Nearly everywhere we turn, we are asked this question, “How’s the market?” Our answer: ” Locally, due to the strength of Boeing, Microsoft, Paccar, etc., the market is neutral i.e., the balance between sellers and buyers has become balanced to the extent that sellers are still getting good prices, and buyers are finding more properties from which to choose”. However, as the Forbes.com article from Sept 8 states, the rest of the country is in for what may be a rough ride for the next couple of years. We urge you to read this enlightening piece full of specifics and graphical projections concerning 15 metropolitan areas, including Seattle. There are varying views from Lawrence Yun, a senior economist for the National Association of Realtors (optimistic) and Edward Leamer, director of the UCLA Anderson Forecast (Pessimistic). Leamer said, “Regions where a lot of the economic growth came directly from the real estate sector and where that was a huge plus, that’s going to turn into a huge negative,” he explained. “Wherever the party was the loudest, that’s where the hangover is going to be the greatest.”
Let’s hope we didn’t party too hard in Seattle…….
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