Over the last two years, Seattle has seen a large increase in both Chinese investors and families, directly impacting Seattle’s housing demand. Between August 2016 and now, home prices in Seattle have increased by 45 percent and up to 54 percent for Chinese buyers.
Since 2016, Seattle’s opportunity and growth has increased tremendously becoming more attractive to buyers from all over. However, with today’s prices and rising costs, we are starting to see a decline in the number of Chinese buyers throughout the Seattle metropolitan area. In addition to cost of living, “the Chinese yuan’s recent fall in value against the U.S. dollar has made housing more expense for Chinese buyers” CNBC states. These are just two of many factors that have contributed to the slowing down of Chinese buyers.
Currently, we are seeing a slight cool down in Seattle’s housing market. More inventory is on the market and buyers have less competition. Despite the increase in homes for sale, inventory is still low and prices are higher than ever. As a result, buyers are more hesitant and not jumping the gun like they were before.
To read the full article from CNBC, click here.