Is now a good time to buy a home? (Spoiler: Yes!)

The right home plus the right home loan is a winning combination

Jon Walsh, Mortgage Loan Manager, Peoples Bank Everett Financial Center. Photo courtesy Peoples Bank

Jon Walsh, Mortgage Loan Manager, Peoples Bank Everett Financial Center. Photo courtesy Peoples Bank

Prospective homebuyers are likely watching market and interest rate news closely as they decide whether to purchase now or wait, but the truth is, now is still a great time to buy a home.

While limited inventory and uncertainty over interest rates have created a challenging housing market, we continue to see a great deal of buying activity, both by people looking for their first home, as well as those seeking to upsize or “rightsize” their home. And while the market is quite dynamic today, there are a few reasons why we encourage prospective buyers not to put off looking for a home.

First, we know that Washington will continue to be an attractive place to live. With vibrant urban areas, a moderate climate, easy access to the outdoors, and abundant scenic beauty, the home values we’ve seen climbing over the last decade or so are unlikely to drop significantly any time soon, especially with the limited number of homes on the market.

In fact, with approximately 600,000 current listings nationwide and close to 20 million potential buyers in the U.S., homes in Snohomish County will likely remain in high demand. Making the move now, before prices rise higher, will put you in a better position down the road.

Additionally, while interest rates remain higher than the historic lows we grew accustomed to over the past decade, they’re still lower than historic highs. Rates have also stabilized somewhat as inflation eases, and remember, if rates fall significantly, you can always refinance.

So, how can you get yourself in the best position possible to purchase a home? Here are a few ideas:

  • In a competitive buying situation, getting creative with factors like closing dates can be useful. For example, you could offer a quick closing, so the seller has the cash in hand, but offer them a longer move-out time, so they can purchase elsewhere, for example.
  • If you’re buying new, ask if the builder offers concessions such as cash back that you can use toward costs, or a 2-1 buydown offering lower interest rates for the first two years.
  • Lock in your financing early. Offers not contingent on financing have significant appeal. This is why meeting with a lender should be one of the first steps in the home-buying process.

A local community-focused organization like Peoples Bank not only has local expertise but we also have loan products for every buyer. Whether you’re a first-time buyer or want to maximize your equity and move into something bigger, we have a product for you.

Those starting out might take advantage of a tiny home loan, a great way to get your foot in the market, or an adjustable-rate mortgage (ARM) which is typically more affordable than fixed-rate options especially as rates flatten.

Or, if you love where you live, maybe you’ll leverage that future equity with a HomeStyle Renovation Loan that will help you create the home of your dreams right where you are.

Because we live, work, and play right here in this community, the Peoples Bank real estate lending team has inside knowledge about our neighborhoods and the unique opportunities they offer. And, because we can serve all your banking needs, homebuyers are more than just a mortgage to us.

To learn more, contact a local Peoples Bank lending specialist today and make your home dreams a reality.

Talk to us

The news and editorial staff of Sound Publishing, Inc. had no role in the preparation of this post. The views and opinions expressed in this sponsored post are those of the advertiser and do not reflect those of Sound Publishing, Inc.

Sound Publishing, Inc. does not accept liability for any loss or damages caused by the use of any products, nor do we endorse any products posted in our Marketplace.

More in Local Marketplace

A reverse mortgage can open up the equity in your home for you to use, without straining your budget, explains Ruth Gillis, a mortgage broker with One Trust Home Loans in Everett, who’s been working with reverse home loans since 2007. Photo courtesy One Trust Home Loans
Use the equity in your home to create the retirement you want

Reverse home mortgages can be another tool in your financial planning toolbox

Ryan Burns, Resident Pianist, Photo Courtesy of 16 Eleven.
The evolving story of APEX includes a restaurant with decadent offerings

1611 offers menu items as unique as the 1920s velvet booths

For many, autumn is their favorite season at Bloedel Reserve, on Bainbridge Island. Photo courtesy of Bloedel Reserve and Erin Fisher.
Elevate your autumn experience at Bloedel Reserve

Fall walks to festive squash hunts, there’s something for all at this Bainbridge Island Reserve!

Christopher Walton, founder and managing partner of Walton Law. The firm recently opened a new office in Mountlake Terrace, expanding its service area from its existing Bellingham office.
Are you covered? Many Washington motorists are underinsured

Learn the #1 piece of advice this Snohomish County lawyer gives Washington drivers

Frank Mesa and the Solar’ternative team were recently in Hawaii to support their sister company, customizing solar energy systems with a built-in battery and generator that can operate the whole home or just one room.
Save money, ditch the outages with made-in-Washington solar solution

Save summer energy credits for those winter bills

Early detection is the key to successful lung cancer treatment and survival, so screenings can literally make a difference between life and death. iStock / courtesy Western Washington Medical Group
Lung cancer screenings save lives

Lung cancer is the second most common cancer in the United States,… Continue reading

From left, Brittney Frantece, Kari Karsten and Roya Amirsoleymani, along with Catalina Cantu (Xicana), not pictured, are Centrum’s 2023 Curator & Arts Worker Residency. Photos courtesy Centrum
Centrum Welcomes Curatorial Arts Worker Residents Sept. 11 to 25

It’s with great excitement that Centrum announces the 2023 Curator & Arts… Continue reading

Sheila Rowe, a paralegal at Walton Law, and Christopher Walton, founder and managing partner of Walton Law. (supplied)
What to do after a car accident in Washington state

Stay calm, get help, and speak with an attorney before negotiating with insurance companies

We all make mistakes and despite our best efforts, sometimes teens still trip up on the path to adulthood. How can you be there to support your teen when mistakes happen?
Despite best efforts, some teens will still experiment. How can you help?

Navigating underage drug and alcohol use with your teen

Lynn Dahlen was looking for a flexible, rewarding position following her retirement from a career in human resources, and found it working with seniors through Right at Home of Snohomish County.
Finding purpose post-retirement: HR professional finds second career in senior care

Opportunity to make a difference within a flexible, supportive environment brings rewards

Mentoring is a great opportunity for both mentor and mentee!
Youth mentorship program hopes to match more kids with an abundance of mentors

Mentoring benefits kids, mentors and the community as a whole

How medication errors turn into nursing home abuse

Unfortunately, nursing home abuse occurs more frequently than you might think, even… Continue reading