Graph of Seattle Condo Sale From the last 12 months
The last couple years have been pretty amazing in the world of Seattle real estate. Property values have been zooming through the roof, competition for buying homes in the area has been intense, and the economy has only been adding fuel to the fire. So, it’s about time for a cool-down period, right? Not necessarily. According to projections from Zillow, Seattle is poised to be the second-hottest housing market in the country for 2017. Yes, that means that prices could go even higher, and competition could remain incredibly fierce.
Keep on Climbing
Zillow projects housing prices to appreciate by another 5.6% on average over the course of 2017, which is particularly impressive considering how much home values have already climbed in recent times. Other factors that point to a strong housing market include income growth expected at 1.0%, and unemployment at a relatively modest 4.4%. With all signs pointing up with regard to the local economy, it seems certain that real estate is going to continue churning along for the near future.
As a resident of the Seattle area, this news is probably received with mixed feelings. On the one hand, if you are already a homeowner, you are seeing the equity that you have in your home boosted by the rise in property values. Many mortgages that were recently ‘underwater’ are now in the black once again. Of course, on the other hand, buying a new property has become extremely expensive, to the point where many people are just deciding to stay put.
Anyone Want to Sell?
One of the likely outcomes of this strong housing market is that inventory will continue to remain quite low throughout the region. With people unsure if they can afford to purchase a new property, they will be reluctant to list their current home. Until the low inventory numbers turn around, prices are going to stay high and the market will continue to be as competitive as ever.
For help finding the right home in a competitive market, you should consider turning to a talented real estate agent. Bring an agent on board for your search and you just might be able to sort through this crazy market to find a property that is just right for your family.