Market Conditions in 98028>Question Details

Melissa, Other/Just Looking in Denver, CO

what does the housing market look like in Seattle, WA?

Asked by Melissa, Denver, CO Fri Feb 8, 2008

Help the community by answering this question:


I do stats every Sunday Night on RainCityGuide…

If you tell me which Seattle Zip Codes you are referring to, I will post the status here in Trulia Voices.

Seattle's a big place with various answers to your questions, depending on neighborhood, style and age of home, and Zip Code. Give me more details and I'll give you more REAL answers. Otherwise take your choice. Volume sucks and or Prices holding...both are true somewhere in Seattle. Now tell me where and we'll get down to realtiy.
1 vote Thank Flag Link Fri Feb 8, 2008
Looking for housing prices in the 98208 - Everett, WA area.
Flag Sun Jul 20, 2014
Emma, thank you for bumping this blast from the past! Interesting to read the answers from 2008.
0 votes Thank Flag Link Thu Jan 16, 2014
Hello Melissa,

2013 was a great year for the housing market. We've seen many multiple offers and cash buyers in the Great Seattle area. Homes in some popular areas were even sold at tens of thousands of dollars above the asking price. I've also read several reports predicting the trend to continue in 2014.
0 votes Thank Flag Link Wed Jan 15, 2014
Kary, You are absolutely welcome. Just updating the current market.
Emma Lee, ASP, CNE
The Force Realty
Flag Thu Jan 16, 2014
Here is a link to just some of this weeks news..... In short: Prices are going to keep coming down!
Full stories for each headline at the attached link.

Mortgage Applications at 13 year low

Goldman Sachs predicts Seattle to fall 20% in 2 years

Appraisers Coming In Low To Avoid Lawsuits

Home Sales Decline 44% after April Tax Credit ends.
0 votes Thank Flag Link Thu Jun 10, 2010
It looks really good if you're a buyer:). I'm a firm believer that we'll see an L shaped recovery at best in the housing market with home values in a holding pattern for the foreseeable future.
Web Reference:
0 votes Thank Flag Link Wed Jun 9, 2010
Well we do have a lot of inventory to choose from and with rates coming down there are some really good deals out here! If you own a home in Seattle, you will not be selling your home for what values were a few years ago. But you can still sell if priced right. Now if your buying the main thing is to have some money for a down payment. I believe our new Jumbo loan limits are $506K now. What I am finding is there are buyers out that want to buy but having a hard time coming up with the required down payment the banks are asking for. Either way you go buying a home now is going to gain you equity down the road. And if your selling. Well the values are lower, but on the flip side you would be buying something else for a great deal as well.
0 votes Thank Flag Link Thu Jan 8, 2009
In King county, at least, there are 50 percent more houses on the market than last year at this same time. There are not 50 percent more buyers willing to buy the overpriced homes. Prices are coming down. ARMS are exploding. The jumbo loans have been raised to $521,250. Which is great. But. Still not good enough for many people..who aren't goin to be able to refi...which will cause foreclosures..short sales....lower sale prices.. you name it. Seattle is due to retract a la California. People may say "We've got jobs!" "It's a great place." So is California. But we're different. We're Seattle. It's not going to be pretty, methinks.
0 votes Thank Flag Link Sun Feb 10, 2008
Great Question. Over the past several years, Seattle has been immune to the real estate wows plaguing other regions of the country. This resistance is due primarily to our local economy. Job growth is strong thanks to hiring in the medical, technical and manufacturing fields. While the market has taken a turn from “sellers” market to “buyers” market, buyers are out there, and sellers will sell…they may just have to wait a little longer. Buyers are reacting to national news, which says a “better deal is out there.” Unfortunately, buyers are also going to miss out on fabulous interest rates if they wait to long. In markets like Bellevue and Mercer Island, we also have strong school scores, and Blue Ribbion Schools that help support our home prices, and with increased programs in the private and public system this is only going to increase over time. So with prices steady, sellers wanting to sell, interest rates low, and job growth strong, NOW is a great time to buy in the Seattle market.
0 votes Thank Flag Link Fri Feb 8, 2008

Compared to the rest of the nation, the Puget Sound has had a great housing market. Nothing like 2005 and definitely back to more of a "realistic" market. Things are moving a smidge slower than usual. Yet, as you have heard before, there are many buyer's sitting on the fence waiting for something to happen. Our job market is fabulous, in fact many companies are hiring and adding employees, and interest rates are low, all adding to a great market.

King County is the hub but there are a lot of great areas that surround Seattle going North and going South of Seattle. I am in Pierce County about 30-40 minutes south of Seattle. Pierce County has affordable housing with an average selling price in 2007 of 396,000.

I specialize in relocations and have had many a client say to me that this was the best move they made. They love it here as much as I do. Hope that helps...

Put my knowledge on your side!

Karen Miceli, ABR, CRS, GRI, Realtor
"Beside you with each step..."
0 votes Thank Flag Link Fri Feb 8, 2008
As Ardell referred really is very diverse here in Seattle...but to put it in general terms, our market is much better than the national market. We have a very strong economy that really helps in this. Things have slowed and we are facing a strong buyer's market with slower appreciation than in previous years...but thankfully we are still seeing action and appreciation in most areas.

Check out this article about the Seattle Metropolitan market that was just in our local paper yesterday...note that this does not cover the areas surrounding Seattle including the east side. may want to check out. It does a fairly good job of predicting local markets all over the country based on a number of factors. You will notice that it rates Seattle real estate (and Washington state real estate in general) fairly well.

I think most agents around here would say that we have been happy with the increase in activity in the past couple of weeks...there is still some junk to weed out and new expectations to manage in this market but it is also nice to see the increased activity here.
Web Reference:
0 votes Thank Flag Link Fri Feb 8, 2008
I don't know what the market is doing in the rest of the country but I know it's still moving along here in the Puget Sound Region of Washington State.

Despite the national media who are lumping all real estate markets into one, we know that real estate markets are local and can not be managed or tracked outside of their individual locales.

Currently the Kirkland, Lake Washington and Seattle areas are still plugging along. While the inventory dropped over the holidays with many sellers taking a break, a large number of those homes have re-listed yet not all at lower prices. All along the inventory has been up from the same time in 2006 with fewer buyers looking due to economic fears and waiting to hear how the lending business will turn out.

However, even with the higher inventory we are definitely seeing more traffic through our local listings. Agents are getting back to work and previewing the inventory readying themselves for when that buyer comes along. Buyers are starting to take a look at what is available and talking once again with loan officers about their options.

You can feel the momentum in the market and smart buyers are educating themselves with accurate information not just about the national economy but about the strength of their state and regional markets as well.

On the Eastside of Lake Washington we have had regular sales of homes, since the first of the year, in the first time homebuyer prices, which here runs between, 350-450k for a single family home. It's still a buyers' market due to over supply and under demand, but sellers aren't exactly slashing prices so we'll see how long before the market truly equalizes.
Web Reference:
0 votes Thank Flag Link Fri Feb 8, 2008
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