Seattle’s real estate market is on fire right now, and it’s easy to see why. Tech giants such as Amazon, Microsoft, and Expedia are creating healthy job growth, making the local job market one of the hottest in the country. Additionally, despite its growing costs, this urban area remains one of the more affordable west coast cities, especially when compared to Los Angeles and San Francisco. Not to mention, Seattle is just plain gorgeous.
With these perks, Seattle one of the fastest growing cities in the county; the most recent data found that about 1,100 people are moving to the city every week (you heard me right–1,100 people per week!). So, how does one navigate this exciting and competitive atmosphere when buying or selling a home? Here are a few tips, along with more information about what to expect from Seattle’s real estate market in 2017.
1. Don’t Wait to Buy
If you’re serious about buying a home in Seattle, now’s the time to go for it. Real estate professionals predict that the market will remain competitive throughout 2017 and beyond. According to the NW REporter, while there was a small increase in residential listings this past June (a 7 percent increase from June of 2016), the number of homes for sale versus the number of people who want to buy is still tight. Here are some recent statistics that demonstrate just how competitive the Seattle market is right now:
- In June 2017, there were 13,658 listings and 10,079 closed sales, which is the highest number of sales in Seattle ever recorded for June. In July 2017, there were 12,300 new listings and 9,707 closed sales.
- The median home price for the residential closed sales in July 2017 was $382,000 (a 9 percent increase from July 2016).
- While brokers added 1 percent more listings than they added in July 2016, there were 3 percent more closed sales in July 2017 than in June 2016.
With the current rate of sales, it would take about a month and a half for every listed home to sell. In July 2016, it took just under two months.
The total value of housing sales for July 2017 was 13 percent higher than for July 2016.
Because Seattle’s market is so hot right now, it’s smart to find an agent who can help you buy a home as soon as possible. Focus on one or two priorities, such as proximity to schools and work or number of bedrooms, and communicate these needs to your agent. To find a professional who can help you, contact Pickett Street at (425) 502-5397 or firstname.lastname@example.org. Check Out Seattle’s Up-and-Coming Neighborhoods
While prices for homes in up-and-coming neighborhoods such as Beacon Hill and White Center are still affordable, they are expected to increase quickly as the city continues to grow. These areas are especially popular for first-time millennial homebuyers who are looking for lower-cost homes in neighborhoods that offer slightly more space and quiet.
4. Don’t Be Coy
Seattle’s limited housing inventory is currently driving bidding wars, which take place when homes receive multiple offers from buyers. When you do find a home you want, strategize with an agent about how to proceed in an assertive way that allows you to stick with your budget.
Whether you are trying to buy or sell a home in this exciting and competitive market, get in touch with Pickett Street at (425) 502-5397 or email@example.com to find a professional who can support you.