Seattle Washington expects an Increase in New Home Sales
The housing market near Seattle has really heated up. It is a seller's market for existing homes with a 10% increase in the price since last year, this is a great time to sell your existing home. Buyers can look forward to lots of options in new home construction next year as builders are planning on meeting the needs of new home owners by building.
You may think with the current price increases that now isn't the right time to buy a home, but buying is still cheaper than renting. Residents spend about 22% of their income on a mortgage and about 31% on rent. If you are concerned about making a large down payment, many times you can make a smaller down payment and carry mortgage insurance. This may be an added cost, but it is a sensible one considering the money you would spend on rent.
The housing market has improved over the last few years with new home construction falling behind demand but is expected to level out in 2016 with an increase in new home construction. With the increase in construction, new home sales are expected to increase by 16% in 2016, leading to a much healthier housing market overall.
As the housing market balance of used to new homes stabilizes in 2016 with a large increase in new home construction, and a small decrease in existing home sales, both home owners looking to sell and new home buyers should find the market agreeable.
Now is a great time to sell your existing home and or buy a new one. With the healthy gains expected next year, things should only get better for buyers and sellers in the Seattle area.