Seattle: Hottest Housing Market of 2017?

The Seattle area’s real estate market has been making headlines for several months with our record low inventory, rising home prices, population growth, and interest from international buyers. We all anticipated that 2016 was going to be big. Now it looks like we may be one of the hottest markets of 2017, too.

As economists are sharing their predictions of housing markets in metro areas around the country, the general verdict we are seeing is big news for Seattle real estate. The Home Buying Institute reviewed a study from Veros Real Estate Solutions, a California-based company specializing in property valuations and analytics, and found that the “Seattle-Tacoma-Bellevue metropolitan area could experience the biggest home-price gains from June 2016 to June 2017.” They are estimating appreciation to be around 11.2 percent in that time frame.

Seattle’s home prices are already high. We have been watching them rise to new heights over the last several months. For positive economic reasons, it seems like that is a trend we can continue to see through next year. Our population growth is making headlines and our booming tech industry is at the center of this movement.

Windermere Real Estate’s own Matthew Gardner says, “Home prices in the greater Seattle area continue to appreciate above average rates. This is clearly an indication of not only continued faith in the housing market, but also the buoyancy of the regional economy.”

Experts are agreeing and it seems like we will see a continuation of this powerful housing market through the greater part of next year.

Read more from Home Buying Institute.

 


VA Loan

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Posted on September 29, 2016 at 9:52 am
Steve Harwood | Category: Uncategorized

Best City for Jobs in 2015: Seattle

I think we all know why Seattle is the best, from the surrounding nature of the Pacific Northwest to our Seattle Seahawks, there's a lot to enjoy. What's even more exciting is that Seattle was recently voted the #1 Best City for Jobs by Forbes!

 

The survey took a look at factors for popular US cities including job opportunities, employment growth, monthly median starting salary, median annual income, time spent working and commuting, and housing affordability to create their list.

 

Technology is making a statement in the real estate industry because of the increase in job openings. When it comes to jobs, Seattle tops the list due to the number of startups and technology companies starting and expanding in the area.

 

Other cities on the list include:

 

No. 2 Des Moines, Iowa

 

No. 3 Gilbert, Arizona

 

No. 4 Sioux Falls, South Dakota

 

No. 5 Fremont, California 

 

No. 6 Chandler, Arizona

 

Read the full list of best and worst cities for jobs on Forbes.com.

Posted on January 23, 2015 at 9:45 am
Steve Harwood | Category: Uncategorized | Tagged , , ,

America’s biggest homes are getting even bigger.

America's homes are bigger than ever

June 5, 2014: 1:20 PM ET

The average size of homes built last year hit 2,600 square feet, an all-time high that surpassed even the housing bubble years, when homes averaged around 2,400 square feet, according to the Census Bureau.

But there is a clear difference between the days when everyone was building McMansions and what's happening post-housing crash.

First of all, the rich have gotten richer.

"If you had a lot of money in the stock market, it has doubled since 2009," said Stephen Melman, director of Economic Services for the National Association of Home Builders.

And many have used those riches to buy even bigger places, he said.

At the same time, relatively few first-time homebuyers — the biggest market for smaller homes — are able to buy homes, said Melman. Many young buyers are having trouble getting mortgages or are heavily in debt with student loans.

Related: Priced out: 'I can't afford a home in my town'

As a result, the market for smaller homes, of 1,400 square-feet and less, has shrunk to just 4% of homes built. That compares with 9% in 2005.

Why millennials love apartments
 

 

 

Meanwhile, extremely large houses — 4,000 square feet and up — have been making up a much larger slice of the new homes built.

Last year, these mega homes accounted for more than 9% of new homes. In 2005, they represented 6.6% of homes built.

Houses that are a little smaller but still verging on mansion territory, those between 3,000 and 4,000 square feet, made up 21.7% of new homes in 2013, up from 15.6% in 2005.

Related: America's growing affordability gap

Not only are the homes bigger, they have more rooms as well. There's the obligatory playroom, the home office, the den and the FROG, or family room over the garage.

And, of course, few children have to bunk up in an older siblings' room these days. Only 59,000 homes built last year came with less than two bedrooms, compared with more than a quarter million with four bedrooms or more.

"It's like growth is accelerating," said Melman. 

 

Article found at: http://money.cnn.com/2014/06/04/real_estate/american-home-size/index.html

Posted on June 5, 2014 at 10:37 pm
Steve Harwood | Category: Uncategorized