If you’re planning to buy a home in King County this year, you actually have a lot more leverage right now than the headlines are giving you credit for.
Lately, the mortgage market has been testing a technical floor that rates just can’t seem to break through. We saw this same pattern back in mid-January, right before rates took a frustrating little jump. So, this current pocket of stability isn’t a time to wait and see—it is a strategic window of opportunity.
And here is how we are using it locally.
If your goal is a single-family home, we are seeing a healthy, steady increase in property values and inventory. The good news is that, because the overall borrowing environment is much friendlier towards single-family homes, and rates are lower than they were last year, your purchasing power has naturally expanded to help you secure the house you want before the spring competition really heats up.
But if you want to completely maximize your leverage, the condo market is where the real opportunity is sitting today. Over the past few years, developers built condos at a massive pace, so right now, Seattle and the Eastside are flooded with incredible, move-in-ready inventory. And because of that supply, we are seeing significant price reductions across the board.
This is where having a strategy matters. Because these properties are sitting longer, sellers are highly motivated. The better buyers’ agents are stepping in and actively negotiating seller concessions to cover your closing costs or to fund a temporary rate buydown.
That means we are taking the seller’s equity and using it to give YOU a significantly lower monthly payment, while keeping more of your own cash in the bank. I am not a financial advisor, but the math on this is hard to ignore. This is not a commitment to lend, but it is a chance to move before the market shifts again.
So, don’t let sensational national news dictate your local strategy. Use my 3-2-1 Temporary Buydown Calculator so you can run the exact math on these local opportunities today.
