[BIG LEVERAGE] A Remarkable Number of Homeowners Are Glad They Learned About This Option

In the Greater Seattle area real estate market, mortgage interest rates are near record lows. If you haven’t refinanced your home lately, your interest rate is more than likely higher than today’s average.

Whether this applies to you today or not, these are the options you should consider if you don’t want to miss out on today’s current low rates before they rise.

Move Up or Downsize (Sell)

Homeowners all around Federal Way and the Greater Seattle area are rethinking what they need in a home, and reimagining what buying their "dream home" means.

As you may have noticed, remote work/school has exposed the need for more space...for just about everyone.

For others, moving to a lower cost-of-living area or downsizing may be great options.

If you’re considering either of these, there may not be a better time to move. Here’s why.

The chart below shows average mortgage rates by decade compared to where they are today:

Insanely enough, the rates today hover around 3%, but experts forecast rates to increase over the next few years, which ultimately translates to thousands of dollars every year.

If the interest rate on your current mortgage is higher than today’s average, take advantage of this opportunity by making a move and securing a lower rate.

Lower rates mean you may be able to get more house for your money and still have a lower monthly mortgage payment than you might expect.

If you wait, you could miss out on this extraordinary opportunity in our midst.

Interest Rates Move Your Monthly Mortgage Payment

Take a look at this chart that I borrowed from Keeping Current Matters. It shows how your monthly payment will adjust if you buy a home as mortgage rates increase

When looking at a $300,000 mortgage, here is what we need to pay attention to about the monthly payment, interest rate, and the amount of home you can afford:

1. The monthly payments go up with the mortgage rates.
2. Any change in the mortgage rate directly impacts what you will pay monthly until you lock in a mortgage rate.

This means that you’ll need to look at a less expensive home when interest rates rise, in order to keep the same target monthly payment. When this happens, you may end up with less home for your money.

No matter what, whether you’re looking to make a move up or downsize to a home that better suits your needs, now is the time. Even a small change in interest rates can have a big impact on your home buying power.

Lower Your Monthly Payments and Stay in Your Current Home Through Refinancing

If making a move right now still doesn’t feel right for you, consider refinancing. With the current low mortgage rates, refinancing is a great option if you’re looking to lower your monthly payments and stay in your current home.

The Year Is More Than Half Over Now, Time To Act

According to the market, if you’ve been holding off on selling your house this year, you shouldn’t wait much longer.

Buyers are starting to benefit from the slight increase in homes hitting the market for sale, but in no way am I saying that we are not still in the midst of a scorching seller’s market.

The chart here shows that while we have seen a recent uptick in the total number of homes for sale, the number continues to hover at historic lows:

Of course, more homes are coming to market now, and more are expected in the coming months.

Selling your house this summer gives you the chance to get ahead of the competition and maximize your sales potential before more homes are put up for sale in your neighborhood.

Take Advantage of These Historically Low Interest Rates

Whether you’re thinking about moving up, downsizing, or refinancing, I want to discuss your options with you when you are ready.

Through the end of this month, I am inviting homeowners in the Greater Seattle area to schedule a complimentary session to have their most pressing questions answered:

• How can I sell my home before I buy a new one in this market?
• Should I wait to buy a home?
• How do I sell my home without a real estate agent?
• How do I avoid a bidding war situation when looking to buy a home?
• How can I sell fast and for top market value?

And all other questions.

Click the link to schedule your free consultation via phone, zoom call, or in-person.