Is the housing market slowing down

[Hemlock140]

Originally Posted by flyingsaucermom

Oh yes. I know which development you are referring to. Wasn't the land previously a horse club or something?

I thought it was just a big estate, with horses and a lake. The big house and lake are still there.

[CityWok]

Interesting watch:

[Sockeye66]

Originally Posted by Sockeye66

My house goes on the market Oct. 3rd, I'll let you know how it goes.

Went on the market and still there despite dropping price $50/k after the 1st week and another $50/k two weeks later.

If I'd known the market would have taken this turn I'd have hold off and re-evaluated in the spring. It's hurting at this point.

FYI- Before the home went on the market I moved out, had cleaned for sale, outside windows done, and professionally staged. Don't know anything more I could have done to make it more saleable.

[CityWok]

Originally Posted by Sockeye66

Went on the market and still there despite dropping price $50/k after the 1st week and another $50/k two weeks later.

If I'd known the market would have taken this turn I'd have hold off and re-evaluated in the spring. It's hurting at this point.

FYI- Before the home went on the market I moved out, had cleaned for sale, outside windows done, and professionally staged. Don't know anything more I could have done to make it more saleable.

Such a significant drop in price in a short period of time could actually work against you. It gives the impression you need to sell badly, and buyers will assume they can wait a few more weeks for another drop.

Inventory levels for SFH started trending downwards again heading into November. It's still almost double compared to last year, but if this follows last year's pattern, it should continue a downtrend into January and start going up in March, working more in your favor.

Leaks about Amazon's HQ2 decision are out and the areas they're considering don't look that much better than Seattle. In some ways worse. There were folks waiting on the sidelines because of this announcement, and I have a feeling they'll prefer Seattle over the alternatives, possibly working in your favor.

If tariff situation is resolved, suspect foreign buyers could return slightly next year.

Interest rates are of course rising, but they're still historically low. If the Fed continues to raise carefully, the market should acclimate. With each hike though people will adjust and react to the new prices. Next hike is expected in December but will take a bit to trickle into the next year.

Seattle still has a strong jobs market and continues to attract people fleeing Silicon Valley prices. Though buyers have some new advantages, I don't think the area will get hit as hard as the rest of the country.

[mhays25]

Even if Amazon slows down, the volume of tech growth in this area is remarkable. Corporate expansions that would have been headlines even during past booms just get crickets now.

All of that can stop overnight, but it seems the most likely outcome is a continued boom (if a little more moderate) or a soft landing, both in general and for housing market.

[thatguy950]

People have gotten so used to month over month price increase and bidding wars it’s hard to imagine a normal selling experience, but I think that’s what’s going on now, couple that with the time of year and it seems to be stagnant. I am interested to see what happens in spring when things usually get really rolling again

[MechAndy]

if you are patient there are deals out there.

[homerboy]

Amazon will be taking over the entire tower in downtown Bellevue that Expedia vacated. Not sure when officially Amazon will take over, 2019 or 2020? Will this differentiate RE in Seattle/Bellevue?

Will be interesting to see how RE in Bellevue and Redmond fares as spring and summer 2019 comes about.

As of today during fall 2018, housing in Bellevue has definitely slowed down the past few months. Houses that would see multiple offers with escalatation clauses in my neighborhood this spring/summer are now taking 30-40+ days to sell with only 1 offer; I've also seen many price drops, and some houses taken off market.