How has it been a whole year already???
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
- 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.