The Seattle metro is one of the best places in the country to live, conduct business, and visit. This is evident by the fact that it is home to a number of globally recognized companies (Amazon, Microsoft, Starbucks, Alaska Airlines, Costco, Boeing, Nordstrom, Weyerhaeuser, and REI), a growing small and minority-owned businesses, highly skilled workers, cutting-edge research facilities and thriving industry clusters. It is really no surprise Seattle was named by Kiplinger’s as one of the “10 Best Cities for the Next Decade.” The widely diverse population of 3.8 million residents are sure to provide many cultural events, economic opportunities, and educational experiences. With all of this Seattle is poised to continue its “Best City” reputation for the next decade
Wanting to move to Seattle? The housing market in Seattle was recently projected to hit double digit gains in 2017. The housing market has been sizzling hot for a number of years and in 2016 home prices in Seattle hit a record high and have continued to rise. In fact, Zillow recently released data showing Seattle home prices jumped 17% in the past year alone. Additional forecasts by many other organizations have shown that 2017 should also be a very hot year for market as well. One of those organizations, Veros, stated Seattle could see the highest home appreciation value in the country between June 2016 and June 2017
Seattle is currently a strong sellers market and the rising demand of homes is drastically outpacing the supply. This is mostly because of the 2008 housing crash which caused 60% of local Seattle builders to go out of business. Despite a recent uptick in construction activity, there just aren’t enough homes on the market to satisfy the current level of demand. According to Realtor.com, the total number of homes listed for sale in the Seattle metro area declined by 10.8% over the last year or so. Gone are the days of master planned communities with thousands of homes; in place of them are spec homes and small “infill” developments with only a handful of properties. There is now a focus on “upzoning”, which is all about increasing density closer to the job centers in the form of multi-family developments. This sort of home building strategy has fueled the dramatic home-price gains and fierce competition among buyers with some analysts fearing a “San Francisco style market” as a result.
One thing is certain, Seattle is growing every day, from 2000 to 2010, the city’s population grew by 8%, according to the Office of Planning & Community Development and is expected to rise another 12% from 2010-2020. Seattle is surely attracting new residents from every corner of the country. The jobs available and the tech companies moving into the area supplying those jobs are attracting young and education Americans to Seattle. Many of these new residents enter the housing market soon after arriving. It’s now or never for the Seattle housing market so check out our rent-to-own homes in Seattle today.