Will the Redmond, WA condo market start going back up by 2012?

Asked by Bronte73, 98053 Fri Jun 24, 2011

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7
Tonya Brobeck, , Everett, WA
Fri Jun 24, 2011
There is no one that safely give you a solid answer to your question. The real estate market is more unpredictable now than it has been in years.
1 vote
Ron Thomas, Agent, Fresno, CA
Fri Jun 24, 2011
We have answered this question about 50 times in the last few months, and there is more than one answer:
1.) Real Estate is a long term investment.
2.) No one has a crystal ball
3.) A lot of very knowledgable people have prophesized that the market will be up by next year.
4.) The market will not be up next year FOR YOU unless you get in it.
5.) It will make a big difference if you are looking for a home or an investment.
6.) If you think you (or anyone) can tell when the market is at the BOTTOM, please tell us.

Good luck and may God bless
1 vote
Mack McCoy, Agent, Seattle, WA
Mon Jun 27, 2011
Absolutely, unless it doesn't.

Here's the thing - you don't really see the turnaround coming. Oh, people will predict it, with just enough weaseling to escape culpability, but the fact is, you don't know. Smart people, people who were doing lots of research and calculations - some thought we'd avoid the crash altogether, some thought it'd go down 50% or more when all was said and done (it's currently at about 30%).
0 votes
Aaron Schrei…, Other Pro, Leavenworth, WA
Mon Jun 27, 2011
None of us can predict the future, but I thought I would share this recent article with you. Analysts from Bank of America, Merrill Lynch, etc...forecasted a 3% decline in the current value of homes by the end of 2011 and they see it as being the bottom of the double dip. That said...now may be the time to buy, if you believe what you read.

http://www.housingwire.com/2011/06/27/uneven-fall-of-house-p…
Web Reference:  http://www.amsinspection.com
0 votes
Dan Tabit, Agent, Issaquah, WA
Fri Jun 24, 2011
Bronte,
As a home owner it's disappointing when the value of what you own is less than what you paid or what you hoped it would be. The problem in predicting the future is it’s easy, as long as nobody checks on your accuracy. I've wanted to call the bottom of this market for quite a while, but it's continued to go down.
As a home owner however there may be a silver lining. If you are planning to purchase a larger more expensive home than the condo you have now, affordability has rarely been better. The pressure on the middle and upper price range homes has been greater than on the starter homes, so if you can sell you condo you'll find your next home within easier reach.
0 votes
Chuck Sparks, Agent, Bellevue, WA
Fri Jun 24, 2011
I am sorry to say this is no more of a direct answer to your question then the last but it is something to consider. The market will only give what the market will bare. As long as the economy stays down and inventory remains flooded with pre foreclosure and bank owned properties sale prices will remain low to compete for buyers.
My advice here is don't look for the price of your home to regain what the market has already given up on it for some years to come, whether the market begins to rise in 2012 or not.
Good luck with your property.
0 votes
Ardell Della…, Agent, Kirkland, WA
Fri Jun 24, 2011
Not likely. The absorption rate is running at 11 mos of supply. The % of short sales and bank owneds is increasing vs decreasing. A full half of current pending sales are short sales or bank owned condos. Could be an exception for a given building or townhome community, but the odds are not looking good for condo vs single family homes in 98052, assuming you are talking about 98052 and not 98053.
0 votes
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