Unless you’re living under a rock, you know that our region is growing like a weed in a swamp. Windermere just released Q1 market reports for Seattle, Mercer Island and the Eastside. The median home price in King County just hit $600,000 while Seattle’s median reached $700,000, double the 2012 level during the recession. If you bought a home five years ago—or two years for that matter—you should be sleeping well!
The growth isn’t just in Seattle. Bellevue’s skyline will be changing with over a dozen new apartments slated for construction, including a 450-foot-tall apartment complex over a new W Hotel at Lincoln Square. And downtown Bellevue’s streets look a lot like South Lake Union’s. Tech workers dominate the Chipotle lunchtime rush and, with robust wages, these workers find local home prices to be relatively approachable. A new Redfin study shows that Seattle buyers want to stay put, but 20% of Bay Area buyers are looking for homes in other cities (mostly Seattle).
It’s more important than ever to be disciplined in your home search and focus on what matters most to you. For sellers, the headlines are true—buyers are clamoring for more listings. But you still need to carefully prepare your home for the market if you want to get the best price and terms. Buyers are exhausted, so make it easy for them to understand your home’s virtues and condition. If you want some help, drop me a line!