Sales/Rental Market Update: 4 Reasons Why Selling NOW Could Be The Right Time!
If you are debating whether or not to sell in the next couple of years, this is why you should consider selling sooner than later:
1 – New construction apartment buildings are impacting the $600k-$1.5M price point for condo and home sales. As the overall cost of renting eases, it becomes more economical for prospective buyers to rent. Apartment developers have started closing the gap in terms of quality of unit finishes and resident amenities, so those in the market are captivated and gravitating to NEW.
2 – Speaking of NEW, we have several new construction condo projects taking reservations later this year and into the next. This will detract buyers from feeling like they need to choose from the current “re-sale” inventory. It is likely buyers will choose to put money down to reserve the new inventory vs feeling pressured to purchase the old.
3 – Appreciation year over year in the downtown area is only supposed to be 3-5%. With the increase in property taxes, HOA dues and the proposed LID assessment- any financial gain from appreciation could be offset by an increase in carrying costs.
4 – Whether a primary residence or rental, every year that goes by is a year of wear and tear, general dating, potential for damage, or potential for special assessments. It is inevitable that more money will need to be spent to compete with new construction inventory. If you are renting your property, you will have to spend money to keep your property relevant in the rental market too.
Every property has a unique position in the market, and if you are curious as to what might be the best strategy, let us help guide you!
This real estate update was provided by Urban Ash Seattle Real Estate Listings. Ashley Hayes is a devoted and passionate, real estate professional with over 14 years experience in residential leasing and sales in Washington State. Ashley manages a team of agents at Pointe3 Real Estate and Seattle Rental Group, where she is known as “UrbanAsh” for her unique knowledge of living and investing within the city of Seattle.