I will very shortly be moving back to Seattle after living in Japan for a few years and I am planning on trying to buy a house this year (which depends largely on me finding a job in this horrible economy). My question though is what do you think of the Seattle housing market? Do you think that there is still some room for houses to go down in price or should I try to get one as soon as possible? Thanks for any advice or opinions you might have to share.
The million dollar question you are asking is, “When is the Seattle housing market going to hit bottom?” and nobody knows for certain. The hard part about it is that by the time the bottom of the market is properly identified, you’ve missed it. However, there are some indicators that things are getting better. 1) Historically low interest rates… currently below 5% for a 30 year fixed. 2) $8,000 in tax credit for first time home buyers who buy in Protected content . 3) Tons of discounted homes to choose from. It’s a great time to be a buyer. Be glad you don’t have to sell first.
Real estate is a highly localized thing; one neighborhood goes up in values, the one a few miles away goes down. I don’t live in Seattle, I live in Portland, Oregon. There isn’t a InterNations chapter in Portland yet, so I signed on for Seattle. I can say that the trend I am seeing in Portland is that the Inner city is holding it’s values much better than the suburbs. My advice is that when you get back from Japan, get started sooner than later, as the home-buying process can take months. Getting pre-qualified by a lender would be one of the first steps. This will establish a budget to work from. I suggest that when you get to Seattle, you find a realtor that knows the specific neighborhood you are looking for. They can get you the latest market data on the area you are interested in, and take you out to tour homes on the market. There is no fee to use a buyer agent since commissions come from the seller. Get a referral from a friend or relative and if you still can’t find one, ask me. I interview agents in other markets for some of my clients and I can ask the right questions to connect you with a professional. For more information on home buying, check out my website at Protected content
Happy house hunting!
I'll throw it out to the forum...has anyone in Seattle had any recent experiences with buying, selling, or ideas of home values? Are they still in decline or are you starting to see the market stabilize? And if so, what neighborhoods are doing better? Any help would be appreciated... pun intended.