Mortgage Monday: Home Sales Increase in Seattle, Washington

Home Sales Increase in Seattle, Washington

With the number of homes for sale decreasing in the Seattle, Washington market, home sales are seeing an increase over last year of 9%. Multiple offers are back as a part of the home sales market. Lower inventory, plus low interest rates, equals a sellers’ market. If you have been waiting to buy a home, waiting for just the right moment, what is it that you are waiting for? Answer that question and you may find that you are waiting for something that has already happened.

I was speaking to someone last week about the real estate market and she mentioned that she might be interested in buying a condo. I asked her how much she was paying in rent, and then how much she thought she could afford. I pulled out my trusty iPhone and launched an app that calculates the payments on a home purchase. I put in a price of $60,000, zero down payment, and the current interest rate. The result showed that she would pay about half of what she is paying in rent. She could own and build equity for half the money she is paying at the present time. She is getting an approval letter so that she can purchase a home. That is what you should be doing as well.

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