Writer Tom Kelly offers an opinion piece in the Everett Herald in which he takes a very matter-of-fact tone. To hear him tell it, there’s no question, prices will not decrease in the Puget Sound:
Is there significant merit in waiting for the local housing market to cool before jumping in to buy a home? While that question may be on the minds of many consumers, the reality of a significant drop in home prices and a rise in inventory is rather remote.
…
The idea of “saving my money until home prices come down” has probably become a contradiction in terms – at least for the foreseeable future. Yes, housing is cyclical but it usually does not go backward for very long, if at all. The additional money you save now probably will not offset the appreciation (albeit slower than today’s torrid pace) you would have accrued had you found a way to purchase a local home sooner rather than later.
If it were as certain as Mr. Kelly makes it sound, why would I even have created this blog? Either I’m a total idiot, or Mr. Kelly is making things sound a bit more definite than they are. Perhaps he’s a realtor. *wink*
(Tom Kelly, Everett Herald, 10.23.2005)