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Welcome to my Real Estate advice column, “Dear Don,” where I answer all your burning Real Estate questions. Send yours to me at donkoonce@windermere.com, and I’ll try to answer them in future columns.
Dear Don:
Is this a good time to buy a home?
Worried Wanda
Dear Worried Wanda:
The first thing to consider is your personal situation. Here are some of the questions I would ask if we were working together:
- Are you planning to move within the next five years?
- Is your job situation stable?
- Is your credit good?
- Do you have a lot of debt?
- What is your motivation for wanting to buy?
In our current market, winter months are a great time to buy due to the lack of competition from other buyers. However, there also tends to be less inventory in the winter months.
Something else to consider is that there has recently been an interest rate drop of about one point, which will give you much more buying power for the same monthly payment.
Finally, while my gut feeling is that prices will start to rise more modestly, like 3 to 5% versus the double-digit increases of the past few years, no one can predict what will happen with the housing market and whether prices will go up or down.
That said, for an update on the Western Washington Real Estate Market, check out this guest post from Windermere Real Estate Chief Economist Matthew Gardner.
In short, the time to buy is when you need a home and can afford it. A home is an investment, but–more importantly–it is also where you live.
Warmly,
Don
Are you ready to take the plunge into the Real Estate market? Don’t do it alone. My mission is to help you achieve your life goals. Contact me today at 206-250-7291 or donkoonce@windermere.com.
