Last week's economic news came from a variety of sources. Most significant was the Fed's Federal Open Market Committee statement after its meeting ended Wednesday. The statement indicated that the Fed saw moderate economic growth. FOMC did not taper its purchase of MBS and Treasury securities.The FOMC statement announced the committee's intention to closely monitor economic and financial developments "in the coming months," which suggested that the FOMC is taking a wait-and-see position on reducing its $85 billion monthly asset purchases.
As you begin looking for the perfect Seattle home for you and your family, there are a few things you can use to help get you started. While most major cities in the United States have been experiencing unpredictable housing markets over the past decade, Seattle has remained relatively stable when it comes to real estate. This “stability” will make it easier to find your Seattle home for a good price that will most likely turn a profit for you in the long run. To find some great deals in and around Seattle, here are some house hunting tips to consider:
What Seattle Neighborhood Do You Want to Live in?
Take the time to learn about all of the different Seattle neighborhoods because Seattle is one of those cities where every neighborhood has its own personality and they are so close together that you can move between them easily. While you are considering where you’d like your new Seattle home to be, keep in mind the schools and institutions in the area, the kinds of restaurants there, the demographics of the neighborhood and crime rates of the area. Once you figure out which neighborhood you want to live in, you can start to consider more logistical things.
Can You Afford a Home in This Neighborhood?
Even if you have enough of a down payment to purchase the Seattle home you want, take some time to consider other variables that will help you determine whether or not you can afford it. You can use a mortgage affordability calculator to combine income and expenses and figure out if the house is within your budget. Some Seattle neighborhoods will have higher tax rates and you may need to have better coverage on your mortgage insurance to live there. Take these things into account while going through the decision process.
What Will Be the Cost of Your Mortgage Loan?
Mortgage loan rates will differ from year to year and depending on the length of your loan (how many years you will be paying) you will have to pay a certain amount in order to get the loan. There are several factors contributing to the price of your loan and once you have all the information you need to buy your Seattle home, you can use these home mortgage calculators to figure out just how much you will be paying for it.