The national news is still speaking about the lending industry "crisis", but Washington State is fairing better than most areas of the country. An article released by Reuters on September 20, 2007* says that "While California suffers in the housing crisis, the economy of nearby Washington state is flourishing with strong job growth and some of the highest appreciation in home prices in the nation".
While the lending industry is still sorting itself out, it seems that the bulk of the problems are behind us. However, we will continue to see the stricter loan qualifications that were common 5-7 years ago.
Home values are still appreciating nicely. However, they are no longer going up at the double digit percentage gains that Skagit County has enjoyed over the last few years. We still are seeing an increase that outpaces most of the country.
What does this mean to you? Well, if you own a home in Skagit County, you've enjoyed a nice increase in your investment. What has changed in your life? A new baby, or sent one off to college? A new job, or retiring? If your home is no longer perfect for your needs, now may be a good time for us to help you find another that suits you better . If you are ready to buy your first home, we can help with that, too!
There are plenty of lenders out there still writing and funding home loans. The good news is that a pre-approval letter is going to be on much more solid footing that it would have been just a few short months ago.
Interest Rates have been coming down as well. Opportunity knocks. The Federal Reserve lowered its benchmark interest rate by half a point on September 18th - The first cut in 4 years!
While every household is different, we can help with your housing needs in nearly any situation. Please call (360) 708-2929 for all of your real estate needs!
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