While the real estate market in 2024 has been unpredictable, an expert believes Washington shows promising potential for real estate investment.
Speaking to Yahoo Finance, Mike Qiu, owner of Good as Sold Homebuyers, said the multiple investment opportunities in Washington make the state a good place to invest or purchase property.
"With its dynamic tech industry and thriving economy, Washington State has become a magnet for real estate investment," Qiu said.
"The Seattle metropolitan area, in particular, has witnessed significant growth and offers a wide range of investment opportunities, including residential and commercial properties. The presence of major tech companies further contributes to the region's real estate appeal," he added.
Other Predictions on Washington's Real Estate Market
DMV housing experts predict the housing market in Washington to be less stagnant, but added that it will unlikely be wildly different than the situation in 2023. The lack of inventory will continue to be an issue, which may continue to affect housing affordability. This will especially be the case among first-time homebuyers, per Axios.
In addition, DMV housing experts predict home prices to increase even if mortgage rates fall as long as the inventory remains low and the demand surges.
On the other hand, Redfin experts believe home sellers who refused to list their properties last year will come back. Meredith Whitney, who correctly predicted the 2008 financial crisis, also said the inventory will likely increase in the coming years due to the "silver tsunami." This points to baby boomers downsizing, which could result in over 30 million units being brought into the market.
"You'll see a supply-demand dynamic shift," Whitney, who is also the founder and CEO of Whitney Advisory Group, said during a Yahoo Finance's Invest Conference. "Americans are sitting on a tremendous amount of equity in their homes. It's a question of when they tap into it."
In November 2023, there were only 20,114 homes listed for sale in Washington. The numbers were down 13.6% from the same month in 2022. The number of newly listed homes also fell by 1.8% to 5,174 in November 2023. That brought the average months of housing supply to two months.
READ NEXT: Maryland Real Estate: Why Home Sales May Be Slow in 2024
