First-timer’s Guide to Buying a House in Seattle

Aspiring first-time homebuyers don’t have it easy in today’s real estate market. The inventory of homes for sale is limited, prices are surging, and for those lucky few who manage to find a deal they like, bidding wars might become a scary hurdle. Unfortunately, the Seattle area is no different when it comes to buying a home. 

Big tech names like Amazon and Google draw a professional crowd who compete for homes in the Pacific Northwest. In addition, Seattle’s top neighborhoods, such as Magnolia and the hip, art-filled Fremont, have put Seattle on the map as one of the most desirable places to live. In turn, home prices have skyrocketed.

Preparing to purchase your first home in the Emerald City is challenging but manageable with the correct preparation. Below, our team has put together a first time buyer’s guide with tips for buying a house in Seattle.  

Buying a House in Seattle - Expert Tips

• Save early and shop under your budget
• Choose your desired location
• Get pre-approval for a mortgage
• Interview multiple buyer’s agents
• Ask for a commission rebate

Save early and shop under your budget

Seattle home prices have been rising over the past year. Coming to terms with possibly spending more than the list price is a necessary step in the current Seattle housing market. Therefore, setting a spending limit and shopping below it will give you the extra breathing room you might need if you need to make an above asking price offer on a home. 

It helps to start saving early before buying a home. Homebuyers who regularly set aside money will be more prepared to handle any surprises that come along the way. These can be expensive closing costs, repairs on the new home, or simply having enough for a strong down payment or the ability to stand your ground in a bidding war. 

Choose your desired location

Seattle’s neighborhoods are unique pockets of culture, dining, and recreation. The light rail system and buses make commuting a piece of cake in Seattle. But if your goal is to be further away from the action and enjoy one of Seattle’s idyllic waterfronts, you may have to consider driving, which is a tough commute in the Emerald City.

Before you start searching for the perfect house, begin by discovering neighborhoods in Seattle and what they offer. West Seattle is an ideal getaway that is still a short drive from Downtown Seattle. But you’ll have to consider that bridge closures might make the commute difficult. So while West Seattle might be the escape from the city you’re looking for, it might not meet your commuting needs. 

Choosing an area that checks off all your requirements for a smooth workday, accessibility needs, and proximity to entertainment should be your first step before searching for a home.

Get pre-approval for a mortgage

Real estate transactions move quickly. Potential buyers who find a home they want will need to move quickly in today’s competitive markets. If you find the perfect home without having a pre-approved mortgage, it might be the reason you miss out on the purchase. 

Once you’ve decided on the right neighborhood for you, it’s time to get pre-approved. But doing so is an administrative process that requires paperwork and patience. 

Therefore, it is essential to have all your financial documents prepared early. Once you do your research and set your sights on a particular neighborhood, you can understand what home prices are like and what interest rates you can achieve. Understanding the price range will help you set up a budget and give you an idea of the mortgage you’ll need.

Interview multiple buyer’s agents

Most first-time homebuyers will usually go with the first real estate agent they interview. However, buying a home is a lot more complicated than it seems. The first few steps, like scouring homes for sale and picturing yourself in it, might be the most fun, but once you enter the deeper parts of a transaction, you need to take many complicated steps that benefit from professional advice.

A buyer’s agent helps make those steps a lot easier. That means taking care of all the legal paperwork, making sure you do a proper inspection on the property, recommending legal experts for your particular situation, and making sure you are getting the best deal possible.

It pays to meet with multiple agents to determine which one best fits your needs. You will want someone who can use their local knowledge to determine whether the price for a home is fair based on the area’s housing market history. It also helps to interview agents who offer a homebuyer rebate. 

Ask for a commission rebate

When you finally reach the finish line of a home purchase, closing costs are the last hurdle to clear. While you might have had extra savings set aside to account for a larger-than-expected home purchase price, closing costs tend to add strain to homebuyers’ pockets.

At the beginning of your home search, ask your buyer’s agent about a commission rebate, also known as a home buyer rebate. Most brokerages don’t offer this money saving refund, so it is important to research companies that do.

For example, Prevu offers buyers a rebate up to 1% of the purchase price of a home. These are significant savings that can help offset closing costs, facilitate needed repairs or renovations, or simply help replenish funds.

Houses for sale in Seattle

Interest in buying your first home in Seattle? Browse listings and see how much you can save with Prevu’s Smart Buyer Rebate.