My friends recently made a really smart real estate decision: four years after purchasing their lovely home in Boulder, Colorado, they sold it and moved to a cheaper spot in Nashville, and, as a result, made a boatload of money. I found myself both–let’s be honest–slightly envious, and inspired. Investing in real estate, and understanding when to sell, is one of the smartest ways to build wealth.
You might be wondering what Boulder, Colorado has to do with Washington State, aside from the fact that both Seattle and Boulder are home to hippies and tech nerds with serious outdoors obsessions. Well, while Boulder’s real estate market is doing well right right now, Seattle’s real estate market is right up there with it as one of the most competitive markets in the country. In many ways, the Seattle market is even hotter than Boulder’s. If you’re considering listing your Seattle area home right now, here are a few reasons why it’s good to be a home seller right now.
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1. The Seattle area is a seller’s market.
In other words, homebuyers are jumping at the opportunity to buy properties in this area right now. This is the perfect time to sell your home, as home buyers are currently engaged in fierce competition with one another over Seattle-area homes.
Listings are also typically selling relatively quickly, which means that you shouldn’t have to worry about your home sitting on forever. According to Redfin, Seattle was the fastest market for sellers in 2016, with the average home sitting on the market for just 15 days. The perfect amount of time for you to find a real estate agent, and then sit back with a glass of wine to relax while watching buyers scramble to bid on your home.
2. The Seattle-Tacoma-Bellevue area was just ranked fourth in the nation for highest home seller profits.
According to USA Today and RealtyTrac.com, home sellers across the nation enjoyed an average price gain of $51,000 during the second quarter of 2017. This is the highest gain since 2007. In the Seattle-Tacoma-Bellevue area, home sellers had an average price gain of a whopping $165,000, and their average return since purchasing their home was listed as 63.5%. Not too shabby.
3. Inventory is low.
And this is good news for sellers. Typically, low inventory leads to rising prices as home buyers compete over properties, and the real estate market is currently reflecting this trend. In January 2017, Seattle had the second lowest rate of homes for sale in the country, second only to San Francisco.
4. Seattle is one of the most desirable places to live in the country.
This reason is really an extension of the first reason we listed. But, the statement is worth repeating. With its robust economy (mainly due to the tech industry), beautiful towns, and exciting food and entertainment scene, as well as countless other advantages, the Seattle area has exploded in popularity over the past few years. Everyone wants to live here. Simply put, you should take advantage of this trend by selling your home right now. This could be the perfect time to make a profit on selling your old property and then finally upgrade to that Washington state dream home you’ve always wanted.