SEATTLE — Buying a home may be a part of new year plans and goals for families in Washington state.
According to Redfin this month, the median U.S. housing payment is down nearly $400 from its October peak.
This may be drawing in some sidelined buyers to get back in the hunt. Redfin’s Demand Index, which measures early-stage demand, is up 10% from a month ago.
While the market is changing again, some families may need more time to prepare financially.
Kian Ahern, a CFP and wealth management advisor with Northwestern Mutual Seattle, stopped by KING 5 Mornings to share a potential two-year homebuying plan.
First, Ahern said it's important for a homebuyer to look at all their loan options. First-time homebuyers could have significantly more unique financing options.
Second, it's recommended you understand your budget. Ahern said it's a good rule of thumb to not use all your savings for a down payment. Several factors should be considered when establishing a reasonable down payment and setting a budget for your homeowner emergency fund.
Currently, the median home price for the entire state of Washington is $605,400, according to Redfin.
To hear more about this potential two-year homebuying plan, click the video player above.