The Future of Seattle Real Estate

The Future of Seattle Real Estate

Seattle real estate is among the top leading real estate markets in the U.S. despite the current crisis facing a majority of the real estate market in the entire country. The availability of both full-time and part-time jobs in the Seattle area has made it one of the best places to live and work by numerous websites rankings. Seattle real estate market has proven to be one of the most lucrative ventures for landlords and home sellers alike. In fact, Seattle was ranked third best in Wallethub’s “2016’s Best & Worst Cities to Be a Real Estate Agent.”

Statistics done by Demand Institute show that Seattle home prices rose by 15% in 2015. Further research reveals that high rises of up to18% are expected by the year 2018. Property appreciation has been incredible in the last three years, and a majority of the homeowners have experienced a recommendable equity return. The average value of a single-family home in Seattle is approximately $520,000. You can find a three bedroom at around $400,000, and if you need a standalone family home, you can find it at $330,000. Additionally, in case you prefer to live in condos, then there are two-bedroom condos starting from $200,000 and going up from there with luxurious amenities.

When it comes to buying and selling, location is the most important element in real estate. There are multiple desirable neighborhoods across the Seattle area to live. As tech startups continue to boom and ongoing development and construction of condominiums and modern townhomes, downtown is the choice for graduate students, professionals, and newcomers. With Amazon taking over South Lake Union and workers wanting to stay walking distance of work, the neighborhood is developing at a rapid rate with the most construction the city has ever seen. When neighborhood some may not think of is Ravenna. At the end of 2014, Redfin’s stats showed it was the hottest neighborhood on the market with homes staying on the market for an average of just 7 days and buyers offering up to 20% over the asking price in order to have the dream home and location they want.

As the market grows sellers will continue to benefit, however, buyers may suffer due to availability. The market has been deemed imbalanced with the lack of inventory and raise of prices for first time home buyers. With sellers having the advantage, sales have become more aggressive pushing the first time buyers out. The supply and demand chain should balance out towards the end of the year as more properties come to completion.

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