If you are currently in the market to buy a new home, or if you are selling your home, congratulations! While this can be a slightly daunting process, it’s also incredibly exciting.

The smartest way to help yourself in the process of buying or selling a home is to contact a quality real estate agent who knows the local neighborhoods and the current market trends. To find someone who can help, check out the SeaReal Team’s website or contact them directly: 206-518-5518 or info@searealteam.com.

In the meantime, here is some information about Seattle’s 2017 market to keep you in the loop and prepare you to start this process.

1. Seattle’s Market Is HOT

The first thing you should know is that right now the Seattle housing market is one of the most competitive in the country. And for good reason–Seattle is gorgeous and awesome! This wild market is also due to Seattle’s thriving technology companies, such as Amazon and Microsoft, and its healthy job growth.

Seattle’s booming housing market is great news for sellers. According to the Puget Sound Business Journal, “brokers are seeing more multiple offers than ever on new listings, and all-cash offers are dominating winning bids.”

For buyers, it means that it’s a competitive, yet ultimately rewarding market. For homes in some Seattle neighborhoods, experts recommend that buyers in 2017 bid 20 percent above the list price. To find out more, check out our previous blog post on bidding wars and how to navigate them as a homebuyer.

2. Millennials Are Buying

While this group has been slower to buy homes than previous generations, 2016 showed an increase in the number of millennial homebuyers in Seattle. Because the prices of homes in Seattle proper are typically too high for young homebuyers, many millennials are looking to buy in areas outside the city, including south Seattle neighborhoods like Beacon Hill, Burien, and White Center, where the median prices for homes are lower. These neighborhoods are currently experiencing a lot of development and growth, which means that there are more excellent options for living outside of, yet still close to, Seattle proper. These up and coming neighborhoods also offer buyers future equity due to the expected improvements and growth.

3. Slight Increase of Inventory for Sale

As of April 2017, the number of Seattle-area homes listed for sale increased to about 6,300, which is 50 percent more than the listings in February of 2017. While this is good news, the market remains competitive; sales for homes shot up to over 6,350.

4. Prices of Seattle Homes Are on the Rise

Prices are rising the fastest in areas outside the city that have traditionally featured lower-cost homes. In Renton/Benson Hill, prices in 2017 increased almost 32 percent, with the median single-family home costing about $493,475. In the Skyway area, prices are about 55 percent higher than in 2016, with the median price for a home around $450,000. Professionals in the housing market predict that the prices for homes will continue to increase in the next year.

What does this mean for you? If you’re selling, this is excellent news, as Seattle-area homes are in high demand. If you’re buying, consider buying sooner rather than later, as prices will only continue to increase.

For help buying or selling your home, contact the SeaReal Team at 206-518-5518 or info@searealteam.com.