george
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Good point Mike. Look at it this way. Sure, Seattle is special in some ways, and most bubbles are local. Until now. This bubble is seeing the first national declines since the depression, and it's getting a lot worse before it gets better. M…
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Here's where realtors actually know something. The current fair price is what someone is willing to pay for it. Nobody knows for sure what the fair price will be in 2008. If you plan to flip it tell 5 real estate agents the plan, then ask if the…
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Did they have the same realtor this entire time?
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Scenario A: Home prices defy gravity; rents drop; smart buyers wait; home sales slow; rental market tightens; and rents recover a bit. Then sale prices drop; stubborn owners can't believe it; and some can hang on waiting for prices to go back …
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"Sugar futures a good bet says local candy store owner" "GM to Beat Toyota in 2015 predicts Seattle's best used car salesman" "Plasma TV Repairman Sees Evidence of 5th Dimension"
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I think this is wrong. Look at the trends and be patient. People do want condos. Aging boomers for instance. Many want to downsize, but have been waiting because condo prices are so ridiculous. Now they will start downsizing thanks to the f…
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Take-away messages for Seattle in the WSJ article: 1) The bubble-deniars at the National Association of Realtors are choking down another heaping helping of crow. Yum! 2) We'll continue to hear these same voices of sanity and rationality quoted…
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Seattle owners (including landlords) will not drop their prices fast at all since prices never go down here. So inventory will continue to build. Meaning lots of unsold properties are going to be coming online as rentals along with the 1000s of ne…
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There's only one relevant question for a smart investor: If you sell today how much will you make between now and September 2007? If you don't sell, how much will you make (or lose)?
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From what I've read here realtors are given as much respect as reporters, lawyers, used car salesmen, and other professions. So I don't see an "anti-realtor" tone on this blog. If realtors feel like they're not getting enough respect these days, …
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Gee, why isn't that story in the Seattle Times? :roll:
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Moral of this story: anybody that's still jacking up the price in the market is: A) Not serious about selling A fool
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I like this line from the article - since I expect it will happen here as well. Property owners won't drop prices right away: "In another manifestation of the housing slump, thousands of property owners across the country are now renting out hom…
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What's their basis for saying 08Q3 is the bottom? Do they have a crystal ball that shows what the economy will be doing in 2008-2009. After the 10 percent declines + nearly 100 top housing markets? Just one of the local trends to watch: The n…
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hesotriflin wrote: I was in the south end a couple of weekends ago and there was a guy standing in the middle of a 4 lane road holding a for sale sign. Do you think he was trying to get hit to drum up publicity?
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If they rent that thing I'll eat my apartment.
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Whether Seattle is basically "in line" or not, the national trend is alarming. I mean, if you believe in controversial theories like "gravity."
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Real estate speculators are about to face a tough choice. We know the current crazy price:rent gap occured due to expected gains in property values. Now that's dropped to 5 percent YOY in the Seattle area -- and will likely continue on down, and…
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Says the New York Times today: In a Credit Crisis, Large Mortgages Grow Costly "Rising home prices were the oil that greased the wheel of this engine of growth, and falling home prices are the sand in the gears that are causing it to grind to …
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That chart makes it look like King County housing prices dropped a lot in the 1980s. Didn't I read in the local paper that Seattle area prices never drop? Is it difference how you factor in inflation? The Tim wrote: I assume you're referring t…
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Whenever I see those uber-wide angle photos that make the room look really really weird I gotta wonder: are they going for the funhouse mirror effect on purpose? mike2 wrote: Then there's this one... Is it a flip or did someone just get c…
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No decent mass transit.
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Femto: Yeah that is the question, although I didn't limit it to a 5 year period. When I read these comments I realize the old American Dream about owning your own home is officially over. Long live the renters' reality of a better place to li…
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Except you aren't taking into account that with current price/rent ratios most people can afford a higher quality of life today by renting. sniglet wrote: Of course, this is not to say that people should wait till the absolute bottom to buy a h…
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Even assuming there is no bubble, our real estate boosters don't seem to be able to answer a simple question: With price to rental ratios so out of whack and return on investment poised to level off, why buy in 2007? What's the hurry? Why not w…
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The first annual decline since the Great Depression??? Wow. Wait until that news sinks in around the Puget Sound. The national median home price is poised for its first annual decline since the Great Depression, and the supply of unsold homes …
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TJ: Do you have a linky to any concrete information about Crellin's employer to back that up? If true, that would mean 100 percent of the local "experts" quoted in the local press work for the RE/Developer industry one way or the other. (At lea…
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Speaking of doom, this is my nominee for the ominous understatement of the year: "We are not sure how deflating a $23 trillion asset class -- the value of real-estate assets on the household balance sheet -- will end, but we doubt that it will e…
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Cool! Can you factor in demand by neighborhood too? If so, is there an obvious trend here in months supply by neighborhood? Number of homes for sale on the market = Months Supply # of homes sold this month