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Loss in Property Value

I am frightened to death to purchase right now! I have spent the last 2 years getting my credit up (FICO is now 880), paying off debt down to 10/90 DTI and retired this year with $899,500 in my 401k. My goal is to purchase a home for security and savings (retirement nest egg), but the volatility in the market and seeing how poor new home sales have been in the last year, brings me much concern with loosing value in a home if I were to purchase now. Any profession advise with market conditions and new buyer worries is much needed. Thank you!!!! Signed, Worried in Washington by drolsky409 from Seattle, Washington. Dec 27th 2018 Reply


Nora Smith (nsmith)
#14 ranked lender in Washington - 6 contributions

We are experiencing a seasonal lull in the market which is typical for this time of year. It's actually a great time to be a buyer in the market! You should start to see values, inventory, and competition between buyers start to rise as we approach spring/summer.

Dec 27th 2018
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Dave Skow (daveskow)
#1 ranked lender in Washington - 246 contributions

12/27/2018 Drolsky - thanks for the post ....concern regarding future property value is valid...some properties can be more concerning than others ...as every property is different - you should analyze any property you might be interested on its own merits ...this time of year its not unusual to see a slow down ...the other factor that makes the current situation seem concerning is that we have seen a very unusual increase in values for the past several years - so any lull feels over exaggerated ........as you mention being recently retired - I would recommend getting pre approved with a lender ( if you plan on needing a loan for your purchase ) ...if your income sources are now different with being retired - this is crucial ....if you don't plan on using a loan for part of the process- no need to get pre approved ..thanks ...dave skow eagle home mortgage Seattle 206 714 9745 daveskow@eaglehm.com

Dec 27th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

As the saying goes.. hind sight is 20/20... you should have bought 2 years ago.. There is no difference in loan pricing once your scores are over 740.. and DTI's under 43% have nothing to do with getting approved or getting a better rate.. What's changed in the last 2 years? Well the homes in Seattle are up 25%+ and interest rates are more than 1% higher.. by waiting out the 2 years, it's cost you thousands.. That being said, the winter is the best time to buy.. no one wants to move in the cold during the holiday's.. but once the spring hits (busiest time of year for home buying).. expect greater competition.. Will the market go down? Who knows?? it's just as possible that the market will go up.. But Seattle is a unique area.. lots of big corporations have hired lots of executives.. people who can afford expensive homes.. that was the contributing factor which pushed the values up so high.. could that market come down a bit.. possibly.. but no one has a crystal ball.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Dec 27th 2018
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Dave Skow (daveskow)
#1 ranked lender in Washington - 246 contributions

1/9/2019Drolsky - hi there ...following up ...do you need any assistance at this time ? if so - feel free to call or email me ? thanks Dave SKow 206 714 9745 daveskow@eaglehm.com

Jan 9th 2019
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Dave Skow (daveskow)
#1 ranked lender in Washington - 246 contributions

1.24.2019- hi there ...following up ...are you still considering buying a place ....interest rates are flat so that is a good thing as rates were increasing sharply

Jan 24th 2019
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