Closing costs can make or break a real estate deal. We talk a little bit about closing costs in our first-time home buyer’s guide, but there’s much more to cover, including:
Let’s get started!
The Seattle housing market is experiencing a severe inventory shortage. Seattle itself has .9 months’ supply, whereas our neighbors to the north and south, Snohomish and Pierce Counties, have .4 months’ supply. In our professional opinion: That’s crazy!!!
In last month’s post about home remodeling, we revealed that the Seattle housing market is experiencing the 2nd highest rate increase in the nation. This year, Seattle-Tacoma-Bellevue is projected to increase by 9.7%!
Basically, if your home is in the Seattle-Tacoma-Bellevue area and worth $500,000 in 2020, the average expected increase to $548,500 in 2021. Obviously, this is just an estimated average and the real increase will vary based on thousands of factors. Currently, the only market in the nation that is beating up in price increases is San Jose-Sunnyvale-Santa Clara, California. Their increase is projected to be 10.8%!
So, why is the market so unabashedly pro-seller? Let’s talk about it:
Buying a home is stressful - especially when it’s your first one!
We’ve compiled a long list of first-time home buyer tips in our home buyer’s guide, which covers everything from:
While our step-by-step guide walks you through the process from start to finish, there’s still a lot more to be learned. Here are 7 more first-time home buyer tips:
It’s a strong seller’s market! Bidding wars are becoming much more common, and both buyers and sellers alike are investing in home remodeling projects. For sellers, upgrading their home promises a huge return on investment. Meanwhile, some buyers are purchasing fixer-uppers and decorating them to their desires.
The home remodeling trend isn’t going anywhere anytime soon, either.
To get the most out of your efforts, here are some of the best home remodeling projects for your ROI:
The tax benefits of owning a home are great, but also very confusing. Without doing your research you can end up missing out on thousands - if not tens of thousands of dollars in tax deductions.
To get you started, here are 7 tax benefits of owning a home - and how advantageous they can be:
Mortgage Interest Deduction
If you’ve taken out a loan to pay for your mortgage, your monthly payments go toward both your principal balance (how much your loan costs) and your interest (the percentage the lender is charging you for the loan). The interest you’re paying is tax-deductible.