SEATTLE — Realtor Brooke Davis gave us insight on what's happening in the Seattle-area real estate market and what we can expect for the rest of the year.
- We are in a very strong sellers market. Low inventory levels are leading to multiple offers on most homes and there are a lot buyers in the market.
- Condominium sales are picking up. Last October was the height of inventory for the condo market and its starting to go down. It's a great time to buy a condo - you won't face the same kind of competition as in the residential market.
- It's a good time to be a renter in the city! Monthly rental rates fell in Seattle in 2020. 30% of apartment buildings are offering free months rent.
Predictions for 2021
- We are looking at 15%-20% appreciation by the time February sales close and they'll keep going up.
- People are moving farther away from work - the suburbs will continue to be popular.
- Seattle is going to be MORE popular than it was in 2020
- People are looking for more space for home offices and hobbies.
- People will continue to make life changes and relocate
- Interest rates will continue to be low - under 30% for a 30 year fixed loan.