The Seattle real estate market is one of the hottest markets in the country. Over the past few months, home prices have started to accelerate even more quickly. The economy of Seattle is strong, and this is encouraging many people to move to the area. Not only that, but there is less traffic in Seattle than other major cities.
Inventory
The biggest driver behind higher housing prices in Seattle is a lack of inventory. It is fairly common for a home to sell within a day or two of going on the market. There are many people who want to buy a home in the area. The problem is that there are few homes within an affordable price range.
The good news is that many building companies are working on new homes. However, it is going to be several years before the new homes will catch up with demand from buyers. Over time, this should be an issue that gets worked out with more homes being built.
As a buyer in the Seattle market, reacting quickly is essential. If you see a property that you are interested in, you need to submit an offer quickly in order to be considered.
Home Prices
Over the past year, home prices in Seattle have increased by more than eight percent. This is a massive increase in prices during one year. Many real estate experts believe that this trend is going to continue into 2018. With more demand from buyers than ever before, sellers have an incentive to continue increasing the list price on their home.
Real Estate Investors
Investing in real estate is a great financial decision over a long period of time. There are many real estate investors who are looking in Seattle for a property to purchase.
This is another factor that is increasing the overall cost to live in the area. Real estate investors typically react quickly when a home goes on the market. Seattle is a great market to find a rental property in because of all the population growth. Rent prices in Seattle have also been rapidly increasing in recent years.
Although Seattle is a great place to live, many people are having a hard time finding a home in the area. Some people are starting to look at cities around Seattle in order to find more affordable homes to purchase. The inventory shortage in Seattle will continue in the next year.
