Best Seattle Condo deals for first-time home buyers

Foreclosures and real estate auctions are sexy! But are they the best deal for a first-time home buyer? I'm going to throw this out there for comments: The best deals for Seattle First-Time Home Buyers come from builder closeouts and super motivated new construction sellers. Times are tough for builders and they are ready to move some real estate inventory in the spring of 2009.

A lot of the Seattle condo projects are in high density areas, such as Belltown, South Lake Union, Queen Anne, Fremont, Ballard, and Capitol Hill. You don't find as many short sales and foreclosures in these downtown core neighborhoods as you do in the north end and south end of the Puget Sound Metropolitan area.

• Fewer foreclosed and bank owned properties in the downtown Seattle core.

• Short sales are becoming more common with King County Real Estate. However, it is often difficult for a first-time home buyer to get through the short sale process without moving onto a transaction that doesn't take as long and isn't so emotionally draining. This is not always true. The pros and cons of buying a short sale as your first purchase should be discussed with your Washington Realtor. You want to have a skilled professional on your side with short sale experience if you are going to attempt a short sale as a first-time home buyer!

• Individually owned properties that have only been held for a few years might have little equity in the property. They might present a challenge to negotiate an "amazing deal" as compared with some of the excess new construction inventory in the Seattle Condo market. Having your Realtor check the outstanding loan balance versus the listing price will help you determine how much room might exist to negotiate on price. I'm seeing that those that wish to sell right now have little equity in their condos and those with a lot of equity in their condo don't have their place listed for sale - this is general comment and is not always true.

• A motivated seller, along with a properly priced unit, will always get a buyer the best deal. First-time home buyers should look forward to the spring 2009 buying season for Seattle condos. These deals exist in ample numbers to help you make a great investment.

Builder closeouts and motivated builders may provide an amazing buy for the first-time home buyer. Here are some recent projects that have reduced prices or have advertised specials to motivate buyers: Seattle Homes For Sale at The Parc, Gallery, Brix, Leona, and Ruby.

Don't forget that interest rates are low, the federal government will give you a $8,000 tax credit and sellers couldn't be more motivated to negotiate. Do your research, but know that this is a great time to buy. I think we will look back in 10 years and say that those that bought in 2009 got a great deal.

I've also posted this and other condo information at www.myurbanabode.com & www.mattwarmack.com

I'm also on Facebook - "fan" my public page which is 'Matt Warmack - The Warmack Group - Realtor'