Today I want to talk to you guys about a topic is Seattle housing bubble burst and What’s ahead for the Seattle housing market in 2020. As a matter of fact, 71 percent of homeowners in Washington are worried about a crash.
Is Seattle in a Housing Bubble Burst?
Seattle medium home prices jumped up 18 points six percent since last year up-to-date. Inventories still historically low homes are still selling fast and for over asking.
But I have seen the mark and start to soften up a little in the last month or so it seems like it’s starting to finally level out. So the big question is are we going to see a crash.
Listen I still feel confident we’re not headed in that direction. Bubbles result from responsible lending practices that got shut down after the crash.
But buyers in King Pierce and Snohomish County have high credit scores and stable jobs. If anything I feel like it’s a critical time for a lot of people to pull the trigger and purchasing a place.
Because waiting a bio real estate is never a smart move the smart move is to buy real estate and then wait.
The majority of my clients come to find out that their mortgage payment turns out to be about the same or sometimes even lower than what they were paying for rent.
US government’s giving every incentive possible for someone to purchase including 0% down financing.
There has never been a better time to get into a home than today and most people, unfortunately, are sitting on the sidelines waiting for the opportunity to come by because of their fears.
But all fear is lack of knowledge get educated about real estate and make sure you don’t get priced out of the Seattle market.
What’s ahead for the Seattle housing market in 2020.
Good time to buy a home in Seattle?
Sell one or make other smart money moves. Here are the seven most influential factors impacting our local housing market this year.
1. Presidential Election
If there’s one issue you’ll calculate this year. It is a lot of media chaos on controversy leading up to the 2020 presidential election.
The uncertainty of the outcome and aftermath of the vote is going to affect some people. Fewer people may be making moves as they watch and see what happens.
2. House Prices
House price trends are expected to be better in 2020. We may still see a small 2% correction. But the long-term outlook for Seattle is very bright.
3. Interest Rates
Interest rates will most likely continue to hover around these historical lows until after the election.
4. Loan Availability
There is still plenty of capital waiting to be blown on real estate. While there are programs for those with lower credit scores.
Most loans will continue to go to those with 700-plus scores.
Rent in Seattle is brutal. They may not slow down much anytime soon and nearly $3,000 per month on average.
It is almost twice as expensive to live here than in most of America. Yet a far better bargain the New York City or Silicon Valley.
Those planning to stay in Seattle for at least another two years are probably better off buying the renting.
6. The Recession
The only thing we are likely more jaded about than the election or interest rates is continued rumors about another recession.
If it does come at the end of 2020. Experts expect Seattle will be one of the last cities to feel it.
real estate investors continue to be bullish on the Seattle housing market. This is safe-haven for protecting wealth and generating passive income.
There is going to be a lot of uncertainty about the future of our country this year. Homeowners may find it far more attractive to refinance than to try to list their homes for sale.
Homebuyers are still not going to find any better time to buy than this giving how lower interest rates are.
Real estate investors will still find Seattle stands out as a top choice.