The housing market in Kent is on the rise. Currently, it’s a seller’s market. If you’re considering selling a home, now is the time. It also means that buyers will have more homes to select. If you wish to rent an apartment or house, prices have increased slightly since last year, and spaces are filling up fast. No matter if you’re looking to purchase a home or rent, it’s a competitive market, so you’ll need to decide quickly, or you’ll lose out.
Individual Home Sales
The housing market in Kent has been moving at a fast pace for the past three months, with most homes receiving a pending offer within 16 days of being listed. Some individual home sellers are seeing multiple offers made on the property they are selling. If you’re looking to purchase a previously owned home, and you find something that you like, don’t wait too long to put in an offer. There are many properties to look at, but they are selling fast. Expect competition and even a bidding war on a hot property.
Many newly listed homes are receiving two or more offers. Modern homes are selling at about one percent above the listing price and usually have a sale pending within five days. The city population is around 126,561 people, with most residents owning their own home. It’s a popular place for families and young professionals, and as a bonus, most of the public schools get rated above average.
Apartment and Home Rental
Rental property prices in Kent have increased by around four percent since last year. The average rental cost for an apartment is about $1,514 a month, with the average apartment size being 855 square feet. Currently, about 31 percent of all residents who live here reside in apartment rentals.
While the cost of apartments has gone up, it’s still an affordable option. The benefits of apartment life include not needing to pay for property upkeep and repairs, and most complexes have security on the premises. Many facilities offer additional amenities for their residents, such as a pool, a laundry room, and an exercise area. These added features are enticing and lessen the impact of a rent increase.
New Home Sales
Perhaps you’re in the market for a home and would prefer to purchase a brand new one. There are many home builders to choose from in Kent. It’s always fun to pick out the finishing products in a new home, including paint colors, flooring materials, appliances, and lighting fixtures. There are many new home communities in the area that are affordable and available for quick move-in. Of course, you can always have a custom house made for you. This option allows you to select everything—from the lot where it’s built to the design plan and inside amenities.
Whether you want to buy new construction, an existing home, or prefer a rental, you’ll find plenty of great options right here in Kent. It would help if you prepared yourself for a bidding war, as many other house hunters are also eager to move into the area. However, with great weather, excellent schools, and plenty of things to do in the area, you’ll know you made the right choice.
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