Home Buyers And Sellers, Is This Market Scary To You?
Sellers want top dollar, buyers you want a good deal. With all of the talk about the ups and downs I offer this feedback to consider.
Seattle was one of three markets that had a small positive growth in values in 2007. I was recently interviewed and quoted bout why this is by the L. A.Times. My take is that our job market is healthy. Not only is employment holding up, but the jobs are good jobs. Also, we have an available land problem. Our water and mountains lock us in to a limited area to build upon. Our environmental protection policy adds to the issue: as we down zone areas, add to restrictions such as set backs, or in other ways reduce development we reduce the inventory of lots. Traffic is a problem. Nothing really gets resolved on this issue. We have lived here for decades, always we talk, never we resolve. I blame our leadership on this with a second blame to special interests and a NMBY attitude.
I love getting listings in Bellevue as an example to the issue. Every home I have sold in Bellevue has been to someone who worked in Bellevue and didn’t want to fight traffic. They were willing to pay a higher price for a dated home. Less dated is South Cove in Issaquah but still a great area for sellers because of its more convenient regional access. We wouldn’t have moved to Issaquah Highlands without easy freeway access.
Currently in the Highlands I see some price negotiations going on. The market here slowed down last quarter. Some builders are anxious enough to give a little on price. Home owners reselling need to know the competition and do all they can to stand out. Proper staging is important, price is important.
Homes over a million have come to a basic standstill. Were I a buyer in that market I would be shopping now.
Now a final point, I have been quoted as believing that the demand had been building up and that after the first weekend in January the market will be busier with buyers. That didn’t happen but if we are an indication, it is happening now. Both in our mortgage company and our real estate practice there is more going on now than in the last 5 or 6 months.
PS: Kathleen took this photo just as I was about to be devoured. The flash scared the bully off and here I am back to write this blog. Whew
Tags: real+estate, market, issaquah, bellevue
