The market is only getting hotter!

According to Seattle Times on May 22, 2014:

From July 1, 2012 to July 1, 2013, Seattle grew by 2.8 percent — the highest rate among the 50 most-populous U.S. cities. Seattle added nearly 18,000 residents in the one-year period, bringing its population to about 652,000.

Census: Seattle is the fastest-growing big city in the U.S.

This data show 46 out of the 50 major cities grow last year – this is no accident. When economy recovers, large companies provide more job opportunities and naturally these jobs are in larger cities.

Followed by Seattle, Sammamishhas 2.2% population increase, and Auburn 2%, Richland 1.7% (where is Richland??) and Redmond(1.7%).

Currently there are 3.61 million residents in the Seattle-Tacoma-Bellevue metropolitan area. Among this figure, 57,000 are new residents who just moved to the area.

What does this mean to real estate market in Seattle? Like my mentor, Shiao-Yen Wu, said to me before, “everyone needs a roof on top of their head.” Whoever is thinking about purchasing a home in Seattle feels it, homes are closing fast and more and more expensive. Classical supply-demand effect.

I would say, for young investors who just started, get a little further away from the city to avoid bidding war. I am looking to buy my first investment property in suburb area 10-15 miles away from Seattle 🙂

 

via Census: Seattle is the fastest-growing big city in the U.S..

Caution: High List Price Ahead

Very through – good article for buyer who’s looking for a house to call home

Todd Crooks Homes Blog

Sold Rider Pic

The Sellers Market                

Currently in the Seattle area we’re in the midst of a bonafide “seller’s market”. A seller’s market is typically defined as a shortage of available homes to buy, compared to the available buyers in the market. It typically shows levels below an inventory of six months worth of available listings. In other words, Most listings are moving in less that six months, start to finish. Last year, the number went as low as 2% in March and didn’t get that much better for buyers in December when it raced all the way up to a meek 3.7%. In March, a Zillow.com study put Seattle as the #5 ranked seller’s market in the US. That can be rough for a buyer competing for a home against other offers.

That said, just because a price is set on a listing doesn’t mean it’s a price worth agreeing to. There are a couple…

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Seattle Apartment Rental vacancy drop – rental price for 1BR $1,800+!

Dupre Scott Apartment Advisors – Rental market & development trends.

I am learning many things from this post – which has been quoted by the Puget Sound Business Journal this morning.

1. Rents up!

Overall, including the addition of new construction over the past year, rents climbed the most in the in-city Seattle market, up 8.3% since September 2012. Excluding the new units added last year and so far this year, rents rose 5.1%. 

The average in-city rent is $1,459, but that includes all unit types. The average one bedroom apartment is $1,417 and two bedroom two bath apartments average $2,210. Both of these averages are pumped up some by addition of new units. Rents in in-city properties built in the past half dozen years average $1,802 and $2,676 for one bedroom and two bedroom two bath apartments respectively.

I just rent out a 5BR split level earlier this year for $2,500. The property is in Maple Leaf, with great entertainment back porch and spacious bedrooms. Now I just feel I rented it out for too low..

As I mentioned before, I share my house with housemates. This is called a rooming house. I rent out the masters bedroom for $1,225, downstairs sunny basement room for $900, and a small bedroom for $550. Now I feel I am getting too little for them too.. Am I to greedy?

2. When to renew?

Sept is great time to list your rental!

 No matter how the market goes, you find Sept always a great time to list your property. You get the most rent and fastest contracts.

I found this report applicable for single family residence as well. The data may not reflect everything, but the trend in renter activities should be very close.

How Immigrants Boots U.S. Housing Market

Immigrants Boost U.S. Economic Vitality through the Housing Market | AS/COA

Everyone knows the legendary housing price in Vancouver BC is majorly an result of wealthy immigrants buying homes – booting demand. This is also true in the U.S.. However, just how much demand had correlate to the number of new immigrants in an area? This article finds out for you.  Interestingly, you can see the numbers yourself via an interactive map.

Put your own zip code and find out!

5 Networking Mistakes Almost Everybody Makes

Have you made these mistakes before? Of course! I probably learned each and every one of them in the hard way! Read on and do not trip over where I did!

5 Networking Mistakes Almost Everybody Makes

By: Jeff Haden.   Jeff Haden worked in manufacturing for twenty years and is a bestselling ghostwriter and featured columnist for Inc.com.

Everyone tries to network. Few people do it well. Most make the same basic mistakes.

Here’s what not to do when you want to expand and leverage your network:

1. Try to receive before you give.

The goal of networking is to connect with people who can help you make a sale, get a referral, establish a contact, etc. When we network, we want something.

But at first, never ask for what you want. (In fact you may never ask for what you want.) Forget about what you can get and focus on what you can provide. Giving is the only way to establish a real connection and relationship.

Focus solely on what you can get out of the connection and you will never make meaningful, mutually beneficial connections.

When you network, it’s all about them, not you.

2. Assume others should care about your needs.

Maybe you’re desperate. Maybe partnering with a major player in your industry could instantly transform red ink into black. No one cares. No one should care. Those are your problems and your needs.

Never expect others to respond to your needs. People may sympathize but helping you is not their responsibility. The only way to make connections is to care about the needs of others first. Ask how they’re doing. Ask what could help them.

Care about others first; then, and only then, will they truly care back.

3. Take the shotgun approach.

Some people network with anyone, tossing out business cards like confetti and sending connection requests like spam.

Networking isn’t a numbers game. Find someone you can help, determine whether they might (someday) be able to help you, and then approach them on their terms. Carefully select the people you want to network with.

And keep your list relatively small, because there is no way to build meaningful connections with dozens or hundreds of people.

Networking is like marketing: Targeting is everything.

4. Assume tools create connections.

Twitter followers, Facebook friends and LinkedIn connections are great—if you actually do something with those connections.

In all likelihood your Twitter followers aren’t reading your tweets. Your Facebook friends rarely visit your page. Your LinkedIn connections aren’t checking your updates.

Tools provide a convenient way to establish connections, but to maintain those connections you still have to put in the work. Any tool that is easy or automated won’t establish the connections you really need.

Use a tool to help make an initial connection, but then go old school to make a real connection.

5. Reach too high.

If your company provides financial services, establishing a connection with Warren Buffett would be awesome. Or say you need startup capital; hooking up with Mark Cuban would be awesome.

Awesome… and almost impossible.

The best connections are mutually beneficial. What can you offer Buffett or Cuban? Not much. You may desperately want to connect with the top people in your industry, but the right to connect is not based on want or need.

You must earn the right to connect. Find people who can benefit from your knowledge and insight or your connections.

The “status” level of your connections is irrelevant. All that matters is whether you can help each other reach your goals.