Prices for homes shot up in Seattle last year by 16.3%. This is making it increasingly hard for middle income families to find homes in areas that at one time were considered middle income areas of Seattle. Prices for a Seattle home has been growing faster then homes in the national market for the last 50 years. Seattle is the type of city that people are attracted to because of the its beauty and the extras, like recreational activities and great job opportunites that abounds in the area.
Part of the reason for the increases in home prices is the fact that Seattle does not have the land which detached new homes can be built on. When you are not able to build as easily prices will raise, because the demand is higher then the supply. The surrounding economy is growing and expected to continue growth through 2009 with an additional 140,000 jobs. As this happens new people are moving into the area that can afford the higher prices of the houses.
There are still plenty of housing opportunities for middle income families, there are condominiums that are in the middle income price range as well as fixer uppers, these too will soon be limited as new comers enter the city. If you are considering buying a home in Seattle, and fall in the middle income range, now would be the best time to get it done, before house prices have gone up so high that a family in a middle income range could not afford to purchase them.
Interests rates are also on the rise which also creates hardships on affordability of a new home. Purchasing a home today will require planning and searching to find something in ones price range. The first time home buyers are having even more issues finding homes. Condominiums and townhouses are within price ranges but one may have to venture further from the city of Seattle in order to find a detached single family home that is affordable.
There are loan programs that one could check into, such as Home Loan Relief, the BECU offers. This program is intended for first time buyers and requires no down or mortgage insurance and offers below the market interest rates as well as reduced closing costs to the customer. Washington Homeownership Center also provides special loans and down-payment assistance programs to individuals.
In short if your really wanting to purchase a home in Seattle and your will is strong you can find a way to get it done. Start searching now and planning your best strategy to get the home you have always wanted.
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