UrbanAsh Real Estate Spring 2018 Update
Recap of the most recent news in Seattle’s sales and rental market!
Sales & Rental Market Update
SEATTLE REAL ESTATE SALES
Although the numbers are reporting increased values and low inventory, we have felt a bit of a lull in the earlier months of this year, more specifically for condominiums. We are attributing much of that due to seasonal trends and “buyer fatigue.” In most cases, we are seeing fewer buyers engaging in multiple offer scenarios so prices have not been escalating as high as what we had seen in late 2017- which is a bit of relief for those buyers out there! BUT, May (aka the “Golden” month) is right around the corner so as we approach April, it is the best time of year to start thinking about listing your home or getting pre-approved for a home loan!
- Here are some quick stats/updates:
- 2018 Property Tax Increases: Seattle- 16.9%; Issaquah- 17.3%; & Bellevue- 21.6%.
- Interest Rates: Fed officials have indicated a plan to increase rates three times in 2018.
- Waterfront Local Improvement District: $200M of the total $688M project to rebuild Seattle’s waterfront will be passed on to property owners downtown.
- The number of active cranes in Seattle dropped 22% over the past six months.
- In Seattle, the median price single-family homes reached $777k in February and the Eastside rose to $950k.
THE URBANASH TEAM HAS LISTED MORE CONDOMINIUMS DOWNTOWN SEATTLE FOR SALE/LEASE THAN ANY OTHER BROKER/BROKER TEAM SINCE JANUARY 2017!*
With a proven track record in representing buyers, sellers, landlords and renters in the greater Seattle area, we would love to assist with any and all real estate needs!
*NWMLS Area 701, excludes new construction sales teams
RENTAL & INVESTMENT PROPERTIES
As predicted, we are seeing a shift in the rental market due to new apartment inventory. Not only does this impact apartment rental rates, but it also directly impacts condominium rental rates.
- Here are some quick stats/updates:
- Rental rates in Seattle are down .6% overall and nearly 6% in the downtown core.
- Developers have started to notice banks pulling back on funding of new apartment high-rises as rental rates lag behind construction costs.
- A bill that would have lifted the state ban on rent control (which has been in place since 1981), died.
- As of February 2018 Seattle landlords are no longer able to screen for criminal history.
- New Rules for Short Term Rentals (less than 1 month): Houseboats and waterfront residences cannot be rented on a short-term basis, and no more than 8 people total can occupy a short-term rental.
LANDLORDS/HOMEOWNERS: If you are on the fence as to whether or not you should RENT or SELL your property this year, we would love to strategize with you – contact us today!
206-799-9949 | contact@urbanash.com