Are you making an attempt to purchase a house within the common neighborhoods in immediately's Seattle real estate market? Here are some suggestions from the realm's leading exclusive purchaser's agent that may enable you gain an advantage in the multiple provide situation you will probably find me a home in the seattle area
King county total has 1.8 months of housing inventory. A balanced market is considered 5-6 months, so we are deep right into a seller's market. Desirable and stylish neighborhoods in Seattle like Green Lake, Fremont and Queen Anne have round 0.eight months of housing supply. It isn't uncommon for properties in these neighborhoods to be listed mid-week, with provides being reviewed after the following weekend. How do you compete in this fast paced Seattle real estate market?
1. Your financing must be watertight!
Lots of our shoppers have been competing in opposition to all money offers or 50% down funds, so a pre-qualification letter is just not going to cut it. A pre-approval letter is slightly higher, but to face the most effective chance it's essential really be authorized, and by that I mean your loan software should have already gone by way of underwriting so that the seller knows that your financing is solid.
2. Get out and see the house!
You can't afford to wait for the weekend to have a look at these homes. By then the intense buyers could have already carried out their inspections and formulated their bidding strategy. A superb exclusive buyer's agent will get you in to view a house the day it hits the market.
3. Get the house inspected!
Just about all gives obtained in a a number of offer scenario have waived their inspection contingencies. You will want to have the house pre-inspected in order that you know the underlying condition of the home that you're trying to buy. This is going to value you about $450-500 for a structural and pest inspection. A recent Fremont home had 4 completely different inspectors crawling over the house at the same time.
4. Don't forget to sewer scope!
A lot of Seattle's older neighborhoods date from the early 1900's and have older sewer lines and you should check that the side sewer out of your house to the primary sewer line is in good shape. It'll cost you about $300 however the various choice of replacing a sewer line is usually a $10,000 to $20,000 costly shock after you may have just bought your dream home.
5. Be prepared to escalate!
Many Seattle properties are listed below their market worth as a way to generate interest and a viewing frenzy, which the vendor hopes will then flip into a bidding war. For example, current houses in Green Lake have sold for as much as 20% higher than their list price. That $500,000 traditional reworked craftsman house you thought was great value is now a $600,000 dogfight to get to personal it.
6. Be prepared for disappointment!
With the low inventory and high demand from patrons, it is not a stretch to see wherever from 5 -12 affords on a house. Unfortunately, which means four -11 consumers are going to be disillusioned that they did not get the house of their dreams. They will also be your rivals on the next house that pops onto the market in the neighborhood you want to live in. Bear in mind, there will at all times be one other house.
The current Seattle real estate market is tough for a house buyer and also you need each little bit of assist you may get. Ready for open houses and pondering that you are going to have the time to assume issues over are a luxurious that is not available to you. You need to get an exclusive buyer's agent in your side who can guide you thru this aggressive home buying process.