If you would like to read more about obtaining Downpayment Assistance to buy a home as a medical or dental professional, as a self employed person, or if you just need some additional funds for downpayment, I suggest you hop over to: www.DownpaymentForBuyers.com and read the brief details!
Short on cash to be able to buy a home in Seattle NOW? Then this is for you….
Here below is the rendering of US cities with income averages needed to buy a home. It gives you a clearer understanding where the “affordable” parts of the country are located compared to your city, or MY Fair Emerald Lady – Seattle!
The image originated from HSH.com. I mentioned them in yesterday’s post too. Who are they? They tout they are “the nation’s largest publisher of mortgage and consumer loan information.” They’ve tracked mortgage markets for over 30 years.
“HSH is an objective, independent source of information about consumer loans. HSH does not make or broker mortgages and is not beholden to any lender.”
What cities are considered affordable these days? Well, according to The Washington Post that would be: Pittsburgh, Cleveland, St. Louis and Cincinnati. Personally, I think Seattle and her beautiful surrounding burbs are also affordable, considering our cost of living and wages here. Agreed, not everyone can afford a $500-$800,000 residence, but there are still some very cute homes in our area between $200 and $400,0000 range.
If you are relocating to Seattle, I’ll find you a good match for your needs. Contact me and we’ll consult what your timing, needs and price range will be. I can also facilitate arrangements for hotel accommodations, city tour, school information, etc. If you’d like to email me or telephone me, the page where you can do so is: http://www.seattleareahomes4sale.com/contact/
Oh, and if you are still interested in the rest of the article about various cities, here’s the link: http://wapo.st/1HqouXC
Only 21 percent of Bay area residents can afford to buy homes, according the California Association of Realtors. “I think Austin or Seattle would be better places to buy,” said Stefano Acerbetti, a software development manager for a startup in SFO, though he has no plans to move away from San Francisco.
According to HSH.com, Seattle, home buyers need to earn about $73,000 to qualify for the $352,000 median, according to the analysis. In San Antonio (the closest metro area to Austin it looked at), HSH found a $45,000 salary is enough to afford the $185,500 median price.
I for one, can tell you that the market for a buyer is very brisk, whether here in Seattle or in SFO. If you are serious about being able to get a home or condo this year, YOU need to take proactive steps in advance of stepping into a real estate agent’s car or attending open houses.
What sort of steps? How about:
– Interview 3 Mortgage Brokers to talk about financing and determine what kind of loan would be the best fit for you.
– Get PreAPPROVED, not just PreQualified. Difference is that the first option actually gives you power in negotiations with a seller. All you are waiting to obtain is the report by a bank approved appraiser. PreQualification only says that based on the story you told the banker, you “look like” you can afford the house.
– Be realistic what you can afford to buy and know that in a brisk market, you may well be up against other people making offers on the same house. This process is going to take time to be the successful bidder on a property, ESPECIALLY in certain price ranges.
– Interview Professional Real Estate Brokers to look for a good personality match. Is the person a go-getter who is knowledgeable, pleasant but enthusiastic, or do they strike you as a plaid-short coat wearing motivational speaker with a dash of car sales thrown in? (*Hint: Call Rita Harris, Broker as one of your choices to interview!)
– DON’T try to negotiate with the listing agent to buy the house you want. You’re not likely to “get a better deal.” a cheap commission (buyers in our area generally don’t pay that anyway), or be put ahead of any other offer coming in. In fact, you put yourself in a very uncomfortable situation concerning the Law of Agency and representation of your interests! Would you go to court for a lawsuit and have the opposing counsel/attorney represent you in a court case? If the answer is “No” then don’t have the listing agent handle your interests. You need a Professional Broker who is an advocate of YOUR needs and interests.
Be glad you are choosing to find a home here in Seattle, WA. Although there will be a flood of buyers looking this Spring and Summer, persistence will pay off and you are money ahead of trying to buy in San Francisco. Here’s the rest of the story if you’re interested in reading: http://cnet.co/1Bij2Fu
Are you a Renter in the Seattle area? If you rent an apartment and pay the landlord on time every month, you get no boost to your score — zip.
That is, unless your landlord reports rent payments to the national credit bureaus.
Without a major positive such as rent payments in their files, a missed payment on a credit card or auto loan could have significant negative effects on your credit scores! Sometimes, the only positive thing on your credit report COULD be your stead, regular and on-time rent payments.
Are you or someone you know going to be in the market to buy a residence this year? (This can be ANYWHERE in the country.)
If you’re thinking of financing your purchase, here are six steps to take before you get a mortgage. Forward this on to family and friends who may be thinking of getting a mortgage now, or in the future.
Then let me know how I can be of further assistance!