In the last couple of weeks I have been inundated with news reports about Seattle being a primo place to buy and invest in real estate. Don't believe me.. look at the headlines;
"Top Ten Recession Proof Cities, Seattle #8 " - Forbes Magazine
"Seattle Makes List as Best Cities For Home Sellers" -Forbes Magazine
PriceWaterHouse Coopers and the Urban Land Institute conducted an annual study for the nation's top 10 regions. Among major metropolitan cities, Seattle's real estate is the best in the nation as a prospective investment.
Seattle is not without it's issues during this market shift. Housing in Seattle is slipping a bit and prices are falling, but the market is still rated a strong buy for apartments, with rents moving up, vacancies heading down, and a limited number of new projects.
Check out these stats-
Median Home Price: +1.2%
Unemployment: 4.3% (down from 4.5%)
Key Growth: Leisure and Hospitality, 4.1%; manufacturing, +2.6%
Though Seattle doesn't suffer from oversupply, inventory last year doubled to 1.8%, from 0.9%, which would be more problematic if 1.8% wasn't the eighth lowest rate in the country. Seattle will get a small boost from conforming loan adjustments, and trouble from the uptick in inventory will likely be mitigated by strong job growth (2.8%, sixth best in the nation) and a 42% decrease in new home construction.
People are realizing the great opportunities and investment potential that owning in Seattle poses to those who live and invest in our real estate. If you want to get in on the action- call the Egerer & Weidauer Team and we'd love to discuss the possibilities with you. If you aren't convinced now, then I will just have to keep posting the awesome stats and articles about our area to prove you otherwise!
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