So, are we in a bubble real estate market in Seattle? The short answer to this question is no. It’s more of a classic supply and demand issue than a bubble market. Back during the great recession there were way more homes on the market along with predatory lending of the mortgage companies. What we saw in during that market was people who were able to purchase could not really afford their home. Current, day we do not have enough supply for the amount of demand for Seattle. We are records lows as far as inventory in 2018. We have less than month of inventory in all of Seattle.
Let’s talk about inventory in the Seattle region! Seattle is at an all time low in inventory right now. Lowest houses we have ever had in the past. So, why are people not selling? There a few different factors that come into play. Sellers where are they going to move if they stay in the Seattle region? If, a seller today were to sell they would have to spend at least the median price point at 722k. Some do not feel comfortable buying in such a high demand market. In the market current day not all but many that are coming on the market the sellers are relocating elsewhere. Some cases we are seeing rentals being listed because they can get top dollar for their rental homes. The inventory will continue to stay low as residents wait for the market to increase. As a seller this your time to sell you will get top dollar for your house. Sometimes as a seller you just have to trust that you will find somewhere else to live in the Seattle area. There are creative ways to address the shortage in buying a house when you sell your house. Call me today I would love to talk with you about selling and finding you a different home to buy.
We have over 200 people moving here a week! Where are they all going to live? The demand aspect of the Seattle real estate market is people are moving here. We cannot keep up with the demand of the area. What is not to love about the Seattle area? Here are some of the reason people are moving here great economy (thanks tech companies), hiking, restaurants, beautiful surrounding water and mountain views, and the rain of course! There are techniques to deal with the lack of inventory in the Seattle real estate market. Call me today and we can schedule a time to talk about buying the Seattle real estate market. Coffee is on me!
In short I don’t think we are in a bubble market. Seattle has a lot of jobs causing for a great economy. We do have a classic supply and demand problem in the housing market. The huge amount of demand to live in Seattle or surrounding area is causing the housing market to explode in pricing. The median price point in Seattle is now 722k back from 2012 when the median was around 400k. Huge gains in the Seattle real estate market.
If, you guys are looking to buy or sell in the Seattle real estate market I would love to take you for a cup coffee. Please give me a call at (206)-588-5210.
In closing this photo of a beautiful craftsman in Seattle!