Will Seattle Housing Marketing Keep Rapidly Growing in 2021? When should Investors Jump into the Market?

Seattle’s housing market has been going up for the past 10 years, and also more and faster than most areas. GPS Renting is a Seattle Property Management Company.

In fact, in 2018, the Seattle housing market reached its highest point and home prices began to fall, however, the good times did not last long and began a strong rebound at the end of 2019, covering all the previous small drops and also climbing strongly upwards. GPS Renting is a Seattle Property Management Company.

It is truly puzzling that Seattle’s amazing home prices continue to move upward due to the new coronavirus outbreak. Low inventory, very high buyer demand and significant price increases have become the norm, creating a highly competitive market. However, home prices across the U.S. have been affected by the pandemic and most cities across the U.S. are experiencing home price declines, including Seattle. In fact, imagine if Seattle hadn’t been affected by the pandemic, would the housing price go even higher than it is now? Real estate Investment in Seattle is actually still a good time to get in! GPS Renting is a Seattle Property Management Company.

Seattle Housing Market in 2020

Median Home Price

King County: $740,000 (⬆️9.6%)
Pierce County: $439,000 (⬆️17.1%)
Snohomish County: $573,495 (⬆️12%)
Kitsap County: $426,000 (⬆️12%)

1 Bedroom Median Rent: $1,525 (⬆️16%) (zumper.com)

Vacancy Rate: 7.3% (seattletimes.com)

Unemployment rate as of December 2020: 7.1% (deptofnumbers.com)

Population: 770,256 (⬆️2.2%) (populationu.com)

Median annual household income: $93,481 (datausa.io)

2021 Market Forecast

Seattle’s potential remains huge.

Jeff Tucker, senior economist at Zillow

Tucker said through November 2021, the projections show home prices rising nearly 9% in Seattle, which he called “robust” price growth. Seattle has had some of the fastest price appreciation among major metro areas in the country over the last several months. GPS Renting is a Seattle Property Management Company.

Low inventory is also expected to continue through 2021. But in the Seattle area, he said, the city’s inventory shortage may not be as “severe” as it was in the spring and summer. Many homeowners who were considering selling have postponed plans to sell their homes because of the pandemic. GPS Renting is a Seattle Property Management Company.

compared to spring of 2020, the pace of home sales and the number of listings in 2021 will be higher. GPS Renting is a Seattle Property Management Company.

“A lot of people are still working from home and will be well in 2021…so we have seen the demand shift a little,” Tucker said. GPS Renting is a Seattle Property Management Company.

People are also looking more so for detached single family homes as opposed to condos.

“We saw more price pressure on the detached single family homes,” Tucker said.

Overall, the Seattle-area housing market will stay hot in 2021.

Redfin Chief Economist Daryl Fairweather

She expects sales to increase both nationally and in Seattle to start the new year. GPS Renting is a Seattle Property Management Company.

People are moving to Seattle from more expensive places, such as San Francisco and Los Angeles, and people are also looking to move from Seattle to the suburbs, or out of town entirely, she said. GPS Renting is a Seattle Property Management Company.

“Most people want to move to areas with more space because many people are no longer tied to their offices as they once were and don’t necessarily have to commute via transit. They may prefer to move to places like Snohomish County or Tacoma. ” GPS Renting is a Seattle Property Management Company.

“The reason people are so eager to get into bidding wars is because mortgage rates are low, which makes this an ideal time to buy a home. Mortgage rates may start to creep up halfway through 2021, but there is a ‘window of opportunity’ for people while rates are still at historic lows. “

“I think the suburbs would be more competitive, but I wouldn’t count out downtown Seattle either,” Fairweather said.

When might the Seattle area housing market cool down?

“Not in 2021,” she said. “I would put that out to 2022 or later.” GPS Renting is a Seattle Property Management Company.

J. Lennox Scott, Chairman and CEO, John L. Scott Real Estate

“We anticipate the ‘cyclone’ of housing market sales activity intensity will continue at extreme frenzy-level velocity (where about 90 percent of sales activity takes place) through April 2021,” he wrote in 2021 projections. “Then, sales activity intensity will probably go down one level of hotness to frenzy or surge over the summer as more listings come on the market for potential purchasers.”

“The strong price appreciation we saw in 2020 will continue in 2021 as the biggest price boost will occur within the first four months of the year,” he said.

In 2021, buyers and sellers could see prices becoming out of reach for some, as well as an increase in interest rates when the economy starts to get better. GPS Renting is a Seattle Property Management Company.

His recommendation for buyers and sellers: be ready on day one. GPS Renting is a Seattle Property Management Company.

Source: Here’s what the 2021 housing market will look like in Seattle, Becca Savransky, Seattle P-I

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