Seattle’s tech job market is booming. Where will they live?
November 12, 2019
Seattle’s tech job market is booming right now. The jobs are here, but where will they live when they get here?
A recent John Burns Real Estate report shows that Seattle can expect about 60,800 new jobs created in 2019, a 3.6% bump over last year’s numbers. Seattle’s vibrant tech sector will be responsible for a lot of the job growth, with Microsoft and Amazon both hiring here. Amazon posted 30,000 job openings nationwide and 10,000 of them are in Seattle
Meanwhile, about 20,000 residential building permits have been secured. That means for every three workers, there is one new home coming on the market.
Sage Homes Northwest has been working with our preferred lender, Wells Fargo, to guide these workers along the path to homeownership. The Jumbo Rate Reducer Program* helps buyers achieve affordability with homes priced over $485,000. The program requires only 10.01% down payment, a reduction from the usual 20% down payment on a long-term, fixed rate mortgage. Within 180 days of closing, lower your interest rate by a quarter of a point (0.25%) by making a principal payment that brings your loan-to-value (LTV) to 80% of the purchase price.
Basically, you buy your home now with a lower down payment and have 6 months to provide the remainder that brings the total to 20% down. For example, if you put 11% down payment on your home, you’re financing 89%. By paying 9% more in the first 6 months, you take advantage of the lower rate. If you’re trying to sell your current home, this plan is a great option, enabling you to buy the home you want and have a little extra time to make the balance of the 20% down payment.
The Jumbo Rate Reducer provides another cost-saving benefit. You don’t need mortgage insurance, which is usually required when your down payment is less than 20% of the purchase price.
When you reduce your LTV to 80% within that 180-day window, Wells Fargo will lower your interest rate. There’s no fee and no need for another closing.
Sage Homes Northwest has a variety of new construction, energy-efficient, urban townhomes for sale in Seattle and the surrounding areas. Explore the eclectic neighborhoods and high walkability. With prices starting at $419,950 and low interest rates, stop renting!
*Available on a long-term, fixed-rate jumbo mortgage with an initial down payment of 10.01%-14.99% (LTV 85.01-89.99%) when purchasing a primary residence with a maximum loan amount of $750,000 (higher amounts available in some areas). Other restrictions apply.