Looking to purchase real estate in the Seattle area, but are concerned about pricing? Like many others, you may consider Tacoma.
According to a recent report, Tacoma has dethroned Seattle as the hottest real estate market in the U.S.
The report states that homes in Tacoma stayed on the market eight days on average between May 1 and May 9, while staying on the market for nine days in Seattle. Also, over that timeframe, the median sale price in Tacoma was $370,000, compared to $595,000 in Seattle.
Aside from price, many home buyers are coming across less bidding wars in Tacoma than they are in Seattle, where large, all-cash offers are still coming in, according to The Seattle Times. In addition, Tacoma is offering buyers more bang for their buck in terms of what their money can buy and walkability.
If you are ready to purchase a home in the Tacoma area, we want to educate you as much as possible so that you can make an informed decision about your financial future. To begin the home-buying process, it is ideal to get pre-approved for a loan and complete a loan application. To help give you an idea on how to do this, we have compiled the following list of documents the lender will likely request from you:
- Proof of Identity (driver’s license/passport)
- Income Verifications (pay stubs, tax returns, W-2s, bank statements, etc.)
- Personal documents (If you have gone through a divorce, paperwork on that, bankruptcy information, if you have gone through one, etc.)
In addition, some things to keep in mind during this process involve not making huge financial decisions/changes. That is because your financial picture will be reviewed to make sure you are not too risky of a borrower. This includes not making large purchases on a credit card, opening new credit cards, changing jobs, etc.
These are just a few tips to prepare you for what is ahead on this exciting journey of the home-buying process.
If you have any questions about the Tacoma market, or the home loan process, don’t hesitate to contact one of our mortgage consultants.