After several years of what was considered insane growth, Seattle is seeing somewhat of a slowdown.
Up until recently, you’d see soaring house prices and homes sitting on the market for only a few short
days. Today, homes are on the market much longer and are selling for less.
As a buyer – this is all good news. You’ll have more options and less competition, which may equal more
affordable prices.
1. Dropping Prices
In recent years, Seattle was a seller’s market. Sellers were earning as much as 7% more than their listing
price because of the intense competition. Today, that’s not the case. Seattle’s median home value is
around $715,000. This is more than a 4% drop from last year. In addition, prices are expected to keep
dropping over the next 12 months too.
Don’t let the dropping prices scare you, though. It’s just the real estate market naturally ironing itself
out. What goes up must come down, right? That’s the case for the real estate housing market. Values
and prices couldn’t soar forever – they needed to come down to bring a semblance of balance back to
the real estate market.
If prices continued to soar, they would have outrun the affordability for the area. Buyers with median
income for the area must be able to afford a home in the area. Seattle was getting to the point of
unaffordability, which is why the market is now seeing a leveling out.
2. Lower Market Pressure
In a seller’s market, buyers have to act fast. In Seattle, homes were literally not making it through the
weekend without an offer. Today, it’s more of a buyer’s market. There are a larger number of properties
listed for sale, giving buyers choices. This means you can take your time, look at many houses, and make
a careful decision without worrying about being outbid.
The median days on market homes are experiencing in Seattle today has greatly increased as well.
According to Redfin, homes in Seattle are on the market for as long as 47 days. That’s 15 days more than
the same time last year. Seattle actually entered the spring market as a buyer’s market, which hasn’t
happened in years.
3. Should you Buy a Home in Seattle Today?
With lower values and/or prices, it begs the question, should you buy a home in Seattle today? There
are several positives to consider including less competition, a higher likelihood of negotiating, and
having your pick of homes.
While the falling prices may scare you, if you are in it for the long-term, you may have a lot to gain. Buy
low and sell high doesn’t just mean stocks. You’ll have more leverage and you’ll enjoy today’s low
mortgage rates.
If you are a buyer in the Seattle area, now could be a great time to buy. If you are ready to see what
options are available to you in the area, give me a call. I’ll happily shed some light on the Seattle real
estate market, its forecast, and how it can affect your desire to buy.
6 Reasons to Look for Homes in the Pacific Northwest
If you aren’t already a resident of the Pacific Northwest, there are plenty of reasons to become one.
Amazing sights, plentiful recreation, diverse culture, and natural beauty are just a few of the reasons to
live here.
Want to learn more? Keep reading about the amazingness the Pacific Northwest offers.
1. Many Home Style Choices
Each region has its own home style and the Pacific Northwest is no exception. Think Colonial,
Tudor, rustic cabin, modern, and even houseboats and you’ve described the Pacific Northwest.
Whether you prefer open floor plans and clean lines or steep roofs and arched entryways, you’ll
find all of these styles and more here.
2. Incredible Views
No matter your preferences for nature, you’ll find it in the Pacific Northwest. Oceans,
mountains, waterfalls, rivers, fields, and hiking trails are just a sampling of the diverse natural
environment you’ll find here. Even people that have lived here all of their lives continually find
new and exhilarating places to visit and enjoy year-round.
3. Incredible Educational Opportunities
The Pacific Northwest is serious about their education from elementary school through college.
You’ll find incredible school districts for your young children as well as some of the world’s toprated colleges in the area. A few of the most notable colleges include the University of
Washington, Oregon State University, Concordia University, and Boise State University, just to
name a few.
4. Beautiful Weather
Don’t assume the Pacific Northwest is all cold temperatures and rain all year. Most of the region
has moderate temperatures that are pleasant year-round. Don’t worry about crazy hot summers
or incredibly cold winter days. Instead, enjoy amazing spring and summer weather with
beautiful ‘sunbreaks’ and temperatures perfect for enjoying the amazing recreational
opportunities in the area year-round.
5. Laid Back Personalities
If you want a place that you can just be yourself, it’s the Pacific Northwest. There’s no
competition to be better than everyone. Everyone operates at their own pace and values
everyone’s opinion. There is no right and wrong – express yourself and enjoy life as you enjoy
the beauty of the Pacific Northwest.
6. Diverse Geography
Where are you most comfortable? Are you a city slicker? Do you want a small, quaint
community life? Do you prefer living in the middle of a forest? Or are you somewhere in
between? Don’t worry – you’ll find a home in any of these areas in the Pacific Northwest. No
matter what you choose, know that the alternative is always just around the corner. Country
folk can easily visit the city whenever they want and vice versa – it’s the best of both worlds.
Are you ready to see what the Pacific Northwest has for you? Whether you are a local or moving longdistance, let me help you find the property that suits your most pressing desires. With a deep-rooted history in the Pacific Northwest, I have a knack for pairing clients with the home of their dreams. Contact me today!
