Without trying to put the real estate agent “spin” on the market, let’s get real and look at the basics of whether or not you should buy right now… I have heard all of the “real estate is a long term investment” ads on TV and it is absolutely true – In Seattle we are so used to the wham bam fast market of the last decade that when things slow down it can be scary. The doom and gloom all over the media is another contributing factor for making those that would otherwise buy a house in this market pause to think about it or wait. The fact of the matter, though, is that people are still buying houses and if you have been waiting all these years for a chance to afford a house, guess what: now is the time you should do it. This is not a horrible gloomy market – yes it is different and it is most definitely tougher out there for Seattle Realtors and sellers, but what this is actually is more of a “normal” market for all of those fence sitting buyers who have been waiting out the feeding frenzy decade.
Who should be buying a Seattle house, townhouse, or condo?
- Move up buyers who want to take advantage of both the lower prices on those stage two homes as well as increase in FHA or first time buyers who are able to purchase your current lower priced home (my last Greenwood townhouse listing sold in four days) and the sellers got an amazing price on their new home that they NEVER would have gotten a year ago.
- First time homebuyers. FHA is the way to go right now with 3% and 3.5% down payment programs plus flexile sellers when it comes to negotiating. Lending parameters are changing hourly so get in while you have the opportunity.
- Seattle relocation buyers – this is a perfect time to come into Seattle and afford some of the best Seattle houses and neighborhoods!
Who should hang tight or rent?
- A buyer who might be scaling down – empty nesters might not get as much return for their larger houses when buying down.
- A buyer with no down payment – down payment assistance is gone for the moment – take some time to save for a down payment and keep your credit score up.
-
Anyone who might move out of the area in a year or two. I see this market stabilizing and not really appreciating for another year or two. When it does begin to go back up, it will be at a slower pace. Real estate is a long term investment.
Are you interested in Seattle real estate? realestate@cooperjacobs.com
[...] Read more here [...]