First time home buyers have a great opportunity with the Real Estate Seattle Market?
First time home buyers may now more than ever have a once in a lifetime chance to capitalize on their financial gain. With interest rates at true historic lows, the most competitive home prices we've seen in years and with the Seattle Real Estate market bouncing back, there are many reasons why first time buyers should take a serious look at buying their new home.
Are mortgage rates low? Yes, according to Bankrate.com the first week of July had the lowest rates on record. Check out real time mortgage rates to see what today's home loan rates are. You can check out the 30 year fixed mortgage rate, the 15 year fixed mortgage rate, the adjustable rate mortgage rate and the home equity line of credit (HELOC). With mortgage rates even 1% in a lower rate can save you thousands of dollars per year. And rates are currently up to three percent lower on home loans now than they were just two years ago. Now that should equate to a very low payment for first time buyers, possibly even a lower payment than what first time buyers are paying to rent a house or apartment.
Are home prices really priced competitively? Yes, according to Zillow home prices have dropped significantly over the last couple of years. That means every dollar on a mortgage can add a lot more purchase power to your new home. First time buyers are in a great position to get a great deal on a home that just two years ago was going for nearly double the price. Take the average price for Real Estate Seattle of about $300,000 with today's interest rates and you can most likely get a lower payment than that of your rent. When you equate tax deductions and potential for equity in the future, it really could be the best investment a first time home buyer can make today.
Is the Real Estate Seattle market bouncing back? Yes, according to economist, the FED Chairman Bernanke and many other sources, the economy and the housing market are showing more strength today and is gaining momentum every quarter. Last quarter we saw some of the biggest gains in home purchases in over a few years. So if you plan on purchasing a new house and were waiting for the market to bottom, it's possible that the bottom already hit and that tomorrow you will pay more for a house than you can get it for today.
To summarize, the Real Estate Seattle market is stabilizing and first time buyers are in a prime position to take advantage of the extremely low home prices and extremely low interest rates. Over time, real estate Seattle has gained equity and will continue to gain equity if the Real Estate Seattle 100+ year history is an indicator of the future real Seattle Real Estate market. To find an excellent Real Estate Agent and search Seattle homes click Homes For Sale Seattle
