Futurecast Forum Panel Discusses Seattle & Bellevue's Trajectory into 2020 and Beyond
On September 26th more than 400 registered guests joined industry thought leaders during the 2017 “State of the Market” Event held at the Westin Hotel in downtown Seattle. The first panel included Ada Healy of Vulcan Real Estate, Martin Selig of Martin Selig Real Estate and Tom Alberg of Madrona Venture Group and was moderated by John Hempelmann of Cairncross & Hempelmann. The second panel, The FutureCast Forum, moderated by Dean Jones, Principal of Realogics, Inc. and CEO of Realogics Sotheby’s International Realty, comprised of Jennifer Foschler of O’Connor Consulting Group; Brenda Gage of JayMarc Homes; Trevor Bennett of Caliber Home Loans; Christian Chan of Burrard Group and Brian Evans of Madrona Financial Advisors.
The FutureCast panel was a fantastic and well-thought-out group of individuals that covered relevant industries that will impact the future of real estate.
The market is constantly moving so it's important to step back from the day-to-day operations and analyze trends as best we can in order to predict the future.
There have been talks of a "bubble" and we are due for some relief in this hot market. However quarter after quarter, the data still supports continued job growth in the tech sector and an ever increasing population. Combine those elements with limited housing supply and there doesn't seem to be a slow down any time soon. At only 1.7 months of inventory, supply is still well below a healthy market which is typically 4-6 months. Additionally, with interest rates still below 4%, money is essentially on sale. Supply may catch up to demand by 2020 when new developments are completed which will help balance out the market, but industry experts don't foresee a "crash" or bubble per se, just a much needed flow of inventory.
With Seattle's limited land around the core, we inevitably will see growth in the outskirts as anticipated by the city with the Sound Transit light rail expansion by 2041. For investors or those who can't afford to live in the city, start looking at where those light rail stops will be - Bothell, Lynnwood, Shoreline, Everett or as far south as Tacoma. Much akin to the Bay Area's BART system, Seattle's light rail will play a crucial role in supplying more affordable homes and relief from the daily commute.