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The State of the Market for Buyers in Seattle Washington

Is it still a buyer’s market today in Seattle? As experts in the Seattle real estate market, we get asked this question a lot.

The answer isn’t as simple as yes or no.

The State of the Market for Buyers in Seattle Washington

First off, it really depends on the property type and location.

Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns. One of the biggest trends in Washington state is the rising demand for single-family homes in major cities like Seattle, Tacoma, and Spokane. The median home price in these cities has seen a considerable increase over the past year due to strong job growth and an influx of new residents. For buyers looking to purchase a home in a metropolitan area, it’s important to be ready to move quickly when an attractive property becomes available as competition for homes is fierce.

Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.

But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Seattle, but seem to be rebounding as the rental market increases.

Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Bonney Lake market in unique ways.

Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.

Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.

Vacation homes are becoming more popular. Washington is home to some of the country’s most beautiful vacation destinations, and many prospective buyers are taking advantage of low rates to purchase second homes in these areas. Whether they’re looking for a beach house on the coast or a mountain retreat, Washington has something for everyone. Vacation home buyers can expect to encounter fierce competition as demand remains high, so it’s important to be prepared and ready to move quickly when the right opportunity arises.

Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.

Despite the rise in home prices, affordability remains a top concern in Washington. According to the latest report from the Washington State Department of Commerce, more than 69% of renters feel that they are either slightly or significantly burdened by housing costs. To combat this issue, many cities have established dedicated funds to assist first-time buyers with down payments. These funds can provide crucial assistance for those seeking to purchase a new home in an expensive market.

Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.

Sound confusing? It is. But We Can Help.

There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.

We’re investing in Seattle because we believe in the community and the people here.

If you need to sell a property near Seattle, we can help you.

We buy properties like yours from people who need to sell fast.

Give us a call anytime 253-888-5660 or fill out the form 
over here today if you’re looking to sell a Seattle house fast!

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