Supply of Single-Family Homes Declines In Many Neighborhoods

*Synced from Seattle and Real Estate Blog
The single-family house is still at the top of many home buyers’ lists when searching for a property to buy, but the influx of condominiums and townhouses in many of Seattle’s most popular neighborhoods is further decreasing the supply of stand-alone homes in a market where inventory is already tight.
According to a Seattle Times analysis of census data from 2000-2012, the number of single-family homes has decreased most significantly in North Seattle neighborhoods such as Wallingford, Green Lake, Maple Leaf, and Northgate, as well as in the area surrounding Dexter Avenue North on the east side of Queen Anne above South Lake Union. However, South End neighborhoods such as Jefferson Park on Beacon Hill, Mount Baker, and South Park all saw increases in single-family homes in the same time span.
In a market that has seen prices soaring and bidding wars erupting over the small supply of single-family homes that are available, this is not encouraging news for buyers looking to live in neighborhoods where many multifamily developments are in the works. The city has added 5,000 net single-family homes since 2000, but with 80,000 new residents having moved to Seattle since then, that barely makes a dent in terms of demand. To see the Times’ detailed map of single-family home inventory, click here.
If you would like more information about buying a home in the Seattle area, contact your local real estate agent today.

Should You Buy in the City or the Suburbs?

* Synced from Seattle and Real Estate Blog
It is the question many first time home buyers find themselves asking: Do I want to live in close proximity to the city, or do I want to live in a quiet neighborhood? Many first time buyers are taking into account their needs for the present, weighing their options of buying a residential home or a condo, choosing a location close to the light rail to ride to work, etc, but many of them don’t realize they could very well be living in that 2 bedroom condo 5 years from now with 2 additional children, dogs, and a partridge in a pear tree. Maybe city life is for you right now, but what happens down the road when your family grows and you aren’t satisfied with the school district in your neighborhood?
According to our friends over at Zillow, over 50% of the participants in a recent poll regretted something about their home purchase, particularly the size and layout. First time home buyers don’t necessarily know to consider areas just outside their neighborhoods of choice, which could result in an overall better home purchase for the future. Some new homeowners were concerned with their yards; maybe the maintenance is much greater than expected, or the space isn’t large enough for their Bernese Mountatin dog to jaunt around in. Whatever the case, it is important to consider options that might not be necessary for you at present, but could be beneficial to you down the road. It is also important to choose an agent who will have your best interests at heart. If you’re interested in Seattle real estate, contact your local real estate agent today.