House market in Great Seattle Area
Is that a good time to purchase a house in great Seattle area? I am seeing tons of new listings and also seeing tons of drop price recently.
Why you catching falling knife?
You should ask yourself about what is your risk tolerance. Everyone has different scales for this as not everyone earns the same, investment portfolio etc...
Which areas did you see drops
Just bought a place, offer 10% less and see what happens. My mortgage will be close to same as rent but bigger and nicer. I figure either way I need a place to live
If you plan to hold it forever (as you should always do with real estate) then doesn't matter when you buy.
Where are you seeing price drops at? Also keep in mind that the listed price may not be what it's actually selling for. Some realtors will list a place at X price just to get your attention but expect an offer over X.
For those asking about areas with price drops...that’s pretty much everywhere in the Seattle metro area (except for some parts of Kirkland and Bellevue): https://www.seattletimes.com/business/real-estate/june-real-estate-numbers-tell-a-now-familiar-story-seattle-is-losing-buyers-to-tacoma-other-outlying-spots/
Kitsap and Pierce county are on the up and up it seems. People must be figuring out an hour long boat ride from Bremerton is better than an hour in traffic?
One strategy to score a deal is to filter your Redfin search to properties that have been on the market for more than 1 week. That way you're less likely to get into a bidding war with anyone. Seller is also more likely to accept a lower offer
Good tip
Why not wait till Dec. The prices should be lower by then ?
tc