Seattle Real Estate Market: Are We In A Housing Bubble?

In this video, I briefly explain the Seattle housing bubble and why I’m not worried about the Seattle Real Estate Market.

 

[Video Transcript]

Hey, all. Zach McDonald, your real estate agent here with Real Property Associates. I’m going to answer this question today: Is Seattle in a real estate bubble? I’m going to try to keep it under one minute, so I’m going to talk fast. The simplest way to answer this is yes, home prices in the Seattle area are inflated in comparison to the rest of the U.S. housing market. Well, except for a few different pockets, and the biggest reason is because of the supply and demand of housing. Inventory of homes for sale is really low and demand is really high.

The biggest reason is because we’ve got a lot of people moving to the area. There’s a high demand for the jobs. The jobs pay well here in the city, or at least there are some high-paying jobs that people are coming for. So, as long as Seattle continues to attract people that are making more money and housing continues to remain a scarcity, the home prices in Seattle are going to keep going up, and this isn’t something to be worried about. This is just the reality of real estate. It’s hyper-local, and so each individual area, depending on the jobs and the availability of housing, prices are going to go up or down. So, I wouldn’t be worried about that at all.