What's Actually Happening for First-Time Homebuyers in Seattle Right Now

The Numbers That Matter

Here's what October 2025 looked like in King and Snohomish Counties—the data that tells the real story:

Source: Northwest MLS, October 2025

What this means in English: Prices are holding steady, inventory is up significantly, and fewer buyers are competing for the same homes. We're still technically in a seller's market, but it's trending toward balance—which is exactly what first-time buyers needed.

The Real Barriers (And How to Think About Them Differently)

Affordability Hasn't Gotten Easier—But Your Options Have

Let's not sugarcoat it: buying a home in Seattle is expensive. Interest rates are keeping monthly payments high even though prices have leveled off. That part hasn't changed.

What has changed is the financing landscape. Lenders are bringing back temporary rate buydown programs, and Washington's Home Advantage and House Key Opportunity programs are actively helping qualified buyers with down payment assistance and lower-rate second mortgages.

I'm not saying this solves everything—but I am saying don't assume you're priced out before you've talked to a lender who actually knows these programs. The difference between "I can't afford Seattle" and "I can make this work" is often one good conversation.

Competition Is Still There—But It's Not a Free-for-All Anymore

Remember 2021? When homes went pending in 48 hours with 15 offers and waived inspections? Yeah, we're done with that.

Good homes still move quickly—especially if they're updated and near job centers—but you're not walking into a cage match anymore. Buyers are successfully negotiating, including contingencies, and sometimes even winning below list price. That breathing room matters.

The Confidence Problem (The One Nobody Talks About)

Here's the barrier I see most often with first-time buyers: they're paralyzed by the fear of making the "wrong" decision. After years of headlines screaming about crashes and bubbles, people are waiting for some mythical "perfect time" that probably doesn't exist.

What I'm seeing in the data right now is stability. Prices are holding, inventory is up, and most economists expect things to stay relatively flat through early 2026. This isn't a crash—it's a pause. And pauses are when you can actually think clearly and make smart decisions instead of panic-buying or panic-waiting.

You're Drowning in Information (Most of It Useless)

If you've been getting your housing market advice from TikTok or national news outlets, you've probably heard 47 conflicting opinions in the last week alone.

Here's what I tell my clients: focus on local data. King and Snohomish Counties don't behave like Phoenix or Austin. National trends don't tell you what's happening in your actual market. My job—after 20 years of watching this region—is to help you cut through the noise and understand what's real, right here, right now.

What I'm Actually Seeing Out There

After two decades in Seattle real estate, I can tell you this market feels different than anything we've had in the last few years. First-time buyers finally have options again.

Prices aren't crashing, but they're stabilizing. Inventory is giving you actual choices. And while rates are still a challenge, the tools to work around them are better than they've been in a long time.

Is it perfect? No. But it's workable—and that's something we haven't been able to say in a while.

The Questions I Get Most Often

"Should I wait for rates to drop before buying?"

My honest answer: if the payment fits your budget and the home meets your needs, don't wait for a perfect rate. You can refinance later. When rates eventually drop, competition will spike again—and you'll be competing with everyone else who was waiting for the same thing.

"Are homes still selling over list price?"

In some pockets, yes—usually updated homes in top school districts. But the majority are selling at or below list. That's your signal that we're moving toward something more normal.

"Is this actually a good time to look?"

I think so. Fall is when inventory stays high but activity slows down. Sellers tend to be more flexible. You can negotiate on terms. That combination was almost impossible two years ago.

Let's Figure Out What Makes Sense for You

If you're a first-time buyer and you're not sure whether this is your moment, let's talk. No pressure, no sales pitch—just a real conversation about your numbers, your timeline, and what's actually possible.

Because the hardest part of buying your first home isn't the down payment or the interest rate—it's knowing when you have enough information to move forward with confidence.

📧 [email protected]
📞 206.920.6500
🌐 www.beccalocke.com