A house is one of the largest purchases that we will make in our lifetimes… is it worth it? YES! Buying a home in the Greater Seattle Area versus renting can actually save you a massive amount of money in the long run.
Mortgage rates have been rising over the past year, making it more expensive to obtain a home loan. Property prices are on the surge as well. In the Queen Anne neighborhood of Seattle, the average home price has climbed from $450,000 to over $550,000 over the past year! This news is shocking, but buying a home is still relatively affordable compared to all that cash you are giving your landlord.
We did a little bit of research to show you just how much you could save through buying a home:
The average rent for a property in Queen Anne as of August is $2000/ Month. Now if you wanted to buy that $550,000 dream home we mentioned above, you would actually save $34,900 over the typical 30 year loan period! Talk about a smart investment. [1]
According to Freddie Mac, mortgage rates would have to exceed 7 percent to make homes unaffordable to the average person. This does fluctuate per city, but with the housing market in the Greater Seattle Area this proves true.
So check out our website and start searching for that home you’ve been dreaming of! Or call us today at 206-504-3660.
Note: One thing to consider when making the rent vs. buying decision is the down payment. The average down payment ranges from 10 to 20 percent, but there are flexible mortgage options to suit different needs. Contact Team Troy today to find out more about your Financing Options [2].