As you can see from the chart courtesy of Aaron Hoy at Capstone Home Loans, we are still at a historically low rate. With rates expected to reach levels around 5% by the end of 2018 does this impact your plans? For some just excited to buy their first home it will impact what they can purchase. This could cause that person to purchase something smaller, needing a little more work, or in a slightly different area. Is this a reason not to purchase? I don’t feel that way at all. Prices are still going up and while we could see prices slow by end of 2018 into 2019, they will still be going up. Even a loan at 5% is fantastic. We have been spoiled now with several years below or near 4%.
In my opinion if the rates go up to 5% or slightly over this year the impact on the overall market will be very small. Each persons situation is unique and some will feel the hit with a slight bump in rate as noted in the example above. For most it will just be an adjustment to what/where they purchase.
Buying a home now will set you up for your future plans. Owning a home is likely the largest investment you will make. Is it always easy, no. I am here to help guide you through the process you make sure it is a good investment for you.
There are some great insights by Matthew Gardner, Chief Economist, Windermere Real Estate in is most resent. The Gardner Report It is looking like it will continue to be a sellers market for 2018. The question is, just how much of a shift towards a balanced market will it take by years end? It sounds like it could start that shift.
Listed at $749,950 is this amazing custom home on 15+ tranquil, wooded acres. 4 bed, 2 3/4 baths, master on main w/ gorgeous entertaining decks, atrium, slab granite, vaulted cedar ceilings, brand new roof, potential MIL, high efficiency heat pump, built in vac, hot tub, and garage/shop with three bay carport. Property features, amazing garden/orchard, salmon creek, beaver ponds, walking/riding trails, RV/toy parking, and sports court. Maybe room for granny cottage? Come, relax, enjoy!!
In Snohomish county the current inventory for January 2016 over 2015 is down over 7% while at the same time the number of homes accepting offers (pendings), rose by over 17%. How is this possible? Well it has been happening for several consecutive months now. What it means is that now is the time to sell if you want top dollar and lots of competition from buyers. Buyers are “settling” now for that home which has been on the market for a while with the thinking that at least it is available. Other sellers that priced there homes too high last summer & fall now have homes that look promising to a buyer either because they have reduced the price or the market has caught up to that “optimistically” priced home.
While it is not as crazy as the Seattle and Eastside area, Snohomish county is a very busy place.
The price was just reduced on this great property down to $385,000. Nearly 5 acres and over 2300sf home built in 2009. There is even a trail through your own mini forested area to a fishing hole on the Pilchuck River. Check out the video in the link above to see more about this cool home & property.