The Seattle housing market has generated a continual slew of headlines the past few years. The extreme competition for buyers due to lack of inventory has caused Seattle to rapidly jump in the “hottest markets” in the US lists. The Seattle population has been continually growing– gaining approximately 1,000 new residents per week in 2016/2017. Thousands moving in plus few leaving, along with the constraints of geography, has resulted in a lack of inventory.
According to Zillow, home prices in Seattle rose by over 12% in 2016. From now until April 2018, the forecasted growth is 5.1%.
Housing is never a stagnant business. The economy will always be fluctuating as well as people will continue to move for family and jobs. So, what does the jump in home prices in Seattle actually mean for you?
If you’re looking to buy in Seattle and are relocating from out-of-area, chances are the home prices may be unpleasantly surprising. The median home price in the United States is $196,500. In Seattle, prices hit a median of $700,000 in April 2017.
You must get pre-approved by a reputable mortgage lender. The pre-approval will focus your efforts by clarifying your budget. When it’s time to make offers, sellers will consider your offers more seriously if you’re pre-approved. Your pre-approval letter needs to be strong enough to give the seller and listing agent confidence that you are the most qualified buyer.
You need to carefully consider location. There are many thriving suburbs outside of Seattle’s core that offer slightly less expensive living. Microsoft, one of Seattle’s biggest employers, isn’t even located in-city Seattle! The headquarters are actually in the suburb Redmond.
Lastly, finding a reputable agent in the Seattle area to assist you with your move is even more important in a tough market like this. A great agent will be able to draft the most competitive offer to win you your dream home. Here at Gordy Marks Real Estate we consistently win multiple offer situations.
First Time Home Buyer
Buying for the first time in the Seattle Market can be intimidating. With the right agent and guidance, it doesn’t have to be difficult though!
You must get Pre-Approved. As with all buyers in this market, the most important step for you to take before beginning your home search is to be pre-approved by a reputable mortgage lender. The pre-approval letter will show the seller that you have the highest odds of having the transaction close quickly and issue-free, and that you have the funds to purchase it.
You absolutely need an experienced agent to help guide you. Period. As a first time home buyer, the guidance you receive from an established agent is incredibly valuable.
Seattleite Home Buyer
Upgrading? Down sizing? Whatever the reason is, you plan to stay in Seattle. We don’t blame you– Seattle sure is beautiful. With the current market trends, it’s important that you are well prepared to begin looking at homes.
As with the two above, you must get Pre-Approved. Check out the Relocating Buyer and First Time Home Buyer for more information.
Make sure you choose the right realtor. Chances are you may know a realtor in the area through friends, family, or past experience. In this tough market, it’s important to find a realtor that has plenty of experience with buyers and negotiating in multiple offer situations.
Seattle Home Owner Considering Selling
Time to leave the Seattle rain? Lucky you: it’s a seller’s market!
Find an experienced agent. It is extremely likely that your house will receive multiple offers if it is located in the Greater Seattle Area. It’s crucial to work with an agent that will spend ample time reviewing the offers with you and explaining the differences between them. When houses receive 5, 6, 7 plus offers, it can be overwhelming without experienced guidance.
Seattle Home Owner Not Considering Selling
The market can has it’s ups and downs– your house could be worth significantly more in the next fews years, or it could depreciate. What’s important for you is staying aware of your home’s worth. At Gordy Marks Real Estate we offer complimentary home evaluations. Home evaluation tools on sites such as Zillow and Redfin are largely based off of tax data, and as a result are very inaccurate. Only a real estate professional can accurately valuate your home.
Continue maintaining your property to the highest degree. The condition of your property is one of the few things you can control about your home’s value. The housing market cannot be controlled, and neither can the location, or the neighborhood, but the appearance and overall maintenance of your home can be.