The Seattle PI reported yesterday that Seattle home prices are still strong (for now).
"The latest figures, from Standard & Poor’s S&P/Case-Shiller Home Price Indices, show that Seattle-area house prices were up 10.6 percent in February from the same month in 2006 and 0.5 percent from January. Both were the largest increases among the indices’ 20 cities — most of which posted declines year-to-year and month-to-month."
I attribute Seattle bucking the national housing trend to our strong economy and employment. In my opinion, Seattle has been behind in appreciation when you compare our city to other "big cities" in the United States. Another factor is our reduced exposure to foreclosures:
"Statistics from the national Mortgage Bankers Association and RealtyTrac, an Irvine, Calif., company, show that the percentage of subprime loans in Washington — those for borrowers with weak credit — delinquent mortgages and foreclosures are lower in than those for the country as a whole."
What does this mean for home buyers?
Be fully equipped with a strong preapproval letter from your Mortgage Professional. You may need to make several offers before landing a signed purchase and sale agreement. Be ready to pounce when a home you’re interested in is available.
Try to be flexible with your goals of your next home. Purchasing further out from Seattle or condo may provide you more bang for your buck.
If you are considering purchasing a home within the next year, meet with a Mortgage Professional now to review your credit and to develop a plan to be in the best position when you are ready to buy down the road.