While experiencing strong job growth and low unemployment, Washington continues to draw people in from all over the United States for work as well as living. Washington real estate is some of the most attractive in the nation because of the return-on-investment and the views and activities that surround the state. Washington boasts exceptional views of the Cascade Mountains, boating in Everett and family orientated communities that are near major employers.
In October 2006, Washington saw another low in the unemployment rate, 4.8. The major companies contributing to the low rate are: Boeing, Microsoft, Washington Mutual and Starbucks. As a result, real estate continues to be a great investment for real estate investors and families looking to make some equity on their residence.
But since the beginning of September the media has been pointing out the slowing in the real estate market. It has been called a housing bubble that has popped but the fact is the Washington market is still strong even though we are seeing increased market times and housing prices drop. You may be wondering how this can be. Over the past few years Washington's market was on a rapid increase, 20% increases Snohomish county, and the cooling is just a natural adjustment to over inflated prices.
It seems to me that the prices will settle, if they haven't already, and then will continue on a slower increase over the next 5 years, 7-10% instead of the massive 18-22%. Washington's market began its long upswing since the early 90s with only a few minor blips on the radar.
In a CNN report titled, Next Hot Market...Think Washington, published May 2006, Washington held 5 out of 10 top spots for real estate growth. This is a substantial find and further emphasizes the future outlook in the region. If Washington continues on this growth trend many current home owners and new home buyers will reap the benefit of home ownership.
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Toby Barnett
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Toby,
We visited Washington this past summer on our way to Alaska. It seems like a beautiful and fast growing state!
Thanks for the post.
Lucky