While Seattle has some of the highest home prices in the country, they are still priced competitively compared to when we were at the height of the housing market. If you are thinking about making an investment purchase, now is the best possible time. Prices are still within reach and you can be sure the value of your investment will continue to grow as the housing market rebounds nationwide and locally in Seattle. What’s really driving our market here is demand. There is a large pool of renters looking for homes, and more people continue moving into Seattle for work, school or the standard of living that comes with life in the northwest.
We always recommend that you talk to a property manager before you buy an investment property. While a good real estate agent can be very helpful in negotiating your purchase, a professional property manager knows the rental market in various neighborhoods and understands what you need to look for when buying an investment property. You might think you are getting a great deal on a home, but if it’s in a location where no one is renting, you’re going to be left with a vacant property that is costing you money instead of earning it.
One of the most popular investment areas of Seattle right now is north Seattle. It’s a convenient and still affordable neighborhood in Seattle with easy access to shopping g. A great neighborhood for commuters, the Rapid Transit will take you to downtown Seattle in less than 20 minutes. You’ll be able to find affordable properties in this area, and there is a high demand among renters. If you’re willing to spend a little more money on your investment, you’ll also want to check out Ballard, which is in northwest Seattle and dotted with parks, marinas and historical landmarks. Condominiums are also easy to find and rent in this neighborhood, if you’d prefer a condo to a single family residence.
If your prime motivation is earning more money in the long term, you’ll want to look around in Capitol Hill, Wallingford and Fremont, Greenlake and Queen Anne. These areas have more expensive homes, but you’ll be able to charge a good rental price and you’ll see your property value increase more over time. While they are primarily residential neighborhoods, the entertainment available in Capitol Hill and the business-friendly Fremont communities make these areas favorable among renters.
Finally, buying a property in the university district will always guarantee you’ll have students looking for rental homes. The University of Washington is close, and there are always students and staff who make great tenants.
If you have any additional questions about where you should buy in Seattle, or what you should look for in an investment property before purchasing it, please contact us at Dave Poletti & Associates.