You read that correctly. Seattle has become the hottest U.S. market for Chinese real estate buying.
In last 7 days you have seen 3 major news publications bring this topic to the forefront of the forever popular debate on housing. According to the Seattle Times, Vancouver Sun and Puget Sound Business Journal, Seattle has quickly become the number one domestic economy for Chinese homebuyers to invest in.
Seattle Times, in an article released yesterday, touts Seattle as the 1 U.S. market for Chinese homebuyers.
Seattle saw more inquiries from mainland-Chinese homebuyers than any other American city in four of the last seven months, according to Juwai.com, China’s biggest real-estate site for buyers looking in North America.
……“I’m even seeing some Vancouver agents come down and pairing up with a Seattle agent and showing property here,” said Anna Riley, a Windermere agent who sells to many foreign buyers on the Eastside. “It’s a bit like plugging a hole in a dike — the water will spring out somewhere else.”
So what is the immediate impact? In our opinion, it will simply be continued demand. The Chinese have been investing in our market for years. It has been more of a theme in the last 2-3 years and this adds to home value appreciation, decreasing inventory and multiple offer situations in an already tight market.
Here is each article should you want to read for yourself:
Seattle Times – Seattle becomes No. 1 U.S. market for Chinese homebuyers
PSBJ – New B.C. real estate tax sends Chinese buyers interest in Seattle soaring
Vancouver Sun – Seattle Housing Market White Hot With Chinese Demand As Vancouver’s Market Freezes
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