The Tech Sector in Washington State now employs almost 240,000 workers with a median annual salary of between $100,000 and $140,000.Recent research is that there are seven (7) new jobs created for each new tech job created. Interestingly, roughly 90,000 of these tech workers are programmers.And, in a recent conversation with a Seattle area mortgage lender, I was told that up to thirty(30) percent of new loan applications are made by borowers with some kind of work visa.
Here's more background in The Puget Sound Business Journal:
If the Seattle housing market was described in terms of weather, it would be Scottsdale in mid-summer. Seriously, if you want to buy a home in our highly-coveted city, you only have nine days to do it because that’s the average amount of time it takes for homes to sell in Seattle right now.
Case in point, last month, 185 homes sold in Ballard, of which 90% went pending in two weeks or less. And of those sales, 169 sold, on average, for 13% over the asking price. What’s driving all of this? Basic economics: low supply and high demand. Right now there’s less than a month’s supply of homes for sale in King County, so competition is fierce. Buyers: brace yourselves!
If you’re interested in the numbers, click on the link to see a three minute video that uses spreadsheets to explain how hot the King County housing market really has become.
Street Talk – One night last week, I was with an engineer from Cadman, one the region's largest suppliers of ready mix concrete. He let me know that their deliveries are booked SOLID through 2017. That's 2017 – two and a half years.The company will take delivery on two dozen new concrete trucks in each of 2016 & 2017,and they're still booked through 2017.#seattlehomes #seattlerealestate #seattlehouses #seattle
http://<iframe src="https://embed-ssl.ted.com/talks/simon_sinek_how_great_leaders_inspire_action.html" width="640" height="360" frameborder="0" scrolling="no" webkitAllowFullScreen mozallowfullscreen allowFullScreen></iframe>
After thirty years in commercial real estate sales I've joined my wife Theresa at Windermere Real Estate. She's been successful in the Puget Sound market for years. Her clients say she has the empathy, skill sense of humor and life experiences to ease the stress of buying or selling a home. I agree.
I'm piggybacking, so my commercial sales and leasing experience will be a value add for our clients in this fast moving marketplace.
Job growth at Amazon, Nordstrom, and Facebook is real and will continue. Construction trades are as busy as they've been in years. There's a wonderful,long backlog of Boeing jets to be built and delivered. All of these and more have led to a shortage of homes available for sale, with buyers frequently vying for properties in multiple-offer competitions that drive prices up over asking prices.
A stressful, fast paced market. A hot market.
We've felt it in our neighborhood. We bought our first home in 1988 for $215,000. The median price in our area last month was $820,000. In a year, the number of homes sold is up 20%, and houses are selling much faster, in fact 30% faster than last year.
Windermere's lead economist does not believe we're in a "bubble" and here's why: 1) the number of foreclosed properties is very low and "flippers" are on the decline as a result. They can't get the big returns anymore. 2) lending standards remain high and you know this if you've bought a home recently 3)Prices are up, but not near the pre-bubble levels we saw before the Recession and 4) Interest rates are bound to increase and this will keep the markets from boiling over.
It's a great time to sell into this market. If you're buying, get as much smart advice as you can. We're here to help. More to follow.