It comes as no surprise that the tech industry is booming in Seattle. Many companies have chosen to call the area ‘home’ causing there to be a shortage in homes for sale.
The number of tech jobs available in Seattle has steadily increased in recent months. After rating as first in the nation for business many tech companies have been expanding in, and moving to, Washington state. Whether it be native Microsoft or Amazon who have growing footprints in the area, or other tech giant like Google or Apple who have taken a liking to the city: Seattle is the place to be if you are in the technology world.
Along with the big companies that we all know well, there are also countless startups in the area. Together all of the companies in the city have created an astonishing number of jobs.
With so many new jobs becoming available in the city, there has been a great influx of people moving into the area. The relocation of people to the Puget Sound is now a factor when it comes to the busy real estate market. Instead of choosing to rent, the newest occupants of the city are in search of a home to purchase. Low inventory coupled with more buyers has led to increasing prices and houses selling within a week of being put on the market.
So, what is the next step to combat the housing market? Some think that constructing new condominium towers is the ultimate solution. One project that is an option for residency is the NEXUS tower, which is currently being built. While this is a great building for buyers with an ample budget and desire to be in the heart of the city, it is only one of two current projects that offer condominiums.
Only time will tell what path the housing market in Seattle will take next. No matter what your real estate needs are, I’m here to help. Please don’t hesitate to contact me today as I’m happy to answer any questions you may have.
If you'd like to read more about the real estate market and how local companies are impacting it, check out these articles from CNBC, geekwire and the Realogics Sotheby's International Realty blog.