Down Payment Approaches $100K for Median Seattle Homebuyers
First-time homebuyers continue to have a hard time dealing with Seattle’s residential housing market. According to Zillow, “a 20 percent down payment for the median Seattle home in April was $98,000.” Competition continues to be fierce for homebuyers as most of Seattle’s popular neighborhoods see competitive offers with at least 20 percent down and waiving most contingencies including financing.
Windermere’s Chief Economist, Matthew Gardner claims that more than a quarter of first-time homebuyers are receiving money from family to help towards down payments and/or using federal programs for extra help. The biggest problem is that there is not enough affordable housing to support the growing population. There is not enough land to build thus adding pressure on the retail housing market.
To read the full Puget Sound Business Journal article, click here.