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When are we going to see the price curves in Zillow flatten out? Any historical data that can help us forecast when we can expect to reach the bottom?What are the major factors that continue to push prices down and why does it take so long to reach the bottom? Any comparison with other markets also would be great.
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You can all the consumer confidence to spend but still need Job market/Financial means to keep the money circulating.
Real estate is very local. I pulled the info from Northwest Multiple Listing Service and here are the numbers (for Downtown Seattle, Central/East Seattle, Queen Anne, Magnolia, Northeast, Northwest Seattle, Bellevue/West Of, Kirkland and Mercer Island combined).Condos and homes combined:In 2006 average sale price $730,367; median sale price $597,727In 2007 average sale price $676,267; median sale price $559,669In 2008 average sale price $656,223; median sale price $522,453In 2009 average sale price $658,965; median sale price $534,943In 2010 averag sale price $665,131; median sale price $529,465Home sale prices (average and median)2006 $1,008,861; $815,5742007 $962,022; $774,9752008 $907,621; $709,1362009 $880,910; $707,7422010 $905,323; $716,373In most Seattle neighborhoods prices started moving up in 2010. Even though I don't have a crystal ball I can tell that real estate market in Seattle has bottomed out.A few parts of the country has been hit harder than the others. Short sales and foreclosures had a huge affect on prices and value along with other economical factors.I hope this answers at least a couple of your questions.
Dear pepe65;Our state market in general and Seattle's market in particular follow closely behind California's markets, according to a regional bank president I just conferred with at a conference. California's 3 major city's markets (San Fran, LA, and San Diego) have leveled off as far as a rate of decline, and historically we follow 10-12 months behind them.Hopefully he's right!Good Luck!
Ultimately supply vs demand of homes must stabilize. Foreclosures and high unemployment are the main issues holding us back nationally. Once this stabilizes, we will eventually see the supply of homes dwindle based on today's limited new construction (basically, new construction has dropped while foreclosures have risen dramatically).Looking to the future, great rates will help stimulate activity especially if jobs return while they are still low. Rates are expected to remain low in the near future (2011 and possibly beyond). There also seems to be a slight overcorrection on credit criteria, DTI and down payments. Perhaps, this will loosen up just a bit later and be a good catalyst in the future. Also pay attention to jobs leaving or coming to your area. This would help stabilize things quickly if the ratio of jobs added is decent/high vs the population. Jobs leaving your area would be bad for stability/growth.
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