With all the doom and gloom in the media and in public perception regarding home prices, I thought I might add a little perspective. Yes prices in Seattle are down, (THIS YEAR). Yes, it is a buyer's market. But if you take a step back and not look so myopically, you see that home prices in Seattle over the past five years are actually up dramatically.
For example, since October 2003:
North East Seattle Median Single Family Home Price is up 38%
North East Seattle Median Condo Price is up 28%
North West Seattle Median Single Family Home Price is up 33%
North West Seattle Median Condo Price is up 27%
Yes, if you bought last year and need to sell now, you are in trouble, but considering the average time horizon of home ownership, most of us are just fine.
Unfortunately human tendency is to look only at the immediate.
The Sky is not falling!
Remember 2003, we were all dressed in animal skins, fire had just been harnessed, and we all looked forward to the day someone would invent a better club so we could scare off the Tyrannosaurus outside our cave. NO, it wasn't that long ago. Take a deep breath. With all due respect to the 1 in 1,600 of the Seattle population that is facing foreclosure, everyone relax. We will get through this. It is temporary.
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