Rates Are Still Low. What Are You Waiting For?
Interest rates on a 30-year-fixed rate mortgage this morning is 3.75%. How long it is going to stay under 4% is anyone’s guess. If you are planning on buying a home in the next 2 to 3 months, get your pre-approval letter from your lender, lock in your interest rate and find that home you want to buy. Interest rates this low will not last forever, so start your search today.
With a lot of shadow inventory hanging out in the banks’ back pocket, prices on homes are going to remain low for some time. The inventory that is currently for sale in King County Washington has shrunk in the last few months. Six months of inventory is considered a balanced market, and that is exactly where we are at this time. Look under the Resource Tab above for the Trend Graphics file for South King County. The market is set for some more inventory to come on in the next two months with the banks releasing their Real Estate Owned (REO) inventory to lessen their debt load.
The right time to buy is NOW!