Saturday, March 3, 2012

Seattle: How likely is it that home values are going to drop over the next year or so?

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I鈥檓 about to buy a home in the Seattle (Lynnwood more specifically) area. I plan on living in the place that I buy for at least 10 years or so. I plan on buying a smaller place and fixing it up a little over time as I am fairly handy with tools.



I personally believe that the market will flat line but some of my friends are warning me because they believe the market in this area will make a sharp decrease. I鈥檓 looking for other peoples opinions. Is it likely to increase, stay flat or decrease over the next year or so, and if it does decrease, will it recover over the next 10 years?Seattle: How likely is it that home values are going to drop over the next year or so?
Looks like Elizabeth Rhodes, Seattle Times staff reporter, agrees with you.



Friday, May 6, 2005 - Page updated at 12:18 p.m.



Home market boils but doesn't bubble



By Elizabeth Rhodes



Seattle Times staff reporter



Fuel for speculation of a housing bubble 鈥?but not proof of one 鈥?increased yesterday on a report that strong buyer demand has pushed Central Puget Sound prices up 10 percent or more over last spring's already high numbers.



The median price of a single-family home sold last month in King County was $355,000, up 13 percent from April 2004, according to statistics released by the Northwest Multiple Listing Service (MLS). Median means half the homes sold for more; half sold for less.



Snohomish County hit $279,640, up about 12.5 percent.



A bubble occurs when prices climb beyond buyers' ability to pay. When it bursts, prices fall back. However, even with a scorching market by local standards, Steve Smiley doesn't see a bubble here.



"Seattle has been a decent market, but not a great market, and you still have room for prices to move up," said Smiley, a principal at Hanley Wood Market Intelligence, a housing-market research firm headquartered in California.
Problem is, that nobody knows, what will happen with a market. But if you are ready to buy write now, you should get a good bargain, because today buyer makes a roles, and you can check foreclosure, preforeclosure, to buy on short sale, then you definitely will make money. As a 10 years period, if you get a good deal today you probably will double the price in a next 10 years. Good Luck!Seattle: How likely is it that home values are going to drop over the next year or so?
More and more people are going to continue to move into this area. Lynnwood is a fairly easy commute to Seattle, making it a pretty safe bet that prices will continue to rise. Maybe not as fast as they have been the last couple of years, but definately rise.

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