Buying a house is a huge task as you browse different neighborhoods, price offers, mortgage plans, and real estate agents. We have made a complete guide on what goes into buying a house in Seattle so you can do your homework.
Rain City, Jet City, and “The Coffee Capital of the World” are just a few of the city’s nicknames. “Emerald City” is the most well-known moniker for it. The city’s name comes from the evergreen trees that remain lush and green all year. The Evergreen State, which includes Seattle, is sometimes known as the Evergreen State.
There are several aspects and market trends to keep in mind when looking to buy a home, especially when you’re a first-time homebuyer. Keep reading to learn about the factors you should keep in mind when buying a house in Seattle so you can make an informed decision.
1- The Housing Market In Seattle
Seattle, like the rest of the country, is a hot seller’s market in 2022. This increases the cost of buying a home for you. Prices are undoubtedly proving to be exorbitant for purchasers due to a dearth of supply and an increase in demand. For the time being, buyer demand continues to outnumber available properties.
Housing expenses will almost certainly continue to outpace household earnings. It’s wise to wait for house prices to slow down. The Federal Reserve expects to boost interest rates, making borrowing money for a mortgage more costly, which hopefully cools down the housing market. Low mortgage rates have attracted more homebuyers, increasing competition and rising costs in 2021. However, this year, everything may start to calm down.
2- Best Time For Buying A House In Seattle
One way to make buying a house in Seattle easier is to start the process at the right time. In Seattle, housing inventory, mortgage rates, and market trends fluctuate from month to month. The best time to buy a house in Seattle is in the spring and summer, between April to July.
Sellers are more willing to negotiate in January since sales are slow in the fall and winter. So, if you have some flexibility in your schedule and want better negotiation, you’ll most likely be able to find a nice deal on your ideal home in the fall and winter months.
3- The Living Costs In Seattle
It’s wise to keep track of the costs of living in a city when buying a house so you won’t have a problem keeping up with the monthly mortgage payments in the future. For starters, the most significant financial challenge you’ll encounter is likely home affordability. Seattle rents are much higher than the national average. Utilities like gas, water, and electricity, are also more expensive. Residents of Seattle pay a total sales tax is 10.1% on food and restaurants. The eateries charge less than cities like Boston and Los Angeles. The public transportation costs are similar to those of New York City. If you own a vehicle, keep in mind that gas prices are higher than the national average.
4- Find An Efficient Real Estate Agent To Find You The Best Home
You may always search and browse for a property on your own, but are you ready to take on such a difficult undertaking that takes expertise, energy, and time? That too, is when it is your first time buying a house in Seattle. Using a real estate agent to buy a home saves you time and effort. You’ll also get access to a larger number of listings and better prices. Agents negotiate on your behalf, which may not be as successful as if you were to do it yourself.
5- Getting Pre-Approved For Mortgage
You’re ready to apply for a mortgage once you’ve set your budget aside and found a real estate agent. The next step is getting pre-approval so you can shortlist a house. A pre-approval letter is a letter from your lender stating that you have been pre-approved to purchase a property.
Several factors decide whether you get pre-approval or not. These include your credit score, debt-to-income ratio, income, etc. To get pre-approved, you must complete a house loan and other documentation verifying your income, spending, history, and other factors.
6- First-time Homebuyer Program In Seattle
Those looking to buy a house in Seattle can opt for the city’s first-time homebuying programs. For first-time purchasers with limited incomes, the City of Seattle’s Office of Housing offers a DPA program. The Office of Housing provides downpayment assistance to first-time homeowners earning less than 80% of the area’s median income. Downpayment assistance of up to $55,000 per household is provided for open market purchases or unrestricted houses produced by a homeownership partner group.
7- Make Sure To Check Repairs Thoroughly
Once you finally start touring potential houses, make sure to check all the repairs thoroughly. Even though the state of Washington requires the seller by law to disclose details about the selling house, it’s wise to do your own research. Do not waive the home inspection part. By skipping the pre-purchase house inspection, you’re setting yourself up for future problems. It’s advisable to have home inspections so you can assess the interior and exterior of the house in detail.
8- Best Neighborhoods In Seattle
A good neighborhood is one that has a low crime rate, easy access to schools and stores, facilities for parks, and nearby shops and restaurants. We’ve put together a list of safe neighborhoods where you can buy a house.
i- Fremont
Because of its closeness to Downtown Seattle and adjacent work prospects with major tech companies, this area is popular among young folks. Fremont provides the Seattle real estate you’re searching for, with big condominiums, Craftsman-style homes, bungalows, and ultra-modern residences. Residents can enjoy the nearby Fremont Peak Park for a quick walk or go to the Fremont Vintage Mall for a shopping spree. The neighborhood also has some amazing cafes and restaurants such as Brouwer’s Cafe, Uneeda Burger, and Schilling Cider House.
ii- Ballard
Because of its inexpensive housing, outstanding walkability, and range of contemporary food options, this Seattle neighborhood is one of the best for singles and young professionals. It’s also an excellent family neighborhood. Ballard, on the city’s northwest edge, has everything from bungalows and cottages to recently built condominiums and townhomes. Residents enjoy nearby access to Golden Gardens Park and Ballard Farmers Market. Your children can also go to play games at The Sloop Tavern.
iii- Ravenna
Another safe neighborhood for buying a house in Seattle is Ravenna. Ravenna is adjacent to Washington University and has a peaceful suburban ambiance that is ideal for inhabitants of all ages. The neighborhood’s safety and abundance of open space will appeal to families in particular. Within a few minutes of the UW campus, this Northeast Seattle area has plenty of new developments, condominiums, and single-family houses. People enjoy Ravenna Park with their kids as well as Seattle Sounders games and matches. Wayward Vegan Cafe and Queen Mary Tea Room are two famous spots in the neighborhood for teas and coffees.
iv- West Seattle
Residents enjoy this neighborhood to soak up all the Seattle weather. West Seattle is famed for its broad waterfront and beach-town vibe. However, it’s much more than a terrific place to enjoy Seattle’s weather. Furthermore, because of its abundant parks, excellent schools, and close-knit community, the area is one of the greatest places in Seattle to raise a family. For enjoyment, residents go to Alki Beach Park and West Seattle Art Walk. To satisfy those cravings, visit Sunfish and Zippy’s Giant Burgers.
v- Wallingford
This northern neighborhood, located between fashionable Fremont and tranquil Ravenna, has it all. Big Craftsman-style residences, a range of playgrounds, and parks. The neighborhood also has highly-rated schools, which is a plus if you are shifting with a family. . Restaurants, cafés, exciting college bars, and local boutiques abound in this vibrant commercial district. Residents stop at Kate’s Pub to enjoy delicious burgers and Molly Moon’s Homemade for delicious Ice Cream.
Buying A Home In Seattle With Regentology- Fastest Growing Referral Network
The feasible option for buying a house in Seattle is through Regentology. Our agents make the home-buying process simple so you can feel confident and prepared from the start. We strive to comprehend your requirements, budget, and timeline while being available to assist you at every stage of the process. Fill out the form to start your search for your dream home from the best real estate agents in your region.