Seattle Real Estate Forecast
Seattle Washington was rated the hottest city in America for real estate. Migration (90,000 during a recent 12 month period), great jobs, and low availability of properties, is driving home and condo prices skyward.
Home prices were rising faster than California and there’s plenty of talk of a housing crash in Seattle. With the new federal tax changes, some believe house prices will fall across the country. So the question buyers and investors, and sellers too, is whether Seattle will be any different than the national housing trends through to 2020.
An exodus of Asian and other International buyers from the Vancouver Real Estate Market has brought in an additional source of investors into the Seattle area. The forecast is for more foreign buyers taxes in Vancouver BC, so Asian buyers will Seattle, Redmond, Spokane, Tacoma and Bellevue alternatives.
Extra demand may come from Asian student housing buyers.
The specter of a bubble crash is real however, so home owners would be wise to get a home evaluation and prepare to sell home for the highest price. If you’re considering selling, take a look at the best renovations to consider to generate more interest in your property.
Seattle’s job market is brisk and high paying. The jobless rate is still 3.7% currently (up lately from 2.7%) and the $15 minimum wage rate isn’t enough to pay the rent. 50% of renters are feeling burdened by the rent they pay which may raise issues for landlords and property managers.
Strong population growth, a strong tech sector, diverse economy, educated workforce, enticing geography and diverse recreation opportunities are drawing more new residents at twice the national average. Seattle is consistently named as one of the best cities in America.
For property investors, rental income suites will be in continuous demand throughout 2018 and 2019. For homebuyers however, the day may have passed to find an affordable home in Seattle. If that’s the case, you may want o investigation the Boston real estate market, New York Real Estate market, Vancouver Real estate market, Houston real estate market, or the Miami real estate markets.
Sizzling High Home Prices Continues
The demand in 2018 will push up sizzling high housing and condo prices and it’s raising talk of a housing bubble and crash. Experts are calling for futher growth from 2018 through 2021.
Although new housing construction is growing nationwide, availability is squeezed, even in Washington State. And with a lack of construction workers, there won’t be any easing of detached home prices or rental housing here. And with some Asian and other foreign buyers being locked out of the Vancouver housing market, they’re finding Seattle is a great place to park their money.
Zillow predicts home prices in Seattle will rise by 6.2% in 2018 and average home prices will hit a lofty $702,000 by the end of the year. With multiple offers the norm, sellers won’t need bidding war strategies to get a record offer on the table or worry about the best home renovations to grow ROI.
|Seattle Neighborhoods||Average Home Price|
|East Queen Anne||$821,600|
|Metro Seattle Cities||Average Home Price|
Seattle Home Prices fastest Rising in the US
According to a report in the Seattle Times, Seattle’s home prices have been on a scorching pace in the last 12 months.
1. Seattle +13.2%
2. Las Vegas +8.6%
3. San Diego +7.8%
4. Detroit +7.2%
5. Denver +7.2%
6. Portland +7.2%
The Seattle market is hot so the question is whether you should be buying a house or renting an apartment? And is the right time for property investment? Zillow reports that nationwide, there are 12% fewer homes available than last year. And this past summer, homes for sale fell 21% from 2016.
Rents have skyrocketed accordingly. The current average rent price in Seattle is over $2600.
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