Home Sellers Paradise - How Puget Sound Homes Sales Are Creating Instant Wealth | Sound Listings

For some, the crazy house prices make it hard to get a foothold in such a competitive real estate market. For others, however, this market is a chance to cash in on their home’s value and turn it into instant wealth.

Let’s look at the city of Bellevue as an example. According to the Seattle Times, housing prices in Bellevue have risen 28% in recent years, and the median home price is now $1.25 million. Homes are selling rapidly, at well over asking price and with multiple offers. That same Seattle Times article states that a 1957 fixer-upper with a carport was listed at $1.5 million but sold for $2.4 million, 60% over asking price!

Instant Wealth - Homes Are in Such High Demand

Another Bellevue home recently sold for $1 million more than the asking price, which surprised even the selling broker. According to the Seattle Times, potential buyers lined up outside, with 14 eventually making an offer. It was sold to a buyer paying cash. While that sale price is not the standard, most homes are selling for more than the asking price. In January 2022, single-family homes in King County sold for 7.3% more than the list price. Snohomish County homes sold for 6.1% over asking price, and houses in other nearby counties sold for 2 to 3% over asking price.

Information from Redfin highlights the same trend in other cities in Puget Sound.

• Houses in Kirkland sold for 36% more in December 2021 than December 2020, and sold in an average of just six days.
• Home prices in Tacoma rose 16.5% in December 2021 as compared to December 2020. In this city, houses sold in an average of 13 days.
• In Renton, home prices rose 30% from December 2020 to December 2021. The average time on the market was just five days.

With Meta expanding in Seattle and Bellevue and Amazon adding 25,000 jobs in the area over the next few years, this trend is sure to continue. Many people want to buy a home relatively close to their jobs so they can spend less time in the car and more time in their new house. Other features people look for are proximity to trails, parks, shops, and restaurants. Of course, with prices continuing to push upwards, some people are just hoping to afford a home at all.

People in Puget Sound are not the only ones seeing dramatic increases in housing prices. Smaller mountain towns across the West are seeing home prices soar as well. The median home price in the Methow Valley has almost doubled from $270,000 to $500,000 in the past five years. Recreational areas have seen larger increases in home prices, but even non-recreation destinations are experiencing dramatic increases.

Farther inland, Boise, Idaho, is another area feeling the heat of this housing market. According to Redfin, Boise home prices are up 22.5% from December 2020. Nearby Eagle has seen home prices increase by 42.4% since December 2020 and Meridian home prices have gone up 32.6%.

Current homeowners in Puget Sound, Boise, and other areas where home prices are soaring can cash in on this trend to create instant wealth. Even people who bought a home just a few years ago have most likely watched the list price of their home soar. Others who have been in the area for decades may live in a home now worth hundreds of thousands of dollars more than they paid for it. Selling while the market is hot allows these homeowners to realize that drastic change in equity.

In some ways, the coronavirus pandemic has given some residents of Puget Sound, Boise, and other areas the option to sell their homes and move to a new location. Since March 2020, thousands of workers nationwide have switched to working remotely. For some workers, this was temporary, but for others, it is the new normal. Many companies with strict in-office requirements have loosened up, maybe forever, and are allowing or even encouraging employees to work from home. This one change in work requirements has had a dramatic impact on workers’ lives.

Without the constraints of going into the office everyday, many employees are asking themselves where they truly want to live and are focusing more on their quality of life. Few people enjoy sitting in traffic for hours each day. When presented with the option to work remotely for the same salary, they may opt to move to a quieter community where they can spend more time at home, with their families, and with more time to focus on hobbies and volunteer work. And if they can sell cash out on their current home in the process, so much the better.

Homeowners in Puget Sound, Boise, and other towns and cities across the West are cashing in on their homes to create instant wealth. With sale prices at record highs, people are making tens to hundreds of thousands of dollars by selling their homes. For many homeowners, this housing market presents an opportunity that is too good to pass up.

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