So I Hear It Is Hard To Buy a House in Seattle?

I often get asked this question as a result of the many bidding wars in the inner neighborhoods in Seattle over the last couple of years. It's not uncommon for a buyer to make several offers on several homes before they emerge victorious. Indeed, some people get discouraged with the time and the emotional effort it takes to win the competition. I think this article does a great job explaining our unique situation. Not only do we have a strong job market, our industries recruit well-educated tech workers from other parts of the world to Seattle's job centers. With these mostly younger workers, other family members might follow -- often so does the family's real estate investment plans.

It's not uncommon for college students and their parents from overseas to be touring town homes located near the University District in the 500K range. They see our market as a good investment and believe in the value of purchasing Seattle Real Estate. Some might be surprised many of these purchases are made with cash.

500K is also a price point where many first time home buyers are looking. When there is still so little inventory, the competition can be fierce on a well presented home in one of our many desirable close-in neighborhoods. There are ways new home buyers can win against cash offers and end up with a great home. To be clear, it can take perseverance, but that is what help buyers with. I assist people to think differently about neighborhoods, types of homes, lifestyles, commute times and other factors first time home buyers may not have considered. Strategy is always an essential step and it plays a part in each offer I present. Cash is King as the saying goes, but sometimes we can find a card to trump the King. . . . 

Nov - Dec 2014 - NWREporter

"Seattle is now considered a "gateway city" by foreign investors and its single-family housing market ranks 17th among the country's top 75 markets. Those are among key findings in the 2015 edition of Emerging Trends in Real Estate..............

ULI's widely-read forecast report concluded "the tide has come back in." It ranked Seattle third for development and fourth for investment, noting the fast-growing city is attracting investors - and Millennials - in part because of the tech boom.

Consensus among the 43 economists and analysts who participated in the study was for three more years of solid economic growth domestically.

The "Emerging Trends" report lists Seattle as the third highest ranked West Coast city, behind San Francisco (3rd overall) and Los Angeles (6th overall). Tacoma ranked 62nd, placing it ahead of Las Vegas, Tucson and Sacramento. Texas is the top state in the rankings, with Houston ranked first among U.S. cities.

Survey respondents also remarked on diversification beyond coastal markets and the emergence of "18-hour cities" among communities that once rolled up the sidewalks at 5 p.m. "Downtown transformations have combined the key ingredients of housing, retail, dining and walk-to-work offices to regenerate urban cores, spurring investment and development and raising the quality of life for a roster of cities," according to the Emerging Trends report.

Emerging Trends in Real Estate® 2015 is a trends and forecast publication with a 35-year history. The 2015 edition was a joint undertaking of PwC and ULI. Along with an outlook on U.S. investment and development trends, it covers real estate finance and capital markets, property sectors, metropolitan areas, and other real estate issues. The content is based on interviews and surveys of more than 1,400 investors, lenders, fund managers, developers, property managers, brokers, advisors and consultants.

To read the Trends report go to http://on.uli.org/1nA9ktk."

I welcome a meeting with first time hombuyers to help them come up with a strategy that will work for them. Please email me at buyers@kim-mulligan.com and I will be happy to help you craft a winning offer on your first home.