Is now the time to buy a home? With interest rates remaining at historic lows & a portion of the Puget Sound region poised to rebound, many of the experts suggest that the answer to question is yes.
According to Moody's economists, one of the communities ready for that rebound is Tacoma (and in my opinion, some of the surrounding areas). Tacoma is the second largest city in Washington, is close to Seattle and Joint Base Lewis McChord (JBLM). Home prices were cited as having fallen in the area, but given the diverse economy, location to available jobs, and the obvious impact of a deep-water international shipping port...the area is ready to recover. Buying when the prices are depressed sounds scary to many, but the old adage is buy low & sell high! Buying just makes sense when prices are low, and interest rates make more home affordable.
Look at an example of how interest rates can impact how much home you can buy. You can try out a variety of available real estate calculators online and discover how much you can afford.
A $200,000 home has the following payments (30 year fixed, principle & interest without including hazard insurance or mortgage insurance when applicable):
4% - $995
5% - $1074
6% - $1199
7% - $1330
As the market rebounds, so will the prices...a buyer's market now could become a seller's market quickly. If you are looking for a home and have been waiting, the answer is yes....let an experienced RE/MAX broker assist you in finding your next home.
Author:Vicki McLellan Phone: 425-301-2595 Dated: August 17th 2011 Views: 1,552 About Vicki: I'm a full-time licensed professional and love what I do. I use that enthusiasm to make the process ...
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It can be a little scary to check the markets right now, wouldn’t yo
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