We all know that housing prices in Seattle have gone up a dramatic amount in the last several years.
Home buyers are happy once they close a deal, but rising prices can cause a lot of stress along the way.
And renters see no relief in sight thanks to landlords raising prices with each lease renewal.
For some, it’s unbearable.
A larger chunk of my clients are now looking at fixers. Common sense tells us that fixers will be more affordable, but what I want to find out is how their prices compare to homes at various levels of (dis)repair.
The chart shows us median prices of houses in Seattle over the past several years. All types of homes went up in price, but the largest appreciation has been for homes in good condition or better. A few caveats about the data. This was sourced from NWMLS listings and the categories are an optional, subjective interpretation of the listing agent, so the categories, especially the one labeled “Fair” have some variation within them.
Northwest Seattle–Ballard, Fremont, Wallingford, Crown Hill, Greenlake, Greenwood, and so on–continues to be my number one most requested set of neighborhoods so I wanted to take a special look at that area to see how it compares to Seattle as a whole.
This tells a very clear story. Fixed up homes command a significant price premium over homes in average or worse condition and the gap is widening.
So, yes deals are still available if you’re willing to buy a home with some flaws.