In a recently published article by the Wall Street Journal, we were labeled "Silicon Seattle" due to our booming technology scene, and of course, high home prices that are making it difficult for home buyers to purchase their dream home.
Our record high home prices combined with record low inventory and frequent bidding wars have turned the Seattle area into the new San Francisco, according to the online article. "Seattle still lags behind San Francisco, where the median home value is $781,600, but buyers in both cities—many in the tech industry—are competing for a limited pool of properties."
For comparison, home-sale prices in the metro Seattle area rose 9.5% from 2014 to 2015, putting the median home value at $385,300, according to the National Association of Realtors. That’s below the limit for government-backed loans for the area, which currently is $540,500. But Seattle buyers who want a dream home in a desirable neighborhood will probably need a jumbo mortgage.
Make sure you read the full article from the Wall Street Journal for more information on how a jumbo mortgage, creative bargaining, and even a pre-inspection can help you land your dream home.
Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.