What Is the Number One Mistake Seattle Buyers Are Making?

What are real estate conditions in Seattle like right now? Many folks in our area are curious about whether now is the time to buy and whether conditions are favorable for a successful home sale.

There are ten key mistakes that buyers in our area make all the time, but right now the number one mistake buyers make is waiting to make their move. There are several reasons why:

  • Inventory is low: We only have four weeks worth of inventory; if nothing comes on the market in the next four weeks, there will be nothing to buy in our area!

  • Interest rates are still low: Interest rates are below 4% right now. It's pretty safe to say that you might never see rates that low again!

Think about current conditions this way: a 1% increase in interest rates means the amount of home you can purchase just went down by 10%. For example, if you were qualified to buy a $400,000 home, but rates jumped by 1% before you found a home, you would only be able to afford a $360,000 home!

The most deadly mistake that buyers are making right now is that they're waiting to buy. We don't want you to do the same! Give us a call or shoot us an email with any of your questions and concerns about our current market. We would love to hear from you!