Why now is the time to purchase your next home in King County
Many Seattle-area residents have heard stories from homeowners who make five or six bids before getting an offer accepted. Or the family who paid for four pre-inspections prior to making an offer and lost out every time. Many folks have developed buyer’s fatigue and have resigned themselves to being renters for the foreseeable future.
But that may not be the best decision. Although every individual will have to do their own math, the housing market is currently cooling and becoming more accessible, particularly for first-time homebuyers. Here’s 3 reasons why now is the time to stop renting and start your home search.
Inventory is rising
Low inventory is one factor that drives price increases. But there’s good news for prospective buyers. According to the NWMLS, the number of homes for sale has increased 48% since this time last year.
More listings doesn’t just mean more choice: it also means less competition. Your real estate agent may be able to craft an offer that retains many of your contingencies, since you may not be competing with as many other buyers.
Rent increases are unpredictable
It’s also difficult to guess what your landlord will decide to do the next time your lease is up. They could increase rent to cover an increase in their property taxes, or for any number of reasons. Owning your own home could prevent you from having to move due to an unaffordable increase in rent, and you’ll be able to take advantage of the mortgage interest rate deduction.
Still not convinced? A recent study by Trulia revealed that nationally, buying a home is 26.3% cheaper than renting. Of course, this depends on a lot of different factors — the amount of your down payment, interest rates, and home purchase price, to name a few — but the data is encouraging.
Are you taking advantage of our dynamic market? We’d love to hear about your experience below. Or, are you ready to start your home search? Talk to our team.