Downward Trend in Issaquah Home Prices? (Seattle, Bellevue: real estate market, apartment, rental)

[purplepuppy]

I am about to move with my family to the Seattle area, and Issaquah is in my sights for its attractive schools and relatively 'close' distance to downtown.

My concern is buying a home where in an area where the last 2-3 years has seen 40% appreciation take place.

Are any of you seeing this trend in home values reversing? Am I better off renting for 6 months, while this possible downward cycle escalates?

Curious what those who are more familiar with the area think....

Thanks..

[Skytripper]

If possible, I would seriously consider renting for a while since, IMHO......I believe the fallout in the real estate market is not even close to over in western WA......and might not be for quite a while.
IF the depreciation in property does settle...OR....start appreciating again....it likely won't happen until at LEAST next spring/summer......and THAT is optimistic!
Nope......I firmly believe the overall housing market will continue to see home prices coming down further in MOST areas.....except for "certain" properties which may "weather the storm" so-to speak.....a bit better.
DEFINITELY a buyers market....til further notice.
Find the REALLY DESPERATE sellers........there are probably more of them every day!

[melpotensky]

The Issaquah/Bellevue market is just now really slowing, I wouldn't say dropping but cooling. There are some good buys now but this market has gone up every year for more than a decade. I just sold my house , in August, on Cougar Mountain, the second day I put it on the market because it was a good price and in a good school district and desirable neighborhood. We had a cabin in Leavenworth that also sold immediately as it was priced right. Lots of people in the area are used to trading up and lots of people are still moving to the area but not in the droves that had been. Issaquah is a wonderful area. The Plateau can be a real bear traffic wise so drive an area at rush hour before you find a place to buy or rent. There are some nice rental condo's in Lakemont and Montreaux. I miss the area, we were there a decade and saw our home more than double in value.

[jojo7]

I agree with skytripper as well. Try to hold out and wait. It just recently started to calm down and is going to continue to slow down over the next 12 months (so the experts predict). My mom was purchasing a condo and she put a deposit on an apartment conversion in Issaquah and she change her mind and they were basically begging her to reconsider because the condos were not selling. This was in October of last year. Apparently the east side's real estate never goes down, it usually is on a consistent incline (per my mom's realtor). I guess even experts can be wrong and no one knows for sure what is going to happen. With a new president on the horizon and uncertainty in the economy, I would gamble and wait. It might be a decent savings for you since it is an expensive area overall. Good luck! I love Issaquah. Great town and great schools and friendly people.