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Summary: Seattle is one of the most desirable places to live in the entire state of Washgontn, and the country as a whole. It’s stunning landscape, pleasant climate, and vibrant cultural scene make it an attractive place to live, work, and play. This article will detail some of the resources available to those who have Seattle on their short list of places to buy a home.
There are plenty of reasons to call Seattle home. Its desirability has shown itself in the number of people who buy and move into Seattle every year, and the hot real estate market that has characterized the city over the past few years shows just how attractive Seattle is for prospective homebuyers.
The best reasons to move to the Seattle area of Washington State include access to an outdoor enthusiast’s dream, a booming job market, no state income tax and, of course, a Starbucks every time you turn a corner. Contrary to the old wives’ tale, Seattle is not the rainiest state in the nation, as the climate here is actually quite temperate. Hawaii and Louisiana both beat the Seattle area for annual rainfall.
Overall, the Seattle area offers something for everyone and the people who call this area home are usually very happy that they do! If you have been thinking about moving to the Northwest, we have some online resources to share that can help you make the most informed decision.
The Washington State Housing Finance Commission offers free seminars on home buying where you can learn all about the experience as well as info on loan programs and down payment assistance.
The DFI (Washington State Department of Financial Institutions) has made available an online guide that can help you become more familiar with the mortgage process. They also have made available a free guide to the home loan process.
The Washington Homeownership Resource Center also has information and resources available to help low to moderate income families buy homes in Washington State.
The City of Seattle’s Office of Housing has a helpful website that can guide you through the process of determining eligibility for Homebuyer Assistance Programs.
It is very important that you know who you are working with when you start the home buying process. This is a time when a licensed professional will be your best bet in finding someone to work for your best interests as their priority.
Check with the Department of Financial Institutions at 1.877.RING DFI when verifying a Mortgage Broker’s license. You can also contact them with questions about lenders. To verify the license of your Real Estate company call the Department of Licensing at 360.664.6505.
Seattle has long been an attractive place to live. As already noted, it offers plenty of opportunities to work and has a great cultural scene. Its outdoor landscape is also tough to beat with its stunning mountainous ranges serving as the backdrop to the water’s edge. And the moderate climate is also a big draw for many.
But in terms of buying real estate, 2020 may be the perfect year to buy. Traditionally, housing in Seattle has been among the most expensive in the nation. Certainly, prices are much higher in Seattle compared to other parts of the state of Washington, but after years of double-digit gains, home prices have seen a significant slowdown over the past year.
In fact, prices have actually retreated from their peak and have even dipped. According to Zillow, the median price of a home in Seattle is currently $741,800 as of January 2020. That’s over $40,000 lower than the previous peak of $786,000 from May 2018. Considering this, now may be a great time to buy when prices are in a “valley” and will go up from there.
Not only that, but interest rates are hovering near historic lows in Seattle, making a mortgage even more affordable. As of January 2020, the rate for a 30-year fixed-rate mortgage stands at 3.65%. Rates have been on a steady decline for months now, and experts anticipate that rates will remain low throughout 2020.
Could 2020 be your year to buy a home in Seattle? Speak with a mortgage specialist to help you determine what your best options are.
If you’re looking to get more information about securing a home loan to buy a home in Seattle, Sammamish Mortgage can help. We are a family-owned and operated Mortgage Company who has been serving the Pacific Northwest since 1992. We currently lend in all of Washington, Oregon, Idaho, and Colorado and offer many mortgage programs with flexible qualification criteria. Get in touch our friendly and knowledgeable staff today!
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