Seattle Real Estate | Making it work in the Great NorthWest

Purchasing real estate now in Seattle might seem like a risky move. The economy is in a slump and the housing market is temperamental. But if you have the capital and can attain a strong line of credit, purchasing an Seattle home now is probably a smart idea. That's because homes prices have fallen to their lowest rates in year, and sellers are eager to get stagnant properties off their hands.

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Purchasing real estate now in Seattle might seem like a risky move. The economy is in a slump and the housing market is temperamental. But if you have the capital and can attain a strong line of credit, purchasing an Seattle home now is probably a smart idea. That's because homes prices have fallen to their lowest rates in year, and sellers are eager to get stagnant properties off their hands.

The number of home sale deals in April was the highest since August 2007, as buyers apparently decided prices had come down enough, combined with low interest rates and a federal tax credit, according to a new report.

Prices in Seattle and King County continued to fall from a year earlier, although they were up from March, the Northwest Multiple Listing Service reported.

King County price changesApril pending sales of houses in both Seattle and King County shot up 15 percent from a year earlier, according to the listing service. Pending condominium sales, on the other hand, increased just 0.9 percent in the city and dropped 8.1 percent countywide.

Pending sales of houses and condos, combined, in the city and county rose 28.6 percent from March. This is not a seasonal trend, as sales often have dropped in recent years from March to April.

Pending sales are deals that have been accepted but not yet closed. They reflect the most recent activity, although not all pending sales end up closing.

"I would say in general the activity has picked up, but especially in the lower price ranges," said Bob Melvey, assistant manager of Windermere Real Estate's Ballard office. "I think it probably has to do with people feeling a little bit more confident in the economy."

Aubbie Beal unexpectedly reached a deal last Sunday to buy a 1918 craftsman home in Highland Park.

"I had started looking a couple years ago and realized I couldn't really afford it then, so I had been saving and waiting for the market to settle," she said.

Beal hadn't expected to really start looking until the fall, but her mortgage broker said the market was starting to move.

"I wanted to just tip my toe in the water and, bam, I found something right away," she said. "I feel comfortable. I know I'm getting a screaming deal, and I would be very, very surprised if my home lost any value."

Dr. Winnifred Wong just finished her internship in Florida and is moving to Seattle in June to start her residency at the University of Washington. She just struck a deal to buy a condo in Queen Anne.

So, even though the news is sobering, if you have the capital and a strong line of credit, moving and purchasing a Seattle home soon is a smart, potentially lucrative opportunity.