Let’s Talk About Home Affordability

It’s an interesting time, to say the least when it comes to real estate. In a whirlwind year thwarted by a pandemic, economic uncertainty, and asking ourselves what we really want in a property, it’s hard to think about where we want to be when it comes to calling someplace “home”. 

The Greater Puget Sound marketplace has shown unique resilience and is one of the most competitive markets in the United States. In fact, most homes sell significantly above the listing price, and in under two weeks. 

However, it’s important to keep perspective in these uncertain times. The country’s median income for a single family has grown only 3%, with the price of a home growing at least four times as fast. Mortgage rates, which are at a historic low, are offering solutions for some buyers who are able to take advantage of a good deal. First time home buyers especially are now facing a unique opportunity rarely seen in the housing market. For some, if they can swing it, it’s advantageous to try to come up with the down payment to take advantage of the low rates and find a home that offers more perks like an office space, a backyard, or an extra bedroom.

If you’re interested in taking advantage of the historically low mortgage rates, let’s make a plan together, and discuss how I can help you reach your real estate goals this year.

In the meantime, Realogics Sotheby’s International Realty is pleased to offer you resources and reports to make the most informed decisions possible. In fact, you can access monthly stats on over 100 neighborhoods to find out what the market looks like in your desired neighborhood, and see if it might be right for you.