If you think that things have heated up in the Seattle-area housing marketing recently, you’re not the only one. A recent (March 7, 2017) front-page story from the Seattle Times talked about home prices in the area rising to record highs. GeekWire calls Seattle the nation’s hottest housing market, and cites the area’s tech boom as a major factor.
The Seattle Times article comments that a scarcity of homes is pushing the prices up dramatically. It reports that, “the number of houses for sale in King County is at its lowest point since at least 2000, the furthest back records are available.”
Not only are housing prices increasing, but the amount required for a down payment has escalated as well. One potential homebuyer in the article commented that, “This year we might need $80,000 for a down payment on a decent starter house, but next year we might need $120,000 or more.”
It doesn’t help matters that suitable, buildable land for new homes is becoming increasingly scarce. That’s one more factor that is pushing prices up.
Of course these factors don’t only impact first-time homebuyers. What if you’re in a situation in which your current Seattle-area home no longer meets your needs? Should you jump into the market now—before prices increase more? Or does it make more sense to make improvements and additions to the house you’re currently living in?
In addition to the financial implications, there are some other things to consider before you decide.
- Location: If you do find a home that’s suitable and affordable, will it be in an area where you want to live? Will it be more convenient for you to get to work, school, or other activities than where you currently reside?
- Community: What if you’ve put down roots where you are and enjoy your community and your neighborhood? Are you willing to start building relationships all over again? If you have kids, will they have to establish new friendships and adjust to a new school?
- Moving: Not only will moving cost you money, but it will also be a significant inconvenience. While it’s not an insurmountable problem, it is a rather disruptive event. Is your family’s stress level at a point where you can accommodate a move?
- What Are Your Options? Sometimes the biggest hurdle to overcome is not knowing what your options are. If you’re thinking about a remodeling project and have questions or need guidance, I’d recommend you contact Rob Van Houten, Renovations Division Manager for Powell Homes & Renovations. He’ll provide a 10-minute consultation and answer your questions, with no obligation. He can fill you in about current design trends, help you identify a budget range for your project, and give you guidance for the best approach—even if that doesn’t mean working with us! Click here to schedule a no-obligation, 10-minute call with Rob to explore your options.
Seattle’s housing market is hot right now. But that doesn’t mean you can’t end up with the Seattle home you want—even if it means staying in your current home and turning it into the home of your dreams!