Hello everyone: Last Friday, the newspapers in the Seattle, WA. area reported that the median sale price of a home decreased for the first time in years. Granted it was only $500 but this is significant in an area where we've generally been immune to what's going on around the rest of the nation.
The median sale price of a home in Seattle decreased from $400,000 to $399,950. Yes, homes are expensive here and they've been selling well until now. It appears there is a softening of the market with homes taking longer to sell and, thus, more inventory on the market. I'm not sure the trend will change until 2009 at the earliest. I believe we tend to lag the national market by at least a year. Job growth and migration is still strong here although Boeing and Microsoft won't continue hiring forever.
Compared to other parts of the country, I know we've been blessed. But if you're a homeowner wanting to sell, I encourage you to be realistic with your price and, if your home isn't selling, consider alternatives with your realtor. If you're an investor, good times might be right around the corner. There's lots to choose from and prices are moderating. I'll keep you posted on what's going on in our beautiful neck of the woods. Have a great day!
Paul
Paul McFadden
Good information Paul
also nice to put a face with the name!!
Thanks, David. I just left a message with the borrower in Orlando who I told you about. We'll see what she wants to do. Take care.
Paul