Bill

This one is simple.

Rent. Get to know the community. Get to know the prices, but don't spend too much time on that part. They'll be a lot lower in a couple of years. Meanwhile, there is nothing as rewarding as renting a place for $1600 that would cost $3500 if you owned. Save the difference and then when you get a strong feel for where you want to live (in a year or two), you'll have a nice down payment (which will probably be a standard requirement by then), prices will be significantly lower, rates will be higher (giving the opportunity for a refinance later) and everything i the world will be good.

And they lived happily ever after!

BTW, my bro' lives in a condo in Belltown and loves it. I live in a 5 bedroom on a 1/3 acre lot in a somewhat upscale house in the Renton Highlands and I love it. 'Course, I can bike commute down Coal Creek parkway to work every day. If I had to touch the freeways to commute I would pound a nail in my head.

16 penny. - Thu Jul 3 2008, 10:29

I was a commercial agent in the early 80's and a residential agent in the late 90's. I've lived in this area since 1966 and my area of coverage ranges from Lynnwood to Sea-tac due to the simple fact that I was an IT consultant the remainder of that time.

This whole thing hinges on where you plan on working. It has always been true but with gas prices today it is paramount. It would not be reasonable to even answer your question until I understood where you plan on working. It would also not be reasonable to buy until you know where you expect to work.

That is, unless you are already independently wealthy and can pretty much use your helecopter to get wherever you need to go. I'd also avoid new construction, unless you are having the house built yourself. Homes built in "boom" times and especially at the "after boom" time are notoriously of low quality, all other things being equal. And there is nothing like that 200sq ft back yard offered with so much new construction... - Thu Jul 3 2008, 10:24

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