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Seattle real estate trends - what's happening?!

Realtor Brooke Davis says it's the strongest sellers market she's seen in her 16-yr career. #newdaynw

SEATTLE — Realtor Brooke Davis gave us insight on what's happening in the Seattle-area real estate market and what we can expect for the rest of the year.  

Current Trends 

  • We are in a very strong sellers market.  Low inventory levels are leading to multiple offers on most homes and there are a lot buyers in the market.
  • Condominium sales are picking up.  Last October was the height of inventory for the condo market and its starting to go down.  It's a great time to buy a condo - you won't face the same kind of competition as in the residential market.  
  • It's a good time to be a renter in the city!  Monthly rental rates fell in Seattle in 2020.  30% of apartment buildings are offering free months rent. 

Predictions for 2021

  • We are looking at 15%-20% appreciation by the time February sales close and they'll keep going up. 
  • People are moving farther away from work - the suburbs will continue to be popular. 
  • Seattle is going to be MORE popular than it was in 2020
  • People are looking for more space for home offices and hobbies. 
  • People will continue to make life changes and relocate
  • Interest rates will continue to be low - under 30% for a 30 year fixed loan. 

Segment Producer Derek Haas. Watch New Day Northwest 11 AM weekdays on KING 5 and streaming live on KING5.com. Contact New Day.