The good news about rising prices in Washington State
There's been a lot of talk about the rising prices in Washington state and lack of inventory. Well, it's true. Most homes in our area are selling for over 10% more than the year prior. Higher demand areas are even seeing growth of upwards to 17% year over year!
As a home buyer, you shouldn't let this scare you away from fulfilling your goals of home ownership and let it undermine the value of home ownership with time. The indication of growth in our market doesn't neccesarily mean we're bracing for a crash, especially in the healthy market of Seattle. Did you know by 2020, there will be OVER 13,000,000 additional square feet of office space leased? You can thank the thriving tech market and businesses in our area.
So, with this growth, why could it be good? Well, according to Core Logics US Economic outlook, the average American household gained over $13,000 in equity over the course of the last year. Washington state alone gained over $30,000 in equity!
If you're a home buyer, please don't get discouraged or discredit home ownership. As mentioned, our economy is looking full force ahead, homeowners aren't investing into depreciating assets, and growth is continued to be in full force. Have a strong realtor on your side to make your offer as strong as possible.
If you're a home owner- it may be time to use your equity and move up!
Thank you for reading! If you have any questions, please don't hesitate to reach out.
Austin Schneider | firstname.lastname@example.org | Realogics Sotheby's International Realty