Good news for homebuyers interested in a single-family home in the Seattle area – prices are dropping, according to data from S&P CoreLogic Case-Shiller.
Specifically, the price of a home in Seattle dropped 1.2 percent from this time last year. This marks the first dip of a major metropolitan area in several years, according to the data. Meanwhile, in Tacoma, the median home price jumped by 7.3 percent over the last year, according to Northwest Multiple Listing Service. Despite that, the drop in home prices in Seattle could be an indicator of what is to come, and offer a window of opportunity for those looking to purchase a home in the Emerald City.
Before looking for listings, however, make sure you do your research on getting a home loan. That begins with contacting a loan officer and trying to get pre-approved for loan, which can help show you what you may be able to afford, what your monthly payment would look like and give sellers confidence in accepting your offer.
In a market like Seattle, you may want to consider using a Jumbo Loan to purchase a home. That is because this loan program helps homebuyers purchase real estate in higher-priced markets. These loans can exceed the conforming loan limit of the county you live in and are ideal for borrowers who don’t have a large savings, but have a high monthly income. They can come in the form of a fixed- or adjustable-rate term. Generally speaking, they have higher cash reserve and down payment requirements.
At Element Mortgage, we have a strong reputation in the Seattle area and can help a borrower find a loan program that may work for their particular financial circumstance and goals. Contact us today and we will help you to try to get pre-approved!