Being in real estate for 12 years, I have experienced the changes in the real estate market. Now homes frequently sell for well over asking and receive multiple offers in certain areas. Buyers are typically making four to five offers before they land a house. There is a lot of emotional energy from buyers when they really like a home and want to put an offer on it. I, as their Realtor try my best to come up with an offer that will be appealing to the seller yet will protect my buyer. Preparing the right offer terms is one of the keys to winning the home.
Home prices in Seattle are rising nearly 13% in February from the same time a year ago. This has led to an affordability crisis, and the truth is there are more people looking to buy homes than there are homes available for sale. Seattle's population has been rapidly growing recently thanks in part to its large homegrown businesses like Amazon and Starbucks. These large businesses play a major role in Seattle's economic growth and strength because they employ more than 40,000 workers at its Seattle headquarters.
Home values in King County, which is where Amazon is located, have appreciated twice as fast as the national average. According to ATTOM the average annual home price appreciation from 1995 (when Amazon first launched) to 2018 was 6%. Over the same time period, the national average was just 3%. Due to this home market change, it is more common for buyers to expand their search. Most will have to face the fact that they can’t afford living in the area they initially hoped for.
Despite being a seller's market, Seattle homeowners are hesitant to sell. Why is this?
Last year, the city was among the best markets to sell a home, and the average home seller return on investment was 64%, even if they get a good price, sellers are struggling to find a home to trade up to.
While the demand is clearly present, there's only so much room to build in Seattle. It's bounded by water and mountains. The city also has strict regulations when it comes to building apartment and condos, and at least 70% of the land mass in the city is zoned for single family homes.
For more information on Seattle’s market data visit: https://www.attomdata.com/
I would like to take this time to thank and CONGRATULATE my buyers, sellers and investors for the month of APRIL.
4/06/2018 Nick Musso
4/25/2018 Jon Butler
Happy Home ANNIVERSARY to my seasoned clients for the month of MAY!
5/27/2011 Rudy and Sally Zamora
5/07/2012 Sarah Hertzog
5/07/2013 Jun Shao
5/08/2014 Isseth and Gerson Ruiz
5/07/2015 Jerome Sudoy and Anna Lyn Sale Del Castillo
5/11/2015 Kurtis D and Lysa A Walls
5/20/2015 John and Brooke Witt
5/21/2015 Willie S Canilang and Kathreen Rosario
5/28/2015 Sharon Tillmon
5/13/2016 Melissa Liu
5/31/2016 Tina Sourinephoumy
5/31/2016 Jason Lunasin
5/03/2017 Ed Rejzek and Rachel Cichowski
5/12/2017 John Peeler
5/22/2017 Hyunjun Kim
5/30/2017 Hassan Ouassou and Hasna Charbadoui
If you know of anyone looking to buy or sell, please email me and I will gladly assist them. You will receive a $250 Amazon gift card at closing. Thank you for your trust.