The RSIR Blog writes, "when looking at the Seattle real estate market these days, growth continues to emerge as a key factor. Chris Daniels and Jake Whittenberg from King 5 newsreport that Seattle grew 2.8% in the last year alone, citing Leonard Garfield, the Executive Director of the Museum of History and Industry, who told King 5 he attributes growth to Amazon and other tech companies that are looking for “cheaper property outside the Silicon Valley and Bay Areas.” In addition, many neighborhoods have already exceeded their 2024 growth targets. One notable neighborhood is Ballard, which has already soared to 317% of its target.
Growth means home prices have surged, a trend Sanjay Bhatt from The Seattle Times describes. He says that in March, Seattle posted “the biggest gain among all metro areas except San Francisco” and adds that home prices have risen 11.6% in the last year and are expected to rise continue to rise by another 6% in the coming year."
"So what does all this mean? For one thing, growth and higher home prices make for a competitive real estate market in Seattle. Sam DeBord from the Seattle Pi describes the difficulty many first-time homebuyers are experiencing in a climate where homes sell for an average of 102% of their list price. DeBord’s solution? He says home buyers must find ways to stand out from the crowd, which may mean having an approval letter from a reputable lender, maintaining availability and flexibility, or including a personalized home buyer’s offer. Extra touches that really do make all the difference and speak to our method here at RSIR as well."