The coming year is looking bright for Seattle and its real estate market. Urban Land Institute conducted its Emerging Trends in Real Estate Survey and Metro Seattle ranked fourth in the hottest markets to watch in 2016 nationally - from skyscrapers to single family houses - despite the increasing interest rates, Seattle Times reports.
Emerging Trends has always been a reliable barometer for Seattle real estate prospects, and this year, it jumped 4 ranks from being just 8th in the previous year.
"The Seattle market has become so popular with domestic and global investors that in interviews it is not unusual for it to be added to the list of top six markets," the report states. This market success is being attributed to a diverse industry that grows simultaneously in the so-called TAMI or technology, advertising, media, and information sectors.
"One interviewee noted that Seattle is one of those markets where the growth has been strong enough, long enough, that the only potential risk is being able to sustain its current pace," according to the report.
Except for hotels, which come off "good" but not as strong as the other sectors, there is a promising outlook for the various real estate sectors in Seattle. It is becoming an increasingly suitable option for single-family construction due to population growth and supply constraints.
Millenials are also considered major players as they find Seattle's vibrant live-work-play and the "18-hour city" atmosphere attractive. The market is benefiting from this a lot as it attracts more people and investments leading to a better economy, as compared to other places falling short in an energetic center.
At a national level, real estate in Seattle is expected to continue growing, despite the increasing interest rates. Foreign investment also remains strong. The Emerging Trends report's top three are Dallas-Fort, Austin, and Charlotte.
