Why is there a Shortage of Homes for Sale in the Greater Seattle and Bellevue Areas?

Seattle Building Boom,, Seattle from Lake Union Sept 2015

Seattle Building Boom, Seattle from Lake Union

Why Do We Have a Shortage of Homes for Sale in the Greater Seattle and Bellevue Areas?

There are 236 people A DAY moving to our area and they all need somewhere to live!  

The Puget Sound Regional Council published, on July 6th, 2016, a report on the current population trend which found that there is an average of 236 people moving to the 4 county area, King, Snohomish, Pierce and Kitsap with by far the most in King county.  According to the report, we have already grown to over 4 million people in the region, sometime in June.  

All this population growth has impacted housing  (and traffic) with low rental vacancies and low inventory of homes for sale causing upward pressure on home prices, good thing that mortgage rates are very low and keeps home prices reasonably affordable.

Of course this isn’t the only thing that is causing a housing shortage here in Seattle, some sellers are hesitant to put their homes on the market to sell fearing that they won’t be able to find another home to buy.  Sellers also keep hearing media reports of buyers losing out to multiple offers and fear that they might lose out too,  but there are strategies to help sellers not be in that position, I can help with that.   

While buying a home can be challenging right now, it is not impossible with the right game plan – I can help you with that, just give me a call or send me an email.

~Deborah

Thinking about buying a home?
Would you like someone to represent YOU, someone who is knowledgeable with the expertise to assist you with your largest financial decision?
I can help, I take great care of my clients, I will take great care of you!
Contact me and we can talk about how I can help you.
Deborah.Burns.Seattle@gmail.com or call me at 206-618-0565.

Find me on Facebook at The Art of Real Estate + ART
Search for Homes for Sale in the greater Seattle and Eastside areas.

Posted in Real Estate, Seattle Real Estate | Tagged

West Seattle Homes for Sale $400,000 and Under

Cute West Seattle home with blooming cherry tree. Art of Real Estate

Cute West Seattle Home (not for sale)

Today I am hosting an open house in West Seattle the house is listed for sale in the $350,000 to $400,000 range.  There are currently 22 homes in the West Seattle listed for sale at $400,000 and under. Many of these are affordable because they generally need updating, and that can be a great way to build equity in your home over the years, and get into a neighborhood that is close to Downtown Seattle. Homes closer to an urban area like Seattle are usually more desirable than homes in outlying suburban areas and have greater value over time, though they cost more initially.

Because of the shortage of homes for sale this coming Spring in the Seattle areas, this house is expected to have multiple offers and sell fast. I know this makes it very frustrating to be a buyer looking for a home right now, and if you are ready, knowledgeable and have an expert like me to help you with strategy, you can buy a home this Spring!

Update March 15th, 2016:
The house I hosted the open house at sold on March 11th 2016 for $417,000, 11% over the list price of $374,950.  There were multiple offers which were reviewed on March 5th, the house was listed on February 26th, 2016.  At my open house, when asked my opinion on what price I thought the house would sell for, I thought in the $410k to $425k range – close!

~Deborah

Thinking about buying a home?
Would you like someone to represent YOU, someone who is knowledgeable with the expertise to assist you with your largest financial decision?
I can help, I take great care of my clients, I will take great care of you!
Contact me and we can talk about how I can help you.
Deborah.Burns.Seattle@gmail.com or call me at 206-618-0565.

Find me on Facebook at The Art of Real Estate + ART
Search for Homes for Sale in the greater Seattle and Eastside areas.

Posted in Buying a Home, Homes for Sale, West Seattle | Tagged , , , , ,