Curious what’s going on in the Real Estate Market? Here is our National Real Estate Market Update
What’s happening in our National Real Estate market and how does it apply to you?
Well, from our perspective, now may be a very good time to buy and here is why.
Great news, the percentage of income needed to buy a median priced home is down. So taking everything into consideration, including the price, mortgage rate, and wages, it’s more affordable to buy a home now than it has been in the past. This is also great news for sellers because it means that more buyers can afford to purchase. This is especially good during the holiday season as we tend to see the housing market slow up just a little bit.
Let’s also revisit all of the talk about a recession. Is a recession in our future? Well, yes, according to most of the real estate expert advisors and analysts across the nation. But I am going to keep reminding you that a recession does not equal a housing crisis. Here’s a graph of the last 5 recessions, and we saw prices increase in three out of the last five recessions. We need to be more worried about all the hype and negative media the news is trying to create.
Also, according to the Home Price Expectation Survey which is made up of over 100 Real Estate Experts, Financial Advisors, Analysts and Economists, we are going to see appreciation over the next five years. Take for example a Seattle home priced at $750,000. You will see an increase in equity over the next five years of about $112,000. So we are anticipated to see equity, even during the projected recession, just not as much as we have seen in previous years. Remember, don’t wait to buy because you’re afraid of all this negative media. Keep in mind Seattle rent price are expected to continue to rise. So, don’t listen to all the hype, listen to the true facts.
Do you have other questions related to financing, downsizing, or real estate? Get in contact with us. Think of us as your resource for all things real estate.
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