Boom News Flash: Seattle Housing Market Tanked in ‘07
posted by January 23 at 11:43 AMon
The department of things you already knew has released another ground-breaking report. This one, by the Northwest Multiple Listing Service, says housing prices in Seattle jumped the shark last August. Thank you, experts. The PI takes on the task of breaking it down for us over here.
What does this all mean to readers? Houses are cheaper or prices are at least leveling. And how do the buyers feel? Elated? Well, who knows. The article is titled, “Two sides to ‘07 housing market,” but there is only one side to the story: Doom and gloom.
“We had a very strong market in King County until August hit,” said J. Lennox Scott, chairman and chief executive of John L. Scott Real Estate.
Glenn Crellin, director of the Washington Center for Real Estate Research at Washington State University, expected that slower sales eventually would affect prices. He theorized that the median prices earlier in 2007 were masking some softness because buyers were getting more for their money, rather than spending less.
“Finally, it got to the point where they were able to afford all they wanted and spend less money, too,” he said.
But Crellin said the softness would continue if inventory surges this spring, and some other analysts were gloomier.
“If you find a place that you like and you can afford it, are you really going to try to time the market?” he asked. “Because, when it really comes down to it, nobody knows.”
Oh, fucking Jesus in hell. You’d think a kitten dies every time someone buys a bungalow for less than a million dollars. Ya know, prices can drop but developers and real estate agents will still make money, albeit a bit less. I know this may be sad for them, but this article never bothers to say, “Hey, maybe the housing bubble was totes over-inflated and this means that people can afford houses. We don’t want a scarce housing supply in a region that has high demand; we can fill in with apartments, condos, and more houses.” The plateau is a good thing. It’s not a tragedy that housing prices won’t forever be rocketing upward. This is the real estate market—the thinking outside the pages Seattle’s daily papers is that it will resume at a more reasonable pace in a couple years.