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Spring Market Speculation

Anyone care to weigh in on how our neighborhood real estate market is shaping up?

With interest rates down considerably this should shape up as a very interesting time to be buying a home around Magnolia. I am still uncertain as to what impact the new expanded conforming loan amount increase will do to the local market here. It is also unclear just how much trouble it will be to obtain financing for a large mortgage...

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February 17 2008 - Magnolia
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Dear Jer,

So far the market has heated up considerably since last year at the same time. You're right that it has to do with great interest rates, but it's also because of the great news about Amazon's huge expansion, and Boeing's increased hiring. Magnolia is a great place to buy, as any close-in neighborhood has been hotter than homes just out of city, north or south, and the close-in homes have also experienced far less depreciation than outlying homes. Hope this helps, let me know what else I can do.
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March 07 2011
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Amy,

You might want to check the year the original post was made. 
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March 07 2011
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I'm a buyer who has been watching the Magnolia market closely for 3 years.  Many sellers have tried to cling to their unrealistically high prices but lately I've seen many price adjustments.  Homes that would have been priced at $1.2M last year are coming on the market at $850K - $900K.  These homes are not selling quickly either.   

There's a lot of garbage on the market that needs work and is overpriced.  I expect we'll see a lot more agressive price adjustments as sellers grow tired of holding out for their high price and they compete with foreclosures and short sales. 

Any buyers who were concerned about interest rate increases have already purchased a home.  Now it's value buyers like me who will hold out for a home that is priced fairly before I'll buy it.

Home prices in Seattle are now at 2004 levels and still correcting.  If a seller bought their home in 2007 at the peak of the market then I expect the price to be at least 25% lower than they paid unless they've done some substantial remodeling to it. 

With home prices continuing to fall for the foreseeable future and interest rates holding steady or only increasing slightly, I have time on my side.  I can wait a lot longer to buy than many sellers can wait to sell.  Meanwhile I continue to save my money.   
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March 31 2011
 
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