If you’re a current or future homeowner in Seattle, it’s key to know how the city’s real estate market affects deal-making. Currently, it’s both a seller’s market (due to high demand and limited houses) and a buyer’s market (because of higher-than-usual interest rates). Buyers should consider hiring experts to help nab a deal under the asking price and encourage the seller to take on a 2/1 Buydown on their interest rate. This leads to a lower rate for a year before refinancing. Both buyers and sellers need to avoid negotiation pitfalls. Buyers shouldn’t wait for rates to drop, as this just causes more competition and bidding wars. Sellers should wait for the right buyer instead of jumping at low offers too soon. Both parties can benefit from the high job growth and demand for housing in Western Washington.

How Seattle’s Real Estate Market Works

For Buyers

Currently, Seattle’s real estate market is tough for buyers, with high interest rates and few houses on sale. But it functions more like a buyer’s market. Hiring experts to negotiate can help buyers get a house for less than its listed price and with a lowered interest rate for a year. Waiting for rates to drop isn’t a good move—it only spikes competition.

For Sellers

In Seattle’s market, sellers need to be patient. It might seem tempting to accept low offers because of high interest rates, but waiting for the right offer is smarter. Rushing to sell could lead to missed opportunities. The local job growth creates a high demand for housing, benefitting sellers who are willing to negotiate and wait for the best deal.

Real Estate Negotiation Tips in Seattle

For Buyers

In this market, negotiation skills are key for buyers. Crafting a unique offer, like flexible closing dates or fewer contingencies, can appeal to sellers. Knowing the market and the seller can lead to successful negotiation.

For Sellers

Sellers should avoid rushing to accept low offers. Contributing towards a buyer’s interest rate (through a 2/1 Buydown) can make a property more attractive to buyers. Understanding the buyer can lead to a successful sale.

Common Real Estate Negotiation Mistakes in Seattle

For Buyers

Buyers often wait for lower interest rates or make low offers—which more often leads to more competition or missed opportunities. Staying informed and connected with the local community can give buyers an advantage.

For Sellers

Sellers often rush to accept offers or aren’t willing to negotiate on the buyer’s interest rate. Staying updated on market trends and working with negotiation experts can lead to the best possible deal.

How Seattle’s Growth and Market Trends Affect Negotiations

The city’s growth has created strong competition for housing, affecting negotiations. But skilled negotiation can benefit both buyers and sellers. Staying aware of local market trends is important for successful negotiation in this unique market.