Understanding the Seattle, WA Housing Landscape
Ready to lay down some roots and buy a house in Seattle? Smart move! You've chosen a colorful city with a great balance of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers across the country and have the inside scoop on Seattle's housing scene.
Seattle's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Continued support for local businesses and cultural growth have helped to entice young families, new businesses, and retirees to the Seattle area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Seattle and the surrounding areas still offer a wide range of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream house! When buying a house in Seattle, consider the home's location in relation to your everyday activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Exploring Seattle will also help you get a feel for how homes in east Seattle differ from west Seattle, where to find Seattle's most popular attractions, and what the neighborhoods are like.
Are your finances in the right place to buy a home in Seattle? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. It doesn't matter whether you want to buy a home in Washington or somewhere else entirely. We serve experienced homeowners and first-time homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Seattle.
Before anything else, estimate how much house you could buy. This will help you narrow your search when house hunting in Seattle. Next, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Seattle will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.
Then, look at how much money you can put toward a down payment. Placing a minimum of 20% down can increase your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. This is where getting pre-approved for a mortgage comes in handy. Getting pre-approved will give you an idea of how much you might qualify to borrow. Also, take a good look at your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!
It's Go Time! Buy a House in Seattle, WA
Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Seattle. Contact Mr. Cooper as you look to buy a home in Seattle.