What to look for when buying a home in Seattle, WA.
Affordability and Job growth have turned Seattle into a burgeoning metropolis and one of the best places to buy property in the US. Not only is Seattle the second safest state in the union, but was individually recognized as the 8th safest city in the world by MSN. With all of the earmarks of a desirable community, buying a house in Seattle looks like not only a safe bet but an excellent investment. Whether you are already considering a home purchase in the WA area, or you’re thinking about a move to WA, and you are looking for the best place to buy you’ve come to the right place. Let’s take a closer look at a few things to consider when purchasing a home in Seattle WA and get you armed with the information you need to make an informed decision.
Culture, Beer, and Nature
From the historic North End to the Warm Springs neighborhood, If you are thinking about purchasing a home in Seattle, congratulations because you’re bound to find a little something to please everyone. You might not think of Seattle as a cultural Mecca, but residents would disagree. A thriving theatre scene with several art galleries have long been at the heart of downtown Seattle and several up and coming restaurants and craft breweries reveal the special color and taste of this beautiful community. Of course one of the big reasons that folks are moving is their love of nature and the amazing access they enjoy as Seattle residents. Mountains, lakes, rivers, and streams all abound. The area is positively teeming with natural beauty. Mountains stretching as far as you can see promise lots of snow and fun for the many ski resorts in the area, and you are guaranteed to find a little peace and solitude just a few short miles out of town.
Is it a good time to buy? Get pre-approved today!
The end of 2019 is fast approaching ushering in a new year and many first time home buyers are already looking ahead. No matter where you look in the same question seems to be on everyone’s mind. Is 2019 a good time to buy a home in Seattle WA? Maybe a better question to be asking when thinking about a home purchase in Seattle WA is how much waiting may cost you. According to real estate data provider Zillow, home values in Seattle WA have risen almost 13% in the last year alone and the figure is expected to rise as much as 5% or more over the next 12 months. According to several sources, Seattle WA is one of the hottest residential real estate markets in the country.
However, one of the biggest considerations when purchasing a home in Seattle WA is your personal finances. Recent trends show lots of interest form millennials. in fact, livability.com just ranked Seattle and the surrounding the number one spot for millennials to move. Of course, you want to make sure buying a home in Seattle WA fits your lifestyle and current finances. Financial considerations should include the status of your income; is it steady? DO you expect your income to continue uninterrupted in the future? Are you managing your current monthly expenses, and still finding a way to put something away? Do you plan on living in WA for at least a few years? Questions about the current mortgage rates? If you answered yes, buying a home in Seattle probably makes a lot of sense.
What does the Housing market in WA look like?
Zillow’s most recent reports indicate Seattle and surrounding is one of the hottest markets in the country. With values on the rise, the action is popping! The median list price of homes in WA is around $200.00 per square foot with an average market time of about 40 days. Homes on the market today enjoy multiple offers, so it’s super important to have your finances in order. Make sure to start the search for your next home with a strong pre-approval letter, you don’t want to waste time and risk losing the home of your dreams in a supercharged market like this one.
FHA Loan Limits
If you still haven’t found enough reasons to purchase a home in Seattle WA just wait, there’s more good news! First-time home buyers are enjoying excellent loan limits this year from FHA. The Federal Housing Administration has increased both FHA and conforming (conventional) loan limits in 2019. In response to significant pricing gains that occurred during 2018.
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In 2019, the loan limit for a single-family home purchase in Seattle is just over $331,000. According to zillow the average home price for the Seattle metro area is just over $300,000. This means you are more than likely to find a great selection of homes in your price range. Remember, these limits don’t mean that borrowers can’t obtain a home mortgage for a larger amount. It just means they will need to seek a different mortgage, which may also mean a larger down payment.
Get Pre-Approved Today
Do you have any questions about your Seattle WA home purchase? Let the professionals at Sammamish Mortgage guide you. Family owned and operated for more than 20 years, we know what you value. Let us help you understand the ins and outs of home financing and more. Sammamish Mortgage offers a variety of loan programs including FHA and VA mortgages. Regardless of your situation, we can guide you through the process. If you have questions about securing a mortgage in WA, or would like a rate quote, please contact our friendly staff. We look forward to serving you.