Housing Market Crunch as Many Plan to Stay
In one of their latest reports, Zillow says they don’t anticipate an end to our housing market crunch as many in Seattle plan to stay put. In fact, contrary to the popular headlines that people aren’t planning to buy right now, many are actually in favor of buying homes, especially millennials.
As we commonly share, purchasing a home is one of the best financial decisions you can make, and a large majority of millennials surveyed agreed with this statement.
However, year over year median sales prices in the Puget Sound region have grown 14 percent. This means many first time homebuyers (including millennials) are having trouble purchasing homes. The report continues to say that 29 percent of buyers are going over budget in this market. This is most prevalent among millennial buyers.
Zillow’s economist Svenja Gudell presented these findings earlier this week and said, “Immediate relief, I’m not really seeing it for Seattle, especially given how many people we are still adding to our population base on a daily basis.”
If you’re ready to purchase a home, let’s get in touch! We can help you find the best resources for purchasing your home and walk with you through the home buying process.
Click here to read the full report.