Residential real estate – like most industries – enjoys the use of acronyms and abbreviations to get information across. That can make for challenging moments for consumers when attempting to track the home-buying and -selling process.
We have APR, CMA, CC&Rs and, of course, HOA – all commonly used terms to help “abbreviate” our conversations. Here are two more, perhaps lesser-known, terms worth noting – PMI and MIP. (Real estate terminologies.)
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Whether you’re reading this within a few short days of its early 2024 publication or years later, the truth still holds: Buying a home in Seattle/King County is challenging. Affordability has been a hallmark topic in this region of the country (and many other parts of the U.S.) for several years.
It’s also true, however, that owning a home comes with benefits that cannot compare to renting. To be sure, some people will never own a home – and that’s okay. The reasons are many: financial constraints, family dynamics, or a desire to remain less anchored to a home than living as a renter.
Many others want to own and are scraping the funds together to reach their goal, while others are waiting for assurances that this is the long-term place to live before deciding to invest in a large purchase – arguably the biggest in someone’s lifetime.
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If you follow the Seattle/King County housing market closely as I do, then you cannot be faulted for thinking the past year was fairly similar to the one before. Rinse and repeat, anyone?
Our reflection on the real estate journey for 2023 unveiled a landscape of rising prices, economic uncertainties and shifting market dynamics. We have turned the page and see signs of hope for an improved year for buyers and sellers – but, consumers may still take a cautious approach amid uncertainty about a possible recession, job security and other potential issues.
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The region’s real estate scene in 2023 will be remembered for rising home prices and scant new listings. Buyers and sellers tiptoed through caution. As the year dims, all eyes fixate on 2024’s potential: a hopeful dance fueled by dreams of lower rates and a wave of new homes for sale.
Welcome to our sixth annual look back at the year that was and to predictions and projections for the coming 12 months in real estate for Seattle/King County and beyond.
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If attempts to get on the property ladder have been stymied by high financing costs, an answer may be “living” within your future home.
For those seeking an alternative route to homeownership, wraparound mortgages may just be the answer. Here’s a look at this innovative financing option that’s tailored for first-time buyers and others seeking to get their dream home.
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Acknowledging the sacrifices of members of the military and war veterans is essential not only as a token of appreciation but as a means of addressing their needs, fostering a stronger society and upholding the values of a grateful nation.
Dozens of affordable home financing programs are available to military members – past and present – and their families.
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Whether you’re looking in Belltown or Bellevue, Bothell or Burien, buyers need to save up a whole lot of money before seriously considering a first-time home purchase. True? Not exactly.
There are programs established by state and local governments that provide buyers – mostly first-timers – with assistance to make a down payment or meet closing costs. The funds are typically repaid when buyers eventually sell the home or when refinancing their mortgage.
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To address ownership inequality in Washington, the state has introduced an innovative home-assistance fund for potential buyers who have been historically marginalized and restricted from ownership.
It’s called the Covenant Homeownership Program and it aims to help people who faced discrimination to now receive financial assistance with their closing costs or down payment – generally seen as the biggest obstacles to getting a home.
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Buyers looking to finance the purchase of a home amid higher interest rates and rising prices are looking closely at something known as a “mortgage buydown.” It’s a creative way to trim mortgage payments in the early months of homeownership, an option that grew in popularity late in 2022 when interest rates more than doubled from the start of the year.
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As home prices rise across Seattle/King County, making a solid impression with sellers by promising a high down payment doesn’t always make sense for buyers.
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