Going to buy your first condo home in Seattle? As a first-time buyer, you will have your hands full. From researching about the market to obtaining the best loan---there are lots of aspects to take note of. Your home is going to be one of your greatest assets in the upcoming days, so you just can not afford to make any error here. Here is a list of basic “Dos” and “Don’ts” that would make the whole purchase process simple for you.
"Dos"
1. Buying your first home means starting from the scratch. But it becomes a great learning experience for you. When it comes to buying your first condo, you must divide the task into four basic groups:
First of all, you must develop an idea about current market for Seattle condos.
Secondly, you have to work out a practical budget depending on how much you can afford.
After you have determined the budget, now you have to shop for the right loan.
Meanwhile you have to search for the Seattle condos that rightly support your lifestyle.
Fulfilling all these tasks to perfection is not easy. By taking a step-by-step approach, you can ease up the entire process.
2. Shop for the Seattle condos, browse through the websites and compare the prices of Seattle condos in different neighborhoods. Consult the established real estate information Web sites---they will provide you information you are looking for and even more.
3. Before starting your hunt for Seattle condos, make up a contingent list of professionals’ including a real estate agent, attorney, mortgage broker and a home inspector. They will help you locate quality Seattle condos that suit your needs as well as your budget.
4. Most importantly, before choosing the property, make sure how long you are planning to stick around. Pay heed to all your family responsibilities and professional commitments before you decide on the size, type and location of your first condo property.
"Don'ts"
1. Do not cross your budget and consider only those Seattle condos that you will be able to comfortably afford. Consider the factors such as the down payment, closing costs, monthly expenses and taxes to work out a practical budget.
2. Do not accept the very first mortgage that comes your way; shop around for the best deal. Avoid those multi-option loan products that make you confused.
3. Don’t judge your options by heart, weigh the options with your brain. Lifestyle is the key factor in choosing the right property at the right neighborhood.
To round it up: make your own research about the Seattle condos market, even though you have hired professionals for the purpose. It helps a great deal when you know in advance what you may expect.
Showing posts with label Seattle condominiums. Show all posts
Showing posts with label Seattle condominiums. Show all posts
Wednesday, March 17, 2010
Unique Mix of Seattle Condos and Seattle Hotels
The concept of condo hotels are around for nearly a decade now. But it was not until 2006 that Seattle became the hub of some major condo-hotel projects. The rage that kicked off with the opening of high end Madison Tower, is giving no signs of dying down. Being an important business district, Seattle is visited by huge number of business travelers every year. With its attractive coastline, sparkling lakes and mountains, Seattle is an important tourist destination too. It comes as no surprise then; buyers are very enthusiastic about these high end projects that are an innovative fusion of luxury hotels and upscale Seattle condos.
If you are looking for a second home in Seattle, you can choose from one of these prestigious real estate projects that offer you the best of both worlds---five star amenities and ownership of a branded property. In addition of the vacation home buyers, the baby boomers also find these properties very attractive.
These Seattle condos will offer you all kinds of amenities and services that you find in four or five star hotels. Starting from weather controlled swimming pools to full service spa, state of the art fitness centers to multi cuisine restaurants, parking space to concierge---condo hotels will offer you all that you can expect from a dream stay at one of the world’s best hotels.
If you are looking for a second home in Seattle, you can choose from one of these prestigious real estate projects that offer you the best of both worlds---five star amenities and ownership of a branded property. In addition of the vacation home buyers, the baby boomers also find these properties very attractive.
These Seattle condos will offer you all kinds of amenities and services that you find in four or five star hotels. Starting from weather controlled swimming pools to full service spa, state of the art fitness centers to multi cuisine restaurants, parking space to concierge---condo hotels will offer you all that you can expect from a dream stay at one of the world’s best hotels.
Wednesday, September 30, 2009
Seattle Condos Market Update
This year the number of Seattle condominiums for sale has dropped lower than the corresponding period last year. This is a good sign since the last thing we need is more people putting their property into a sluggish market. In August 2008 numbers showed total active inventory of 1,503 which was 1.83% lower than August 2007. Looking at the numbers earlier this year, inventory was over 60% higher than at the same time in 2007. This is largely due to a number of reasons such as; a.) developers holding off on their Seattle condos projects and waiting for the market to get better in hopes of higher profits, and b.) apartments intended for condo conversion reverting back to apartments due to cost inflation, as well as c.) a number of completed condo projects turning into rental units so that developers can make some income per month.
The average price for last month's closed sales of Seattle condominiums was $310,000, which showed a drop of 6.03% from a year ago when the average price was $329,900. If we compare the current sale prices of Seattle condominiums with the prices of two previous months this year, median prices of the condominiums were about the same around $310,000 for August and $299,975 for July. The number of home sale closing deals in September was almost half of what it was in the previous year around the same time. Looking at the market condition, not many people are ready to invest in the real estate market at the moment. Therefore developers want to wait for the market to improve in order to make sufficient profit and in the meantime they are renting out condos as apartments for monetary return.. The volume of year-over-year pending sales transactions for September was down 14.50%. On the other hand, monthly inventory has improved from 8.9 in August to 7.8 in September.
The average price for last month's closed sales of Seattle condominiums was $310,000, which showed a drop of 6.03% from a year ago when the average price was $329,900. If we compare the current sale prices of Seattle condominiums with the prices of two previous months this year, median prices of the condominiums were about the same around $310,000 for August and $299,975 for July. The number of home sale closing deals in September was almost half of what it was in the previous year around the same time. Looking at the market condition, not many people are ready to invest in the real estate market at the moment. Therefore developers want to wait for the market to improve in order to make sufficient profit and in the meantime they are renting out condos as apartments for monetary return.. The volume of year-over-year pending sales transactions for September was down 14.50%. On the other hand, monthly inventory has improved from 8.9 in August to 7.8 in September.
Rents Going Up
Due to the increase in the demand for Seattle condominiums, the rents there continue to increase year after year. The average rent for a studio apartment in Seattle in spring was around $861 per month, which is almost 11 percent higher than the previous year. Rents for a one bedroom Seattle condominium and two-bedroom apartments have increased to about 10 percent since last year.
Current costs are approximately $1,015 for one bedroom and $1,569 for two bedrooms. Seattle officials say that the increasing rental prices are due to a number of factors including a slowdown in apartment-to-condominium conversions. The slowdown has decreased the number of affordable homes, forcing more would-be buyers to continue renting. Keeping the market trend in mind, today’s buyers prefer to keep on renting rather than investing in property.
This doesn’t seem to be letting up anytime soon. Analysts predict a 17 percent increase in area rents from April 2008 to December 2010. Given the high cost of renting, many lower-income or single-person households have to look hard to find a comfortable Seattle condominium home at an affordable price. Even when they find one, they may have to compete against a number of other prospective renters to secure it, as there are many people itching to move into the apartment of their choice.
Current costs are approximately $1,015 for one bedroom and $1,569 for two bedrooms. Seattle officials say that the increasing rental prices are due to a number of factors including a slowdown in apartment-to-condominium conversions. The slowdown has decreased the number of affordable homes, forcing more would-be buyers to continue renting. Keeping the market trend in mind, today’s buyers prefer to keep on renting rather than investing in property.
This doesn’t seem to be letting up anytime soon. Analysts predict a 17 percent increase in area rents from April 2008 to December 2010. Given the high cost of renting, many lower-income or single-person households have to look hard to find a comfortable Seattle condominium home at an affordable price. Even when they find one, they may have to compete against a number of other prospective renters to secure it, as there are many people itching to move into the apartment of their choice.
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