The top reasons to purchase a home, even in this market, were that buyers wanted to own a property of their own. They wanted larger residences, they wanted to be closer to family and friends, there was a change in their family circumstances (such as a marriage, divorce, or birth of a child), and or they just wanted a property in a better location. However, nearly three-quarters of buyers were forced to compromise on what they wanted.
An average of 27% of all buyers compromised on price, while 21% settled on the home’s condition. Buyers also made sacrifices on the size of their residences and their yards, along with the distance from family, friends, and jobs. Buyers are having to make adjustments because of the lack of homes available.
The overwhelming majority of 87% of buyers, took out mortgages to finance their homes. They were helped by record-low mortgage rates. Rates have since shot up according to Freddie Mac. Also, the median down payment was 13% of the sale price of the home.
For more information, contact Penny at (206) 618-5123 or email me at Penny@TheOriginalPenny.com.
Serving: Bainbridge Island, Poulsbo, Silverdale, Kingston, Bremerton, Port Orchard, Port Ludlow and Ocean Shores.