Tips for Seattle Home Buyers

Even if you’re an experienced buyer, buying real estate takes time and patience, and hard work to find the right home. Is it an investment home you’re after, or your first home? Zillow has compiled a list of things all buyer should keep in mind when thinking about buying real estate, and here is the synopsis:
Even though mortgage interest rates have slightly risen, they are still at historic lows. This has caused many people to put a pause on their home search, scared by the recent change in rates, but that could be a mistake, as rates will likely continue to increase over the next few years. Buyers should also keep in mind that while you’re real estate agent can give you guidance,it is your job at the end of the day to make every decision. Be sure that the home your purchasing is a smart financial investment for you, and review the title documents, mortgage loan documents and disclosures, etc. Do your research to avoid any problems down the road. Generally speaking, shopping around for 4-12 months is a good time frame to give yourself to look at dozens of properties before zoning in on the right one. Drive around the neighborhoods you think you’d like to live in regularly, and be realistic about the price range. No home is absolutely perfect, so do your research and shop around before you choose the right home for you. For more information on Seattle real estate, contact your local real estate agent today.

Cash is King in Real Estate

Cash is king in the real estate market.  One-third of all U.S. home sales this past December were cash deals.  Clean offers - one with limited contigencies - especially those with no financing contigency are in high demand.   One would not automatically assumed this is a bad thing, but the issue is these cash deals are putting downward pressure on home values because sellers are accepting lower offers for a sure deal.  No where is this more prevelent than with homes owned by banks.  Banks are motivated to get real estate off their books and are not emotionally attached to the homes they sell so a sure deal is the deal they prefer.  But buyers who need to finance their home purchase do not need to fret.  For example, in foreclosures Fannie Mae and Freddie Mac prefer first time homebuyers and people who are buying the house to live in it.  Also, not all owners are like banks who are willing to take less for a sure sell.  So while cash is king, it is not the ultimate determination in real estate transactions. 

It is an unusual real estate market, inventory is down, sales are up, but at least in part due to these cashe deals there is downward pressure on home prices.  To navigate this unusual real estate market, one should contact a local real estate agent for professional advice.