4 Reasons Why Summer Is a Great Time to Buy a Home

June is National Home Ownership Month and while there are always many reasons to buy a home, purchasing a home in the summer can provide some additional benefits. Here are four great reasons to consider buying a home today instead of waiting.

  1. Prices Will Continue to Rise – Seattle and the Eastside will continue to have double-digit appreciation for the foreseeable future. Example: a $850,000 home with 10% market appreciation will cost $935,000 next year.
  2. Mortgage Interest Rates are Projected to Increase – Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have increased by half a percentage point already in 2018 to around 4.5%. The Mortgage Bankers Association, Fannie Mae and Freddie Mac are all projecting that rates will increase by nearly a full percentage point by this time next year. An increase in rates will impact your monthly mortgage payment and reduce the price of home you can afford. With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5%.
  3. Either Way, You are Paying a Mortgage – There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s. As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity. Are you ready to put your housing cost to work for you?
  4. It’s Time to Move on With Your Life – The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. With both being on the rise, look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings. Let’s get together to discuss your options and find your dream home!

Visit us on the web at www.maryleerealestate.com

More in Marketplace

More than 100 Boeing employees joined 6,000 attendees from around the world at the 2018 Out & Equal Workplace Summit in Seattle, where Boeing was the event’s first-ever Host City Sponsor.
BoeingPride on full display at Out Equal Summit

Company plays host to more than 6,000 workplace advocates in Seattle, WA

LIVING GREEN: Sustainable homes a great place to start

Puget Sound area residents can find their green real estate expert at Engel & Völkers

Boeing reaches out to help military members and their families

Growing up on a military base can have its share of challenges… Continue reading

A $1-million grant from Boeing to The Nature Conservancy will help restore Northwest forests burned during wildfires and support tree planting in urban areas in Washington.
                                A $1-million grant from Boeing to The Nature Conservancy will help restore Northwest forests burned during wildfires and support tree planting in urban areas in Washington.
Boeing announces nearly $250 million in corporate giving

Includes $55 million in new grants to charitable partners and their programs in 2019 and beyond

First BOEING 777X flight test airplane comes together

Boeing’s longest passenger jet to fly in 2019

Community comes to Crossroads this winter

Enjoy entertainment, family nights and more

Sky’s the limit with this lakefront getaway property

Engel & Völkers Seattle partner with pioneer Lake McMurray family to offer stunning acreage

Crossroads celebrates the giving season with community

Bellevue center launches month of special events and opportunities to give back

Boosting community on Mercer Island can be THIS easy!

Mercer Island Community Fund grants support Island events and programs

Not everyone feels celebratory at the holidays. Remember, it’s okay to take some time and space for yourself, or to ask for help.
Are the Holidays too Much? Tips to Manage Stress this Holiday Season

Leaves are changing colors, pumpkin spice is in the air and little… Continue reading

This could be your new dream home!

40-acre Washington luxury property appeals to equestrians, preppers and more