Seattle real estate 2009:  Is now a good time to buy? 

 

Is now a good time to buy a Seattle home? This is probably the number one question I get  - both while doing my job and also just out in public.  My grocery store checker asks me this, my mechanic asks me this, etc.  You get the idea.  I get this question A LOT.  I think the standard answer for most in my field is "YES", but my answer is maybe..for some. 

 

 A good time to buy if... Now, I assure you that I am indeed a Realtor.  Surprise you that I wouldn't chime in and dance and cheer and say, "yes, buy now!!!"?  Now is not a good time to buy if you are unemployed, unsteady with your job, finances, credit, etc. or only looking for a one to three year commitment. Now is not a good time to buy if you are wanting to make a quick buck and flip when the market turns around, etc. (Even Jeff Lewis from Flipping Out (jeff lewis, call me) is not buying property right now to flip!).

 

Now is a great time to buy if... you have good credit, a good stable job, a nice chunk of money in reserves, and a conservative approach to investing for the long term return.  Now is a good time to buy Seattle real estate if you have a trustworthy Realtor who can honestly evaluate what a property is worth.  They need to not only tell you what it is worth now, but also protect you from any potential future equity loss by helping you to make an offer that will force the seller to take on some of your risk.  Is your Realtor willing to make an offer on your behalf that might be so low that it is not socially acceptable? They need to be if that is the realistic number.

 

Is now a good time to buy Seattle real estate? Interest rates are low - they still are.  There's also the extra $8000 tax incentive for some (deadline quickly approaching), Seattle housing prices are at an all time low.  Sales volume is still much decreased from recent years - making lower offers more attractive to sellers looking for a way out.

 

So is now the right time for you? Maybe.  We are happy to help evaluate your situation.  Sometimes renting is the better choice. There certainly are a greater number of rentals right now!  It just depends.