by Scott Jarvis, Washington State Director of the Department of Financial Institutions

If you watch only national news of financial turmoil and declining housing prices you

may fear now is not the time to buy a home. While that may be the case in other states,

it’s not an accurate picture of the market in Washington. Washington State has a unique

set of positive economic variables that sets us apart from much of the country.

As the financial regulator responsible for overseeing the financial safety and soundness of

our state-chartered banks and credit unions, the Department of Financial Institutions stays

in close touch with local real estate market conditions. This message is prompted by that

“local knowledge” and a concern that the true nature of the Washington State real estate

market has been lost among the national headlines.

Is it a great time for everyone in Washington to buy a home? No. However, we can

There may be at this time an historic opportunity to buy in Washington State. There are

many reasons for optimism.

Long-term mortgage rates are in historically low ranges and, contrary to what you may

think, our state’s banks, credit unions, consumer loan companies and mortgage brokers

have money available for buyers with reasonably good credit.

Also, Congress acted to expand a number of home loan programs. Washington’s

financial institutions have a strong presence in your communities and have excellent

financing options for home buyers, including great programs for first time homebuyers.

With the addition of expanded FHA guidelines, they can meet a variety of different

borrower needs.

Additionally, there is a good selection of new and existing homes available on the market

right now. Reports of plummeting home values are almost always coming from markets

far from Washington State. Here, home values are generally stable, experiencing only

modest fluctuations up or down over the past year.

Perhaps the most important factor to consider is the reality that the Washington State

economy continues to outperform the national economy.

If you want to buy a home, expect to live in the home for at least three years. If the only

reason you are hesitating to buy the home you want in Washington State is an expectation

that you are likely to get the same home for considerably less money if you wait a few

months, you may want to reconsider. Very few of us are lucky enough to pick the bottom

of a stock market downturn — and that also holds true for the housing market.

For many buyers looking for that perfect home NOW may be the time to buy and be

comfortable in your new home. Depending on your personal financial situation, this

could be an opportune time to contact a Washington State REALTOR®, or home builder

to help you find that perfect home and a Washington State financial institution or

mortgage broker to assist with your financing.

There are many resources available to assist you with your decision. The Washington

State Department of Financial institutions, the Washington State Housing Finance

Commission, our state’s financial institutions, mortgage brokers, REALTORS®, and

your local home builders association are among the organizations providing valuable

information to assist you with your home purchase decision.

Free State of Washington-sponsored pre-purchase counseling is available to Washington

residents thinking of buying a home or considering refinancing. To speak with a

counselor, call the Washington Homeownership Information Hotline at 1.877.894.HOME

(1.877.894.4663) or find a participating counselor near you at

educate yourself about mortgages and homeownership and find links to other homebuyer

resources.

It’s a great time to buy a home in Washington State!