Why is the Snohomish County Real Estate Market So Hot? Home owners are thinking of selling their houses and not sure if it's the right time to do so. Buyers are scrambling to find a home to buy since there are so few houses on the market.
Redfin is reporting that the Seattle area has the lowest inventory of homes for sale - ever.
So, why is the Snohomish County Real Estate Market So Hot? Many think it's about the technology giants such as Microsoft and Amazon growing and expanding. That's just one piece of the puzzle.
Of the major cities on the West Coast, Seattle is one of the most affordable cities. Many people are coming to the Seattle area because of the supply of jobs, growing economy and the lifestyle.
There are also a growing number of international buyers coming to the Seattle area. And many of them are cash buyers. When compared to other countries, Seattle may seem like a bargain to them. They are also buying houses for their children who are attending the local universities.
|What's Your Home Worth Today? Click Here For a No-Hassle, No Obligation Instant Valuation|
Investors are buying houses in the Seattle area, even though they do not live here. About 25% of homes sold in March 2015 were purchased by cash buyers.
New construction has not caught up with the market. There were not as many new homes built last year as in previous years. So the housing inventory is mostly coming from those who are looking to buy a larger home or downsize.
The lack of inventory may also be due to homeowners who purchased at the height of the market before the crash and may still think they cannot get what they paid for the house. Even though they may want to sell, this is keeping them from putting their houses on the market. And this may not be the case. Since house prices are at the highest they have been in years, the house may sell for more than homeowners think. To find out what your house is worth today, CLICK HERE to can get a FREE Valuation of your house.
Another factor that is pushing more buyers into the market is the rise in rents. With rents continuing to increase, sometimes 10% or more per year, renters are aware that they can purchase a home with a fixed rate mortgage and have the security of knowing that their monthly payment will not increase every year.
Low mortgage interest rates are also making it more appealing for renters to consider buying a home now. With mortgage rates being so low, buyers want to purchase a home and lock in the low rates they can get today.
Still asking, Why is The Snohomish County Real Estate Market So Hot? You just learned many of the reasons why. Are you thinking about taking advantage of the market and now selling your house? Call me at 425-359-0181 for a FREE, No Obligation consultation. It will only take about 15 minutes.
Keller Williams NWRE LLC
PS – Thinking of Selling your House and want to know what it’s worth today? CLICK HERE to get a FREE, No Obligation valuation of your house.