Wall Street Journal’s Market Watch has named the Seattle – Bellevue – Everett area as one top five markets in the nation for selling your home. From the article:
Homes are flying off the market in Seattle. Listed properties spent a median of 56 days on the market as of January, down 38% from a year ago, according to Realtor.com. That’s almost half the median time homes are listed nationally….
….buyers have been left with a smaller number of homes to bid on, which in turn encourages multiple offers on properties that can push the purchase price higher than the asking price, experts say. There were fewer than 4,000 homes for sale in the Seattle metro area as of January, down 44% from a year prior, according to Realtor.com.
This morning’s S&P/Case-Shiller Home Price Index also provides some positive data revealing that the Greater Seattle’s prices are up 8.2% year-over-year.
For hopeful home buyers, this means they need to make sure they have their ducks in a row before making an offer on a home. Home buyers in competitive markets like Seattle, Bellevue or Everett should contact a mortgage professional early on to start the preapproval process. The preapproval process typically only takes a day or two once the home buyer provides all the necessary supporting documentation. However it pays to get started early just in case there are situations that could be improved (such as credit scores, savings, etc.).
The FHFA released their report on mortgage interest rates showing that rates trending higher since late November 2012 for the 30 year fixed conforming mortgage. If you’ve been following my rate quotes on Twitter, you may have realized this trend. Although rates are still very low, they are trending higher and have been for a few months.
If you are considering selling your home in the greater Seattle area, please don’t rule out buyers who are approved with FHA or VA financing. FHA and VA loans are much easier to underwrite and process in today’s market. In fact, they’re pretty much like a conventional mortgage. Plus buyers who qualify for FHA or VA loans are able to have higher loan amounts than conforming in our area.
Loan Limits for Seattle – Bellevue – Everett
VA Jumbo: $1 million. $500,000 is the loan limit if the Veteran is looking for a zero down home. After $500,000, the down payment is 25% of the difference between the $500,000 limit and the sales price.
NOTE: Congress has been discussing rolling back loan limits. This is another reason to consider selling now if you have a home that would be impacted with reduced loan limits.
By the way, I have been in the real estate industry for just shy of 27 years. My first fourteen years were in the title and escrow industry and for the last 13 years, I have been a mortgage originator at Mortgage Master Service Corporation. I’ve worked with many real estate agents over my career and I’m happy to recommend one to you if you are considering selling or buying a home.