Mortgage Monday: Still Waiting to Buy a Home

Still Waiting to Buy a Home?

If you are still waiting on the sidelines to buy a home, why? Interest rates are on the rise as well as home prices in the Seattle, Washington area.

In King County for the zip code 98166, where I am located, home sales are up 5.1% over last year. The average sold price, year over year, increased from $349,000 in 2012 to $394,000 in 2013 or an increase in the average price of 12.9%.

Interst rates last year were at 3.5%. This year the interest rate is 4.5%. A decrease in buying power is occurring in this market. Get to your lender and get pre-approved for a home loan. Next, contact me to assist you with your home purchase before interest rates get any higher.


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