8-10 year guesstimate for south Snohomish county?
Curious as to what folks think the 8-10 year outlook is for the Mountlake Terrace/Lynnwood/Edmonds (not the bowl) area? This area is attractive to me because it is a reasonable split between work in south Everett and the non-work attractions of Seattle and the east side of the lake. Being outside of King county is also a plus. Prices seem to be still dropping a little, but I'm working through the rent/buy process and am trying to decide if I could expect to at least break-even for a modest house if I were to buy within the next few months and then sell it in 8-10 years after I retire and (probably) leave the area. Thanks.
Comments
But that's just my opinion, I'm sure many people are more enthusiastic about that area.
Outlook wise its a guess but there is not as much new construction in Mountlake Terrace, Edmonds areas so that has not depressed the prices severely. Edmonds has faired pretty well as it is mainly retirees who have either a condo looking at the sound or a free and clear home. Mountlake Terrace is however having some awesome fire sales in the $300s. It all depends on what you buy and at what price.
Housing bubles take a long time to bust and then recover. I sigh whenever someone comments on the blog about how they just bought a house but it's okay because they're going to be in it for 5 yrs (as if 5 years is a really long time). If history is any guide, in 5 years we may just be reaching the bottom.
I think that long term they will do well, although not as well as properties located nearer downtown or Eastside.
South Everett is obviously not an ideal place to live, considering it's one of the highest crime areas in the state.
Because of our city getting such a large influx of higher paying jobs and more people moving into the area than moving out, the demographic in that area has changed significantly.
I would suggest shying away from Mountlake Terrace for the most part. There are some neighborhoods there that are nice, but it's fairly hit and miss. There is alot of garbage property there and while there has been alot of making it better, it's still not the best.
Edmonds you'll probably do the best in as it's a "destination" town that people like to live in.
Lynnwood (where I live) is about 1/2 way between the two. You don't have the same amount of crap houses like you do in Terrace, but there are areas in lynnwood that you wouldn't want to buy. But it doesn't have the name attraction that Edmonds does.
As far as when to buy, if you're planning on buying sooner rather than later I'd suggest this December is going to be a great time to buy. That's traditionally when the least amount of sales happen and when someone has been sitting vacant for 6 months and is looking down the barrel of a merry or not merry christmas, good deals can definitely be had.
As for the 8-10 year window, it'll most likely be fine. You probably won't get rich off the purchase, but you'll have paid about 12-18% of the loan off (assuming a 30 year fixed) + down payment. At 10 years, home ownership comes out ahead even with stagnant prices.
Of course, there is a risk that stagnant prices will be the high end of where we're at.
South Everett is not a good place to live, BUT Edmonds does stretch up along the water all the way to Mukilteo. Maybe try that area.
South Everett is not a good place to live, BUT Edmonds does stretch up along the water all the way to Mukilteo. Maybe try that area.