Good afternoon: The Seattle market continues to be better than other markets around the rest of the nation. However, things are still slow on the front lines. I've had a lot of requests from friends and acquaintances about refinancing their mortgage because of the Federal Reserve's actions lately. Unfortunately, in most cases it hasn't made sense to refinance. There's either no net benefit (savings) or it's just not possible given the strict underwriting guidelines.
I find I'm really having to do my homework to see if it's possible to do a loan these days. I need to check what the value of a given property is along with a borrower's credit score, assets, loan-to-value,etc. etc. just to see if a loan is possible. In the Seattle area, we're seeing some price appreciation depending on the neighborhood. But the days of 10-15% appreciation in one year are gone for now. Think more along the lines of 1-5% and there have been declines in some areas.
For 2008, expect Seattle to be one of the strongest real estate markets nationwide but not as robust as in years past. We've been blessed with strong job growth which has helped. If you're considering a move to Seattle it's a wonderful place to live, especially if you love the outdoors. Have a great day and I'll talk to you soon!
Paul
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