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The average person living in the United States will buy three to four homes during their lifetime, living an average of 13 years in each home. This makes sense when you consider a first-time home buyer may move after six or seven years, whereas a last-home buyer may live in the home for decades. The
Mortgage rates are edging noticeably higher this week, and would-be home buyers and refinancing homeowners may have missed out on a chance to lock in a lower rate. The average contract rate on the 30-year fixed will likely end the day as high as 4.875 percent for the highest creditworthy borrowers and 5 percent for
Home purchasers seeking to stand out in competitive housing markets should consider a mortgage professional based in the area. Don’t discount the benefits of shopping local—even for a mortgage professional. In tight housing markets where bidding wars are common, buyers who need financing can strengthen their offers by working with a locally based mortgage broker or loan officer,
A basic beginner’s explanation for our soaring home prices in King County: There are a lot more people searching for homes, and far fewer homes available for them to buy. There just aren’t enough homes for sale. The number of homes on the market is at a low point for records that date back to
In Seattle — home appreciation exceeded the median household income over the past year. Home values in Seattle have been appreciating more than 3.5 times faster per working hour than the cities’ minimum wage workers earn. In Seattle, the typical homeowner is gaining $54.24 of equity in their home every hour they’re at the office.
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