Consumers are feeling confident about the housing market, which could mean it is a good time to buy in the Seattle/Renton/Tacoma areas.
The confidence stems from good employment numbers, low mortgage rates* and less bidding wars. More consumers said in July that it was a good time to purchase a home and less people said they predict housing prices to increase over the next year, according to Fannie Mae.
At the same time, mortgage rates have dropped steeply to below 4 percent, compared to the beginning of 2019, when they were at 4.5 percent, according to Mortgage News Daily. Additionally, some of the hottest real estate markets in the country are seeing fewer bidding wars, according to CNBC.
Put all of this together, and consumers are feeling good at the prospect of purchasing a home at the moment.
If you are thinking of purchasing a home in the Seattle/Renton/Tacoma communities, consider an FHA Loan, particularly if you are a first-time buyer. These types of loans are ideal for new buyers because of more lenient qualifying guidelines, such as lower minimum down payment requirements and lower credit score guidelines (600 and above).
If you do get one of these loans, consider that you will likely have to pay for mortgage insurance, and you may be required to have the house appraised by an FHA-approved appraiser.
If you have any questions about purchasing a home, make sure to contact us today. We will take the time to get to know your unique financial situation and help you to try to get pre-approved.
*©2019 American Pacific Mortgage Corporation. All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply.