Prices Are At Historic Lows
Seattle bank owned properties are providing a big opportunity to buyers and investors because alike as prices start to nearly hit bottom. While there is a supply of inventory coming from the banks, there is also rapidly growing buyer demand.
The Seattle area is historically one of the strongest markets in not only the state but also the entire nation for maintaining property values with a vibrant downtown community, great school districts, homes that still actually have yards, and you would find yourself only 10 minutes away from either a bustling downtown Seattle or the serenity of nature trail for a hike.
The current low of Seattle bank owned properties prices are now meeting strong support from buyers who are attracted to the above mentioned qualities and have maintained price support throughout the summer. The best priced opportunities are to be found in looking for bank owned properties which are usually selling for $0.80 to $0.50 on the dollar and will create the most equity for a buyer.
Mortgage Rates Are At Amazing Lows
One of the most important factors in trying to purchase a property, whether you are buying a home or an investment, is factoring in the cost of your mortgage. With mortgage rates at an all time low, they are likely to meet strong support and start rising again.
The market has started to see fresh support with new demand from buyers who are sensing opportunity and want to take advantage of it before rates rise.
Locking in a mortgage rate at current lows will save tens of thousands of dollars over the lifetime of the loan. Being able to couple those savings along with the financial opportunity in buying bank owned properties creates a strong win for any buyer.
Sellers Are Motivated
Going off of the last point, right now is one of the strongest buyers markets that we have seen yet. Many of the properties on the market have been listed for long periods of time which has created pools of motivated sellers.
For many sellers, who bought at the height of the market, the ability to cover the cost of living isn’t a reality anymore and they are extremely motivated to work with any serious offer… if not in some cases desperate and would even split costs at closing.
Stronger yet are the opportunities in looking through bank owned properties which are already past a lengthy and complicated short sale process. Working with an experienced bank auction broker, like us at Vestus, is the key to picking the right property and developing a smart financial strategy.