{"id":830,"date":"2007-06-06T09:32:23","date_gmt":"2007-06-06T16:32:23","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/2007\/06\/06\/local-odds-ends\/"},"modified":"2007-06-06T09:34:21","modified_gmt":"2007-06-06T16:34:21","slug":"local-odds-ends","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2007\/06\/06\/local-odds-ends\/","title":{"rendered":"Local Odds & Ends"},"content":{"rendered":"

Got a couple of links to share this morning. Trying to clear out the backlog before May stats from the NWMLS hit either today or tomorrow.<\/p>\n

Priced out<\/a> of Seattle? King5 News recommends “shared home buying”<\/a> with friends or even strangers. They also make a recommendation you don’t often see in the local press: save yourself some money by skipping the buyer’s agent.<\/p>\n

[Todd]<\/em> Britsch (of New Home Trends)<\/em> says try finding the property on your own, not through a real estate agent. Once you’ve settled on a place, see a real estate attorney and write up a contract that outlines how the property will be managed and when you plan to sell.<\/p><\/blockquote>\n

Continuing the streak of sentiments you don’t normally find in the local press, the Seattle P-I editorial board shares some doubts that Seattle is as immune as we’ve been hearing<\/a>.<\/p>\n

We’ve been reading (over and over) that Seattle is immune to such roller coasters, sharp housing declines and perhaps even the economic cycle.Then again: We think there is more to the housing story, one that the Fed chairman articulated well. “Subprime mortgage borrowing nearly tripled during the housing boom years of 2004 and 2005,” Bernanke said. “But decelerating house prices, higher interest rates, and slower economic growth have contributed to an increased rate of delinquency among subprime borrowers.”<\/p><\/blockquote>\n

\"WSJ:Elsewhere, nationally-based real estate investment rags are still touting Seattle as the land of rainbows and pink ponies<\/a>.<\/p>\n

Seattle’s combination of lifestyle and commerce has made it a standout on the national investment scene. Residents are drawn to the Puget Sound region for its scenery, climate and recreation, but they are also enticed by the growing economy, powered by a diverse group of leading industries including aerospace, software and biotech.
\n…
\nThis substantial growth has resulted in an extremely tight housing market. Single-family home prices have jumped 81 percent since 2000, putting King County’s average home price at about $500,000, with no slowing in sight.<\/p><\/blockquote>\n

However, reality might not be quite so rosy. Seattle is definitely special in one respect: soaring inventory. The Wall Street Journal shows Seattle on the top of the heap<\/a>, with the largest inventory increase (12%) from April to May (see chart at right).<\/p>\n

Did the Seattle area gain 12% more residents last month? What about 40% more residents than last year? I rather doubt it. Despite the claims of the local cheerleading media, supply is increasing much faster than demand, and it’s only a matter of time before that starts to affect prices. Will we see price declines this year? Maybe, maybe not. But to look at our skyrocketing inventory of homes for sale and say “we’re immune from price declines” just doesn’t make any sense to me.<\/p>\n

(Travis Pittman, King5<\/a>, 06.05.2007<\/em>)
\n(P-I Editorial Board, Seattle P-I<\/a>, 06.05.2007<\/em>)
\n(David Young, Multi-Housing News<\/a>, 06.06.2007<\/em>)
\n(James R. Hagerty, Wall Street Journal<\/a>, 06.06.2007<\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"

Got a couple of links to share this morning. Trying to clear out the backlog before May stats from the NWMLS hit either today or tomorrow. Priced out of Seattle? King5 News recommends “shared home buying” with friends or even strangers. 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