Investors - Now is the time!

There are many investors that swept the West a few years ago buying up properties to either fix and flip or rent and hold.  Today's prices make investing a bit tougher... but when rents are high and vacancies are low this is the time to have rental properties.

The Seattle area is experiencing these high rents and low vacancies - quality properties are being rented almost as fast as they become available.  Earlier this month I helped a relocating client find a condo to rent in Downtown Seattle.  The night before we went out I called the agents for all of the properties I had selected to show and half were already taken.

According to an article in the Seattle PI vacancies in King County are at about 4.1%.  This is only slightly higher than the same time last year.  Also noted in this article is that rent prices still have room to rise about 10-15% because rental increases have not kept up with income. 

If you are considering the rental market for your investments, I recommend purchasing in the Downtown and/or University districts - these areas will have the highest demand.  Let's not leave out the Waterfront area of Downtown Seattle.  Tourist season is about to ramp up and with cruise ship traffic between May and September seasonal (furnished) rentals could be in higher demand. 

I checked the MLS for all Seattle (residential) rentals available and currently there are 134 with an average days on market of 74.  In the last month (going back to 3/22/08) 59 properties have been rented with an average days on market of 46.

Due to market fluctuations, I don't recommend this strategy for short term investing, as it was back in 2004-2005-2006.  If you are willing to hold your rental for at least a few years, than this could be right up your alley.

New to Western Washington? Are you considering a move to the Emerald State? Just ask for my Welcome Home Washington booklet filled with helpful information about the area.

Thinking of buying or selling? I would appreciate the opportunity to meet with you! I offer full time real estate expertise and advice to buyers, sellers, corporate and military relocations, new home purchases and investors.

Buyers: My services to you are FREE; Sellers: I don't get paid unless your home sells. I look forward to hearing from you!

Tina Faust, GRI
RE/MAX Champions
Direct: 425-374-2728
Email: Tina@TinaFaust.com
Web: http://www.tinafaust.com/