Rainier Valley Rambler

Many buyers choose to live in one-story ramblers for mobility issues. They make great starter homes, as the resale value is usually solid; and they are great for older buyers looking to downsize.

Three-bedrooms and two-bath houses are typically the ones in greatest demand in any neighborhood. Let's take a look at three-bedroom, two-bath ramblers in the 98118 zip code of Rainier Valley.

Currently, there are six ramblers on the market right now in the 98118 area. Three of these are definitely fixers, and a fourth one is being sold as a tear-down for development on an L3-zoned lot. The three that are fixers are listed for an average price of $234,000.

The two other ramblers on this market right now are priced at $330,000 and $389,000.

Ten ramblers in 98118 have actually sold in the last six months, ranging in price from $225,000 to $560,000. The most expensive rambler and two others had extensive lake and city views, so we will drop those from our analysis here. The remaining seven ramblers sold for a median price of $350,000 ($188.17/sf) in 101 days on market.

The three ramblers with views sold for a median price of $408,000 in 47 days.

Two of the sold ramblers were built in 2013, and sold for $350,000 each. All of the other sales were for older ramblers, but all of them were in relatively good, move-in ready condition.

So expect to pay in the low $200,000s for a 3BR/2BA rambler in Rainier Valley, and around $350,000 for a rambler in move-in ready condition. Ramblers with views will sell for over $400,000.

For a complete list of 3BR/2BA ramblers for sale in Rainier Valley, or to find out what your 98118 house is worth, please message me privately at HomeLandInvestment@gmail.com.

Happy Investing!

Haves and Have Nots in Seattle

98118 is one of the hottest zip codes in Seattle right now. In the last six months, there were 253 residential sales, with an average sales price of $349,950. A year ago, the median home price was $345,000.

Compare this to the trendy Ballard neighborhood, where 314 homes sold in the 98117 zip in the past six months at a median price of $549,450. A year ago, the median home price was $477,500.

There is more than twice the active listing inventory in 98118 (59) than in 98117 (25).

Nothing demonstrates the rising inequality gap between the haves and have nots in the City of Seattle than these two comparisons. While Seattle is becoming increasingly more white, increasingly more affluent, those who can no longer afford the pricey north end neighborhoods are moving to the south. Increasingly, 98118 is seeing that influx of investors and new homebuyers looking for affordability, with proximity to jobs in Seattle city center.

Yet the bulk of the wealth and appreciation are taking place in the north end of the City, where home prices are back to or even above their pre-bubble prices.

For investors, and others looking for working-class neighborhoods in which to invest at more affordable prices, the south end offers some growth opportunities. In the north end, expect the bidding wars to continue, as inventory remains very tight.

Happy Investing!