Buying a home in Seattle is mostly the same as buying a home anywhere else in the country, but there are a couple quirks that make the process in the Seattle area unique. That being said, here is a list of eight things every buyer should think about when shopping for a Seattle home:

1. Finances First: Resist the urge to place bids before you have everything in order financially. Get your credit and loan opportunities figured out in advance, and make sure you’re looking into smart money and not just easy money. Getting pre-approved and having your financial situation under control at the start of the process will allow you to make smarter decisions and save you from money problems later on.
2. The Inventory Issue: A 2017 report from real estate information company Trulia states inventory in the Seattle area has declined by 66% in the last five years. Demand, however, is not declining, so it’s becoming increasingly difficult to get into the Seattle market. That’s not to say it’s impossible. However, be prepared to face stiff competition in the market, and expect some surprises to come your way.
3. Shop for the Future: When looking for your dream home, consider where you might be in five years, if not longer. Do you plan on getting married or having children? Does wanderlust keep you eager to change locations? Do you want a forever home now, or do you see yourself trading up a few times? The perfect home for today may not be the perfect home for your future life, so keep that in mind when deciding what home to buy and how much to pay for it.
4. Location, Location, Location: You’ve heard that repetition a hundred times, but it can’t be stressed enough how valuable a good location is for a home. School districts, proximity to entertainment or necessities, and neighborhoods are all huge things to think about before making a purchase. On a smaller scale, don’t ignore the very land your potential home sits on. A great yard can make for a much more pleasant living experience, so give the greenery a good once-over before you buy.
5. Be Serious About Inspections: It’s vital to get as much information as you can about the house you are going to purchase, and a lot of that will come from thorough inspections from reputable inspectors. Don’t be afraid to dig deeper in the inspection process. Knowing more about the flaws of the home may give you some leverage in the negotiation process, or you may uncover a deal-breaker that will save you from major headaches down the line had it gone unnoticed.
6. Take It Slow: While the actual transaction of buying a home can feel like it’s moving at a breakneck pace, it’s important not to rush into buying a home you’re not confident in. Take your time when shopping to find something that really feels right for you, both personally and emotionally. When the time finally does come to finalize the purchase, the extra time you spent making the right choice will really pay off.
7. Negotiate Well: Having a great real estate agent on your side will make all the difference when getting down to business in the buying phase. With the decreased inventory in the Seattle housing market causing unexpected changes and competition, expect plenty of curveballs and surprises to show up along the way to your dream home. You may need to make some creative decisions with your bidding and negotiations. Being light on your feet and willing to roll with the punches will allow you to weather the storm of the Seattle housing market and come out with a great home at a reasonable price.
8. Don’t Forget the Fees: Buying a home isn’t as simple as just providing a down payment and paying the monthly mortgage. Be prepared for taxes, insurance, fees associated with buying, maintenance and repairs, and a whole host of other costs, both seen and unforeseen. Make no mistake—buying and owning a home is not cheap. But preparing yourself beforehand will go a long way to making home ownership feel manageable.

With these tips in mind, buying a home in Seattle should feel a lot less intimidating. There will still be plenty of challenges on the road to home ownership, but a level head filled with the right information, plus a great real estate agent and a little luck, will ensure you’ll get the house you’ve always wanted, at the right price.

If you have a question about purchasing a home please ask. I’m always happy to help in any way that I can.

David Warren
Managing Broker | Realtor
Metropolist

425-760-8285
david@metropolistgroup.com

Regardless of your experience (or lack thereof) buying homes, it’s important to review how credit impacts the process—most notably, getting a loan.

Different types of loans have different credit requirements. For example, many loans require a credit score minimum of 620, although loan approval with a credit score as low as 580 is possible. Getting the loan with the lowest interest rate usually requires that you have a higher credit score, which demonstrates your skill at debt-management and indicates you are less of a risk to the lender.

If you’re preparing to look for a home, check your credit score and credit history to better understand the factors that typically impact your scores. This will help you gauge your personal finances, develop a realistic wish list for your house, and get you on the path to home ownership.

A good loan originator can help you repair a less that ideal credit score. They want to help. If you are thinking about buying a home in the Seattle area and would like to be referred to a great lender let me know. I’d be happy to send you in touch!

David Warren
Managing Broker
Metropolist
425-760-8285
david@metropolistgroup.com