Amazing Real Estate Tips, Trends & Ideas for the Greater Seattle market: Local real estate news in the Greater Seattle market: Home prices and trends in Seattle, on the Eastside, and across the Puget Sound region. By Dave McFarland, Broker with RSVP Real Estate.
Investing in real estate is not easy. It takes money, time, and hard work. Getting started can seem like an impossible task to many people.
However, there are ways to start investing without having a ton of money or experience. One of those ways is to House Hack.
What is house hacking?
House hacking is when you buy a house to live in, but rent out part of the house or buy a multifamily property and live in one unit while renting out the other units.
The reason house hacking is a great strategy is that you can use low money down owner occupant loans and have a rental property at the same time.
A low money down loan can allow you to buy with as little as 3% down with a conventional mortgage or $0 down with VA or USDA. You can even use down payment assistance programs to put even less down and have the seller pay closing costs so that you are bringing almost nothing to buy the home.
If you buy the right property you may even be making money while living in the home because the rent covers the mortgage payment and then some!
If you couple house hacking with getting a great deal and some of the other strategies we have talked about it can be a fantastic investment and a relatively simple way to get started in the business.
Most owner occupant loans will require you to live in the home for one year and after that you can move out and repeat the process again and again.
I have a lot of information for you with all the details on how to pull this strategy off. Let's have a short conversation about it. Call/text Dave today at 425.330.0663
This is going to be an exciting year for real estate.
Most likely, your’re seeing news headlines that are sending another message. The upcoming presidential election, a possible recession, and political tensions are all factors leading to confusion and hesitancy.
However when it comes to buying or selling a home, waiting is a mistake.
Here are some of the top questions our clients are asking themselves. We tackle them head-on with the most recent insights.
Will the Presidential Election Impact Real Estate?
Election years can be a tricky time for the market. During this time, both sides of the spectrum will be preaching conflicting statements about the economy – leading to confusion among potential buyers and sellers.
That’s why many people tend to sit back and wait until the election is over before making any major real estate decisions. This isn’t a new phenomenon, but with the market’s current strength and mortgage rates at historic lows, putting off buying or selling could mean less of a reward as more time goes on.
To help our clients make sense of it all, we present them with the facts. Back up any worries about a real estate market or economic downturn with expert testimonials and projections. This is a topic KCM will cover increasingly throughout the year. Make sure you’re subscribed to our newsletter to stay up-to-date on the top real estate news and insights.
Is a Recession Around the Corner?
When a media storm of recession talk hit the news in 2019, many people affiliated it with another housing market collapse. The fears aren’t surprising, but they’re also not accurate.
Economists are now reporting that if a recession occurs, it may not be until 2021 or even 2022. On top of that, the real estate market is not a likely driving factor for an economic downturn, and the four recessions before 2008 saw little no effect on the housing market.
Most people don’t know or understand this.
Our team is always trying to get ahead of the rumors with facts. We try to clear up confusion and confront our client’s fears head-on and show them the facts.
What If I Buy a Home and Prices Depreciate?
It’s the greatest fear a new homeowner has. Many prospective buyers may be holding off on their search because of uncertainty tied to the upcoming presidential election and recession rumors.
Thankfully, we can appease your worries by showing you that data and predictions say otherwise. The market is strong and big hitters like Freddie Mac, Fannie Mae and NAR predict home values to continue to appreciate through 2021.
Buying now is a sounds investment, and buyers should take advantage of the current low mortgage rates because waiting to purchase a home could mean paying more.
Should I Take Advantage of Interest Rates Now or Wait?
Essentially this comes down to one thing: why take the chance?
Interest rates are currently at historic lows, and many people are unaware of their increased buying power. Although the mortgage rates are projected to hold steady around 3.8%, certain factors could change this.
Let us show you the facts and graphs that illustrate this picture clearly. If you hold off on your home search and mortgage rates do rise, you’ll end up paying more for the same house.
We consider the most important duty we have as real estate agents is to educate and reassure our clients they are making powerful and confident decisions.
The only way to do this is by being an expert, keeping current on market news and effectively communicating what is really happening in real estate.
The best way for us to do this is to supply our clients with facts and what the experts are saying about home value projections. Give them information, especially in visual format, so they can digest it easily.
Most importantly, we make sure you’re constantly on top of what’s taking place now and what’s projected to take place later so you can stay ahead of the curve.
A quick and easy way to stay on top is by signing up for our newsletter so you can get the most important insights in real estate delivered to your inbox weekly. This isn’t the year to be out of the loop on what’s happening in the market. We give you access to webinars, eGuides, blogs, slides and more so you can be informed consumer!