As Tech Industry Thrives, Seattle Real Estate Adapts
The conditions in Seattle were perfectly aligned for a technology boom. Known for its innovative atmosphere, Seattle became a natural choice for many technology corporations and emerging start-ups to do business. For the last several years, Seattle has been climbing the ranks as one of the up-and-coming tech markets, but now it's earned the number two spot in the nation.
According to GeekWire, Seattle clocked in as the third best tech market in the country last year, falling behind Washington D.C. and unable to compete against long-time leader San Francisco. However, the city has now climbed into second place, and there's no denying that the tech industry is making its mark on the city more than ever before.
From the fancy high-rises that are being constructed downtown to house the new office space to the record-setting real estate market, Seattle is reaping the benefits of a strong economy and growing population. Naturally, the real estate market in Seattle had to change and adapt.
Who is Buying Real Estate in Seattle?
Seattle sees about 1,000 new residents per week, and there's no end in sight for this population boom. People are coming to the city in droves, looking to purchase real estate because they know it is a valuable investment in this growing metropolitan market. A lot of buyers who are looking for real estate in Seattle have secured a job from one of these tech companies. They can compete against even the most qualified buyers, offering large down payments and even placing cash offers on homes in the city. These buyers are often looking for homes that are centrally-located, possibly within walking distance of their office. They also prefer to invest in modern properties that still boast both charm and authenticity.
What are Seattle Buyers Looking for in a Property?
New developers and homeowners alike have begun to recognize that these powerful buyers are looking for specific features in their homes. Given the fact that they are relocating to the city to work in the ever-changing tech sector, it comes as no surprise that these buyers are influenced by smart features and efficient amenities. Here's a few of the features that strike the fancy of the tech-savvy home buyers who are infiltrating the city:
- Smart technology features — From thermostats that can be controlled from a mobile device to Wi-Fi-enabled lighting, Seattle buyers are impressed with tech features that will streamline their life at home. New developers should incorporate these features into their properties, while existing homeowners can add these enhancements prior to listing.
- Fantastic views — Seattle offers some of the most breathtaking views in the country, and buyers are willing to pay more to get their own private glimpse of the Emerald City. Large windows, skylights and open floor plans are becoming increasingly popular. Some great views can be seen across the water in a Bellevue home.
- Access to local amenities — As always, location is critical. Buyers want to live someplace where they can immerse themselves in the local community by visiting restaurants, shops and other businesses that are owned and operated by their neighbors.
Why is the Market Becoming Increasingly Competitive?
It's a classic case of supply and demand. There's an abundance of buyers, all of whom are well-qualified to purchase a home. At the same time, inventory has hit record lows. Buyers who are getting ready to search the market need to come prepared with both their patience and their willingness to submit their best offers as quickly as possible.
Whether you are relocating to Seattle because you just landed one of those coveted tech sector jobs, or you are a long-time resident hoping to upgrade to a luxury property, it's important to work with an informed local agent who understands the changing dynamics of Seattle and the impact this transition has had on the real estate market. To learn more about the current market conditions in Seattle, contact us today.