Now that summer’s winding to a lovely, blackberry-filled close, let’s check in on Seattle’s real estate market. Here’s what to expect if you’re buying or selling a house right now.
1. Housing prices in Seattle continue to rise.
The Seattle-area market continues to hurtle forward like an exciting high-speed train. For the tenth month straight, the city’s August housing prices rose faster than anywhere else in the country. According to the Seattle Times, prices for the average single-family home are 13.4% more than this time last year. Additionally, for the first time ever, King County home prices grew by $100,000 in just a year.
What does this mean for you, a potential buyer or seller? If you’re thinking about buying, it’s smart to buy now, as prices will only continue to rise. If you’re thinking about selling, it’s also smart to sell now, because you’re almost sure to get a great offer on your Seattle-area home. Contact Pickett Street today at (425) 502-5397 or info@pickettstreet.com for help buying or selling your home.
2. Why all this real estate growth? One word: Amazon.
Amazon and its increasingly powerful economic force has chosen Seattle’s hip, creative environment as its home, and this is one reason why the area is such a desirable spot right now. Amazon employs over 40,000 people in Seattle, compared to 5,000 people in 2010, and the company is expected to continue to grow.
In fact, housing construction in the city has fallen behind job growth. In 2016, the number of available jobs in Seattle grew by 2.9%. While Seattle could definitely use more homes for sale, and more housing options, this surplus of jobs is generally a good thing–if you’re interested in moving to Seattle, there are plenty of jobs, particularly in the tech industry.
3. Seattle is currently one of the best real estate markets.
Seattle and Bellevue were ranked the 6th and 7th best real estate markets in the country. The cities were awarded these high rankings largely based on turnover, price appreciation, and how long homes sit on these markets before a sale.
4. Seattle’s market is healthy.
Many potential buyers and sellers have expressed concern that the Seattle housing market is a bubble that is about to pop, similar to the events of the 2008 recession. However, over the past two years, real estate experts have concluded that, while the Seattle market is exploding, it’s a very different situation than the 2008 real estate bubble.
Bubbles result from irresponsible lending practices, which is so far not a major concern for buyers in King County. Instead, most King County homeowners are equity rich, which means that their homes are worth more than twice what they owe and generally have good credit. According to Zillow chief economist Dr. Svenja Gudell, “Now, healthy homebuyer demand is being driven largely by a stable economy and demographic tailwinds, which is exactly what we would expect in a healthy market.” Zillow’s most recent data rates Seattle as a “very healthy” market.
Whether you’re buying or selling, let Pickett Street help you navigate this exciting market. Contact them today at (425) 502-5397 or info@pickettstreet.com.