Bird’s eye view of key cities in and around Seattle in Puget Sound area (that I usually like to track)
Once again Buyer in Jun month get upper hand as lot more listings are available and classic balancing of supply vs demand is on display.
Increased supply has definitely softened the prices and crazy bidding war days seem to be behind us, this happing in Jun is unusual as this month is still considered HOT month for real estate market.
How this translates for Buyers?
- They get to pick properties, as properties now sitting in market longer
- Specially in hotter areas (Bellevue, Redmond, Issaquah, Seattle, etc.) Buyers don’t have to take bigger risk of waiving all contingencies
- Now, Buyers don’t have to risk huge sum of money as non-refundable deposits
However, this by no means indicates any kind of crash!! In this region property prices have been growing in double digit year-after-year for almost last 5 years now and it had reached a tipping point, this softening of price was waiting to happen with rising interest rates!
One question everyone is asking – my clients, drawing room conversations, anyone I meet on road 😉
- Is REAL ESTATE market CRASHING?
- Why MARKET seems to be SLOWING down?
And various version (you get the drift)
I like to look at statistics, let’s look at May’18 Stats – notice big bump in New Listing as well as total on-market inventory available for Buyers. Clearly, making it favorable for Buyers 🙂
Market summary at a glance
- 22 miles from Bellevue
- 27 miles from Seattle
- Median House Income $93,846
- Tahoma School District one of the top rated followed by Glacier (Know more), total it has 9 schools and multiple colleges within commuting distance
Based on one year data (till date) Single family homes
We are looking at possible investment of 500k to 550k to get a decent, newer, single family home as per this.
Last 5 year data (showing healthy growth) Single family homes
Median Sale Price (Based on one year data) Single family homes
Rental Yield (all home types)
The Fair Market Rents here show estimated average gross rent based on figures provided by the U.S. Department of Housing and Urban Development (HUD).
Bird’s eye-view of active listing and Sold properties
Redmond another sought after area in the EastSide and anyone trying to secure a home in this area knows first hand how challenging it is to be working within budget and under 500k!
Find here all available homes unto 500k.
Buyers’ TIP – In this price point likely you will get Townhome or Condo. Remember this kind of property is depreciating asset as opposed to Single Family homes and you must pay attention to Rental Cap, HoA and limitation it forces upon its residents.
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