Seattle Condo Buyers, Now Is Your Time
This post is for all the condo buyers and investors in this market. There is a buying opportunity right now in the market that we haven’t seen since 2012-2013. I pulled the data this morning and there are now 159 Downtown Seattle condos available for sale. This includes everything from studios to penthouse units – priced from $315,000 to $13,800,000.
159 units would be the most inventory we have had on market since December of 2012. In addition to that, out of the 84 two bedroom units there have been 9 price reductions in the last 2 weeks. This is showing us some obvious signs. Now is your time.
Even if this window only lasts for 30-60 days, taking advantage of this buying opportunity could pay off in the long run. If you trust the fundamentals of the Seattle market, there is nothing to wait for. Summers in Seattle often slow the pace of real estate in the city. People are focused on family, getting out on the water, going for hikes and all sorts of other outdoor activities. This is a great window for you to step in and make a good investment.
Here are a few tips for the next 60 days:
- Focus on quality. Look at the best units available in the top 20 buildings downtown. Need help, just ask firstname.lastname@example.org
- See if you can find properties that have been on the market for 10 days or more. This gives you an opportunity to offer on a unit that has been “sitting”. This increases your chances of driving the price down – You don’t get, what you don’t ask for.
- Focus on what is important to you? Have you seen our Buyers guide? Read it. We give you some detailed tips on what to focus on. Here are some quick ones. Focus on street views, location and maybe even something near light rail. Make sure this investment is not just a good purchase for you now, but will pay off in the future when you go to sell it to someone else.
- Pay attention to the re-sale cert. This is critical. I’ve linked our post on how to review a re-sale cert below.
Good luck out there guys! Take advantage of where market conditions are. Remember, it was just 6 months ago when we had just 31 condos available for sale!
This is a chart of the inventory in May of this year (74 units). June will look very different. Inventory is climbing. Have questions, get in touch!