Posts Tagged ‘seattle home buying’

The chart below shows that the average number of days it is taking to sell a home on average in Seattle dropped last month.  Part of the trend is seasonal and another part is the fact that there was a tax credit expiring at the end of last month.  Activity does not seem to have dropped of however and it will be interesting to see if the trend continues. 

As of April, the average time to sell a home was about two and a half months with sellers getting 95% of their original asking price.

Stay tuned!

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Rob Graham

Windermere Real Estate

robgraham@windermere.com

206-31-6349

www.robgrahamrealestate.com

Popularity: 3% [?]

Here is a great video explaining the expansion and extension of the current first time home buyer tax credit.

Give me a call if you need help!

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Rob Graham, Accredited Buyers Representative

Windermere Real Estate

robgrahamrealestate.com

206-321-6349

Popularity: 3% [?]

Ok, so we all agree that the end is in sight if not passed.  The economic climate is improving and home prices are bouncing around the bottom.  Winter is traditionally a great time to buy a home in Seattle with less competition and generally lower activity.

 Right now is a unique opportunity for some, but not for all. 

So who should be buying a home right now?

Here is the unique situation we are currently in:

• Homes overall in Seattle have come down 22% since the highs of 2007
• Interest rates while not at their lowest are still WELL below there 20 year average and near record lows
• First time home buyers as well as Repeat buyers who have owned for more then 5 years are in line for an unprecedented tax credit of $8,000 and $6,500 respectively.

So who should be buying in this environment and who shouldn’t?

As a general rule, anyone upgrading is in great shape. 

If you are currently renting or are in a smaller home and plan on buying something

more expensive, now is the time to pounce!

Why?  If you are a first time home owner you are not likely to see a better scenario.  If you are upgrading, you will see less profit from your current home. but the discount you are getting on the larger home, more then offsets the loss you will take on your current home.  This is even further exaggerated when you consider the tax credit and low interest rates.

If however you are downsizing or considering a move to a smaller home, now may be the worst time to make a jump.  If you can avoid it consider staying put or renting out your current home to avoid taking a loss until prices rebound.  Be advised however that if you are expecting a quick jump similar to what we have seen in the stock market, you will be disappointed.  Home prices should not get back to their 2007 prices for years to come. 

Plan accordingly, good luck, and give me a call if you need anything.  Happy New Year!

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Rob Graham, Windermere Real Estate

Your Home Buying Expert

206-0321-6349

robgraham@windermere.com

Popularity: 3% [?]

I received this question from a reader of this blog.  

I thought many of you might appreciate reading the response:

Dear XXXXX,

Currently the minimum down payment for an FHA loan is 3.5%

You will also have closing costs including your loan fees, escrow fees, title
fees, prepaid taxes and interest, and recording fees.

Also keep in mind that you will want to have an inspection done on the home and
I highly recommend a sewer scope if you are purchasing a home but not if you
are purchasing a condo.

Here is an estimate of what you can expect to pay for a $300,000 home.

Escrow Fee:  $500-$600
Title Fee: $700-$800
Recording Fees: $100-$150
Inspection: $400
Sewer Scope $200

The fees associated with your bank loan will be the most expensive part of the
closing costs.  It is difficult to estimate what they might be.  Banks vary.
1% of the loan amount is typical for an origination fee, but then there are
other fees associated that you would need to speak to you lender about.

Prepaid Tax and interest is dependent upon when in the month you sign.  You
typically don’t make a mortgage payment the first month after you move but the
interest and taxes still need to be paid at closing for the period before you
first payment.

I hope the info helps.  If you have more specific questions.  Let me know a
little more about your situation and I’ll be glad to see what I can do.

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Rob Graham, Accredited Buyers Representative

Windermere Real Estate

206-321-6349

robgraham@windermere.com

Popularity: 6% [?]

Here is a video I created a few months back.  The information is still as relevant as it was then. 

Let me know what you think of the video.  I am experimenting to see if I want to make it a regular.  Part of the blog.

As always if you need help, you know where to find me.

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Rob Graham, Accredited Buyers Representative

Windermere Real Estate

206-321-6349
robgraham@windermere.com

Popularity: 5% [?]