Check out some of the "flops" on the eastside at http://seattlebubble.com/blog/2008/08/19/prices-flopping-all…

A few minutes ago

There are some deep discounts on fixers and short sales. But the realy good stuff in the best areas is on it's way down slowly. Could be awhile before it hits bottom. No one wants the properties that need work, so they are pricing lower than they have in recent years when everything was selling regardless of condition. But stick to better areas location-wise...or wait.

Thu Jul 3 2008, 15:31

Of course it is a TERRIBLE time to buy. Seattle is JUST BEGINNING the freefall that hit other parts of the country. It may not get as bad as some parts of California, Florida, Arizona, etc. but it is hard to tell how far even those communities will fall since they are not done falling yet.

This is really a no brainer. Prices will CERTAINLY continue falling here and only a sustained bottom followed by a slow, sustained rise in prices should motivate one to buy. Of course, you won't buy at the VERY bottom, but I'd rather buy just above the bottom than just below the peak. ;)

Folks, do not be the greater fool. If you currently do not own a home, RENT and save the difference for a down payment. You'll thank yourself in about 2-4 years when those with down payment cash can make their own deal.

Thu Jul 3 2008, 10:11

Yes, I think it is a wonderful time to buy if your financially able to! There are some great deals out there!

Wed Jun 18 2008, 15:54

You can't get a better price later? I think in Florida, Nevada and California you can...

Sun Jun 15 2008, 19:47

Lots of good answers. Yes it's a good time to buy, if you have the cash down and want to buy and plan on livng the hosue for three to five years. You should be in good shape. The inventory and the prices are good, It's a buyers market...Better take advantage. You can always get a better rate later, but not a better price. GTood luck, if I can help, let me know


Good Luck
Roger Kinnaman
The Roanoke Group,Inc
Real Estate and Property Management Services
9505 Roosevelt Way NE
Seattle, Wa. 98115

Direct (206)356-1282
Fax(206)525-9269
E-mail: rogerkinn@comcast.net

Thu Jun 12 2008, 00:06

I really like Tom Smith's response below.
Remember that you can refinance and get a better rate later (when the interest rates go down), but you can never get a lower purchase price once you have bought the home

Tue Jun 10 2008, 16:20

City data forums.com has an excellent article about the impending Seattle housing market collapse. Seattle is about 1.5 years behind the housing curve.

People are right...rates make a difference...over the life of a 30 year loan. Are you expecting to live there for 30 years? Most people live there...7 years, then move. Or historically have.

Here's a quote from that site...that says it all, I think.

So far it looks like sellers have a 50% chance of selling vs. last year. I’ll keep tabs on that as we go. You were twice as likely to sell your house last year as this year, if you put it on market.

For those of you who think it’s a new year and if it didn’t sell last year it’s time to raise the price…I’d rethink that. Hopefully low interest rates will improve the stats moving forward. But I wouldn’t count on the improvement being more than a 66.6% chance of selling.

We’re not talking about selling at the price you want. We’re talking about selling at all.

Not a good time to be stubborn or overly optimistic. You have until 4/1/08 to get real with your pricing, or possibly be back on market in 2009. Stop pricing off what other people are asking. Stick close to the comps this year. No more than 5% over the comps is a good rule of thumb.

And don’t skimp on condition. Condition will be the MOST important factor in 2008, second to not pricing more than 5% over the comps.
*******************************
"The reality is, our real estate market is in the tank," said Don Dutton, managing broker of Windermere Real Estate's Puyallup Office.

Single family home closings are down 33% and condo closings are down 40%.
**************************************

So...yeah, rates do matter. But saving 30-50 grand by waiting a year or two might matter more to some people. If you save 30-50 grand by waiting...but lose 9 grand by getting a higher interest rate..you've still achieved a net gain of 21,000 - 41,000 dollars in 7 years. People try to scare you with "Lock in the rates!" & "Better buy now!"

Bullpucky. People are really trying to get you to buy!..now!..today!...so be careful. There are not many people on our side as a buyer.

Remember, the more you pay...the more everyone ELSE involved in the transaction gets paid.

Tue Jun 10 2008, 15:57

Some cities are just starting to see the downtrend, while some others are deep into the downtrend. A lot of us look at a home as a place to live and as an investment.

From the investment perspective, it's not the best time to buy a home. If the home does not appreciate at least 4% each year, you are better off renting in most cases. Additionally, you have to be sure that you will live in that home for at least 5 years to make monetary sense. Use a good rent vs. buy calculator to guesstimate which is better for your circumstance -- one calculator that I like is at http://www.nytimes.com/2007/04/10/bu...70&oref=slogin# . One piece of advice that a real-estate professional gave me is to avoid homes that were built during the "housing-boom times" (esp betweeen 2002 & 2006) -- since builders were optimizing on quantity of homes rather than quality, during this time period.

For those who really want to live in a home, consider renting a home for a year or two (you can get some reasonably good deals on rentals, since homes are not selling). In the Seattle area, rents of high-end apartments & that of good homes are more or less the same (currently). Renting a home from a private owner (as opposed to a company that manages an apartment community) is not all that hard, though you have to watch out for a few gotchas.

Sat May 24 2008, 07:35

This is an EXCELLENT time to buy--IF you can afford to buy. IF you buy the right property for you. IF you pay the right price.

Fri May 23 2008, 10:23

There are a lot of factors that go into answering that question. If you have good credit and money saved for a down payment, then absolutely it's a good time to buy. There are great deals to be had all across the sound. There's a ton of inventory, both seller owned and bank owned and interest rates are still low.

If you could save $10,000 six months from now but your interest rate is 1-2% higher, did you save? Probably not.

Thu May 22 2008, 21:53

Check out another opinion at http://smariner.blogspot.com/2008/05/is-it-good-time-to-buy-…

Thu May 22 2008, 21:29

The realtor is likely to always say yes to this but in reality it is determined by your own situation. Right now is a more FAVORABLE time to buy for those in a stable financial situation as it seems to be a buyers market.

Remember, price should not always be the deciding factor as terms has a value to and they could make the difference as to if you can buy or not.

I can also say that if you continue to rent without good reason, you may as well take buckets of money and just throw them over the side of the cliff because in the end what you wind up with is a box that someone else owns and controls.

Wed Mar 5 2008, 13:52

Well that is the million dollar question isn't it? Seattle continues to be on e of the strongest housing markets in the country. There are many reasons for that. High education levels, strong job market, mild climate and limited room to expand among them. I love working with buyers right now, because I can negotiate terms for them that would have been laughed at just a year ago. Most neighborhoods are seeing higher levels of inventory then in the past and longer time on market all favor buyers. Every neighborhood in Seattle varies and there are still some properties out there that are unreasonably priced, but overall and in fact the foreseeable few months, I think it is a great time to buy.

Wed Mar 5 2008, 12:36

Alex,

Seattle is not in a "bubble" as most people think, I am actually tired and frustrated with the media about how the housing is in a crisis. Yes it is in most places, however, here in Seattle we are not. Sound Transit is predicting 1.5 million people to move to the Seattle area by the year 2015, this came from their research on the light rail program, I am trying to find the link for you - great data.

Anyway, with prices the way they are right now, I would say that this is a perfect time to buy. I believe the market will continue to increase over the next several years. Now mind you, nothing like we have seen in the past which have been pushing 10-14% increases in property valuations. The NWMLS published reports that our values are UP 3%, thus still holding a positive market. It is a Buyers Market and prices have dropped, but valuations are still holding strong.

A lot of agents/contractors/builders that I know - are currently buying whatever they can at the moment for Rental properties and investments. The market is flooded with "short sale" (pre-foreclosure) opportunities (bank selling house for less than what is owed on it) and if you can find the right one, you may be able to capture some instant equity. But you need to have patience.

Fri Feb 29 2008, 13:06

Alex,
I am a Seattle Broker w/ 26+ yrs in this biz (bio at gregthody.com) Seattle is a REALLY big place, naturally, some parts are better than others. If you look at Seattle from a regional perspective, the Wenatchee/Leavenworth area is up 17% over the past 12 months and has ski terrian not unlike the Alps. About 3 hours east of Seattle. The Richmond Beach area is a great place to buy, espically if you plan on living here for awhile. Everett (Boeing Aerospace co.) is yet another great affordable town in the Greater Seattle area. Are hoping to buy low and sell high in the next 12 months? I'm sorry to say that bus left town last summer. There are some really good opportunities in this part of the world, do your homework; or better yet, contract with a competent R.E. Broker. Quality homework is what good Realtors do.
Greg "Toady" Thody

Thu Feb 28 2008, 15:17

The answer is maybe, or maybe not. I read that Sam Zell mentioned this week that he thinks the housing market will start its recovery this spring. He has better information than most of the folks on this site. However there are certainly experts who disagree with him as well.

Real Estate is a local market. One of the earlier answers to your questions thought the market would decline because depreciation has made their homes worth less than their loans. So far, the numbers don't support that claim from the government sources of the multiple listing services of what is actually happening.

There is concern about the market. I don't know where it is going to go. I do see that you are from Switzerland. That leads me to the good things to consider since your estimation on the market is better than anybody's since it will be your money you spend.

The good things include an exchange rate that has the dollar at a historic low that hasn't been seen in some time. Will it go down further? Maybe. But it is a historic low. There is also a large selection of homes for a buyer and sellers willing to cut deals. Also, you don't have to make offers on the spot which may benefit a non-local buyer who is in research mode.

The bad news, nobody will be able to tell when the bottom is, of the real estate market or the value of the dollar until we have passed that bottom. It will sound like: "I should have bought that property back (fill in the date)."

If you want to buy, and you are in a financial position to just go into the process with your eyes open. The exchange rated are a further incentive you have that many local folks don't. In many markets, like Arizona, international buyers have become a large part of the activity because the exchange rate makes real estate cost far less in Euros or Canadian Dollars than those properties have cost in decades.
Good Luck,
Al

Thu Feb 28 2008, 14:12