According to the real estate brokerage Redfin, Seattle’s housing market is dropping faster than the rest of the nation. Comparatively, home sales in Seattle fell 34% in August. In addition, according to Redfin’s analysis, the average home sold for 2% less in August than in July.
The rapid cooling of Seattle’s real estate market can be attributed to rising mortgage rates and inflation. San Jose, Denver, Oakland, and San Diego are the West Coast cities cooling the fastest.
It might be a good time to consider turning your investment property into a rental. The ownership of an investment property can be a great source of passive income, but it can also come with its share of responsibilities. Understand your local and state landlord-tenant laws and the Fair Housing Act. Any new landlord faces many challenges, but moving can make it increasingly challenging.
Sound Point Property Management can help! Contact us today and keep investment growing while we ride out the storm that is currently happening with our local real estate market. We’d love to hear from you.
REDFIN REPORT:
https://investors.redfin.com/news-events/press-releases/detail/796/redfin-reports-seattles-housing-market-is-cooling-faster
