This Week in Seattle Real Estate | The Financial Corner 1.12.23

The Financial Corner

Is there a housing bubble? Will mortgage rates drop? Will housing affordability issues improve for hopeful buyers? Windermere Chief Economist Matthew Gardner gives his thoughts on these questions and more in his Top 10 Predictions for 2023.

It's a good watch, and it's always great to hope for the best, but be prepared for what's to come this year.

Mortgage interest rates have hit another holding pattern and home prices, though still rising, are a far cry from what we saw less than a year ago. So does that mean there's hope for homebuyers in 2023? Some housing experts say yes! Take a look at what's happening in our economy, inside our latest Market Update.

What You Want To Know If You’re Pursuing Your Dream of Homeownership
 
If you’re a young adult, you may be thinking about your goals and priorities for the months and years ahead. And if homeownership ranks high on your goal sheet, you’re in good company. Many of your peers are also pursuing their dream of owning a home. Above are things you should consider before buying or renting a home. 

Let’s take a look at why homeownership makes the top of so many young buyers’ to-do list and what you need to consider to achieve your goals if you’re one of them.

Top Motivators To Buy a Home: Before you start the homebuying process, it’s helpful to know why homeownership is so important to you. The survey mentioned above sheds light on some of the top reasons why younger generations are looking to buy a home. It finds:
95% believe the cost of renting is too high
35% think owing a home is an important wealth building tool
16% seek the sense of security owning a home provides
37% plan to use it as an investment property

Key Obstacles and How To Overcome Them: Whether your homeownership goals come from the heart or are driven by financial aspirations (or both), it can still be hard to know where to start when you’re looking to buy a home. From understanding the homebuying process, to getting pre-approved, and exploring down payment options, it’s a lot to wrap your head around.

The same Maxwell survey also reveals key challenges for potential buyers. Thankfully, the knowledge and guidance of a trusted real estate professional can help you overcome both. Here’s a look at two of the hurdles potential homebuyers say they face:
The Mortgage Process Can Be Intimidating: In the Maxwell study, 33.37% said one of their obstacles was that the mortgage process is confusing or difficult to understand.
It’s Hard To Know How Much You Need To Save: In the Maxwell study, 45.75% believe they don’t have enough saved to cover their down payment or closing cost expenses. What you may not realize is that, today, there’s a growing number of down payment assistance programs available nationwide to help relieve this pressure. 

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Fun Fact of the Week

The 1906 Coleman House
 
The colorful home is owned by psychiatrist Brian Coleman, who according to Spotted by Locals, has spent more than two decades transforming the nondescript 1906 Craftsman cottage into the spectacular Victorian you see today. Click here for more info.

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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.