Buying a Home in the Competitive Seattle Housing Market

If you’ve been looking at buying a home in the competitive Seattle housing market lately, well, you’re aware that it’s hard work! This market is moving fast, and inventory is low. But don’t let that get you down! With a little prep work and a few tricks plus a great agent, you’ll be on your way to moving into your dream home in no time.

1. Get Pre-Approved

We can’t overstate how important it is to get pre-approved, especially in a hot market. A pre-approval shows the seller that your offer is serious and you’ve got the finances to back it up. This really can be the difference between getting your dream home and losing it to a competing offer.

We recommend getting a pre-approval before you even start looking at homes (if you need help with finding a lender, get in touch with us). While a pre-qualification is just a cursory look at your ability to buy a home based on info you provide (which is not verified by the lender), a pre-approval is much more robust. A full pre-approval includes verification of your financial standing and credit and a pre-approval letter at the end that indicates what price range you can afford.

2. Know Exactly What You Need and What You'd Just Like

We always recommend that you (and anybody you’re buying a home with) hash out exactly what you’re looking for in a home. That’s even more crucial in the competitive Seattle housing market. If you’re not quite sure what you’re looking for, it’s going to be a challenge to know if you’ve found it or not.

Take some time to sit down and list your absolute must-haves in a home. If you know you need three bedrooms, you won’t waste any time looking at homes that have only two. On the other hand, make sure to get clear on what you’d like to have but don’t absolutely need. If you’d like a large backyard but don’t need it, a small backyard isn’t a dealbreaker.

If you haven’t thought all of these things through, however, it’s hard to make decisions about the homes you’re looking at.

3. Be Ready to Make an Offer Fast

And that brings us to our next point. You need to know exactly what you like and what you don’t, because in our market, you’ve got to be ready to make an offer fast. There may not be time to take 24 hours to think about the home.

Knowing what you’re comfortable with paying for the home and knowing what you’re looking for will help you feel good about making an offer, even if you have to do it quickly. We’d never want you to experience buyer’s remorse, and we’re here to help guide you so that doesn’t happen.

4. Be a Nice Buyer

While being a nice buyer doesn’t guarantee that you’ll get the home of your dreams, we can vouch for it definitely being a good idea. You never know why a seller will decide to go with a particular offer, so put all your cards on the table. Here are a few SWEET things you can do.

Write a Letter It never hurts to write to the seller and tell them exactly what you love about their home and why it’s perfect for you. An owner often forms an emotional attachment to a home and wants to know it will be in good hands.

Schedule an Inspection Right Away A home inspection can be a holdup in the process of buying a home, so schedule it as soon as possible so both parties can move on to the next step.

Offer to Rent the House Back It can be hard to sell a home and buy a new one in such a competitive market. If you’re flexible, offer to rent the home back to the sellers after closing to give them more time to move into their new home. Being flexible just might make your offer the most attractive one.

5. Consider Waiving Contingencies

Contingencies are written into a purchase contract and dictate the terms under which the contract can be terminated before closing.

If you can waive any contingencies, it may make your offer more appealing. You may decide not to make the purchase contingent on the sale of your current home, or you may decide to waive the inspection if the seller has already had one done. We can help guide you through this process because it varies for each situation.

6. Find an Agent with Local Expertise

One of the most important things you can do to navigate the competitive Seattle housing market is find an agent with local expertise. If you end up with an agent who doesn’t have a lot of knowledge about our area, you may overpay for a home, miss out on a home completely, or end up with a home that has problems.

Check out our article about ways real estate agents drop the ball and then give your favorite West Seattle agents a call! We’re here to guide you through the entire process of buying a home from start to finish. Just go to our website or give our friendly team a call at (206) 769-2537 to get started on finding your dream home.