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Old 02-15-2008, 10:54 AM
509 509 started this thread
 
1,017 posts, read 1,337,144 times
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Default 4th Quarter---Real Estate Price Change

Here is the link for 4th quarter real estate price changes from a year ago for Washington state. Looks like prices are generally much high for eastern Washington and lower for western Washington as a general rule.

14 eastern Washington counties up with 4 down. For western Washington 8 counties up with 8 down. Several counties were flat.

The Seattle Times reported this as real estate prices down in Washington State. Doesn't anyone look at the data anymore??


http://www.wcrer.wsu.edu/WSHM/2007Q4/Snapshot_07Q4.pdf (http://http//www.wcrer.wsu.edu/WSHM/2007Q4/Snapshot_07Q4.pdf - broken link)
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Old 02-15-2008, 02:32 PM
 
390 posts, read 978,173 times
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509, if we actually looked at the data, there wouldn't be anything to panic about, and if there weren't anything to panic about, media outlets would be out of business. For some reason our society actually seems to prefer bad news over good. Sounds odd, but doesn't take much research to prove it. Watch a 30min news program and tally stories that are good, bad, or neutral news. Pick up a newspaper and do the same.
There are definite changes in our real estate market, certainly lots of folks either made poor choices or were duped by unethical "professionals" into making poor choices and now risk losing their homes, credit, and perhaps some self respect, but how many thousands more people are still making great memories in their new homes and sitting on a sound investment as well?
Not newsworthy, I guess.
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Old 02-19-2008, 08:11 PM
 
16 posts, read 37,725 times
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The market is Seattle is Stable.....don't believe the hype look at the date for your self.....
The current market in the rest of the country is a mimic of the dot com bust....some people jumped in made big money and the word spread,then everyone else tried to cash in and saturated the market and brought is crashing down.....yet the internet remains with many companies making money and providing jobs to thousands,the same will be the end result of this real estate cycle....it will get back to normal where you work hard,save like crazy then buy a house.....I talked to a guy today that bought his home in 1969 for $9,000.00 and he said he and his wife worried for 4 years that they might not be able to continue making payments...today he sits in a 3/4 million home....39 years later it is worth a BIT more than he paid....
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Old 02-19-2008, 10:34 PM
 
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So, does this mean the Assessor Values will continue to increase, remain the same or decrease in WA State?
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Old 02-20-2008, 09:15 AM
 
390 posts, read 978,173 times
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Unfortunately I don't think the Assessor pays much attn to the real estate market when they determine values. I don't know this, but my feeling has been they simply raise the values based on how much money the state needs to collect.
In the 4 years I've been in real estate, I've never seen any consistent correlation between a home's actual and assessed values.
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Old 02-22-2008, 11:02 AM
509 509 started this thread
 
1,017 posts, read 1,337,144 times
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Quote:
Originally Posted by WaterFrontStories View Post
The market is Seattle is Stable.....don't believe the hype look at the date for your self.....
The current market in the rest of the country is a mimic of the dot com bust....some people jumped in made big money and the word spread,then everyone else tried to cash in and saturated the market and brought is crashing down.....yet the internet remains with many companies making money and providing jobs to thousands,the same will be the end result of this real estate cycle....it will get back to normal where you work hard,save like crazy then buy a house.....I talked to a guy today that bought his home in 1969 for $9,000.00 and he said he and his wife worried for 4 years that they might not be able to continue making payments...today he sits in a 3/4 million home....39 years later it is worth a BIT more than he paid....
Your buddy is luckier than I have been with real estate.

Timing is so important with real estate. Hell, I could not sell a house in Coeur d'Alene for two years and barely got out with no gain at all. In Colville, in 1981 we looked at a 4 bedroom, 3 bath house for 185,000. When we left town in 1985 our friend was being kicked out of that same house. The bank had finally sold it for 45,000. Fortunately, we were not able to sell our other houses so we never bought into that market.

Anyway, your buddy went through three Boeing busts, the transformation of Seattle from a hick town to a metropolitan area, and finally in the 1990's a very prosperous part of the nation with lots of new wealth being created.

With all that your buddies total return on investment....not including his costs of maintenance and improvements was 12%. And of course, now he faces the problem of what to do if cashes in his "investment". I guess he can always move to a cheaper part of the country.

Everybody should own at least the house they live in and maybe a quality vacation rental if they could afford it.

I still miss that billboard in Seattle from the early 1970's......Will the last person leaving Seattle please turn out the lights.
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Old 02-22-2008, 11:35 AM
509 509 started this thread
 
1,017 posts, read 1,337,144 times
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Further thoughts on real estate....

We bought a house in Wenatchee in 1985 for 75,000 and sold it for 125,000 net in 2000. Not counting costs and maintenance the total return was 3.46%. If you include property taxes, improvements we probably lost money on the investment.

Our annual return on real estate purchased in 1996 and 2000 is currently 13% and 6% and Wenatchee has had the fastest appreciating housing market in the country the past two years.

However, we paid off the mortgage in 1992. That generated lots of additional cash flow that went into quality of life improvements, travel, my wife working part-time, etc. and eventually allowed us to purchase a second home since our primary home had no payments.

People should never underestimate the purchase of a primary residence and paying off the mortgage early. It gives you all sorts of options with the ability to sleep at night when your debt free.
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Old 02-22-2008, 06:32 PM
 
Location: Seattle
21 posts, read 40,425 times
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Default Don't listen to Real Estate agents

They don't get paid unless YOU buy. I like how they blame the media. They sure did not complain when the media pumped up the market the last few years but when it reports news that is not in THEIR best interests they point fingers. The whole real estate mess was started by one thing....GREED! The NAR and Real Estate Agents in general are masters of propaganda. Is there ever a bad time to buy? They always spout the same BS. "It's a great time to buy". Why rush into things? Wait it out and see what happens. Prices will continue to fall and you will be that better off because of it.
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Old 02-22-2008, 08:40 PM
 
390 posts, read 978,173 times
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Iceberg, I'd like to address your question of "Why buy now" using 4 examples: my own personal purchase and the last 3 buyers whom I've represented.
I bought my first house years ago for 3 reasons. 1: I hated running through Pt Defiance and seeing other folks with their dogs when I couldn't have one. I wanted a place of my own with a fenced yard so I could get a dog again. 2. I lived in a decent 4-plex in a nice spot in UP, but the other 3 residents smoked and it made my apartment smell like smoke. 3. I felt ready to own a home...it was somewhat symbollic for me.
My most recent clients were a doctor and his wife and kids from out of state. They just moved out here, had no desire to rent and move twice, so they bought immediately.
The clients prior to that were a young couple that just had their 1st child. The home they owned was smaller than what they wanted, so they sold it and bought a home with 900 more square feet, another bathroom, and an extra office
The clients before that were building an investment portfolio as their children's education funds. They sold a rental home and bought a multi-family property that is getting them over $600 per month in positive cash flow and will be a gold mine by the time their 3 year old is in college.
All good reasons to buy now and not wait.
If you're not ready to buy, or are willing to wait it out, great. I'm probably one of the few agents who doesn't believe '08 will be a great year in real estate. Doesn't matter unless you plan on owning your home less than 2 years. You can try and time the market if that makes you feel better, or you can buy now, hang on to the property for 5 years or more, and make some money.
Some people actually want a home, not just an investment, too!
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Old 02-22-2008, 09:39 PM
 
236 posts, read 271,687 times
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Quote:
Originally Posted by mthomson View Post
Iceberg, I'd like to address your question of "Why buy now" using 4 examples: my own personal purchase and the last 3 buyers whom I've represented.
I bought my first house years ago for 3 reasons. 1: I hated running through Pt Defiance and seeing other folks with their dogs when I couldn't have one. I wanted a place of my own with a fenced yard so I could get a dog again. 2. I lived in a decent 4-plex in a nice spot in UP, but the other 3 residents smoked and it made my apartment smell like smoke. 3. I felt ready to own a home...it was somewhat symbollic for me.
My most recent clients were a doctor and his wife and kids from out of state. They just moved out here, had no desire to rent and move twice, so they bought immediately.
The clients prior to that were a young couple that just had their 1st child. The home they owned was smaller than what they wanted, so they sold it and bought a home with 900 more square feet, another bathroom, and an extra office
The clients before that were building an investment portfolio as their children's education funds. They sold a rental home and bought a multi-family property that is getting them over $600 per month in positive cash flow and will be a gold mine by the time their 3 year old is in college.
All good reasons to buy now and not wait.
If you're not ready to buy, or are willing to wait it out, great. I'm probably one of the few agents who doesn't believe '08 will be a great year in real estate. Doesn't matter unless you plan on owning your home less than 2 years. You can try and time the market if that makes you feel better, or you can buy now, hang on to the property for 5 years or more, and make some money.
Some people actually want a home, not just an investment, too!
mthomson,

still trying to turn around the real estate market one blogger at a time. Did you see the rates in rent rising now that the demand is rising? You should answer this question for me. How much principle do you pay off if you finance 300k at 5.8% for 30 years at the end of month 12? and Next if the price of a house goes down 10k in 2 months are you better off than buying a house today since now is a good idea rather than waiting until its noticable that construction for residential properties has started again and house price are starting to level off and not decline. That if we agree that most important education is understanding the numbers game and especially in investments and big ticket purchases. And just because its not reported doesnt mean its not happening. Like the recession-like numbers we are seeing but technically cant be until 2 quarters of negative growth

Last edited by irrational exuberance; 02-22-2008 at 09:42 PM.. Reason: left out some info
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