Ever competitive and highly sought after, owning a piece of Seattle real estate is a dream come true for many people. The following perks of owning a home in the city may excite you as you explore Seattle houses for sale.
1. Strong and consistent appreciation
Houses for sale in Seattle are indeed worthy of being admired, whether it’s because of their inherent charm, their architectural features, or the neighborhood they’re located in. But there’s another type of appreciation that’s going on in the market.
If you are looking for consistent gains in your real estate investment, a home in Seattle will keep you satisfied. The housing market has some of the highest home appreciation levels in the country with an average annual rate of 5.35%.
Currently, the 5% average rate might not seem much compared to other real estate markets across the country, but think long term. In the past 20 years,
Seattle real estate has appreciated by a whopping 219.10%. While there is no assurance that you will double your investment in a few years, one thing is certain: you will enjoy year-on-year gains.
2. Multiple investment opportunities
Buying a home in a city doesn’t necessarily mean you have to move there. And in Seattle, an investment property can help you generate more income and, in the long run, build your wealth.
Managing a rental property— with or without the help of a professional— for instance, can be lucrative in Seattle. More than half (56.5%) of the city’s total population is renters, some of whom relocated to Seattle to pursue careers in tech, startups, and life sciences, to name a few industries.
The average rental rate in Seattle is $2,899, but depending on your property’s features and location, you may be able to charge more. Moreover, market rental rates in the city are seeing an upward trend. As of July 2022, rent in Seattle saw a 22% year-on-year increase, fueled by limited new construction and a robust job market.
And it’s not over. Seattle’s renter population might increase in the next months as other homebuyers re-examine their plans to purchase a home. Instead of buying now, some people have decided to rent for the meantime. This has led to a higher demand for rental properties in the city.
3. It’s Seattle!
The biggest perk of buying a home in Seattle is getting the chance to live here and enjoy the city. Its coastal location in the Pacific Northwest blesses Seattle with some of the most beautiful cityscapes in the country: nearly surrounded on all sides by water and within easy access to the rest of the region’s breathtaking natural attractions.
Whether you’re an outdoor enthusiast, a coffee aficionado, a lover of indie music and live entertainment, a history savant, or a food and drink connoisseur, you’ll
find plenty to enjoy in Seattle. And with a home here, you can explore and savor each facet of the Seattle lifestyle at your own pace.
Make Seattle your primary residence or invest in a rental property in the city— whichever route you choose, you’ll reap long-term benefits. Consider working with a local real estate professional to explore all of your options.