Washington State First Time Home Buyer: 3 Things to Consider

As a Washington state first time home buyer there are 3 things you should consider before you apply for your loan:

Affordability –

Consider the life of the loan you are applying for and try to consider the possibilities that may put you into financial trouble someday. Take a look at the Housing Affordability Index and figure out whether or not the neighborhood you want to move to is within your budget. When you sit down with a Seattle mortgage company make sure you consider every type of loan available to you and take your time.  There is no need to rush into a decision about you home loan – ask lots of questions and make sure you fully understand the details of each mortgage loan option.

Number of Listings Available –

As a Washington State first time home buyer, you may be tempted to jump at the first chance you find to purchase a home. Take a breath and consider the real estate climate of the area you are looking to buy. If there is a high percentage of a property available in a certain area, take the time to figure out why. Sometimes a certain property can seem like a steal, but there may be a reason that the prices in a certain area of Washington are abnormally low. Usually the property values directly reflect the number of listings available and there may be a reason for it.

Home Resale Price –

The resale value of a property will inevitably be one of the things to look forward to as you venture into owning your first home.  When you are searching the Washington State areas you are interested in for your first home purchase, take some time to look into the resale value history of property in the area. As neighborhoods expand the resale value of properties can fluctuate and looking into the history of those fluctuations may give you an idea of what your potential gain could be for a home purchased there. As a Washington State first time home buyer you want to be well informed about the real estate market climate in the surrounding areas.