We attended Zillow's 2015 Housing Market Seminar this week, taught by one of Zillow's senior economists. The information was interesting enough that we thought our readers might enjoy seeing some of the stats. Please note these stats are not specific to condos only, but the trends and stats overall seem to be valuable indicators for condo buyers and sellers as well.
Major Takeaways for us Based on Zillow's Data & Predictions:
- Because the amount of rental households is steadily increasing, those who rent should expect a steady increase in their rent rates year over year VS. for those who buy with a fixed rate interest rate, their mortgage payment will not increase year over year while they own that property
- The market will begin to stabilize with appreciation coming down to around 5-6% a year, which is considered "normal and healthy"
- Seattle is a strong market in comparison to the nation as a whole due to job growth and in-migration
Please note: Zillow's stats for Seattle do refer to the Metro area of King, Snohomish, and Pierce county, and because Seattle is a stronger market overall, you can expect these numbers to be conservative when thinking only of Seattle