4 Reasons Why 2022 Could Be a Good Time to Buy a Home in Seattle, WA

Published:
November 30, 2018
Last updated:
January 14, 2022
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If you’ve been contemplating buying a home in Seattle lately, then perhaps 2020 may be the year that you take the leap. There are plenty of reasons why this year may be the time to do it, and this article will outline what those reasons are.

It looks like 2022 could be a great time to buy a home in Seattle. Home prices continue to increase in 2022. And mortgage rates are expected to remain fairly low over the coming months. Those are just a few of the trends we are tracking, as we head further into 2022.

1. Mortgage rates are still relatively low

Mortgage rates shot up during the first part of 2018, catching a lot of Seattle home buyers off guard. But they were on a steady decline for a couple of years afterwards. 

That said, rates have been inching up over the past 12 months and are expected to continue to tick upward over the course of 2022. The Mortgage Bankers Association (MBA) predicts the rate to reach 4% by the end of the year. 

As of right now, rates are sitting at 3.11% for 30-year fixed-rate mortgages.

Rates like these are making homebuying much more affordable. Even a 1.0% decrease in rates can mean savings of tens of thousands of dollars over the life of a mortgage. Many of those who already own a home are refinancing their mortgages in an effort to capitalize on these lower rates and save a ton of money.

Although rates are increasing, they’re still relatively affordable, which is reason enough to get into the Seattle real estate market in 2022. But it’s best to get in the market sooner rather than later to ensure you get a lower rate before they continue rising.

Today’s Seattle Mortgage Rates

2. The local job market is improving in 2022

Despite the hammering of the economy and jobs as a result of the coronavirus pandemic, the labor market is slowly improving. Economists feel optimistic that employment will rebound over the next few months and pick up the pace throughout 2022.

With a stronger labor force, consumer sentiment and spending power is much stronger. And with that comes a better financial position to afford mortgages. Economists are hopeful that the labor market will steadily improve over the coming months, which can put consumers in a better financial position to buy a home in Seattle.

Related: How To Choose the Right Neighborhood in Seattle

3. Home prices are on the rise

Home prices in Seattle have been on the increase since the fall of 2019. The past year was no exception. According to Zillow, home prices in Seattle increased 11.2% over the past year.

It’s no secret that buying a home in Seattle is an expensive endeavor. Home prices in the city are extremely high compared to other cities in the state and the state-wide average. As of this writing, the average home price in Seattle is $888,202.

But owning a home in Seattle will give you the chance to build equity quickly, especially as home prices rise at a rapid pace.

Considering this fact, buyers are encouraged to get into the market before prices go any higher. Getting into the market before prices skyrocket is a sound investment strategy and will allow buyers to take advantage of an increase in home equity much faster.

4. Sellers appear to be flexible

Here’s another sign that 2022 might be a good year to buy a home in Seattle: Sellers may be more flexible. But they may still be willing to negotiate on price and other components of an offer.

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Need a Home Loan in Seattle, WA?

Will you need mortgage financing to buy a home in Seattle? We can help. Sammamish Mortgage has been serving buyers across the Pacific Northwest since 1992. We offer a wide variety of mortgage programs to borrowers in Washington, Oregon, Idaho, and Colorado with flexible qualification criteria. Please contact us today with any financing-related questions you have.

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