Much has changed in the housing market over the last decade.
As the nation climbed out of the Great Recession, the housing industry remained in the spotlight to see how and when it would rebound from that down time and the economic implications that came with it.
New data released from CoreLogic, is shedding light as to where things are at now when compared to 2009. Here are some of the details:
- The price of homes has increased 50 percent.
- Rents for a single-family house jumped 33 percent.
- The economy has gone through 120 consecutive months of expansion.
- The number of borrowers underwater on their mortgages dropped from 25.9 percent to now 4.1 percent.
- Home equity increased 159 percent over the last 10 years.
With a strong economy, rents increasing and the ability to potentially gain equity after purchasing, now could be a good time to buy. Potential home buyers in the Seattle/Tacoma/Renton markets should consider trying to get pre-approved for a mortgage if they are interested in purchasing real estate. A loan officer can help you try to get pre-approved, and once you do obtain it, you will be more likely to understand how much of a home you can afford, what your monthly payment could look like and your offer might stand out to sellers.
If you have any questions about getting pre-approved for a home loan, contact us today. We will take the time to understand your financial goals and try to help them become a reality.