How to Buy a Condo in Seattle 2023

Curious about buying a condo in Seattle in 2023? Luckily you landed here and our team has a ton of information and advice on how to make sure you are buying in an awesome building and getting a good deal. In general, we really do believe that there are some real opportunities to buy a condo in Seattle this year.

Top 5 Tips on How to Buy a Condo in Seattle

Find a Realtor Who KNOWS Seattle’s Condo Market
Get Pre-Approved with A Loan Consultant Who Knows the Condo Market
Determine Your Main Focus
Read ALL of the Homeowner Association Documents Provided
Don’t Skip the Inspection

We asked the team what advice they are giving to their clients on how to buy a condo in Seattle in 2023. And here is what they said.

In 2023, you’ll likely have the opportunity to get a condo that you might not be able to afford in other markets. Now is the time to get a swanky condo in excellent condition with 2 bedrooms and a view (for example)!
The condo market is moving a little slower so you have time to do your due diligence. Learn as much about the condo building as possible.
If a condo is your first home, it’s not likely to be your “forever” home. Lock in a steady monthly payment by buying a condo.

In this guide on how to buy a condo in Seattle 2023, we are sharing the advice that our team members are giving their clients. We’re also sharing all of the tips and important info you’ll need to successfully buy a condo!

Start Here – How to Buy a Home in Seattle

In this video, Rocky goes into detail about tips and tricks of buying a home in Seattle. The majority of the strategies applies to buying a condo in 2023 with a few specific items that we will discuss in the Guide and below.

Next – Download Our Diva Dweller Buyer’s Guide

The Seattle Home Buying Guide is FREE and more importantly, it is filled to the brim with awesome details about every step of the home-buying journey.

Tips From Team Diva on How to Buy a Condo in Seattle in 2023

All of our team members work with condo buyers and sellers throughout neighborhoods in Seattle and King County. And because of this, we have real-time market knowledge—we know about real estate trends before they’re even “officially” reported. This also means that Team Diva knows what condo buyers need to do to make a smart and successful condo buy in 2023.

Here’s the advice that our Team Diva brokers have about buying a home in 2023:

Kim Colaprete’s Advice for Buying a Condo in Seattle in 2023

“If you are looking to buy a condo, 2023 might be the time when you can get that special condo that’s not at top dollar. If it’s financially feasible, stretch your price point so you can buy something that’s a step above or less generic. Buy a two-bedroom instead of a one-bedroom, find a condo with a view, and definitely buy in a building with solid, strong HOAs and reserves. If spending $50K more gets you a condo that would normally be $100K out of your price point, it might be worth it. You will increase your ability to sell down the road, increase your potential appreciation, and maybe get that Lake Union view you’ve always wanted!” – Kim Colaprete

Rocky Flowers’ Advice for Buying a Condo in Seattle in 2023

“Find out as much as you can about the building as possible. The condo market is moving a little slower so you have time to do your due diligence. You don’t want to find yourself buying into an unhealthy building.” – Rocky Flowers

Roy Powell’s Advice for Buying a Condo in Seattle in 2023

“The condo market is going to move slowly in 2023. This will be a great time to get a good value on a condo, so buy the very best one you can. Maximize the size, condition, and location for your dollar. Your first home is not likely to be your forever home, so locking in a steady monthly payment by buying a condo might make the most sense for your first or second home. I’m happy to help you run the numbers. Make sure you are taking an in-depth look at the HOA. When money gets tight, some HOAs start to cut corners. You want to make sure that your home is well maintained and taken care of regardless of the economic conditions.” – Roy Powell

Lindsy Russell-Mitchell’s Advice for Buying a Condo in Seattle in 2023

“The condo market in 2023 will be a bit slower moving. I like to think of a condo as a great stepping stone to home ownership or a first investment. Do your due diligence and make sure you have an inspection! Taking a deep dive into the Resale Certificate and HOA documents is KEY. As a buyer, you need to fully understand what you’re buying, the rules, bylaws, building history, and financials. Get clarification on everything, and run numbers with the lenders or broker to make sure this is a good option for you.” – Lindsy Russell-Mitchell

Donna Burns’s Advice for Buying a Condo in Seattle in 2023

“Condos are a great way to enter the housing market as a first-time buyer, and also fantastic if you’re looking for a safe place to invest. Either way, choose a location that will stand out against others; there is no shortage of condos in this region, so choosing one that has things like a great location, onsite amenities, parking, a solid HOA, etc., will position you well for resale!” – Donna Burns

Hannah Wilson-Hillard’s Advice for Buying a Condo in Seattle in 2023

“Do your homework! The main difference between buying a house and a condo is the HOA documents and Resale certificate. It is important to review these documents to make sure that the condo building you are buying into is a sound financial investment.”

“Through these documents, you can tell a lot about how the HOA is managed and what money they have in their reserves to cover any upcoming projects in the reserve study. If there is not enough money in the reserves to cover the reserve study projects in the near future this could be an indication of a potential special assessment (an assessment that is outside of normal HOA fees that is used to pay for large projects if there are not enough funds). While as an agent we cannot interpret these documents for the buyer, we can advise on how to read the docs and of course we have an amazing blog on our website that talks all about resale certificates/HOA Docs!” – Hannah Wilson-Hillard

How to Buy a Condo in Seattle 2023

This year, you can become a smart and successful condo buyer by taking the time to educate yourself and learn about the process. In this guide, we’re sharing our top 5 tips on how to buy a condo in Seattle, so you can make the right decision for your unique situation.

Top 5 Tips on How to Buy a Condo in Seattle

Find a Realtor Who KNOWS Seattle’s Condo Market
Get Pre-Approved with A Loan Consultant Who Knows the Condo Market
Determine Your Main Focus
Read ALL of the Homeowner Association Documents Provided
Don’t Skip the Inspection

Tip #1: Find a Realtor Who KNOWS Seattle’s Condo Market

For the BEST chance of having a smooth, stress-free transaction, it’s crucial to choose the right Realtor to help you buy a condo. Your Realtor should have experience and in-depth knowledge of Seattle condos, as they will need to help you navigate the ins and outs of working with a seller, an HOA, and a management company… all at the same time! If you’re not careful, there can be numerous pitfalls to buying and selling a condo if your Realtor doesn’t know the lay of the land.

When interviewing a Realtor, it’s important to ask them these two questions:

Do you have experience listing and selling condos in the area?
Do you have direct experience listing or selling a home in the various condo buildings where you are looking?

Tip #2: Get Pre-Approved with A Loan Consultant Who Knows the Condo Market

In the same way you’ll need to choose the best Seattle Realtor, you’ll also need to choose a loan consultant with condo expertise. There are lending rules that are specific to condo buildings, so you need to make sure that you are working with a loan consultant who is well-versed in condos. They should be able to communicate the financial pros and cons of purchasing a condo, and they need to have the ability to close a loan quickly. Be aware of the fact that depending on your unique financial situation, there might be some extra expenses along the way. There could be added fees, or an increase in your interest rate, for example.

Tip #3: Determine Your Main Focus

When buying a home, there are four main motivations that buyers have:

Affordability
Ease of Living
Location
Current or Future Investment

Choosing one or two of these items as the focus of your condo search will help ensure your success. For example: If your primary focus is “Easy of Living,” then you may want to only check out condo buildings with garage parking, concierge services, and on-site amenities like a gym. But if your primary focus is “Location,” then you might choose to look at a more diverse range of condos, including high-rises, lofts, and 1920s buildings. Choose your focus carefully, and go find yourself a condo!

Tip #4: Read ALL of the Homeowner Association Documents Provided

Once you’ve dialed in on the condo you want to buy, it’s time for THE most important step. When you own a condo, you basically own “from the walls in.” This means that any information that the condo seller communicates might just be focused on what is happening INSIDE the condo. But what about the rest of the condo building? After all, everything that happens in a condo building ultimately impacts you, your ownership, and your investment.

This is why you should NEVER purchase a condo without thoroughly reading the Resale Certificate and ALL of the Homeowner’s Association or HOA documents. These documents will give you a picture of how the HOA is actually run, for example. They will also share what the rental rules are, or if there are pet restrictions. You will also be able to find out if there are any pending assessments, major building work in the near future, and if there are any pending lawsuits. Each of these factors could impact your ability to purchase the condo.

Here is a quick list of the documents you will want to pay close attention to and review:

Resale Certificate signed by the owner
Reserve Study
Two Years of Financials
Current Budget
Two Years of HOA Board Meeting Notes
Two Years of Owners Meeting Notes
House Rules and Regulations
Any Addendums, Attachments, or Amendments

For more information on this subject, read our blog post “Reviewing the Resale Certificate When Buying a Condo in Seattle.”

And last but not least:

Tip #5: Don’t Skip the Inspection

Inspecting a condo is just as important as inspecting a single-family home. Even though you may only own “from the walls in,” it definitely does not mean you can be careless about investigating what you’re buying. Tell-tale signs of bigger building issues can begin in one person’s unit. This could be a failed window seal, slow water flow in a bathroom, or moisture spots on a ceiling… for example. All of these things could be signs of bigger issues. Do your due diligence, and get an inspection on your condo! Here is a blog to help you better understand what is involved in an inspection.

Thank You For Browsing Team Diva’s Definitive Guide on How to Buy a Condo in Seattle 2023

Thank you for spending time with us and learning how to buy a condo in 2023 in Seattle. There are so many nuances in this process. The best step is to give your favorite Diva a call and we can get this process started for you.

Learn More About Buying a Condo in Seattle in 2023

We have a ton of additional resources for home buyers. Be sure to check out the following:

Check out our home buyer and seller guides for 2023:

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.