Washington housing market: How to set a two-year homebuying plan – KING5.com

1 minute, 8 seconds Read

With average monthly mortgage payments dropping by $400 since October, more house hunters may be looking again.

SEATTLE — Buying a home may be a part of new year plans and goals for families in Washington state.

Buy/sell, rent/lease residential &
commercials real estate properties.

According to Redfin this month, the median U.S. housing payment is down nearly $400 from its October peak.

This may be drawing in some sidelined buyers to get back in the hunt. Redfin’s Demand Index, which measures early-stage demand, is up 10% from a month ago.

While the market is changing again, some families may need more time to prepare financially.

Kian Ahern, a CFP and wealth management advisor with Northwestern Mutual Seattle, stopped by KING 5 Mornings to share a potential two-year homebuying plan.

First, Ahern said it’s important for a homebuyer to look at all their loan options. First-time homebuyers could have significantly more unique financing options.

Second, it’s recommended you understand your budget. Ahern said it’s a good rule of thumb to not use all your savings for a down payment. Several factors should be considered when establishing a reasonable down payment and setting a budget for your homeowner emergency fund.

Currently, the median home price for the entire state of Washington is $605,400, according to Redfin.

To hear more about this potential two-year homebuying plan, click the video player above.

WATCH: KING 5’s top stories playlist on YouTube

[embedded content]

This post was originally published on 3rd party site mentioned on the title of this site

Similar Posts

    Your Interest
    Your Interest List is emptyReturn to Buying