Your opinion of the Bellevue real estate market? Are we at the bottom, on the way up?

Bellevue, Medina, Clyde Hill, other close by areas.  Where does the community think the market is for home buying this spring?
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March 29 2011 - Meydenbauer
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Answers (10)

Great Q!  I truly think we are emerging in a mini bubble....which is common this time of year.  We saw gains last year this time....however, I am confident it will level a bit.

Anything else we can do to help, let us know!

 
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May 31
- around 22% further price drop should be expected

Well, that was 2011. The median home price in the area at the time was around $555,000; it was predicted to fall to about $433,000 and instead it rose to $669,000 and is still rising.

I hope that nobody takes our advice seriously here, because if you held off two years ago thinking that the $555,000 house would be available today for $433,000 . . . well, it's not.
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May 30
We are starting to see a balancing effect take place in the greater eastside area. That said, much of the data in Bellevue suggests that due to low inventory, prices continue to climb. That said, sellers are getting more confident, inventory levels are increasing, which will help create a more balanced playing field over the next year or so.  

Year-over-Year, the inventory levels in Bellevue have gone from 2.2 months to 1.7, which means inventory is less and so for coveted neighborhoods, prices will continue to rise. That said, the market remains dynamic, employment is strong, yet, interest rates are rising, so we may see more balancing factors. 

Hope this helps!
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May 29
In my opinion King County has been very fortunate. It took longer for our values to decline relative to other markets like CA, CO, etc, and it appears we have bottomed out just as fast. I have been a home buyer and financier during the entire crash, and I am in Buy Mode. I purchased a home two Friday's ago, and am already hot on the trail of another.

In a more Macro approach I have looked at the trend of Sales in CA. CA being one of the states earliest and most affected by the crash, seems to be on a rebound with property values not only level but increasing. (I am not an appraiser so my opinion is nothing more than that). This phenomenon started to occur late in 2011 and continued through to early 2012, and that is when it appears the light went off.

All of a sudden all of the home buyers I was financing were finding themselves competing for properties with multiple offers, and worse against cash offers. It has not seemed to slow down at all over the last 3 months with less and less inventory with more and more buyers. It would appear that we have fully hit the bottom, and may be trending upwards.

Again I am not an appraiser, and there are many factors that go into something like this. I would be more than happy to speak to you in lengths about real estate and why I believe certain things are playing out like they are.

What I do know and think is always something to watch for is what investors are doing. Well in this case it appears that the Investors are buying any property. I was sent an article from a title company that stated over 30% of homes were being bought cash. I can tell you that the average Joe is not buying the Average 380 K home in Seattle with Cash.

In the end I put my money where my mouth is and bought, and I am desperately trying to be repeat offender. I think the market is not going from one area to another, but rather just going!!!!
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June 29 2012
Profile picture for Alex Pryiomka
SteadyState, this is correct. And remember, when interest rate goes up, what's going to happen to home prices. Federal reserve has "promised" to keep interest close to zero till 2014, so, after 2012 if interest goes up and mortgages go up, say, 6% APR, you can expect next 15-20% price drop in housing market. Keep also in mind, that Fed keeps buying toxic mortgages from Freddy and Fanny. This also cannot continue forever...
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May 31 2012
Profile picture for Alex Pryiomka
MedinaSchools, the prices were never bellow 2005 in those areas. It seems like Bellevue is still in bubble....
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May 31 2012
Profile picture for MedinaSchools
I wish you bought in one of those areas as the market is picking up in those areas.   Seems like homes are going at or above 2005 prices.
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April 22 2012
Profile picture for Pasadenan
This chart from Zillow's "local info" pages states that prices are still dropping:



Bellevue median value trend
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March 31 2011
Profile picture for Whitney T
Whitney from Zillow, here. For a data driven look at the Bellevue housing market, check out Zillow's real estate market reports. In Bellevue, the Zillow Home Value Index (median home value)  Bellevue decreased 7.4 % in January  http://u.zillow.com/vwN/ . In Seattle, the Zillow Home Value Index decreased 9.4 % in January http://u.zillow.com/v4Af/ .
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March 31 2011
Profile picture for SteadyState
Cynthia -
In your area (Bellevue - Medina, etc. are similar):
M-t-M: down 1.0%
Q-t-Q: down 3.0%
Y-t-Y: down 7.4%

Homeowners who sold for a loss in your area:
2007: 1.9%
2008: 2.0%
2009: 9.7%
2010: 10.70%
2011: 22.62%

Median Income: $62K Median home price: $448K

This tells me your market has a way to go - around 22% further price drop should be expected if median home buyers can secure credit to buy a median priced home.
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March 29 2011
 
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