4 Reasons Why Summer Is a Great Time to Buy a Home

June is National Home Ownership Month and while there are always many reasons to buy a home, purchasing a home in the summer can provide some additional benefits. Here are four great reasons to consider buying a home today instead of waiting.

  1. Prices Will Continue to Rise – Seattle and the Eastside will continue to have double-digit appreciation for the foreseeable future. Example: a $850,000 home with 10% market appreciation will cost $935,000 next year.
  2. Mortgage Interest Rates are Projected to Increase – Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have increased by half a percentage point already in 2018 to around 4.5%. The Mortgage Bankers Association, Fannie Mae and Freddie Mac are all projecting that rates will increase by nearly a full percentage point by this time next year. An increase in rates will impact your monthly mortgage payment and reduce the price of home you can afford. With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5%.
  3. Either Way, You are Paying a Mortgage – There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s. As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity. Are you ready to put your housing cost to work for you?
  4. It’s Time to Move on With Your Life – The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. With both being on the rise, look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings. Let’s get together to discuss your options and find your dream home!

Visit us on the web at www.maryleerealestate.com


In consideration of how we voice our opinions in the modern world, we’ve closed comments on our websites. We value the opinions of our readers and we encourage you to keep the conversation going.

Please feel free to share your story tips by emailing editor@bellevuereporter.com.

To share your opinion for publication, submit a letter through our website https://www.bellevuereporter.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) We reserve the right to edit letters, but if you keep yours to 300 words or less, we won’t ask you to shorten it.

More in Marketplace

Future looks bright for popular Redmond cannabis shop

Hashtag Cannabis preparing for move to large new site in downtown Redmond, café to be added

Put a little Soulstice in your spring!

March 14 fashion fundraiser in Seattle to help Justice and Soul expand local outreach and education

A dance fest for everyone!

Chop Shop returns for another year of art, education and fun

Chef Murray Fields recently opened his state-of-the-art kitchen in Tukwila as the heart of his Gourmet Meals to Go.
Gourmet to Go can be this good!

Chef makes it simple to enjoy restaurant-quality cuisine at home or office

Buying a home? Here’s inside knowledge that pays

In real estate, location is key. But how do you find that… Continue reading

5 reasons to get excited about what’s coming to the heart of Redmond

The amenities at the brand-new Hilton Garden Inn will appeal to locals and visitors alike

Bail can be a motivator for positive change

All City Bail Bonds works closely with defendants and their families following an arrest

Excitement is building for Redmond’s coming sip and savour destination!

Hilton Garden Inn’s Fork and Spoke will be your downtown food-and-beverage hub

Airport Winter Weather 101

When the weather outside is frightful … and you’re worried your trip… Continue reading

(Lucky Louie Fish Shack photo)
Savor the Season at SEA!

SEA Airport is bustling during the holiday travel season! In the midst… Continue reading

Four reasons you’re waiting on the plane at SEA

You’ve just landed at Seattle-Tacoma International Airport (SEA) after flying for what… Continue reading

Accessibility tools for low-vision travelers at SEA

We all have tools that help us get through our every day… Continue reading