A few days ago, I was reviewing a homeowner’s Closing Disclosure from their purchase that closed with another lender. This couple had come to me when they were purchasing the home, however the builder was offering extra incentives for buyers for working with the builder’s lender. I was surprised to see that property taxes were very under-estimated.
When someone is buying a home that has recently been built, it’s very likely that the home has not yet been valued by the county’s tax accessor. The only value that has been determined is for the lot. However, once you purchase the home, even though the home has not yet been assessed, you will owe taxes on both the land and the home. The “missing taxes” are called “omit taxes”. [Read more…]
Editor’s note: This post was originally published in July 2024. The example scenario below uses appreciation and payment figures that were accurate at that time — the underlying math still holds, but if you want current numbers for your own situation, I’m happy to run a personalized analysis.
The housing market in the Pacific Northwest remains competitive. Low inventory means that when a well-priced home hits the market, buyers often find themselves competing — and the difference between winning and losing a bid frequently comes down to preparation, not just price.
Fannie Mae and the Mortgage Bankers Association (MBA) released their monthly updated forecast for mortgage rates through 2025. This June update no longer shows predicted rates for the 30-year fixed conforming to hit the 5% range. MBA, who tends to be the most optimistic, forecasts that in the 4th quarter of 2025, we’ll see 6.0% for a rate with the homes of 5.8% in 2026.
The Existing Home Sales was released yesterday which reports on the closings of existing single-unit homes.
