centhq_com
New member
Any tips?
Where do you think Seattle real estate prices are headed?
- Thread starter centhq_com
- Start date
smkelly86
New member
Data-Based Predictions for the Seattle Housing Market in 2024
Should I buy a home in Seattle over the next few months, or wait until 2024? What will the local real estate market be like next year? What's the general outlook and forecast for the Seattle, Washington housing market in 2024? These are common questions among local home buyers who are planning...
www.sammamishmortgage.com
STAMINA
Moderator
The real estate market in the Seattle area and nationally will be difficult to predict. Currently, we have noticed that the high interest rates have not slowed down Seattle real estate. Why? Many folks are holding on to their sub 3% interest rates due to the Covid-19 pandemic. Further, builders did not build enough homes which put the Seattle market in a lower inventory mode.
Low inventory means stable or growing prices but at some point, this is going to crack.
Low inventory means stable or growing prices but at some point, this is going to crack.
STAMINA
Moderator
As to when it will crack, according to academic finding, this should of cracked a while back but this is an interesting time. This is more of a wait and see period. From a few years ago, a house which was selling for $1.7 million is now selling for $1.35 million. Congruently, homes in the North Creek, Bothell area and new developments, most of the houses are stilling for $1.35 million plus and houses are barely on the market for 7-10 days.
Imagine a family putting down 25%, they mortgage payment will be close to $10k a month which is a bit out of control.
What are your thoughts?
Imagine a family putting down 25%, they mortgage payment will be close to $10k a month which is a bit out of control.
What are your thoughts?
smkelly86
New member
I agree @SeattleStamina that the real estate market in Seattle is quite unpredictable at the moment. The decline in home prices you mentioned may have been part of the broader correction in the market and data-based predictions suggest that the trend could reverse with a slow but steady increase in home prices. High mortgage rates indeed contribute to the challenges faced by families, making the wait-and-see approach you mentioned a prudent strategy.
