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Home Shopping Now...What's On Your List Today?

By
Managing Real Estate Broker with NextHome Experience 17050

If you're among the lucky ones who are ready and able to buy your first or next home now or in the near future you're likely to find yourself many options from which to choose.

Whenever I meet with new clients for the first time, I usually try to determine their wants vs. needs. A need would be the main floor bedroom because Grandma visits often and can't navigate stairs, or a fenced yard because Fido can't stay in the house all day. A want would be more along the line of a luxurious Master bathroom with heated marble floors and a jetted soaking tub.

These days, with unprecedented low interest rates, it's possible for home buyers to get their needs with lots of the "wants" as an added bonus. Low interest rates mean buyers are able to qualify for more house for the same payment.

Let's look at a hypothetical couple looking for their first home. Double income, good credit and are looking to keep their principle & interest payment to no more than $2000 per month.

At a rate of 5.5% (where rates were just a short while ago), they would be able to borrow approximately $350,000. With rates in the 4.875 range, they can now borrow roughly $30,000 at the same $2,000 per month. In my market this additional amount can mean the difference between having soaking tub or shower only in the Master bath, a 3rd car garage vs a 2 bay or even granite counters vs. laminate. 

So this pretend couple, gets the payment they want, the soaking tub she wanted, the 3rd car garage he wanted and a little more square footage for the new addition they will have in about 8 months (but don't know about yet).... AND they were able to stay within their budget.

Needless to say, they love their Realtor who pointed all of this out to them and then found them their dream home.

I just love happy endings. 

Colleen Fischesser is the Broker/Owner of RE/MAX Select in Maple Valley, WA. She has been successfully selling and marketing properties all over South King & North Pierce counties since 1990 but specializes in the Maple Valley Washington area. .She may be contacted directly at: 425-432-5400

Copyright 2008, All Rights Reserved Colleen Fischesser

 

 

  

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Thanks for reading!

 

 

 


 

 ____________________________________________________________________________________________________________________

Colleen Fischesser REMAX

 Serving the beautiful Pacific Northwest Since 1990!

 

Colleen M. Fischesser, Managing Broker

RE/MAX Advantage, L.C.

Serving Seattle and the Chelan Valley

206-491-3819  (Cell/Text Seattle)

509-699-1611 (Cell/Text Chelan)

 

 www.ColleenFish.com

www.ChelanPropertyShop.com

www.NWPropertyShop.com 

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This is a personal blog based on my opinion and experience in the real estate industry. All content is provided for informational purposes and should not be construed as legal, financial or tax advice. Laws, industry practice standards and procedures vary by state. Readers are advised to contact appropriate third parties for professional advice when needed. Any questions please let me know!

 

Comments (4)

Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

You are right Colleen, with more for your money available, the wants rise to the top of the list.

Dec 18, 2008 11:44 AM
Obeoman Glade Jones
www.obeo.com - Salt Lake City, UT

Colleen,

..since you asked, a  big, sexy....

....two-car garage!

May elves steal your Xmas treats, get fat and snore under your tree!

Steve

Obeoman

Dec 18, 2008 11:47 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Colleen, it is always a pleasure to point out to a client that they can get more vs. less for their money. Have a great Christmas.

Dec 18, 2008 05:44 PM
Kelly Sibilsky
Licensed Through Referral Connection, LTD. - Lake Zurich, IL

You are right - now is a good time to get all the "needs" and plenty of "wants" as well!

Dec 20, 2008 10:57 AM