Is Amazon responsible for Seattle’s housing cooldown?
It is believed that increased hiring among tech giants around the Seattle area in the recent years has been the primary cause of the real estate market skyrocketing around the area. With more people moving into Seattle, the demand for housing has increased, which has in turn affected home prices.
Having said that, it has been reported that Amazon has slowed down its hiring in the recent months and at the same time, the real estate market is beginning to show signs of a cooldown and the question now is, ‘Is Amazon responsible for Seattle’s housing cooldown’?
According to an article from geekwire.com, real estate experts do not believe there is a connection between Amazon’s hiring slowdown and the housing market. They suggest that the real reason for the slowdown is because there are more homes for sale across the area for the first time in years. This means more choices for buyers and fewer bidding wars, suggesting that the market is starting to rebalance.
Even though hiring at Amazon has slowed down, other tech companies are ready to fill any potential void. According to Matthew Gardner, Chief Economist for Windermere Real Estate, “Other companies continue to grow and that will pick up any slack, or any perceived slack, given the slowdown in employment at Amazon.”
According to NWMLS, home prices have decreased from an average of $726,275 to $669,000 over the course of 2018, although prices are still up by 2.9% over the previous year. If you want to take advantage of this market and are looking to buy a home, check out our current listings below for more details.
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