Seattle Tops Nation with the Hottest Housing Market

Comment

Seattle Tops Nation with the Hottest Housing Market

Seattle has topped the nation with the hottest housing market, recently passing its neighbors in Portland. According to The Seattle Times, this is the first time in nine years that Seattle has led the country in home growth prices. Examining the S&P Case-Shiller National Home Price Index, the home prices in the Seattle Region have risen by 11 percent between September 2015 and 2015, surpassing Portland which has had a 10.9 percent increase during this time period. Here is what you need to know about the causes and effects of Seattle’s booming housing market.

Causes:

“Seattle leading the country in house-price growth is a testament to how attractive the region has become,” says Ralph McLaughlin, the chief economist at Trulia. He believes that this growth is based on three principles; increasing employment opportunities in the Seattle area, higher income potential, and, as most people in the Northwest already know, a great quality of life.

To read more please visit: The Seattle Times | Seattle Tops The Nation in Home-Price Growth for First Time in 9 Years

Geekwire has attributed the growth in the real estate market to the ever-expanding tech boom that Seattle is experiencing. “There are now more than 80 engineering offices in the Seattle area operated by large tech giants, including fast growing offices for FacebookSalesforceEbay and others” Geekwire writer Monica Nickelsburg remarks. It can be surmised that as Seattle grows, driven by the tech boom, it is likely to experience a real estate market like that of the Bay Area.

To read more please visit: Geekwire | Seattle Becomes Nation’s Hottest Housing Market, Driven By Tech Boom

Another aspect that is driving the Seattle housing boom is an increasing demand by foreign buyers, particularly out of China, in the real estate market.

To learn more please visit: RSIR | The “Gold Rush” of Chinese buyers Entering the Seattle Real Estate Market

Effects:

Zillow, in a recent report, has found that Seattle has one of the highest year-over-year rent appreciation rates, which has risen 9.1 percent in the past year in the Zillow Rent Index with a current median rent of $2,087 per month.

Zillow data also shows that overall Seattle prices are rising twice as fast as the rest of the country and have been doing so the most of this year. Home values across the Seattle metro area, including King, Pierce, and Snohomish counties have risen to over $400,000, which is up from only 300,000 just three years prior. The section of housing that has seen the highest increase is starter homes, which Case-Shiller have reported to of had a 12.7 percent annual increase while luxury homes have only seen a 10.2 percent increase.

To learn more about first time home buying in Seattle’s 2017 market please visit: RSIR | 2017 Real Estate Market: What Millenials Need to Know

The demand for housing is very evident in center city markets as well. Seattle is facing a lack of available condos due to the housing boom and, since 2011, only 866 condominiums were added. What’s more extraordinary is that so few of those new condominiums remain available to purchase today.  Simply put, 99-percent of what was built for sale in the last five years has been sold and more than two-thirds of what’s planned for delivery by 2019 is already reserved through priority pre-sale.

“It’s a stark reminder that when it comes to new construction high-rises, demand can rise much quicker than supply,” says Dean Jones, President and CEO of Realogics Sotheby’s International Realty.  “It can take three to four years to design, entitle and build a new condominium tower. Median home prices are rising by double-digits year-over-year. Projects like NEXUS, with attainable price points starting at $300,000, are excellent for the current Seattle housing market, however are in very high demand; hundreds of pre-sale buyers lined up on June 4th, some of which slept overnight, in order to secure a reservation for priority pre-sales.

To learn more please visit: RSIR | The Condo Comeback: NEXUS will be “First and Foremost” Among the “Few” High-Rises for Sale in Downtown Seattle

To learn more about Nexus, please visit: www.NEXUSseattle.com

With rising prices and a low supply of viable housing, Seattle has a lot of face in the upcoming years.

Comment

Sotheby's International Realty® Apple TV App

Comment

Sotheby's International Realty® Apple TV App

Sotheby’s® International Realty is proud to present a new app for Apple TV which allows users to experience an innovative and exciting new way to explore the real estate market.

The app allows users to fully immerse themselves in a luxury real estate experience and explore the world’s most extraordinary properties with a expertly curated selection of high resolution photography and high definition video.

Using Siri voice dictation, users can browse properties by city, state, or country or explore the lifestyle categories; whether you are interested in a metropolitan experience or you are a wine connoisseur interested in vineyards and wineries.

Find a property that sparks your interest? You will be able to contact a sales associate directly through the app.

Download the app today on the Apple TV app store. Search for “Sotheby’s International Realty

To learn more please visit: Sotheby’s International Realty | Apple TV App

Comment

2017 Real Estate Market: What Millennials Need to Know

Comment

2017 Real Estate Market: What Millennials Need to Know

A new report by Cicely Wedgeworth for realtor.com has shown that the 2017 housing market is going to be shaken up by an influx of prospective first-time millennial home buyers. Here is what you need to know:

THE GREAT REAL ESTATE REVOLUTION OF 2017

According to a recent survey by realtor.com, in 2016, only 33% of people planning on purchasing a home were first-time buyers. This upcoming year, however, is slated to see a dramatic increase in this demographic, which is expected to jump to 52%, of which, a staggering 61% of perspective buyers are under the age of 35. This means that the 2017 real estate market will subsequently see an increase in competition for housing amongst first time home buyers.

COMPETITION WILL BE INTENSE

With this influx of first time millennial home buyers, the competition for housing within the real estate market will be more substantial than 2016. Jonathan Smoke, chief economist for realtor.com, recommends trying to “’avoid bidding wars and higher prices spurred by a potential increase in millennial buyers’” by considering a winter home purchase. When examining the 2017 real estate market, it is also important to investigate which types of properties will be the most sought after.

THE SUBURBS

In 2017, more millennials will be moving away from renting and towards first time home ownership. With this trend, we see a migration of this demographic away from urban areas and towards the suburbs. According to the recent realtor.com survey, both 50% of millennials and baby-boomers report interest in living either in the suburbs or outlying suburbs. This trend will create increased competition within the market for properties located in these areas.

BABY-BOOMERS AND MILLENNIALS COMPETING WITHIN THE REAL ESTATE MARKET

It seems that the suburbs are not the only thing that baby-boomers and millennials can agree on. With millennials prioritizing a sound financial investment, there will be a focus on “safety, privacy and more space” according to realtor.com. There is expected to be an increase in this demographic seeking single-family homes and townhomes. Babyboomers have a similar focus within their demographic, with 71% of perspective buyers seeking single-family homes.

With both demographics seeking these types properties, it can be expected that these single-family homes will be in high demands, driving costs upwards and availability down.

To read more, please visit: Realtor.com | First-Time Millennial Buyers Poised to Revolutionize the Real Estate Market in 2017

Comment

Comment

Art & Home | Arrive in Style

The latest volume of Art & Home is here! This month, Iyna Bort Caruso welcomes you through some of the most captivating home entrances from around the world. Fine design is about the creation of memorable spaces, and when it comes to entrances, architects have one shot to get it right.

Discover more in October’s issue of ART & HOME

Article provided by Iyna Bort Caruso exclusively for Art & Home
This article originally appeared on SothebysRealty.com’s blog.

Comment