Washington Mortgage Planner-straight up mortgage advice and commentary

Good morning!  It's an absolutely gorgeous day up here in the Pacific Northwest and I was thinking yesterday what a wonderful opportunity it is for consumers to buy a home right now.

In Seattle, we've been largely immune from the real estate ills affecting other parts of our nation.  Still, we currently have a 9 month supply of inventory on our hands.  That compares to a 3 month supply a year ago.  It's a buyer's market out there folks, take advantage of it.

If you have good credit and money in the bank, you'll find plenty to choose from at often lowered prices.  Home sellers often need to sell quicker than homes are turning now.  Therefore, they're reducing prices or offering buyer incentives toward closing costs, for example.

Interest rates are currently near 6% on a 30 year fixed mortgage if you have good credit.  Why not take advantage of this unprecedented opportunity and move up, downsize, or purchase that investment property you've always wanted.  You could even buy for the very first time.  There are wonderful first-time homebuyer programs available.

I think that a lot of what's going on in the real estate market is psychological.  Sure, there are parts of our nation that are in a severe real estate slowdown.  But I've also noticed that borrowers are taking their own sweet time about doing anything.  Although I always caution about moving too quickly, you need to be ready to pounce if you see a great opportunity. The smart, savvy borrowers recognize a great and growing opportunity; you should too!

In closing, take advantage of this buyer's market. It may last a little longer (my prediction is into next year) but you have the opportunity to get in now and then wait for the next real estate boom.  I guarantee you the market will recover and I wouldn't want you sitting on the sidelines saying to yourself "I should of".  Have a great day!

Paul