Why Right Now Might Be One of the Best Times to Buy a Home in Seattle
I'm going to say something I haven't said in years: I genuinely think this is one of the best opportunities we've seen for Seattle area homebuyers in a long time.
Not because homes are suddenly inexpensive. Not because interest rates have dropped. I know affordability is still a very real concern for a lot of you, and I'm not going to pretend otherwise.
But here's what has changed: buyers finally have some leverage again.
More Homes Available to Buy in Seattle, More Options
King County had 23.7% more active listings this July than it did one year ago. That might sound like a small statistic, but it means something real if you're house hunting right now. It means more homes to choose from. More time to actually think through your options instead of racing another offer to the finish line. And more room to negotiate.
Depending on the home and the seller, buyers may be able to negotiate on things like:
Purchase price
Closing costs
A rate buydown
Repairs or other terms
These are the kinds of conversations that were nearly impossible to have in the ultra competitive markets we saw over the past few years. Right now, they're back on the table.
Why Waiting for Rates to Drop Isn't as Simple as It Sounds
A lot of buyers are holding off, waiting for interest rates to come down. I get it. Lower rates could mean a lower monthly payment, and that matters.
But here's the tradeoff nobody talks about enough: lower rates also tend to bring more buyers back into the market. More competition often means fewer seller concessions and a lot less room to negotiate than what buyers have access to today.
No one, myself included, knows exactly what rates will do next. But we do know what buyers have right now, and that's more choices and more negotiating power than we've seen in a while.
Thinking About Buying, Even If You're Not Ready Yet?
If buying a home has been quietly sitting in the back of your mind, even if you're nowhere close to ready, I'd love to help you think it through. No pressure, no timeline required.
Ready to Make a Move in the greater Seattle area?
I'm Carrie Watt, a Seattle local and real estate agent/founder with Rooted Northwest. I help people find their place here in Seattle and I'd love to help you, too.
Follow along on Instagram: @carrie_watt and @rootednorthwest_co
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