Longtime residents of Seattle are surely amazed these days. They’ve seen the city transform from the Capital of Grunge to a sleek and bustling hub of industry. By the same token, they’ve also seen the cost of living soar along with the business boom. While these added expenses might be a deterrent for some homebuyers, there are actually many compelling reasons to buy Seattle real estate as soon as possible.
At the forefront is Seattle’s muscular job market. Currently, Seattle is experiencing a massive influx of industry, as multiple prominent companies are increasing their presence here. Leading the industrious charge are some of the most important tech companies in existence. Over the last few years, Seattle has welcomed the presence and expansion of companies like Uber, Facebook, Google, and Twitter.
And then, of course, there’s Amazon: a venerable giant in the tech industry, Amazon has always been a Seattle mainstay, and it’s only becoming more important with the passage of time. Overseeing several construction expansion projects, Amazon’s office space is soon expected to include over 10 million square feet. That’s a hefty sum of Seattle real estate.
What this expansion of industry means for Seattle is, of course, more jobs. With plenty of options to choose from, eligible employees ready for work will find generous job opportunities in the booming Emerald City. It’s hardly a surprise that, as of February, the city’s unemployment rate was just a smidgen over 4 percent.
Unfortunately, there’s at least one drawback to this surge in popularity: rising rent. Rent for Seattle real estate in King and Snohomish counties increased by more than 4 percent since March, and by about 10 percent over the last year. The region’s average rent is estimated to be about $1,500, although certain prominent hubs, such as downtown, have sprinted well beyond the $2,000 mark. To make matters worse, these high rents come with a low availability, as vacancy was recently estimated to be under 4 percent (curiously, 4 percent seems to be the magic number when it comes to Seattle real estate). With the high cost of rent for Seattle real estate, what’s a longtime resident to do?
While there are no perfect fixes, there is one potential solution: buy a home. It’s true that the cost of homes in the world of Seattle real estate remain high, which can be a barrier for many first-time home buyers. That said, purchasing a home has many advantages over renting. The most important benefit to purchasing Seattle real estate is that you’ll be spending your money on something you own, rather than something you’re borrowing. That way, rather than throwing your money away each month, you’ll invest it in your own personal slice of Seattle real estate. And that’s a good thing, because the value of Seattle real estate is increasing steadily but surely. By purchasing a home, you’re essentially purchasing a stake in the region’s increasing prosperity.
All in all, it’s plain to see that purchasing Seattle real estate is a smart long-term plan. By buying a home in the Puget Sound, you’ll be locking down a responsible investment in a region booming with prosperity. In that case, why wait? To buy Seattle real estate and escape the Purgatorial cycle of rental payments, contact Pickett Street at (425) 502-5397 or info@pickettstreet.com.
Sources:
http://www.seattletimes.com/business/real-estate/king-county-home-prices-hit-a-new-high/
http://qz.com/711911/want-to-work-in-silicon-valley-move-to-seattle/