It can feel very discouraging when it seems like EVERYONE is paying cash for high-dollar Seattle homes. It can be competitive out there, but here’s the deal: Of the approximately 4,800* Seattle homes sold over the last 6 months, more than 3/4 were financed in some way. Cash purchases are out there, but their instance has remained pretty stable over the past couple of years. It’s hard to find data on down payments, but buyers often put down 15% or more of a purchase price (with an 85% home loan) to compete in our tight market. I’ve also seen several new down payment assistance programs to help bridge the gap in affordability. Contact me if you’re curious about more stats & implications.
*Residential & condo sales published via NWMLS in the 180 days leading up to 2/23/18.