The downturn in the ecconomy has created a once in a lifetime investment opportunity for first time home-buyers in the Seattle real estate market. Prices of homes for sale in the Seattle are are record lows, as are mortgage rates. In recent years, new home buyers have not been able to afford starter homes in Seattle, but home prices have now dropped back to 2004 prices. The price of homes for sale in Seattle dropped about 14% in 2008.
Work with a qualified real estate agent
Your real estate agent can provide analysis of market conditions in your neighborhood to ensure you are getting good value for your money. A real estate agent can negotiate the best deal and lead you to credible lenders. Many real estate agents work in tandem with mortgage lenders, who offer special reductions to the agent’s clients. Your agent can also steer you to home inspectors and other professionals to insure the home you purchase in good condition.
A real estate agent can keep on eye on properties close to your price range and watch for price reductions when homes for sale languish in the marketplace.
Watch out for discount brokers. They can save money but do not provide the full services that most homebuyers need, especially the first time around.
Seattle Home for Sale
What will a starter home in Seattle cost?
A starter home in Seattle metropolitan area will cost between $300,000 to $400,000. There are a few homes or condos priced below $200,000 in Seattle, but you can still find small homes or townhouses at this price in the outlying areas, such as Kent or Renton or even Bellevue and Issaquah. The prices are also lower in north Seattle and in West Seattle, but deals below $250,000 are hard to find.
Can I use the government first time homebuyer credit?
The government first time homebuyer credit allows buyers a $8,000 tax free, but the qualifications continue to change. Consult with a real estate agent for up-to-date information. For those who qualify, this tax credit can make the difference between being a homeowner or remaining as a renter.
Get started now
The market is turning around. Do not wait for a better deal. Many buyers are sitting on the fence worried about losing money in the first year of their purchase. Home price may drop, but you will own this home for many years and home valuations will continue to go up once the foreclosed inventory is out of the marketplace and the economy turns around. Most people stay in their homes for seven years and in this timeframe, the money you save by buying in at these historically low mortgage rates will save you thousands of dollars in the long run. Buy the home you want when it comes on the market and do not hesitate or worry about the best deal. Your house is an investment, but it is also a home.
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