Knowing how much your home is worth is important, even if you don't plan to sell any time soon. Here are some tips to help you determine how much your home is worth in today's market.
Summary: The Seattle housing market has cooled off over the past year. Home values actually declined a few months ago, but are now climbing back up. 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 Has Cooled Down
Is now a good time to buy a house in Seattle? In recent years, the Seattle market has typically been a seller’s market, but this trend slowed a bit in 2019. Home buyers who plan to enter the market this year or next should be prepared for a moderate level of competition, depending on what home they wish to purchase.
The inventory situation is relatively favorable right now as we head further into 2020. That said, demand is quite high in the area, especially as inventory continues to be very tight. 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 from March to May.
Expectation for the Future: Steady Gains
For obvious reasons, it’s a 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. That said, the current health crisis is making it difficult for experts to accurately predict what will happen in the coming months and into 2021.
Though Seattle boasts a strong job market, natural beauty, and other desirable features, the market has levelled off recently. But this is likely just a cyclical phenomenon, as Seattle experienced higher than average growth in the years preceding 2019. It’s likely that Seattle will rebound in the near future.
According to Zillow, median home values in Seattle have increased 2.2% between August 2019 and August 2020. However, Zillow projects a slight 1.7% dip through August 2021. Again, these declines are occurring after multiple years of higher than average growth.
Previously, Seattle was among the hottest real estate markets in the country. Median home values climbed higher and higher. Now, things have begun to level off, but this could very well change in the near future.
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!