It seems like these days; you can't read a newspaper or turn on the news without hearing talk about the "real estate bubble burst". With all of this talk about the nation wide real estate market heading in a downward motion, many homeowners are asking the question, how's the market doing in my town?
While it's true that many areas across the nation have experienced a significant drop in home prices over the last year, many of theses areas were also the same areas that reported the highest growth prior. So, it only makes since that prices can't continue to go up at a rate that outweighs the average income without hitting a wall at some point.
With so much negative talk about the real estate market as a whole, I thought I would take a few minutes to share the recent statistics for King County. For 2007 our year-to-date average home price is $502,381 (this being up from 2006 when our average price was $458,544). Although there is more inventory now and days on the market have increases to about 54 days... sellers are still receiving very close to the asking price provide that the home was priced at market value to begin with.
If you've been thinking of selling... now may be a great time to make a move! With the added bonus of tax breaks and that you are continuing to pay down the balance on your mortgage every month, it's hard to make a bad investment in real estate. Don't always believe everything you hear in the news, and remember, investing in real estate should be a long term investment. The days of making a 100k in 6 months time may be over... But, there is plenty of money to be made to someone willing to buy now and wait for the cycle to repeat it self!
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