Market Conditions in 98007>Question Details

Rekha, Home Buyer in Bellevue, WA

Is it is a good choice to go REnton, Benson Roiad for buying home now, i work in bellevue. what will be the?

Asked by Rekha, Bellevue, WA Mon Jan 21, 2008

appreciation i get after 5 years.?

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Renton has been improving the downtown core area to make it more desirable and livable which spills over into the surrounding neighborhoods, and over time that will help with increasing values. An active city hall with strong city improvement plans, and the tax base to implement them, makes the city more attractive to people to move into the city, and the more buyers wanting to buy causes upward pressure on home values.

As Samuel Hilbe wrote, no one can say with any certainty just how much value an area will have over time. The longer you stay in your home, and picking right home in the first place, the better value your home will have when it's time to sell.

There is a good (good for buyers since it is high) inventory of homes on the market right now because of the mortgage contraction last fall.

You have more to choose from to pick the best one, with not as much competition right now since some buyers are waiting until later in spring, saving more for a down payment (that they may not have needed last fall) or working on improving their credit score to get a loan. Since the interest rate is really low right now, and if you are ready with a loan that puts you ahead of many.

I wish you the best on your journey to be a homeowner!
1 vote Thank Flag Link Mon Jan 21, 2008
I "grew up" in Renton and a few years ago was very involved with the Greater Renton Chamber of Commerce Community Development Committee. Benson Road (aka 104th in Kent) covers a pretty large territory and it's a very busy road. No one has a crystal ball, however, I do believe that Renton will continue to do well just based on it's location between Seattle and Bellevue. The city has done a great job and I'm proud to be from there.
0 votes Thank Flag Link Sun May 4, 2008
While the neighborhood is quickly changing thanks to the enormous amount of new homes being built in the area the fundamental problem with Renton or Bothell is that they have a very large supply of homes currently for sale. That fact, coupled with the number of new communities underdevelopment nearly guarantee that the supply will be on the higher side limiting appreciation for a time. Renton has done a fantastic job of revitizling its core and drawing new residents to the community. As long as the steady supply of homes continues to be churned out you can count on the fact that appreciation will be marginalized in the short term. Long term I think the area will be a big winner. Most areas that experience rapid development suffer from other issues later on. Back to your question..... How are all those new residents going to get to 405? Are there infrastructure improvements in the works? Plan on the commute time increasing steadily over time with all those new homes and residents. Benson road is a close in location provided that you are not commuting during peak drive times. At the end of the day I would recommend you take a test run of the commute during either the day or evening to really see if the location will work for you. Whether a commute is too long or not is really determined by the sacrifices someone is willing to make to get the home or neighborhood they need. Also, don't forget the old real estate saying.....location, location, location.

To your success!
0 votes Thank Flag Link Tue Feb 26, 2008
It is impossible to tell you what the exact appreciation on your home will be in five years with the market continually changing. However, my two areas that I feel will see the most appreciation in the Puget Sound area in the next five years are Renton and Bothell. Both cities are working hard to rally improve the surround areas and they are about as close to anything else.

Both will offer a diffcult commute to Bellevue but at least keepthe overall distance relatively short. This is the time to buy no matter where you are looking....work with a local realtor to find the home that meets your needs but is also in a specific neighborhood that yo can see appreciation in over the next five years.

Good luck!
Web Reference: http://www.agentsamuel.com
0 votes Thank Flag Link Mon Jan 21, 2008
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