1. Down payment – The amount you put down upfront depends on the type of mortgage you choose. Conventional loans can be as low as 3 % down, FHA loans typically start at 3.5 %, and many first-time buyers in Seattle put down around 6 % on average. Putting down 20 % isn’t required, but it helps you avoid private mortgage insurance (PMI) and can improve your loan terms. On an $800,000 home (near Seattle median), that means:

• 3 % down ≈ $24,000

• 6 % down (typical) ≈ $48,000

• 20 % down ≈ $160,000 

2. Earnest money deposit (EMD) – This is your “good faith” money when you make an offer. In the Seattle market it’s often about 1 % to 3 % of the purchase price and is credited toward your total cash-to-close at settlement. In competitive offers, buyers sometimes go 2 % or more to strengthen their bid. For an $800,000 home, that’s roughly $8,000 – $24,000. 

3. Closing costs – These are fees due at the closing table separate from your down payment. In Washington they typically run about 2 % to 5 % of the purchase price depending on lender fees, title/escrow charges, prepaid taxes, and insurance. On an $800,000 home, that can be ~$16,000 – $40,000. 

4. Reserves and prepaids – Lenders often ask buyers to have a cash buffer (reserves) of 2-6 months of principal, interest, taxes, and insurance (PITI) remaining after closing. Plus prepaid items like property tax and homeowners insurance can add another few thousand dollars.

Bottom line: On a typical Seattle home today, a conservative estimate of cash you’ll need ready early in the process might look like:

• Earnest Money: $8,000 – $24,000

• Down Payment: $24,000 – $160,000 (depending on loan type)

• Closing Costs: $16,000 – $40,000

• Reserves/Prepaids: Several thousand more

So even with a low down payment program, having $50,000 – $100,000+ ready (and more if you’re putting 20 % down) is common in this market. The exact number varies based on price, loan program, and lender requirements — so getting a Loan Estimate early from a lender will give you a clear picture for your exact situation. 

A: From start to finish, most Seattle-area home purchases take 30–60 days, depending on where you are in the process.

Here’s how it usually breaks down:

1. Pre-approval:

1–7 days. A good lender can turn this around quickly.

2. Home search:

This varies wildly. Some buyers find a home in a weekend. Others take 2–3 months. In competitive neighborhoods like Beacon Hill or Seward Park, timing can move fast once the right home hits.

3. Offer to closing:

In Washington (NWMLS forms), a typical closing timeline is 30 days from mutual acceptance. Sometimes 21 days is possible. Occasionally 45 days if needed.

Inspection period:

Usually 5–10 days after mutual acceptance.

Appraisal + loan underwriting:

Happens during escrow and must be completed before closing.

If you’re well prepared and decisive, you can realistically go from “just thinking about it” to keys in hand in about 45 days. If you’re still exploring and refining your criteria, plan for 2–3 months.

A: Earnest money is a “good faith” deposit you submit when you make an offer on a home. In Washington, it’s typically 1%–3% of the purchase price, though it can be higher in competitive situations.

For example, on an $800,000 home, earnest money might be:

• 1% = $8,000

• 2% = $16,000

• 3% = $24,000

In most Seattle-area transactions, the earnest money is due within 1–3 days after mutual acceptance (when both buyer and seller sign the contract). It’s held by escrow or the listing brokerage, not the seller directly. It needs to be readily available and as good as cash. If it's caught up in stocks or other places, you'll want to get the transfer started asap.

The good news: earnest money is credited toward your down payment and closing costs at closing. It’s not extra money — it’s part of your total cash to close.

Is it refundable?

It depends on your contingencies.

In Washington, buyers commonly include:

• Inspection contingency
• Financing contingency
• Appraisal contingency

If you terminate the contract within the timelines allowed by those contingencies, your earnest money is typically refundable. If you back out without a valid contractual reason, you risk losing it.

Bottom line: earnest money shows you’re serious — but it should always be structured carefully.

A: Technically, no. Practically, it’s risky.

Washington is a highly structured, contract-heavy state. The NWMLS forms are detailed and time-sensitive, and deadlines matter. Missing a contingency timeline can cost you your earnest money.

A buyer’s agent typically helps with:

• Market analysis and pricing strategy

• Writing and structuring competitive offers

• Managing inspection negotiations

• Navigating appraisal issues

• Tracking contingency deadlines

• Coordinating escrow and lender communication

In competitive Seattle markets, strategy matters. How you structure earnest money, timelines, and contingencies can make or break your offer.

Also important: in most transactions, buyer representation is built into the listing agreement compensation structure — though post-2024 changes, it’s essential to clarify how your agent is compensated upfront.

Can you buy without an agent? Yes.

Should you, especially in a fast-moving, high-price market like Seattle? In my opinion, that’s a lot of legal and financial exposure to take on alone.

A: Yes. In many cases, winter is one of the most strategic times to buy in Seattle.

Here’s why:

1. Less competition

Spring is peak frenzy. Winter typically brings fewer buyers actively shopping, which can mean fewer multiple-offer situations.

2. More negotiating power

Sellers listing in December–February are often motivated. They may be relocating, managing an estate, or ready to move on. That can translate into stronger negotiation leverage.

3. Serious sellers only

Homes on the market during winter aren’t “testing the waters.” They’re ready to transact.

4. You see the house at its worst

Seattle rain, gray skies, and shorter days reveal how the home handles drainage, natural light, and heating. If it feels good in January, it’ll feel great in July.

Inventory is typically lower in winter, yes. But so is competition. For decisive buyers, winter can be quieter and more strategic than spring.

A: Timing interest rates perfectly is nearly impossible.

As of 2026, rates remain higher than the ultra-low pandemic years but below historic long-term averages from the 1980s and 1990s. What matters more than chasing the perfect rate is your overall strategy.

Here’s the reality:

If rates drop significantly:

• Buyer demand increases

• Competition increases

• Prices often rise

Lower rates can mean paying more for the same home.

If you buy now at a higher rate:

• You face less competition

• You may negotiate better terms

• You can refinance later if rates improve

This is often called “marry the house, date the rate.”

The real question isn’t “Where are rates going?”

It’s “Are you financially ready, and does buying align with your life timeline?”

If the payment works comfortably for you today, you can control your purchase price. You can’t control the market.