Home prices in the Puget Sound area continue to outperform the rest of the country. Though average prices have slipped in the last 60 days, were not experiencing the severe declines reported in other areas. In fact we saw a 9% increase in the median price of King County homes sold year-end 2006 to 2007.
Will Bruce
Windermere Real Estate/SBA, Inc.
Good Time to Jump In
Posted on March 24, 2008
Gaining Perspective on the Real Estate Market
by Geoff Wood, CEO Windermere Real Estaste
Here is not there
According to land-use economist Matthew Gardner of Gardner Johnson, our area tends to be insulated by four key actors:
1. Sprawl-Proof Geography: With limited available land, there is simply not enough room to over-build.
2. Jobs and Population: Both employment and population growth are forecasted to increase by 2% in 2008.
3. Personal Income: Our strong local economy is expected to generate a 6% increase in personal income this year.
4. Industry: Boeing and Microsoft are just two examples of our diversified economic base which includes construction, professional services and information sectors.
Reality Check
Yes, house prices have slowly declined in the last couple of months. But prices are still higher today than they were six months, a year or even two years ago. Nobody knows for certain what prices will do in the next few months, but experience tells us they will rise again. So, if you are looking for a long-term investment and want to find a home at a fair price, now is a great time to jump in.
