Or at least haggle according to Aubrey Cohen's front page article in Friday's Seattle P-I. Would I buy a home right now in Seattle if I were in the market? Quite possibly...especially if it's a home that I desire and if it's priced fairly. The article states these factors for reasons home buyers interested in Seattle (I would include Bellevue/Redmond as well) should get into the market now:
- Gas Prices. Homes located near where jobs are will have stronger values. Fewer people are going to want to commute thanks to how much it is to fill the tank.
- Mortgage interest rates are rising. Glenn Crellin, director of the Washington Center for Real Estate Research at WSU states "waiting for the prices to get to their absolute lowest point while interest rates are rising doesn't mean that the purchasers are going to be saving much of anything on the monthly payments".
- High inventory. There are a lot of homes to chose from at lower prices.
According to this article, home prices in Seattle are only down 2.7% from a year ago; King County is down 6.2%. The further away from "the city" you look for homes, the more the values have been impacted.
To see additional reasons why I personally think you should consider buying a home in Seattle now, click here.
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I couldn't agree with you more, Rhonda! I've been happy to report that buyers are getting some really great opportunities to find homes that 2 years ago were out of their reach. For sellers that are realistic, they are still getting good values for their homes as well. It's all about positioning and if you are in a weak position (under water because you overpaid) then it won't be pretty. But, if you've had your home for some time, chances are any profit you gain is going to be more than you ever put in.