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.