If you are looking to buy a home in Seattle, you may already know that housing in the city can be expensive. And these days, home prices are higher than usual, which is part of a national trend fueled by low prices. mortgage rates and limited housing stock.
If you’re looking to enter the Seattle housing market and have, say, a $ 1 million budget, you might be in luck. As of May, the average home price in Seattle was $ 738,000, according to EnergyLogic’s Housing Tides. However, in May 2020, the average home price in Seattle was $ 585,000, which means it will cost you a lot more to take root these days.
But what if your budget is more limited – say, under $ 500,000? It may seem like a decent price to pay for the job, but in Seattle, unfortunately, many doors are closing.
However, that doesn’t mean you can’t buy a $ 500,000 home in Seattle. Let’s explore.
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What for $ 500,000 will you buy
Don’t expect a large property or a luxury apartment in a building filled with luxury amenities if $ 500,000 is the upper end of your price range. In a city like Seattle, you’ll need more money to get huge living space or elite perks.
But that doesn’t mean that $ 500,000 won’t get you anywhere. If you want to live in condo or townhouseFor $ 500,000 you can buy a house with three bedrooms and two bathrooms with beautiful views. Or you can buy a single family home with four bedrooms and two bathrooms on a small plot.
In fact, you have a myriad of $ 500,000 worth of options, so if you’re serious about buying a Seattle home, you need to ask yourself which features and amenities are most important to you. For example:
- Do you need a certain number of bedrooms to accommodate your family?
- Are you looking for the minimum number of bathrooms?
- How important is proximity to restaurants and shops?
- Do you want top lock, or do you want a home that has already been renovated?
Once you determine your priorities and preferences, it will be easier for you to navigate the Seattle real estate market.
One thing you need to know, of course, is that home prices are very high nationally right now, and Seattle is no exception. So today, for $ 500,000, you will buy a lot less home than usual. You might consider postponing your Seattle purchase if you are out hunting for a house but don’t fall in love with the property you see.
As soon as Seattle has a stock of housing, home prices should fall, which means that your $ 500,000 budget will give you a lot more purchasing power. Plus, the added inventory means you’re more likely to find a home that suits your needs and requirements. If you are worried that waiting will mean missing out on low mortgage rates, fear not – there is a good chance rates will remain competitive quite a while.
You can buy a home in Seattle for $ 500,000. However, the question of whether it is better to do this right now remains a matter of debate. Think about the pros and cons of buying today versus waiting for your $ 500,000 to bring you a lot more.