According to Veros Real Estate Solutions, the Seattle-Tacoma-Bellevue market is projected to be the fourth hottest real estate market in the U.S. in 2017. The company projects home prices to appreciate 10.2 percent in our region next year, far outpacing the rest of the country.
If you’re thinking about selling, the timing couldn’t be better. With inventory at historic lows, prices at or near record highs, and multiple offers the norm, it’s an exceptional time to get top dollar for your home.
Are you ready to sell your home?
Get in touch with a Windermere Real Estate agent to receive a valuation of your home based on current market conditions, walk you through the process, and answer any questions you may have.
This post originally appeared on the Windermere Eastside blog.
Anyone who has spent time in the Seattle area in recent years has likely seen for themselves how much the city has changed. Thanks in large part to the booming economy, growing tech sector, and increasing international appeal, Seattle is no longer a sleepy little city tucked away in the far corner of the United States. With this changing landscape has come an infusion of wealth that has seen the area’s high-net-worth population explode. And with it, so too has the ultra-high-end real estate market.
In order to meet the specialized needs of this burgeoning market, Windermere has launched W Collection, a new ultra-luxury brand specifically designed for homes priced at $3 million and above in Western Washington. OB Jacobi, President of Windermere Real Estate, says that Seattle’s population of “global affluent” is on the rise and they greatly value real estate. The proof is in the numbers.
Over the past five years there has been a significant increase in the number of home sales in the $3 million+ market. In 2011 there were only 45 such sales in King County, while in 2015 there were 131. “Windermere agents represent anywhere from 40-60 percent of the $3 million+ sales in the Seattle area, so we felt we were in the ideal position to build a brand that could provide enhanced marketing support to the growing number of ultra-luxury homes,” said Jacobi.
W Collection is its own standalone brand with a separate website, WByWindermere.com, signage, presentation materials, and specialized advertising opportunities. When developing W Collection, Jacobi said that the goal was to create a sophisticated, yet humble, brand that evokes the understated expression of wealth that is unique to the Pacific Northwest. “Our clients are not largely drawn to the shows of excessive wealth that you see at other companies and in other parts of the country. This is reflected in the W Collection brand,” said Jacobi.
The development of W Collection began a little over a year ago, and according to Jacobi, was a highly collaborative process with Windermere agents playing an integral role in every step, “Over the past 44 years some of Windermere’s best ideas have come from our agents who are totally in tune with the needs of their clients and the shifting demands of the market; W Collection was born from this same agent ingenuity.”
This article originally appeared on the Windermere.com blog.
In case you missed it, Amazon is officially expanding to the Eastside! Back in August there were rumors that Apple and Amazon were looking to add offices across Lake Washington. A recent article from The Seattle Times confirmed Amazon will be returning to its Bellevue roots to lease a space much larger than the garage where it started 22 years ago. The online retail mogul will be the new (and only) tenants of Centre 425, a 16-story building in downtown Bellevue that is due to be completed this fall.
Amazon has already invested billions of dollars in its Seattle campus that occupies 8.5 million square feet in and around South Lake Union. This desirable location has attracted many young creatives in the area, as evidenced by the fact that the company currently employs more than 25,000 people in Seattle. The Bellevue office is expected to accommodate over 2,200 people. Considering the success of other Eastside-based companies such as Microsoft and Valve, Amazon will not have a problem recruiting that amount of local tech talent for Centre 425.
Right now it is unclear why Amazon is deviating from its original plan to develop in more urban areas like Seattle. GeekWire speculates it could be a way to cater to employees who already live on the Eastside or an attempt to lure in talent from Expedia once it relocates from Bellevue to Seattle in 2019.
What does this mean for our local housing market?
Whatever the reason for Amazon’s expansion, it will certainly make the Eastside even more attractive for tech employees and have an impact on our housing market. Although the median home price is lower in Seattle, inventory remains higher on the Eastside. Amazon’s location in Bellevue will allow prospective employees to focus their search on the Eastside and give employees currently living here an incentive to stay.
Read the full article from The Seattle Times.
Our intuition tells us that when home inventory is up, prices decrease. However, according to a recent article from the Puget Sound Business Journal (PSBJ) that is not currently the case in the Seattle area. What is causing prices to continue to climb even with an influx of inventory? As with everything else in the housing market, we can look at the bigger picture to make sense of this situation.
Although local buyers have more homes to choose from, they are competing against more buyers who are also taking advantage of the large selection. The article reports, “There’s demand among buyers for houses of all prices, though it’s highest for entry-level homes.” This is not surprising considering tech salaries go farther in the Seattle area than other tech hubs, which attracts more employees searching for homes. Additionally, even though the number of new listings in August increased 14.5 percent, that still reflects a decrease from August 2015. The PSBJ also cautions that experts don’t expect price hikes to keep moderating because they believe the number of new listings will drop significantly between November and February.
What can home buyers take away from this news?
If you are in the market to purchase a new home, your best opportunity will be within 60 days. Let me know how I can help make the search easier to help you find your dream home.
Find the full article on the Puget Sound Business Journal.