#QuickTipTuesday – 1 Year Anniversary Edition

How has it been a whole year already???

Watch the video here.

In the spirit of now and then, since today marks one full year of the Quick Tip Tuesday videos, let’s take a look at the difference between buying a house the day of the first #QTT versus buying a house today.

April 2016 “The First Quick Tip Tuesday”:

  • Average sales price of a single family home in Seattle (under $1 million) = $580,469
  • A 20% down-payment on that sales price = $116,093
  • Interest rate was 3.59%
  • Monthly mortgage rate (with 20% down payment) = $2,109

April 2017:

  • Average sales price of $640,172
  • A 20% down payment = $128,034
  • Current interest rate = 4.08%  (a recent drop from around 4.25%)
  • Monthly payment today = $2,469

To Sum It All Up:

  • Today, the average sold price is $59,703 higher than it was one year ago
  • You will need an extra $11,941 towards your down payment than you did last year
  • Your monthly payment is $360 higher than it would have been this time last year.

What a difference a year can make!

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