Seattle-Area Home Prices Enjoy Five Month Increase
For the past five months homes in the Seattle-area have enjoyed steady price increases that indicate a housing market rebound. According to a third quarter report released by the S&P/Case-Shiller index, Seattle-area homes in King, Snohomish and Pierce counties have increased in price by 4.8 percent from a year ago. It’s a rebound that has been helped by historically low mortgage interest rates, a robust job market and a reduction in the number of foreclosures available to buyers.
Buyers waiting for the Seattle-area housing market to reach the proverbial price floor have missed the boat. There’s no indication at this time that prices in the single-family market will fall further. Buyers who can qualify for a mortgage and have the money for a down payment, should seriously consider buying a property before prices reach higher levels. While there are still good bargains available in the foreclosure and REO markets, buyers should also keep non-distressed properties on the table. And before closing any deal, carefully compare the price, location and value of REOs and foreclosures to non-distressed properties, to make sure it’s really a deal. Because the competition for housing is beginning to heat up in the Seattle-area, you may find it more difficult to get bargain-basement deals in the distressed property market without negotiating heavily. And to do that, you will need to understand the market, your options and how much financing there is available to you.
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