The Seattle PI put out an article that paints a pretty grim picture of Seattle new construction and housing at this very moment, but also mentions that in the coming years demand will be back up and so will the prices.
"[With] builders focused on selling the homes they have, rather than developing new ones, Seattle is headed for a serious shortage that could bring a return to double-digit price appreciation starting in 2012, according to one local analyst."
Because of the recent financial debacles and consumer confidence at all time lows, homes are not selling like they used to. Builders are being hit hard and are just trying to get their inventory sold. If their focus is not on constructing new lots, then by time the market turns around, the existing inventory is all consumers will have to choose from. We all know the idea of supply and demand, and as such, the prices will increase as the demand for the limited properties increases.
"During the third quarter of 2010 through the first portion of 2011, it's going to become very apparent that there isn't enough inventory to meet the demand."
If you want to get in before the mad rush for real estate- call the Egerer & Weidauer Team to discuss your housing options.
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