The housing market in Seattle, Washington is considered to be one of the hottest markets across the country.
While the region remains to be in demand, Chinese buyers are starting to douse the market with cold water as these investors weaken their intensity and focus on the area.
It is no secret that Chinese families and investors who wish to send their kids to American schools have boosted the Seattle housing market. This is mainly the reason why the region has a very strong Asian culture.
With the fall of the Chinese Yuan against the country’s dollar, Chinese buyers are starting to feel the difference in their purchasing power as housing cost become more expensive.
The metropolitan area of Seattle continues to see an increase in home prices. In fact, between August 2016 and now, the surge in price is estimated to be around 45%. However, factoring in currency adjustments, Chinese buyers are going to see the figure rise up to 54%.
In addition to the declining value of Chinese currency, real estate brokers are also seeing increasing restrictions in getting money out as a primary factor in the decrease of Chinese buyers. The trade war between the two countries is causing a strain on the finances of some Chinese investors.