According to a recent report by Redfin, two neighborhoods in the Seattle metro area are the most competitive in the nation right now, from a home-buying perspective. Woodridge and Brickyard Road-Queensgate also made the top ten.
Factoria and University District Neighborhoods Ranked as Most Competitive in U.S.
Two popular neighborhoods in the Seattle metro area were recently ranked as the two most competitive neighborhoods in the country for home buyers. According to a December report from the real estate company Redfin, the neighborhoods of Factoria (in Bellevue) and the University District (in Seattle) are very competitive right now.
Factoria is is a mixed-use urban neighborhood in south Bellevue, Washington. In 2016, a typical home in this neighborhood went under contract in only seven days and sold for 5% more than the asking price. Redfin also reported a 26% increase in home prices in Factoria, during 2016.
Redfin analyzed real estate trends in a number of metro areas across the country, and then ranked the 30 “most competitive” neighborhoods for home buyers during 2016.
Competition was measured based on a number of factors, including the median number of days on market (before going under contract) and the average sale-to-list price ratio. These are common metrics used to determine how active a real estate market is. The company also looked at price growth and the percentage of homes that sold above the original asking price, another indicator of demand.
According to the report, the 30 most competitive neighborhoods in the nation were clustered around only six metropolitan areas. Neighborhoods in the Seattle metro area took four of the top 10 spots. Expanding the list further, “Seattle was home to 10 of the country’s 30 most competitive neighborhoods.”
Survival Guide for Seattle Home Buyers
This report just reinforces what most residents in the Seattle area already know. The local real estate market is red-hot right now, with a lot of competition among home buyers.
So what’s a buyer to do? How do you navigate this kind of market to find, evaluate and purchase a home? Sammamish Mortgage has you covered.
- For starters, check out our survival guide for first-time buyers.
- You’ll also want to download our free 66-page e-book written specifically for Seattle home buyers.
In a hot real estate market, it’s also important to have your financing lined up before shopping for a house. This will make you more competitive and increase your chances for success. If you’re planning to use a mortgage loan to buy a home in Seattle, you should seriously consider getting pre-approved before house hunting. Learn more here, or contact us to begin the process!