Consumers have a lot of confidence about now being a good time to buy a home.
A new report from Fannie Mae highlights its Home Purchase Sentiment Index that reached almost as high as a year ago in May. In fact, the report indicated that there has been a 13 percent jump in positive responses as to if now is an ideal time to purchase real estate.
Additional, the data showed that the number of people who believe it is a good time buy jumped by 6 points just since April.
A mixture of the expectation that home prices could go up over the next year, combined with confidence in the economy and job security could be a part of why this change in perception of buying real estate has happened.
If you fall into this category of people who believe that now is a good time to purchase real estate in the Seattle/Renton/Tacoma areas, then there are some key steps you may want to take now.
- Research – Spend some time learning about the home loan process, the local market and ask around for referrals to a lender and real estate agent.
- Contact a Loan Officer – You will want to get a loan officer involved as soon as possible so they can sit down and learn your financial goals. They can also discuss various home loan programs to educate you on your options.
- Apply for a Pre-Approval – It is important to get pre-approved for a home loan prior to shopping listings. That is because you will have a good understanding of how much you can afford and what your monthly mortgage payment would look like.
If you follow these three steps, you may be in a good position to capitalize on the current market.
If you have any questions about how to begin the home loan process, make sure to contact one of our mortgage consultants. We have a long history in the Seattle/Renton/Tacoma areas and we will take the time to understand your unique financial picture and goals so that we can set you on a path toward home ownership!