The Northwest Real Estate Market – January 2022
When it comes to housing, Seattle is definitely a seller’s market. In January 2022 the median price for a home was $730K. This is down 1.4% compared to last year.
On average houses are selling in just 18 days compared to 31 days last year. There were 641 sales reported this month- not quite as many as the same time last year (751), but still enough that we can say our city remains an attractive place to purchase a new home!
Buying a home in Seattle
Buying a home in Seattle can be tough, but it’s not impossible. Below are some tips to help you prepare for your new venture. You’ll need to save up and be prepared to wait if you want something affordable, take a look at the many different areas that might meet your needs, plan for repairs and understand the entire process before getting started. Let’s explore what you need to know about buying a home in Seattle!
First, you need to be prepared and know where and what kind of home you’re looking for.
Research Seattle: What areas do I want to live in? How much money am I willing to spend on a home? What amenities or neighborhoods are important to me? You’ll also have to meet with your bank and set up a plan for how you’ll be able to afford your monthly payments.
Next, you need to plan for the actual buying process itself.
You Need to Do Your Research: What’s my price range? Where can I find homes within that range in Seattle that meet my needs? How much will closing costs cost me? Do I have enough money saved up for a down payment and closing costs? What can I do with that cost to save more money and get the best value for my home? What’s my timeline?
And if you’re buying in Seattle, there are some other things to keep in mind.
Home Repairs: When you buy a home, it will almost certainly need some repair work done right away. You’ll want to be prepared or this so you don’t have any unpleasant surprises after the transaction is finalized!
Your Timeline: If you plan on moving into your new place immediately, having everything ready early will make your transition much easier. It might mean asking for help from buddies and family members if you’ve just moved into town and don’t know anyone at all! Sometimes it can take a few months for repairs to be completed, so you’ll have to plan accordingly.
Other Factors To Consider: You’ll also want to consider the cost of utilities if the house doesn’t have them already, as well as all costs associated with furnishing your new place!
Common Types of Homes in Seattle
Single-family home: A single-family home is just that–one big house that used to be part of a larger property. They usually come with a private yard and fence and might even include space for parking or storage (garage or shed).
Condominium: A condominium, on the other hand, is more like an apartment building without units dedicated solely to one tenant. Each unit has its own living space as well as a shared area, such as a courtyard, pool, or garden.
Townhome: A townhome is similar to a condo, but the living spaces are usually smaller and it’s more like having your own house than living in an apartment. These usually come with a parking spot and sometimes a small yard.
Living in Seattle
Living in Seattle can be a great experience, but there are some things you should know before making the move. The weather can be unpredictable, with rain and fog being the norm. But the city also has its fair share of sunny days. There’s always something to do in Seattle, from concerts and festivals to sporting events and museum exhibitions. And the city’s residents are friendly and welcoming, making it easy to meet new people. There are also many attractions, such as the Space Needle and Pike Place Market. If you want to travel outside the city, Seattle is a good base for exploring the surrounding area and its natural beauty.
The cost of living in Seattle is high compared with other cities: The median house price was $859,000 at the end of 2021. However, if you’re willing to commute from nearby suburbs or willing to move into a smaller space within the city limits, the costs may be lower.