Those crazy real estate professionals

[rose-colored-coolaid]

[deejayoh]

[kpom]

[S-Crow]

Ardell is probably more in tune with the market than you are all giving her credit for.

As a amatuer market enthusiast on a personal level (ie, I'm not an agent), one area I think I may part from is the idea that the market is normal for this time of year. The feedback from some agents I have spoken with recently have indicated that the inventory levels are concerning them. A couple with listings have indicated that they will be dropping their asking prices earnestly (not token $1-5K meaningless drops).

For example, my understanding is that YOY increases in January (2007 vs 2008) inventory in Snohomish Co have more than doubled this month vs. last January for SFH's, and we have several more days left this month to add homes.

So, the good news is that if you are buying, you've got time and leverage on your side, never mind phenominal interest rates.

[kpom]

Meanwhile, disturbing news from California for Seattle's Real Estate Professionals:

"Unhappy home buyer, feeling misled on price, sues agent"

http://seattlepi.nwsource.com/business/ ... source=rss

[B]

[Alan]

[B]

[S-Crow]

[S-Crow]

[Lake Hills Renter]

[JimN]

[kpom]

[kpom]

Well, the continued price appreciation of the Eastside Fortress is ready to be put to an empirical test - Ardell is putting her Kirkland house on the market for $999,950. She bought it in September of 2005 for $850,000.

http://www.raincityguide.com/2008/02/15 ... ll-part-1/

[kpom]

I wish A. well in her house sale, but her experience does illustrate the credit conditions that created this runup.

"No one was more surprised than I, when I got the mortgage and closed on my home. In the end, the lender wanted me to write my profile of "Who I Am" right before the loan funded. I was starting over again in a new city. No proven history of what I might be able to make long term, as an agent in a new place. Coming out of a 20 year marriage, too old to wait until I stablilized my income, arriving with only what could fit in the trunk of my car. Sleeping on the floor at my sister's in Green Lake while I worked hard to re-establish myself after a debilitating and nasty divorce."

"Yes, for the first time in my life I was "sub-prime", I was "stated income", I was 49 and starting over. I am the person sub-prime and stated income was made for, and I've worked hard to be the person they believed in when that loan funded."

Eight hundred and fifty thousand dollars.

http://www.raincityguide.com/2007/09/17 ... ime-story/