How Brexit May Loosen Seattle’s Competitive Real Estate Market

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Although unlikely, it’s possible some haven’t yet heard of England’s recent decision last Thursday to leave the European Union after a quarter century. Legally, this move will not take affect for years to come but the uncertainty of future market outlooks has people stirring immediately. 

Uncertainty in the global market place naturally affects people’s interest in investing in the stock market and similarly in real estate. With that said, interest rates will remain low which will comfort those looking to buy a home. This is no different than what we’ve seen for the last year, in fact, it’s part of the reason Seattle’s real estate market is so competitive. However, the difference may come in the average individual’s comfort level of placing offers well above and beyond the asking price. It may also affect the number of individuals placing offers on homes. Fewer buyers placing offers lower than previously seen in Seattle could very well reduce competition in the home buying market. 

Now, the contrast to this still rests on Seattle being one of the fastest growing cities in America. With corporate tenants such as Boeing (entering their 100th year anniversary), Starbucks, Amazon, Expedia, Microsoft, Costco, to name a few, along with a raging startup scene, one thing is for sure, Seattle has it’s fair share of buyers and likely will for a while. For now though, maybe just maybe, England’s decision to leave the European Union could provide some relief for Seattle home buyers.

More on Brexit's affect for USA housing market.