Is now a good time to buy a house in Seattle, Washington? What is the local real estate market like right now? And what does the future hold?
These are some of the most frequently asked questions among future home buyers in Seattle, and we’ll do our best to address them here today.
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 Very Competitive in 2017
Is now a good time to buy a house in Seattle? Clearly, a lot of residents and newcomers seem to think so. Housing demand in the area is very high right now, with multiple offers being the norm. Home buyers who plan to enter the market in 2017 should be prepared for a high level of competition. This is something we’ve written about before.
The inventory situation is tight right now, as we head further into 2017. A January report from the real estate site Realtor.com revealed that Seattle biggest housing shortage in the country.
As a result of high demand and low supply, it’s a sellers’ market right now. It might be a good time to buy a home in Seattle, but you have to be ready for some stiff competition.
Expectation for the Future: Continued Appreciation
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 appreciate over the coming years. The metro area attracts people from elsewhere in the state, and from all across the country. Seattle boasts a strong job market, natural beauty, and other features that will continue to bring buyers into the market. This helps to sustain housing demand and home prices alike.
Perhaps that’s why many economists have offered stronger predictions for the Seattle real estate market, when compared to the nation as a whole. The research team at Zillow, for example, expects home prices in Seattle to rise by nearly 5% over the next 12 months (through January 2018). Their 12-month outlook for the nation is a more modest 3.5%.
They also expect it to be one of the hottest real estate markets in the country.