The Seattle real estate market is still a seller's market, but there are signs of a cooling trend.
This is good news for multifamily real estate investors, as it means that there are more opportunities to find deals.
Here are some key takeaways from the August 2023 Seattle real estate market update:
Median sales price: $799,000 (-0.9%)
Homes for sale: 1645 (-8.3%)
New listings: 1,044 (-7.9%)
Shows per listing: 6.5 (+1.6%)
Median price per square foot: $568 (+1.6%)
Average days on market: 23 (+21.1%)
Median pct of original price: 100% (+0.9%)
The decline in new listings is particularly encouraging for multifamily investors. This suggests that there is a limited supply of multifamily properties available for sale, which could drive up prices.
Additionally, the average days on market is increasing. This means that sellers are taking longer to sell their homes, which could give buyers more negotiating power.
Overall, the Seattle multifamily market is looking good for investors. There is a limited supply of properties available for sale, and buyers are taking longer to sell their homes. This could create opportunities for investors to find good deals on multifamily properties.
Here are some tips for multifamily real estate investors in the Seattle market:
Focus on properties in desirable neighborhoods. Seattle is a growing city, and demand for housing is high. Look for properties in neighborhoods that are close to jobs, transportation, and other amenities.
Consider buying value-add properties. Value-add properties are properties that need some work, but have the potential to increase in value after renovations. This type of property can be a good option for investors who are willing to put in some sweat equity.
Partner with an experienced real estate agent. A good real estate agent can help you find the best deals on multifamily properties and negotiate on your behalf.
If you're interested in investing in multifamily real estate in Seattle, contact Enriched Equity today. We have a team of experienced professionals who can help you find the best deals and get the most out of your investment.
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