Is A Housing Recovery For Seattle About To Happen?

seattle real estate

There’s no proof the old housing boom could return. Americans are confronted by too much housing inventory and too much personal debt.

Gurus have been predicting a bottom for the housing market ever since the bubble began to collapse in 2006. They’ve been consistently wrong. But are we ultimately there now?

Many say yes!

House prices across the country are predicted to become stable by the end of the summer months and begin to increase by an annualized rate of 3.9 percent over the next five years. For the Seattle-Bellevue-Everett metro region, prices are seen moving up at a 5 percent annualized rate.

But that won’t come before an additional 3.3 percent price drop-off through the remainder of this year. The Seattle region was late to the party, with prices hitting their peak in the second-quarter of 2007 compared with a nationwide peak in the first quarter of 2006.

However, a number of encouraging factors are bounding to put a floor under prices.

Among them, more desirable employment numbers, fewer markets influenced by foreclosure sales and bank-owned homes, and affordability at record levels.

So many real estate experts forecast Seattle to become stable sooner that the rest of the country.

Other facts back this up. According to the Runstad Center for Real Estate Studies at the University of Washington, sales of existing properties in King County climbed more than 12 percent in the first quarter compared with the same period in 2011, even as median prices fell 6.6 percent.

Indeed, anecdotal information suggest there are now bidding wars for houses in the best locations, primarily in Seattle.

House resales went up 10.9 percent in Pierce County and 18.5 percent in Snohomish County. Building permits for single-family residences are very slowly rebounding, and apartment development is flourishing in central Seattle.

Still, there’s no proof the old housing boom can come back. Americans are still coping with too much housing inventory, excessive debt.

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