Investing in real estate is always a great decision, but if you want to get the best return on your investment and not lose money during one peculiar time find out more information with us. With Seattle being so expensive for buyers due to its high median home value compared with other cities across the USA, it can often seem impossible that there are viable exit strategies available at all. Despite these difficulties, investors still have many opportunities available that they could use regardless of whether or not the markets crash before too long.
Seattle Housing Market Overview 2022
As the housing market continues to recover from the effects of the pandemic, Seattle is predicted to be one of the hottest markets in the country. Prices are expected to rise at a blistering pace, making it a great time to invest in Seattle real estate.
If you’re thinking of buying a home in Seattle, now is the time to start your search. With housing prices on the rise, you’ll want to act fast to get the best deal on your new home. The Seattle housing market is predicted to be one of the strongest in 2023, so don’t wait too long to start your home search.
Seattle’s Housing Market Trends for 2023
The Emerald City is a hotbed of activity when it comes to real estate, with new construction popping up seemingly overnight. Supply is slightly down quarter over quarter, but rising home values and mortgage rates are expected to push the number higher by year end with an increase in sellers’ power in the market, as they’re typically forced into dropping asking prices once competition subsides.
If you’re thinking of buying a home in Seattle or selling the one you have, it’s important to stay ahead of the trends.
Here’s what the experts are saying about Seattle’s housing market for 2023.
1. The first thing to know about Seattle’s housing market is that prices are on the rise, and they’re expected to continue to increase for the foreseeable future. The median home value in Seattle is projected to reach $822,000 by 2023, an increase of nearly 30% from 2018.
2. It’s not just home prices that are increasing in Seattle, rent prices are on the rise as well. The median rent price in Seattle is projected to reach $2,500 by 2023, an increase of nearly 20% from 2018. So if you’re thinking of renting instead of buying, you can expect to pay a little bit more than you would have last year.
3. The number of homes sold in Seattle is projected to decrease by 35% from 2022 to 2023.
4. The number of newly constructed homes in Seattle is projected to increase by 10% from 2018 to 2023.
5. The percentage of homes selling above list price in Seattle is projected to decrease by 20% from 2022 to 2023.
6. If you’re looking to buy a home in Seattle, it’s important to be prepared for competition. There are more buyers than there are homes available on the market, so if you find a property you like, don’t hesitate to make an offer. You may also need to be flexible on your must-haves with such high demand and limited inventory. You may not be able to find everything you’re looking for in a single property. The number of buyers searching for a home in Seattle is projected to increase by 3% from 2022 to 2023.
7. Overall, Seattle’s housing market favors sellers more than buyers right now. This means that if you’re thinking of selling your home, now is a great time to do it. Homes are selling quickly thanks to the high demand from buyers. It’s a good idea to consult with a real estate agent before putting your home on the market so they can help you determine the right listing price and marketing strategy for your home. The number of sellers listing their homes for sale in Seattle is projected to increase by 2% from 2022 to 2023.
All of these factors make Seattle a very attractive place to invest in the housing market. However, it is important to remember that there are risks associated with any investment, and you should always consult with a financial advisor before making any decisions.