There are a variety of reasons to consider putting your home on the market: you may be looking to downsize now that children are out of the house, you may be looking for more space as your family grows, or you may be thinking of changing neighborhoods, cities or states.
The good news for all of these scenarios is that the timing is perfect: Seattle is at an all-time high for home values. According to the Seattle P.I., Seattle is in its “55th consecutive month of annual home value growth.” The median price of a Seattle area house has risen to $420,200 – and this shows no signs of slowing down in the near future; Zillow estimates home values will rise another 3.8 percent within the next year.
Several obvious variables factor into this ideal seller’s market: a huge demand, and very low inventory. However, there are many other reasons that Seattle continues to catch the attention of so many prospective buyers. Millennials, or the largest generation in history, are deciding to buy instead of rent, as mortgage rates have stayed low and rents have continued to rise steeply. Seattle also has a plethora of amazing schools, incredible outdoor activities, incredible coffee, and fresh and organic local produce, all of which add to the city’s allure.
When exactly is the best time to sell? The time is now. Houses listed between May 1st and May 15th sell around 20 days faster and for about $2,600 more compared to the yearly average, and Seattle area homes sell even faster than the national rates during this time. According to Zillow chief economist Dr. Svenja Gudell, “Listing homes further into the shopping season may attract buyers who are increasingly eager to purchase and may be more willing to pay a premium for the home.”