Happy New Year! Thinking of buying a house in 2015? You’re not alone. Millenials (people born after 1980), weighed down by high student loan debts and low post-recession wages have typically been a generation of renters. However, with the median rent in King County standing at a whopping $1,750/month (rent prices increased more than 8% in 2014, and have continued to rise), home ownership interest is expected to increase among people in their late 20s and early 30s.
Median home prices in Seattle grew 11% in 2014, and are predicted to keep steadily rising–albeit at a slower rate–in 2015. In November 2014, the average cost for a single-family home in Seattle was $357,000, and in December, the median home price in King County was $440,000.
Chief Economist at Zillow Stan Humphries forecasts a continued moderation of price gains over the next year. OB Jacobi, president of Windermere Real Estate says he expects a price growth of 4-6% in 2015.
Seattle’s low housing inventory in the last year, combined with the Millenials’ entrance into the marketplace, means prospective buyers must act swiftly to secure a new home! It’s a dog-eat-dog market!
For the full article, click here.