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Short-Term Issues Affecting Real Estate

Short-Term Issues Affecting Real Estate

An international organization of high profile property professionals, The Counselors of Real Estate® (CRE), recently published a report detailing the most pressing trends and issues affecting real estate. The “Top Ten Issues Affecting Real Estate™ 2018-2019” highlights five short-term and five long-term national and global topics that are having a direct impact on the real estate market. In a quick summary, we wanted to share the issues they thought were most pressing.

Why You Shouldn't Feel Overwhelmed By the Sellers Market

Why You Shouldn't Feel Overwhelmed By the Sellers Market

You’ve seen the headlines and read the blogs – it’s a tough market for homebuyers right now. Not only in the Puget Sound region but across the U.S., markets are reaching record low inventories and record high home values and sales prices.

Realogics Sotheby's International Realty Presents the Market Report: Puget Sound Real Estate Trends; 2015 Year in Review

Realogics Sotheby's International Realty (RSIR) presents the Market Report: Puget Sound Real Estate Trends & 2015 Year in Review,  a comprehensive look at the 2015 real estate market in an exploration of seven key counties of Western Washington: King, Snohomish, Kitsap, Pierce, Jefferson and Island counties, as well as 29 neighborhoods for our current and prospective clients. The report touches on macroeconomic trends, the primary demand drivers influencing our regional real estate market in addition to micro markets that vary greatly from neighborhood to neighborhood.

The year 2015 witnessed white-hot real estate conditions throughout the Puget Sound not seen since before the Great Recession. Prices of real estate throughout the Puget Sound catapulted higher in 2015, the result of tight supply and an influx of new buyers. A similar trajectory is expected in 2016: expanding demand, anemic supply and developers playing catch up to increasing homeownership levels.

The Puget Sound region has taken a different path from other boomtowns in North America whose economies are based on resource extraction (e.g., oil), financial intermediation, or entertainment. Seattle’s aerospace industry has gradually yielded its eminence to the service expansion and new product development cycles of the information tech industry and their secondary employment effects on IT contractors, food & beverage businesses, and real estate developers.

Besides drawing new residents domestically from other U.S. states, the Puget Sound benefits from the state’s importance as a gateway to trade with Asia, as well as from international air travel to and from Sea-Tac International Airport. The Sound’s proximity to international communities across the broader region from Vancouver, British Columbia to Los Angeles and San Diego is also a factor, as is the superior quality of life in the region and its comparative affordability in respect to those other markets. The international eminence that results from these features of our local economy has allowed the area to attract growing numbers of immigrants from overseas and recognition as a global gateway city.

As always, for the most current market information around the corner or around the world, reach out to one of RSIR’s Global Real Estate Advisors by visiting www.RSIR.com.

4 Reasons That 2016 Is Shaping Up to Be a Great Year to Buy a Home

With the holidays over and everyone seemingly exhausted from a season-long of gift giving, purchasing a new home in the new year may seem like the last thing on anyone's to-do list. That being said, there are many trends and reasons that 2016 may, in fact, be the year to buy! 

MSN Money has 4 reasons why this is your year to invest in real estate:

1. Climbing rents
2. Home prices are expected to level off
3. Last chance for record-low interest rates
4. More home listings

Read the full list and reasons here >>

MARKET UPDATE: JULY 2015

The number of active listings was down 4% compared to last month and 37% compared to last year in King County, with a median sale price of $441.1K. Buyers were out in full force, as homes spent an average of 25 days on the market, a 19% decrease from last year. Downtown Seattle condo sales were up 126% year over year. The median sale price was just under $510K, up nearly $150K compared to last year’s numbers.

For the latest numbers from areas around the sound, View July’s Market Reports >>

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