Local Realtor: Seattle is Different, Buy Now or Be Sorry!
Here's the urgent email I received:
Hi Everyone,
Although you receive my monthly newsletter, I felt it necessary to communicate this very important message in a personal letter because it is so important to you. This is no doubt the most significant message I have ever communicated to my sphere in all the years I have been in real estate.
As you are aware, my industry has been hit very hard. Over 1 million agents nation wide have gotten out of the business. Thousands are dropping out everyday. Only the experienced veterans – serious professionals, committed and dedicated to our industry, are surviving. (Thank you for your referrals. They are greatly appreciated.) Some of our clients have postponed their plans to sell or buy real estate. They're not sure about the "bailout," the media scares them, or their waiting for the "bottom" to hit before taking action. How does anyone know when we hit bottom anyway? The answer is – when it's too late.
However, the market is going to change dramatically. Why do I say this? As a real estate professional I make it my business to know my business. What I mean by this is that I study trends, statistics, facts and I am always out in the field aware of the inventory and climate of the market. There are several factors that are screaming out to me that will create the shift in our market place, and it's coming very quickly. Examples of this are the new FHA loans for as little as 3.5% down or the USDA Rural program for $500 down. The investments properties are going crazy as well. Banks are giving pratically giving away houses to get them off their books. Some for as low as 60 cents on the dollar.
Forbes magazine just released a list of cities most likely to rebound from the current housing market. Seattle was ranked the #1 city in the U.S. At Microsoft alone there are over 3,000 employees currently renting. They alone can wipe out most of the Eastside inventory. What this means to you is that inventory will go down and in a short amount of time it will cause prices to start climbing.
So as your personal Realtor, I am writing to inform you of a window of opportunity that will slam shut soon and quickly. If you have it within your power, or know of friend or family member that does, there will not be a better opportunity for many years to come to take advantage of the high inventory, low prices, and interest rates which are at historic lows. How many times have you heard someone say, "if only I'd made the move before the real estate market shifted." I feel a responsibility and obligation to my clients to apprise you of the current situation and trends before you miss this opportunity.
With Seattle named the number one city to rebound from the soft housing market, don't allow yourself to get caught up in national news. It is very different here. I believe this advice and counsel is the best Holiday gift I could possibly give to you.
Happy Real Estate Investing,
Scott Friedman, Broker, ABR, ASR
206-579-4546
scottfriedman@remax.net
Scott Friedman, ABR, ASR
Broker/Owner RE/MAX on the Ridge
206-579-4546 direct
425-396-7100 office
425-396-7200 fax
scottfriedman@remax.net
http://www.remaxontheridge.com
Click here for Market Report
Comments
So- I think we can be certain this is a person that would NEVER use scare tactics to drum up new business!
RE/MAX INTEGRITY!
Who cares if 3,000 employees are renting at Microsoft? Just because they work at Microsoft doesn't mean they can afford or want to buy some still obscenely priced house. What is the event exactly that would cause all 3,000 employees to buy a house probably still 3-6 times their income today? Is the economy booming? Are their jobs truly secure? Have prices really hit bottom? Hmm...doubt it.
Maybe he has a picture of P.T. Barnum above his desk.
ITA.
I'll be watching the news for the mindless, yet real estate possessed, mob of zombies from Microsoft in bidding wars for $600k cardboard boxes because that is all that will be left in a few days. Everyone else will be jumping out of apartment buildings, bemoning the fact that they did not take Mr. Friedman's heed that Seattle was different. Zombie different, but different. Priced out forever and banished to the hell of renting, there is nothing to do but kill yourself or move to Indianapolis or Springfield, MO, where housing is far more affordable. As Indianapolis at least is probably a fate worse than death, death is preferable.
I finally decided to buy a place, and will close this week. Of course, it's a short sale at 30% below the 2006 price; so it's probably going to have a negative effect on Seattle area home prices...
I have been renting for about 5 years, and have been building up a solid pile of cash. I will hold off on buying until all Scott Friedmans are roaming around Microsoft campus with a sign that says "Hungry - please help."
So I guess we can make that 2997...sorry Scottie.