5 Tips For Buying a Seattle Condo
We gave you some great tips last year in our blog post 10 Tips To Buying A Seattle Condo. We thought we would follow up with some more detailed tips for 2018 and beyond.
Great real estate can be found and purchased in any market. Don’t be intimidated by competition. Let me walk you through a few steps that can help find success when purchasing a Seattle condo.
1. Be Prepared – Attention To Detail
Let’s assume that you have met with a lender and hired a real estate agent. The best thing you can do now moving forward is to pay close attention to the detail. You have to become an expert. Lets say you have decided to purchase a unit in Downtown Seattle. Don’t stop right there – tour the Downtown corridor and get specific. Focus on your top 3 boroughs and then focus even more. Can you identify 2-3 buildings that you would want to live in within your neighborhood of choice? This level of specificity will give you edge. Now you can focus on specific units, views and floorplans you like in each building. This is will give you confidence when the “right” unit hits the market.
“Know what you own, and know why you own it.” – Peter Lynch
2. Be Assertive – Timing Is Everything
The Seattle market is on a record run. As inventory remains low, prices have ripped higher – especially over the last few years. You need to show a seller that you are assertive when you go into a multiple offer situation. The key to being assertive is showing an un-wavering confidence in the decisions you make and the message you send to a Seller. Think of it this way, the seller’s number one goal is to find the buyer that is 100% likely to close. How do you play into that as buyer – I have our clients show enthusiasm, confidence and financial strength – Be Assertive. (see number 5 for your brokers role in the who process).
“There’s boldness in being assertive; there’s strength and confidence” – BC
3. Focus On The Fundamentals – Quality Over Quantity
This is something that I preach over and over and over. Focusing on the fundamentals are so key. Is the building concrete and steel, what street is it on, does it boarder the freeway or a bus line, is the unit a corner unit, does the building have good reserves, what is the status of the building’s reserve study, how confident is your broker that he/she can resale the unit to the next buyer…..You get my point here? Focusing on the fundamentals is one of the most important things you can do when buying a condo.
“Price is what you pay. Value is what you get.” – Warren Buffett
4. Be Patient – A Great Investment Will Follow
The process in finding a home isn’t always easy. I key here is that you may have to pass on a number of opportunties to find the right one. I can tell you many times in my 15 year career where devastation turns to elation. You may lose out on a condo or miss an opportunity that you feel was “yours” or was a “must have” – then weeks later you find absolute joy in the unit you are now going to buy. This takes discipline. It is super important to understand that in the end, if you are patience, you will invest in the Seattle condo that was made for you. This is hard advice to follow in a market like this. With that said, you will be so thankful when it is all said and one. Be patient, invest well.
“Patience is also a form of Action” – AR
5. Trust The Process – Passionate Broker, Happy Buyer
Ok, be prepared for a self-indulgent plug here – I’ve been selling condos for 15 years and I would love to help you with your purchase. I can say that confidently because I am an expert in my field. I know wholeheartedly that you will make a great investment. My passion for what I do translates into thoughtful, decisive investment decisions for my clients – (I let them do the talking). I can tell you that hiring an expert in the real estate business is critical. With condos, it is even more important. You need someone that speaks the language. An expert that can help you avoid pitfalls and will be able to speak to the neighborhood, community, the building specifics and unit details that matter – like orientation, view, layout, etc…Finding someone that is passionate about their job will lead to a better investment for you. It shows that you serious about your commitment to a GREAT purchase decision as well. Your expert broker will appreciate that you intend to hold them accountable.
“Always trust yourself, more than you doubt yourself”