Real Estate Tech Trends

It might be hard to believe, but we are edging ever-closer to the new year and 2019 will be here before we know it. The start of a new year signals change and as we prepare what this one will bring, Seattle Times dove into the top four technological trends that are making—or are set to make—an impact on the real estate industry. From modular housing opportunities and automated parking systems to a whole new level of amenities, explore those five trends and the resounding impact they may have on the Emerald City’s future.

UW Growth Plan Will Advance with Stricter Transportation & Housing Requirements

The University of Washington proposed its latest growth plan to the Seattle City Council Committee earlier this week and it will now advance with stricter requirements to driving and housing, as it works to massively expand its Seattle campus and construct the highly anticipated Innovation District. As Seattle Times reports, the master plan “calls for the campus to swell by 6 million square feet of academic, athletic, research and office space over the next 10 years and beyond.”

Washington Falls Behind Nevada for Fastest Home Price Growth in the Nation

After 20 months of leading the nation in home price growth, Seattle Times reports that the Evergreen state now trails behind Nevada in year-over-year price gains, though—to the chagrin of buyers everywhere—it’s not “because homes here have suddenly become cheap.” As of June 2018, prices across the state as a whole grew 12.1% compared to this same time last year, down slightly from the 12.8 percent increases reported in May. Many of the region’s markets saw a deceleration of at least 1 percent from May to June, including Seattle, Bellingham, Mount Vernon/Anacortes and Bremerton/Silverdale, among others.

Is Transit-Oriented Development the Key to Solving Seattle’s Affordable Housing Crisis?

As a recent Seattle Times article proclaims, “Sound Transit rail stations could help solve our housing crisis,” as each new LINK light rail station will afford the opportunity “to create vibrant, walkable mixed-use communities with significant amounts of new housing and reduced dependence on automobiles.” The $60 billion investment in improving transit and building new infrastructure to support the expanding light rail system marks the largest transit investment in the history of our region, and as the Times points out, “by 2040 we will have light rail connecting Everett to Tacoma and Seattle to Redmond and Issaquah,” which will provide unprecedented and seamless connections around the Seattle metro region.

Seattle Undergoes Rare Inventory Increase with Relief Expected on the Horizon Amidst a Flurry of New Condominium Projects in the Pipeline

The Seattle area real estate market is in dire need of home inventory and some relief has come for buyers, as the Northwest Multiple Listing Service reported that real estate brokers added 14,524 new listings to the market in May, which was the first time this figure has topped 14,000 since May 2008.

How First-Time Homebuyers Are Navigating Competitive Markets

A recent feature published by New York Times outlined the challenges many first-time buyers are facing in real estate markets around the nation, as starter home supply dwindles and prices increase. In areas beyond the Puget Sound, homes are selling quickly, especially when they are smaller and lower-priced, and “seasonal demand is increasing as usual, but buyers are finding that there is a lack of new listings.”

THE Chang GROUP | team@changgroup.com | 425.678.228810237 main street | bellevue, WA 98004

THE Chang GROUP | team@changgroup.com | 425.678.2288
10237 main street | bellevue, WA 98004