Seattle’s economy is getting stronger and stronger and the evidence of this is the price of homes is going up. Last summer, it was estimated that the price of a home for sale in Seattle went up $500 per week ($26,000 per year). But the age-old question remains: is it better to rent or buy a home in the Pacific Northwest?
The fact is, it’s better to buy a home now rather than wait. Prices will continue to rise as more people move to Seattle and the supply will begin to shrink. Seattle is the fastest-growing city in the United States and people are buying homes fast.
While renting, you can miss out on these home value gains. Even if you purchase a home now that might not be the perfect fit, you may be able to move up to a different home later and rent or sell your previous one at a projected gain. You can ride a surging market rather than being left behind.
Another benefit of buying over renting is the mortgage rates in Washington. National mortgage rates hit a 16-month low in October. At advertised rates of less than 4%, now may be the best time to take advantage and apply for a mortgage loan.
Additionally, though there are fewer overall applicants for mortgage loans, the applicants rose 11% in the first week of October. Banks and lenders are making it easier to qualified potential buyers to qualify for a mortgage.
Rates are low but may not remain that way. The market saw a significant rise in mortgage rates last spring and summer, so fall 2014 may be the ideal time to buy rather than renew that lease agreement.
While you make up your mind as whether or not to rent or buy, take our expertise and advice under consideration. We have beautiful, move-in ready homes available now in great locations in the Puget Sound region. There are multiple options available in Dylan Heights, Lakeridge Heights, and new constructions in Sunset Ridge coming soon!
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