Happy Thanksgiving to all SCR Readers!
Even though the market is not as hot as it was last year, we still have a lot to be thankful for in Seattle. The market is performing dramatically better than most other parts of the country and the rising rental market is providing a good parking spot for many long-term investors. Moreover, most owners still have a ton of equity from years of appreciation and buyers can once again find a great place without worrying about escalation clauses and hasty pre-inspections.
While we’ll need to see how next year’s numbers look, I’m already starting to see buyers come back into the market and suspect this will continue as an increasing number of people determine prices are not likely to move down much further and want to get a head start before all the deferred purchasers re-enter the market. With any luck, we’ll be in a nice balanced market next year. In the meantime, let’s remember how well the Seattle condo market has performed over the last few years and give thanks that it’s been a really mild landing so far.
Well said Wendy. I too am starting to see activity pick up these last couple of weeks. My friend works at a local escrow company and he also said November was much stronger than October. Fingers crossed!
Why does the NAR want the pain to be drawn out? Why not instead call the massive correction what it is, have prices drop faster and re-establish as more suportable levels. this would seem a better way to get sales moving again than to draw the process out over a much longer duration. If I’m a potential buyer, the last thing I want is the expectation of a steady, slow adjustment over several years. This is what bright minds at Goldman and other IBs are projecting now.