If you have been waiting on the sidelines in the Seattle/Renton/Tacoma areas for home prices to drop before you enter the market, then we have some good news to share.
According to data from the Northwest Multiple Listing Service, the median price of a single-family home in the King County area decreased to $690,000 year over year in April. Specifically, this is around a $35,000 decrease from last April.
The Seattle Times reports that, in addition, inventory and sales that are pending saw an uptick in King County.
Some economists point to investors leaving the market, which loosened up the low inventory trend that was common over the last couple of years. In addition, decreasing mortgage rates have given homebuyers more confidence.
That confidence, coupled with less bidding wars, has begun shifting the market away from the seller-dominant market we saw in recent years to create a little more balance. So, if you have been waiting for the market conditions to shift in your favor it may be happening in 2019. This could be the year that you land that home in that neighborhood you have been eyeing.
If you are interested in purchasing real estate in the Seattle/Renton/Tacoma markets, we offer two specialty programs that you may want to consider:
With our Keys on Time Program, you can obtain a pre-approval on a loan and close in less than 20 days. If you don’t close within that 20-day timeframe, you may get a credit in your closing costs worth $895*. In addition, our SecureLock program allows you to lock in an interest rate prior to being in contract on a home to offer you protection on rising rates. Conditions and fees could apply**.
If you have any questions, make sure to contact one of our mortgage consultants.
*Not available in Oregon. The “Keys on Time” program is a limited guarantee that APMC will provide a credit to the borrower of $895 after the close of escrow if, due to some fault on the part of APMC, its originators or other APMC staff, a purchase transaction does not close until a date after the originally stated close of escrow date. The “Keys on Time” limited guarantee does not apply if the purchase transaction fails to close on or before the anticipated close of escrow date due to events/circumstances beyond APMC’s control, including but not limited to, delays caused by: an unacceptable or unexpectedly low appraisal value on the subject property, acts or omissions by the escrow or title company, second lien holder approvals, short sale approval, or loan conditions imposed by the lender that, despite reasonable diligence by APMC, are not met by any party in a timely manner. The “Keys on Time” limited guarantee trigger begins when the initial loan package is received by APMC’s Fulfillment center. The complete loan package must be received in the APMC Fulfillment center a minimum of 20 days prior to the COE date. Exclusions: The limited guarantee does not apply to the HARP program, reverse mortgages, FHA 203k, non-delegated jumbo products or any loans that require prior approval from an investor. The limited guarantee applies to purchase transactions only. All programs are subject to borrower and property qualifications. Rates, terms, and conditions are subject to change without notice.
**To qualify for the SecureLock program, APM must give full credit approval to all borrowers on the loan. There are specific terms for each lock, based on which variation of the SecureLock program is used. Eligible states include: Alaska, California, Colorado, Hawaii, Idaho, Kansas, Oregon, Texas, and Washington. Contact us today for full details.