The Seattle housing market has been hot over the past year. Home values have increased over the course of 2022 and are expected to rise in 2023, though perhaps not at the same pace. 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.
Is Now a Good Time to Buy a House in Seattle?
When deciding if now is a good time to buy a house, you must consider both personal and market-related factors.
Here are some questions to ask on the personal side:
- Do you plan to stay in the Seattle area for at least the next few years?
- Do you have stable income right now, with a reasonable likelihood for continued employment and income?
- Are you financially responsible when it comes to managing your debt obligations?
- Would owning a home improve your quality of life in some way?
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.
Local Housing Market is Still Strong
Is now a good time to buy a house in Seattle? In recent years, the Seattle market has typically been a seller’s market. Home buyers who plan to enter the market in 2023 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.
Expectation For the Future: Steady Gains
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 7.1% over the past year and are expected to increase throughout 2023, though the rate of increase may not be as strong, especially given the recent dip in home prices.
As of this writing, the average price for a home in Seattle is $927,525.
Mortgage Rates Climbing
Mortgage rates have been on a steady rise over the past year, making homebuying more difficult for many would-be buyers. The rate for a 30-year fixed-rate mortgage has increased 3.38% year-over-year, which is a hefty increase. Right now, the rate for a 30-year fixed-rate mortgage is 6.49%.
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!