Am I likely to see higher prices for a Houghton neighborhood home in 2009 or 2010, spring/summer?

Asked by Julieg2001@gmail.com, Kirkland, WA Wed Mar 25, 2009

I have a home that is in good condition, nice yard, view--yet not completely updated or in perfect condition. I wonder, too, if the condition of the home is more relavent in one year or the other. I'm particularly curious regarding the climate of job losses, new construction, foreclosures, financing...many variables and how they might be of consideration in answering this question.

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Cory Brandt, Agent, Sammamish, WA
Wed Mar 25, 2009
Julie - My 2 cents...we are near the bottom for most homes in Houghton. The high-end may come down a bit more if the jumbo mortgage money doesn't get straightened out soon (which it appears strides are being made in that direction). The market is slow right now...but starting to show the signs of spring momentum (historically our market always picked up in the spring...the last 5 years were not the norm).

It is a tough time to sell, but very achievable. I've had a number of buyers sniffing around Houghton, so they're out there, just kicking the tires a bit more than in years past. Honestly...I don't think you'll see much appreciation next year...3-4 years from now is a different story...but if you are debating selling this year or next then just know you aren't likely to attain a higher price next year (my opinion).

Houghton rarely has a foreclosure go through so that has very little bearing. True also of job loss...much of that issue is being overstated and hasn't impacted the higher end areas of King County as much. Depending on your price point financing could be an issue. If you are above 650k or so it might be best to wait a little while for some of the stimulus to trickle down into true lending options. New construction starts are near historic lows...and actually inventory is pretty low...so I wouldn't sweat either of those. Hopefully that helps...if you have any other questions feel free to ping me. cory@corybrandt.com
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Mary Sunde, Agent, Bellevue, WA
Wed Mar 25, 2009
Julie
The future is hard to predict. I also live in downtown Kirkland so am very familiar with your neighborhood. Home sales are beginning to pick up but as you have mentioned many have been affected with lay offs and job cutbacks. As to whether it would be better to sell in 09 or 10 would partly depend on your personal situation. If you are also buying you may make up any preceived loss in your purchase. If you are selling and not purchasing you may decide to wait but I don't see the present economy recovering soon so waiting
one year may not benefit your personal plans and goals. It would be best to meet with an agent and share your goals with them and then to look at the present market and see if it would benefit you to sell now or if you would like to wait and see if a year might benefit you.
Mary 206-227-1915
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