Seattle Real Estate: Buy

Housing prices in the Seattle area were up 6.9% over one year ago.  While that is not the double digit increases that the area has had over the last several years, it still ranks Seattle one of the top markets in the country.

Why is Seattle a Strong Real Estate Market?

Seattle enjoys a strong economy and diverse business base.  Job growth is steady and incomes are strong.  The market outlook for the new year is continued appreciation at a slower pace.  Seattle is one of the few cities in the country that has a low default rate on existing mortgages due to fewer non-conforming and high risk loans as compared to other cities.

What are the Current Market Conditions?

While price growth in Seattle has slowed, Seattle is not seeing a pricing decline.  The few years have experienced a trend in "premium pricing".  The Seattle housing market has now moved to "normal market pricing".

Is this a Classic Buyers Market?

Seattle has not experienced anything over a three month inventory in several years.  With six plus months of inventory on the market in some areas it means that Sellers are offering more incentives in both the resale and new construction markets.  Premium pricing has been set aside and attractive deals are being put together that are leaving both Sellers and Buyers in good spirits.

Should I Buy in Seattle?

Resounding, yes.  Presently there is a window of opportunity that gives Buyers a lot of control at the negotiation table.  

Market Outlook?

Seattle is poised to continue its upward trend of appreciation.  With the new year expected to loosen pent up demand, the market outlook for Seattle is steady and strong.

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