Are you looking to buy or sell a home? Maybe you want to start or expand your investments in real estate. Whatever your motivation for getting involved in real estate, one thing is always key.
Keep an eye on the real estate market trends. What’s going on in the area? Is it currently a buyer or a seller’s market?
Trends and market predictions help you decide when to buy or sell. The right timing could translate to saving (or earning) thousands of dollars in a real estate deal.
For example, imagine that a large corporation is planning to build a new headquarters in the area. This will draw more people to the area looking for jobs, which in turn causes more demand for housing and causes prices to go up.
Thus, if you are planning to sell, you may want to wait until after the company finishes construction. Alternatively, if you want to buy, you should do so as quickly as possible before prices begin to rise.
So what are the Washington real estate market trends in 2019 that you should keep an eye on? Let’s find out.
Section I: 2019 Real Estate Market Forecast for Washington State
The real estate market in Washington State is pretty hot right now. In fact, Washington cities landed 3 spots on VeroFORECAST’s top ten markets set to appreciate the most in 2019.
Median home values in Washington State have been steadily increasing from $225,000 in 2011 to $350,000 in 2017. As of February 2019, median home values were $491,500. While other cities have a higher median home price, Seattle is stands out at $729,400.
Why? Because of all the tech giants.
Microsoft, Google, and Facebook are just some of the biggest names in technology companies in the area. Promising startups like Rover and Outreach are also joining the frenzy. Dozens of other companies have or are planning to have locations in Seattle and the surrounding area.
In short, Seattle is a happening place to be for anyone interested in computers and technology.
Prices are already expensive, but investors who buy now have a very positive outlook. Prices are expected to continue to climb and you can turn a handsome profit on the right property in Washington.
Section II: When Is the Best Time to Sell a House in Seattle, Washington in 2019?
As a general rule, late spring is the best time to put a house up for sale in the United States with the first part of May earning an average $1,600 boost to the sale price. Of course, this can vary from location to location.
Sellers in Seattle will see a significant boost in sale prices from early May to early June with the average boost ranging from $6,800 to $7,500. This is by far the best time to list as the next highest boost drops to $4,600 in the second half of April. Positive boosts only last from late March to early August. The rest of the year sees a negative effect on sale price.
Section III: When Is the Best Time to Buy a House in Seattle, Washington in 2019?
The best time of year to buy a house is largely dependent on your goals. While sellers are almost universally looking to get the best price for their home that they can, buyers can have different definitions of what makes a good time to buy.
For example, the inventory available and price are important. But life factors like a new job or the end of the school year can also affect a buyer’s timeline.
The best time to buy price-wise is generally in the winter — typically January and February. However, because fewer sellers are interested in selling at this time of year, the inventory is low. There are also fewer buyers, so the buying process can be a little more relaxed and you can ask for more contingencies with a better chance of the seller agreeing.
In Seattle, late winter (February or March) is a good time to buy. Prices aren’t climbing too high yet and inventory is starting to pick up. Be careful not to wait too long. As spring rolls in, more buyers tend to start looking and the market heats up quickly causing prices to spike.
Section IV: Next Steps
Whether you’re buying or selling, reading informative articles like this is a great way to learn about the real estate process and get an idea of what you’re doing. However, the best way to understand your local market is to get the advice of an expert.
Experienced, local real estate agents have their finger on the heartbeat of real estate in their area. They’re watching trends and constantly looking ahead to try to predict what will happen in the coming months. If you want the best, most up-to-date information on when to buy or sell, partnering with a local agent is your best bet.
With Clever, you can get all the expertise of a knowledgeable agent at a fraction of the cost. Sellers will save big on agent commissions in the closing costs. And buyers can earn a $1000 rebate on homes that cost more than $150,000. On some homes over $500,000, that rebate can jump to 1% of the purchase price of the home.
We can connect you with an expert agent in your area. Contact us today and we’ll be in touch to answer all your questions.