, Sell or Invest in Real Estate?

Are you interested in buying a home?  Stay on top of the market! We can send you real-time listings of area homes as they come on the market – find out how. Want to find out what your home is worth?  Request a FREE Market Analysis TODAY! Contact the Knowles Team TODAY at (206) 588-8418 to discuss what is happening in today’s Greater Seattle area Real Estate Market. The Knowles Team will be happy to give you a personalized Comparative Market Analysis for your home or assist you in purchasing a home.