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The Seattle housing market has been hot over the past year. Home values have increased over the course of 2020 and are expected to continue the trend well into 2021. The question is, is now a good time to enter the home market in Seattle?
What is the local real estate market like right now in Seattle, Washington? And what does the future hold?
These are some of the most frequently asked questions among future home buyers in Seattle. The answer to these questions and others like them will dictate whether or not now is a good time to buy a home in this popular WA city.
When deciding if now is a good time to buy a house, you must consider both personal and market-related factors.
If you answered yes to these questions, then now might be a good time for you to buy a house in Seattle.
It’s also important to understand the local real estate market as it relates to buying a home. So let’s talk about current housing market conditions in Seattle, Washington.
Is now a good time to buy a house in Seattle? In recent years, the Seattle market has typically been a seller’s market, and that includes in 2021. Home buyers who plan to enter the market this year or next should be prepared for a lot of competition, depending on what home they wish to purchase.
The inventory situation is very tight as we approach the new year. Demand is quite high in the area, especially as inventory continues to be very low. There simply aren’t enough homes to meet the demand of buyers.
Despite the trials from the coronavirus pandemic, Seattle home prices are keeping strong. The market is showing a lot of resilience and is expected to recover, especially compared to the slowdown last year.
For obvious reasons, it’s easier to talk about current real estate conditions than future ones. No one can predict the future of home prices or mortgage rates with complete accuracy.
With that being said, there is a strong likelihood that homes in Seattle will continue to remain strong over the next 12 month period if the current trend continues. According to Zillow, home prices in Seattle rose 9.8% over the past year and are expected to remain on a similar path throughout 2021.
Don’t hesitate to reach out to Sammamish Mortgage. We’d be happy to answer any questions you may have regarding the Seattle home market. We can help you understand the mortgage loan process and even help you get pre-approved. Sammamish Mortgage has been helping mortgage seekers since 1992. We proudly serve the entire Pacific NW region, including WA, OR, ID & CO, and offer many mortgage programs to choose from. Contact us today for more info!
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