Two friends of Seattle Bubble got together a few days ago for some podcasting goodness: Michael Surkan and Jillayne Schlicke discuss the current state of Seattle’s real estate market and where we’re headed from here in the latest episode of Michael’s Entrepreneurs Northwest series: Be patient: Seattle’s real-estate market won’t hit bottom for some time.
Jillayne on spotting the bottom…
Is this the bottom? I think we’re going to be asking that question of each other for a long, long time. …I believe that the bottom is going to be not hard at all to find, because we’re going to be there for a long time.
This falls right in line with the forecast Spencer Rascoff gave last week at the PNWHS and Seattle RE Barcamp, where he shared Zillow’s data-based prediction of “at least three to five years of basically flat home values.”
On whether Seattle is special…
Every real estate agent that I talk to, no matter what city I travel to, says: “Yeah, but our market’s special. Our market’s different. We have pockets,” et cetera. Okay, you know what? Doesn’t matter. Everybody thinks that, right? Because we don’t want to think that it will happen to us.
That mindset was so prevalent here in Seattle that it has its own tag here: Seattle_is_special.
On real estate making up so much of the economy…
We have to wean our economy off the real estate finance and building sectors.
I couldn’t agree more.
Some good insights from Jillayne. Worth a listen for sure. You can subscribe to Michael’s podcast here.