Jason Cruz | Northwest Asian Weekly
It is a seller’s market in the city of Seattle, meaning that the housing market is great for those wishing to sell their home. If you are buying, the market to purchase a home will be competitive. Overall, bargains in Seattle are scarce, but there are ways to maximize your chances of landing your dream house.
The reason for the competitive pricing is the low inventory in the Seattle housing market.
“There is less than a month of inventory available in Seattle, based on the data of the latest MultipleListings Service (MLS),” explained Christopher Cruz, a real estate broker with John L. Scott Real Estate.
That means that if no one else in the city of Seattle put their homes up for sale, it would take less than a month for all homes currently on the market to be sold.
“The typical healthy average inventory (homes on sale in the market) is 5 to 6 months,” Cruz said.
Despite the belief that Seattle is such a rainy place, Cruz says that people seek to relocate here due to the mild winters and beautiful summers. There is also the booming tech industry with major hubs of business calling Seattle home, including Microsoft, Amazon, Facebook, and Nintendo. Cruz also said that foreign investors are interested in purchasing real estate in the Pacific Northwest. Apartment rentals have increased, which has made renters look into buying.
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