When it comes to buying a house in Seattle, there are so many variables to consider. What price point should you stick to? How much can you afford to spend? What neighborhood do you want to look in? What features do you need in the home?
But in addition to all these questions that need to be answered, you might also be wondering when the best time to buy a home in Seattle may be. Many buyers may assume that certain seasons are best to buy in, such as the less competitive fall and holiday season. But you also need to look at other factors that can impact the level of competition you may face, as well as the price you may have to pay for the home you end up buying.
When it comes to buying a home in Seattle, timing is relatively important. So, when is it the best time to buy a house in this city? Read on to find out.
When Inventory is High
Generally speaking, you’ll find the most inventory in Seattle in the spring and summer. That’s when the weather is warmer and more sellers are looking to put their homes up for sale. And with more sellers in the market, more homes will be made available.
Because of so much more inventory available to look at and choose from, this may be a good time of year to look for a new home. That said, there are also usually more buyers in the market along with more sellers, which means the competition can be tougher. It’s a bit of a catch-22 in this case, as you may have many more homes to choose from, but you’ll also have more buyers to compete against.
When Competition is Low
Not having to compete against too many buyers can also be a great time to buy. When there is a lot of demand in the market, this can drive prices up, which can make buying a home in Seattle more expensive. Competing with other buyers for the same home can also increase the stress factor. As such, buying a home when the competition has died down may be ideal.
In terms of the best seasons with the lowest competition, late fall and winter – especially over the holidays – is usually when competition is at its lowest point. During Thanksgiving and Christmas holidays, people tend to be more focused on the festivities than they may be when it comes to looking for a new home. But these times of the year also mean fewer homes to choose from. While you may have less competition to deal with, you may also not have as much inventory at your disposal.
When Prices are Stagnant or Have Dipped
Seattle has been known to be one of the most expensive real estate markets in the country. Over the past few years, prices in Seattle have skyrocketed, peaking in 2018 at a whopping average price for $750,000 in July 2018. That’s more than triple what the national average home price was at that time.
But over the past few months, prices in Seattle have actually dipped. As of September 2019, the median home price of homes in Seattle is $714,100, which is much lower than it was last summer. This presents a great opportunity to get into the real estate market in the city, as prices are likely to go back on the uptrend some time soon.
When prices have plateaued, this may be a good time to buy.
When Mortgage Rates Are Low
Mortgage interest rates have a direct impact on the affordability of a home purchase. When they’re high, it can make mortgages much more expensive. But when they’re low, buyers can save tens of thousands of dollars over the life of their loans.
And right now, mortgage interest rates are some of the lowest we’ve ever seen. As of September 2019, the rate for a 30-year fixed-rate mortgage is 3.49%. As such, buying a home in Seattle when mortgage rates are low – coupled with lower home prices – makes today a great time to buy in the city. You may want to take some time and speak with a Seattle mortgage lender today to capitalize on these low interest rates.
When is the Best Time to Buy in Seattle?
At the end of the day, the best time to buy a home in Seattle is when you have some inventory to choose from, prices are stagnant, competition is not as fierce, and mortgage rates are low. And based on the current temperature of the market in Seattle, now may be a great time to buy!
Be sure to discuss your options with a Seattle mortgage lender today to take advantage of this prime buying market in Seattle.
