Seattle, WA Real Estate Learn How to Buy a Home in Seattle, WA!

Ben KinneyAdvice from
BEN KINNEY


Happiness in a home starts with the community. If you don’t love where you live, you won’t love your home to its fullest potential. To make sure you enjoy your new house, take a look at our guide to buying a house in Seattle, WA.

 


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Seattle WA Real Estate

About Seattle, WA

When people mention Seattle, they often think of Starbucks and Microsoft. But in my opinion, those companies are just reflections of who Seattle is. We’re a town that likes to incubate new ideas, play around with them, and try new things. We don’t accept the status quo. We like to re-brand it, push aside normal conventions, and create an interesting place to live. So, if you’ve been looking for a quirky (but not weird) place to call home, then I’d recommend Seattle. We have almost everything, and there isn’t a day that the rain brings you down.

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Homes for Sale in Seattle, WA

Like I hinted at before, Seattle isn’t one of those cookie-cutter towns. And the real estate here is just another identifier of that. Homes for sale come in all styles and shapes. In some neighborhoods, you can find interesting properties that put a new twist on floor plans, while in others, you can find traditional homes that fit any buyer. Common amenities you find around town include gourmet kitchens, lavish master suites, and amazing views of town (or mountains). For a quick view of what Seaattle real estate has to offer, check out the slideshow below:

 

 

 

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Applying for a Mortgage

We all love window shopping, but eventually, we have to ask ourselves “Can I afford it?” To get an idea of how much you can afford, I strongly suggest getting pre-approved for a loan. It’ll show you what price range you should be looking at and set the right expectations. Plus, it looks good to sellers, as they know you can afford their house. For more advice on applying for a mortgage, talk to our local expert. Also, here’s a quick guide to what documents you might need for your mortgage application:

  • Proof of Income
    Pay stubs | W-2 statements from the last 2 years | Tax returns | Additional Income (child support, pension income, disability payments, etc)
  • Proof of Assets
    Bank account statements for the past 3 months | Security accounts (stocks, bonds) | Gift Letter (if you received a monetary gift toward your home)
  • Proof of Your Debts
    Car loans | Student loans | Credit card accounts | Current mortgages

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Property Taxes in Seattle, WA

$100,000 Home $150,000 Home $200,000 Home $300,000 Home $400,000 Home
Tax Levy Rate $10.50 $10.50 $10.50 $10.50 $10.50
Estimated Property Tax $1,050.00 $1,575.00 $2,100.00 $3,150.00 $4,200.00

 

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Neighborhood Hot Spots

Queen Anne  ★★★★★

Perched along rolling hills, Queen Anne has, by far, the strongest claim to “best view of Seattle.” With stunning vistas of the Seattle skyline and Puget Sound, there’s no other neighborhood that offers what Queen Anne has. Captivating real estate only adds to the neighborhood’s appeal, where you can find creative craftsman-style homes and townhomes. View Homes for Sale in Queen Anne

Magnolia  ★★★★☆

Because of Magnolia’s unique location, the neighborhood has a secluded feeling that appeals to people looking to escape the hustle and bustle of the metropolis. Both modern and traditional homes rest along the best amenities Seattle has to offer: Discovery Park, Fisherman’s Terminal, and the yearly SummerFest celebration. View Homes for Sale in Magnolia

Edgemoor  ★★★★★

In West Seattle you can find a diverse array of real estate. From cozy townhomes to creative bungalows, there’s a style that makes your heart jump in excitement. Homes here typically meet almost any demand you might have, so if you’re looking to live in a great location while having a home that matches your lifestyle, then start your search in West Seattle. The neighborhood is close to shopping centers and other city amenities, as well. View Homes for Sale in West Seattle

 

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Frequently Asked Questions: Buying a Home

Q: How much can I afford to buy?

A: Determining the right price range varies depending on several factors like your credit score, current debts, and available income.  Thought every mortgage lender offers different advice, it’s often advisable that you don’t spend more than 28% of your gross monthly income on a monthly mortgage payment. So, if you want to do some quick math, you can times your monthly income by 0.28 and get a rough estimate of how much you can afford to pay every month. For more details, contact our local mortgage expert.

Q: Do I need a real estate agent?

A: The internet is filled with lots of “How-to’s” and useful tips on how to buy a house, but honestly, do you have the time to manage a home purchase? There are lots of steps to closing a contract and little nuances that only seasoned agents understand. More than likely, you will need an agent to handle all the details and paperwork. Plus, an agent helps to put you in the best buying situation possible. Think of them as your lawyer, making your case. They will do everything in their power to make sure the deal is in your favor — and they get this from their expertise, market knowledge, and salesmanship. So, if you’re looking for a great deal on a house, I’d recommend finding an agent today.

Q: How large of a down payment do I need to put down?

A: Lenders often suggest putting down at least 20% of the home’s price, but there are exceptions to the rule. Depending on your mortgage loan and other government programs, you can sometimes put down as low as 3% (though it’s recommended to put down as much as you can afford). The reason being is premium mortgage insurance (PMI) that you have to pay. For any down payment below 20%, you’ll most likely have to pay PMI, driving up costs further.

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Moving to Seattle, WA

 

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