Is it a good time to buy a home in Seattle? The simple answer is “Yes!” There are 3 top reasons why this is the case. The first is that there is low demand. The higher interest rates and a shaky stock market mean less competition and more negotiation power for you, the buyer. Secondly, Seattle currently has increased inventory. Low demand also means an increase in inventory. More inventory means more active homes in your area and price point. And finally, we have price stability. Low demand and higher inventory prevent huge spikes in prices over a short period of time. So while interest rates may be up, prices stay stable and the occasional deal pops up.
Top Three Reasons Why It’s a Good Time To Buy In Seattle
- Reason #1: Little to No Competition
- Reason #2: Higher Inventory
- Reason #3: Price Stability
Is It a Good Time to Buy a Home in Seattle?
Yes & Here Are Three Reasons Why
I’m Kim Colaprete with Team Diva Real Estate at Coldwell Banker Bain, and in my 20 years as a realtor in Seattle, there’s one question I’ve heard over and over again: “Is it a good time to buy a home in Seattle?” This is a great question for sure. Every buyer wants to be assured that they are making the right decision at the right time. My answer is YES! If it’s a good time for YOU to financially make the shift to homeownership, then now is a good time to buy in our market.
Look y’all. I have run a successful real estate business through the major market impacts of 9/11, the dot-com bust, the great recession, and COVID. And from all of that experience, I can say that letting fear drive your financial decisions never gets you anywhere. Or you could be that person who is forever waiting for the “market to crash” so they can get a deal. Well, guess what—those folks keep waiting! Before they know it, the bottom has come and gone, and by the time they figure that out, the market has already gone back up. Chasing the market down is never a good idea.
Story Time: How a Buyer Benefited From This Market
Let’s be honest. Over the summer we saw a dramatic change in how many buyers were in the market because of the rising interest rates and the shaky stock market. One of our buyers knew they needed to move into Seattle. And they knew they had to sell a house in this same market. They were super strategic and bought a dated home in a great neighborhood. Our buyer experienced ZERO competition in a relatively hot neighborhood. Right now they are prepping to put on their highly designed and perfectly renovated home on the market soon. None of us have any fear about their previous home selling because they have been following the Diva Difference principles for years now. Win/win!!!
So is it a good time to buy a home in Seattle now? I say, absolutely! Here are the 3 reasons why:
Reason #1: Little to No Competition
The spike in interest rates has certainly added some fear and concerns to the market. Pepper that with a shaky stock market, and you have buyers suddenly taking themselves out of the market. Bad news for them… but good news for you. Low demand means little to no competition. Which means more power in your hands.
Buyers who are willing and able to engage in this market are reaping the rewards. No competition means no escalators. You don’t have to waive your contingencies. That means it’s all on the table: Negotiating on price, asking for closing costs, doing a full inspection and negotiating on the inspection, controlling the closing date, and even negotiating on the appraisal if that becomes an issue. This is a perfect time to take advantage of your newfound power in Seattle’s real estate market.
Reason #2 Why: Higher Inventory
When demand shifts, so does inventory. Now realistically, we will never have a huge abundance of inventory in Seattle. We just don’t have that much space. BUT, that said, we are conditioned to having almost no inventory and such incredible demand that even small shifts impact our market. The longer homes take to sell, the more inventory starts to build up in the market as new homes become available.
This increase in inventory offers buyers in the market more options for finding homes in their target neighborhoods and at their optimal price point. Buyers can now take advantage of something they have seen very little of in the past few years, and that is choice! You have houses to tour. Not 1 or 2… but 3 or 4 or 5! I can’t remember the last time I found 5 houses for my buyers to tour in one day!
Reason #3: Price Stability
The combination of low demand and higher inventory will cause prices to tamp down or possibly even depreciate over a longer period of time. Since the real estate market is a tricky beast and never stays the same for long, it’s best to take advantage of these lower prices now. Even with higher interest rates it is still worth it. Because when the market changes, rates will come back down. That’s the time to refinance!
So sure, you can wait till the rates go down again. But by then, the prices will already be rising. Buying now means you get the current advantage of lower prices and future ability to refi to a lower rate. I call that a Win-Win!
Which Homebuyers Benefit From This Market?
The buyers who benefit from this market fall into several categories.
- First-Time Homebuyers – Way easier to get into a home!
- Buy-Up Buyers – You know exactly what you need to buy up for your next home.
- Buyers Who Need to Buy Contingent on the Sale Of Their Homes – Not an option four months ago.
- Buyers Who Have Lower Down Payments – Super tough to buy a home in Seattle with a low downpayment. But you finally have that option.
All of the homebuyers above have been locked out of Seattle’s market for several years now. And finally, they can make the big move. Start here with our Definitive Guide on How to Buy a Home in Seattle to get your home journey started.
Now You Know the Answer to the Question “Is It a Good Time to Buy a Home in Seattle?”
Is it a good time to buy a home in Seattle? The simple answer is “Yes!” It is a good time to buy a home in Seattle and there are 3 main reasons why. First, there is little to no competition since the recent rise in interest rates. Secondly, there is higher inventory, aka more homes to choose from. And third, price stability. The combination of low demand and higher inventory will cause prices to stabilize or even depreciate over a longer period of time.
Well there you have it. If you are waiting for a good time to buy a home in Seattle, that good time is now. So what are you waiting for? Give us a call, get pre-approved, and take advantage of all that buyer power you have right now.
Top Three Reasons Why It’s a Good Time To Buy In Seattle
- Reason #1: Little to No Competition
- Reason #2: Higher Inventory
- Reason #3: Price Stability
We are here to help. Our team understands that this process can take a year or two. And we are more than willing to give you a personalized plan to get the ball rolling. Feel free to contact us directly at thediva@teamedivarealestate.com or call/text 206-271-0264.
