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Old 01-15-2008, 11:07 PM
 
185 posts, read 511,815 times
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Default Is the greater Seattle housing market cooling off?

I thought I heard recently that the area was one of the few where homes continued to appreciate. How is the housing market in the greater seattle area right now? And what is the outlook for the future?
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Old 01-16-2008, 08:11 AM
 
390 posts, read 996,887 times
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Gig Harbor, which is about 45 min. south of Seattle, saw a 4% appreciation in '07, which is far less than the previous two years, but still decent. The areas of Tacoma that I work saw about a 2% appreciation.
New construction is having a difficult time selling, and the days on market have increased pretty significantly, but prices aren't being hurt much. I think the reason there are so many "Price Reduced" homes, thus people saying prices are falling, is that people price their homes expecting the 20+% appreciation we've had the past 2 years. They're not basing their home's price on what has sold, but rather 20% higher than what's sold, and that just doesn't work today.
'08 predictions are all across the board. I have nothing to say it'll drop, and nothing to say it'll spike up. I'd guess '08 will look very similar to '07.
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Old 02-01-2008, 09:06 AM
 
3 posts, read 6,320 times
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Default Seattle area housing market...

Yes, things have cooled off somewhat over the past several months with the mortgage industry having experienced what it did. The months of November and December are typically cooler due to the holidays anyway. Many people have been hesitant to purchase or 'sitting on the fence' I believe because of all the "doom and gloom" the media has portrayed (they have too much influence in my opinion and aren't doing anybody - Sellers, Buyers and Realtors - any favors). I work East King Co and most of Snohomish Co. and with Boeing and Microsoft continuing to flourish, we should continue to have a strong local economy. In addition, our quality of life here is what draws so many with many people leaving other states to relocate here. It is no longer a sellers market for sure and those who need to sell - if their home is priced right (for most areas, at most 5% less than the first half of 2007) and the market isn't flooded w/ competition, the home does sell. As the Pierce Co. agent stated, new construction has slowed. Interest rates have gone down significantly so it is a good time to buy. Real estate is a great investment and first time buyers in particular should really be making a move if they are in a position to do so rather than trying to "time things just right" so as to not find themselves priced out of the market. I have a couple different sets of first time home buyers I'm working with currently and it's always great enlightening them about home ownership as a great investment versus throwing away several thousands of dollars a year on someone else's mortgage, as well as the advantages in relation to taxes. It's an election year and will be interesting to see how things change w/ a new administration.
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Old 02-01-2008, 06:07 PM
 
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Yes, it's cooled down and still cooling. The year over year median price numbers don't look so bad, but that's only because the first half of the year was good. Since about August prices have been dropping and, as of yet, show no signs of reversing direction. Inventory is way up, and not just because it's the winter, it's way up compared to winter's past and similarly sales are down. I recently moved back here, but am going to continue renting until the market stabilizes. Don't let anyone scare you into acting quickly, this isn't the stock market, prices don't change direction quickly. You won't be priced out forever if you wait. Google "Seattle Bubble" for a lot more discussion about the topic.
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Old 02-01-2008, 10:53 PM
 
209 posts, read 543,400 times
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Quote:
Originally Posted by fastsix View Post
Yes, it's cooled down and still cooling. The year over year median price numbers don't look so bad, but that's only because the first half of the year was good. Since about August prices have been dropping and, as of yet, show no signs of reversing direction. Inventory is way up, and not just because it's the winter, it's way up compared to winter's past and similarly sales are down. I recently moved back here, but am going to continue renting until the market stabilizes. Don't let anyone scare you into acting quickly, this isn't the stock market, prices don't change direction quickly. You won't be priced out forever if you wait. Google "Seattle Bubble" for a lot more discussion about the topic.
Move now and buy while interest rates are at all time lows or you will be shut out forever. I could not affiord to buy the home I bought in the mid 90's again today. Houses are still selling and the ask reductions will not continue indefinately. I have seen homes for sale come off the market. Would you sell your 30K car for 20K?, no.
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Old 02-02-2008, 01:19 AM
 
Location: Virginia
9,852 posts, read 7,728,361 times
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King county has 50 percent more homes today than this day last year. There are not 50 percent more buyers. Which means..if someone is trying to sell, they will have to sell it for less, not more.... Which means..housing will become cheaper. Which means..if you buy now....6months later...your house is worth less than you paid for it ...not more....by buying today...you buy a depreciating asset. Crappy area Seattle home prices are out of line with crappy salaries.Normal area Seattle home prices are out of line with normal salaries. Great area Seattle home prices are out of line with great salaries. Too much supply and too little demand = prices fall. So...yeah.. it's cooling..and it's gonna drop until about 2011.There ya go. People may argue that it is gonna keep going up. Sorry. The bubble is deflating. Real estate is local. The credit crisis is national. Anybody that tells you it is a great time to buy now...is trying to save their job. Now, I'm all about saving jobs..But...the market can't support it. We're going to lose about 1 trillion dollars by the time this bubble has popped.Seattle ain't immune. I know. I live in King county. People want to sell. They just can't. They're aren't enough people willing to overpay for a home.
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Old 02-18-2010, 10:11 PM
 
Location: Near Federal Way WA
15 posts, read 16,954 times
Reputation: 12
In my opinion...

People who buy property now, except their interest rate, will get slaughtered...

The worst is yet to come in price reductions!
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Old 02-18-2010, 11:49 PM
 
197 posts, read 342,693 times
Reputation: 114
Well, I'm not expert, but I'm still seeing houses sell. And when I look at Seattle real estate web pages, I still see houses that are priced sky high - at least for ones in "good" neighborhoods that are in good condition. The houses that don't sell are not really coming down in price, and are usually not selling because either they are (frankly) ugly or next to something ugly.
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Old 02-19-2010, 08:08 AM
 
Location: between the swamp and the ocean
193 posts, read 161,406 times
Reputation: 137
Quote:
Originally Posted by Carl Berard View Post
In my opinion...

People who buy property now, except their interest rate, will get slaughtered...

The worst is yet to come in price reductions!
Really? How much of an drop is expected? Is it your opin. that Seattle is lagging the rest of the country in the real estate crash - which is what I have gleaned elsewhere.

In the process of short selling/dumping a house in FL (which dropped 50 percent) and hoping to move out that way.
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Old 02-19-2010, 10:06 AM
 
205 posts, read 296,792 times
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It's interesting because homes in my neighborhood vary from 799k or so b/c of views down to 389-425k range. The homes in the high three to mid four k range are selling. The homes in the 799 range are not. In fact one is down to 549k. It seems anyone in the high end market can get a deal.
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