The Seattle housing inventory level is rising and demand is slowing just enough that we are starting to see a balancing in the real estate market. You may not be able to easily find your "perfect" home, but the availability has certainly increased since the beginning of summer. Unlike the extreme competition that buyers faced over the last few years, many new listings are not selling their opening weekend, some are still available into their second week on market before receiving an offer. Gone are the multiple offers from 5, 10 or even 20 buyers. Asking prices are still strong, but price corrections are on the rise. Contingent offers based on the successful sale of a buyer's current home are coming back too. 

 

If you are thinking taking advantage of this change in the market place and purchase a home here are seven things you should consider before making a housing investment:

 

  1. Finances First: Resist the urge to place bids before you have everything in order financially. Get your credit and loan opportunities figured out in advance, and make sure you’re looking into smart money and not just easy money. Getting pre-approved and having your financial situation under control at the start of the process will allow you to make smarter decisions and save you from money problems later on.
  2. Shop for the Future: When looking for your dream home, consider where you might be in five years, if not longer. Do you plan on getting married or having children? Does wanderlust keep you eager to change locations? Do you want a forever home now, or do you see yourself trading up a few times? The perfect home for today may not be the perfect home for your future life, so keep that in mind when deciding what home to buy and how much to pay for it.
  3. Location, Location, Location: You’ve heard that repetition a hundred times, but it can’t be stressed enough how valuable a good location is for a home. School districts, proximity to entertainment or necessities, and neighborhoods are all huge things to think about before making a purchase. On a smaller scale, don’t ignore the very land your potential home sits on. A great yard can make for a much more pleasant living experience, so give the greenery a good once-over before you buy.
  4. Be Serious About Inspections: It’s vital to get as much information as you can about the house you are going to purchase, and a lot of that will come from thorough inspections from reputable inspectors. Don’t be afraid to dig deeper in the inspection process. Knowing more about the flaws of the home may give you some leverage in the negotiation process, or you may uncover a deal-breaker that will save you from major headaches down the line had it gone unnoticed. 
  5. Take It Slow: While the actual transaction of buying a home can feel like it’s moving at a breakneck pace, it’s important not to rush into buying a home you’re not confident in. Take your time when shopping to find something that really feels right for you, both personally and emotionally. When the time finally does come to finalize the purchase, the extra time you spent making the right choice will really pay off.
  6. Negotiate Well: Having a great real estate agent on your side will make all the difference when getting down to business in the buying phase. With the decreased inventory in the Seattle housing market causing unexpected changes and competition, expect plenty of curveballs and surprises to show up along the way to your dream home. You may need to make some creative decisions with your bidding and negotiations. Being light on your feet and willing to roll with the punches will allow you to weather the storm of the Seattle housing market and come out with a great home at a reasonable price.
  7. Don’t Forget the Fees: Buying a home isn’t as simple as just providing a down payment and paying the monthly mortgage. Be prepared for taxes, insurance, fees associated with buying, maintenance and repairs, and a whole host of other costs, both seen and unforeseen. Make no mistake—buying and owning a home is not cheap. But preparing yourself beforehand will go a long way to making home ownership feel manageable.

 

With these tips in mind, buying a home in Seattle should feel a lot less intimidating. There will still be plenty of challenges on the road to home ownership, but a level head filled with the right information, plus a great real estate agent and a little luck, will ensure you’ll get the house you’ve always wanted, at the right price.

 

If you have a question about purchasing a home please ask. I’m always happy to help in any way that I can.

 

David Warren

Managing Broker | Realtor

Metropolist

 

425-760-8285 / david@metropolistgroup.com