The Seattle-metro area, a constantly growing tech hub, saw home sale prices rise 9.5% between 2014-2015, putting the median value at $385,000. Wall Street Journal (subscription required) staffer takes a look at this market which still hasn't come close to median value in San Francisco's $781,600, but buyers in both areas are competing for a limited supply.
Any properties in Seattle that are put on the market can be gone within a month and the city features the second-largest market for jumbo loans, behind only San Francisco. When searching for a home in Seattle buyers should consider such things as putting more money down:
Accelerating home prices are creating more appraisal challenges in the Seattle area, where about 15% of [San Francisco-based lender] SoFi’s recent loans appraised lower than the sale price due to lack of availability of comparable recent sales, Mr. [Micheal] Tannenbaum [vice president of mortgage at SoFi] says. If a home appraises lower than the asking price, the borrower may need to come up with a higher down payment, he adds.