2018 Washington Housing Market: An In-Depth Forecast
Are you wondering about the housing market in 2018 in the state of Washington? What’s the forecast for the upcoming year? To learn what’s going on, check out our in-depth guide!
Are you planning to sell your Washington home in the upcoming year? Maybe you want to build long-term wealth investing in rental properties.
With the housing market’s volatile history, you may have some questions. What’s the value of my home? Is the market up or down? What about price?
In this article, we’ll give you an in-depth look at the housing market 2018. We’ll show you the experts’ predictions, why it’s a seller’s market, and what it means for you going forward.
The Forecast
The weather outside is delightful. Yes, it’s summer, but the sun shines brighter for sellers in Washington.
Recently Veros, a real estate data analytics firm, published its predictions on the national market. Overall, national housing prices rose by 4.3%. In its analysis of individual markets, that number was even higher.
Of the top ten markets, half of them were in Washington. Four of those five made it into the top five. The Seattle-Tacoma-Bellevue area even ranked number one, with a price increase of 11.1%. That’s almost triple the national average!
Buyers will have to pay more, giving sellers the chance to make higher profits. But what’s the reason behind it?
Why the Increase?
Washington’s population has boomed in recent years. Since the last census in 2010, it has increased at a steady 1.27% rate. As of 2018, it sits at around 7.53 million.
Why the growth?
New economic opportunities, especially in technology, have brought people out in droves. All those people need places to live. The problem is new housing development has slowed.
What does that mean?
Simple economics. When you have a lot of demand, but little supply, price increases.
It’s not great for buyers. In fact, many working-class home seekers were forced to leave due to high prices and rents. For those that stay, it means heavy competition.
Sellers, however, benefit from higher prices because they get more for their home. Landlords benefit too due to higher rental rates.
What Does It Mean For You?
If you’re in the market to sell, you’ll make more money. You’ll also have higher monthly rent checks should you choose to lease out your old place instead.
Of course, you’d have to handle tenants or pay someone to do it. If that’s not your cup of tea, you may want to contact your VerraTerra about our fixed fee property management.
Whether you rent or sell, these housing market trends aren’t expected to stop. The Washington market will continue to rise, giving you time to decide what to do.
Housing Market 2018: Final Thoughts
Real estate has come a long way since 2008. Economic growth–both nationally and state-wide–has led to a stronger market. And the housing market 2018 bright.
The spotlight so far though, shines on Washington. The market here has remained hot and continues to heat up. There’s no better time to sell your home.
And if you want help, or you want to find more about being a landlord, we can help. We’ve got fixed fee real estate services for sellers and buyers. With fixed fee services, most clients save thousands by avoiding the typical 6% sales commission most brokers charge.
If you’ve got questions or want to know your home’s value, contact us today. We’ll be happy to provide a free market evaluation for you.
