Puget Sound (seattle) market

1 Reply

Just looking for feedback on general predictions on the seattle market. I live in the south puget sound (bonney lake) area. My girlfriend and i both own one home each. I am currently renting my home out to a wonderful tenant snd living in my girlfriends home. Our goal is to but a third home in the next couple of years and rent both out; however we are really trying to be careful and disect this market in every way possible. We obviously do not want to buy high but that seems to just be the area. I am a bit apprehensive to buy a 550k home up here. Everywhere i look around, there just seems to be a thriving economy up here! Everything is appreciating so rapidly. My question for all of my fellow BP members is....do you think the seattle market will continue and mirror the prices that california has seen in the past or do any of you see a potential correction up here? The south puget sound seems to be reaping the benefits of being within travel distance of the seattle tech boom! Just looking for some predictions and/or feedback!

As long as there are no major economic shocks or major geologic or geopolitical events Seattle will probably keep growing.   Barring a real catastrophe any interruption will be temporary and a good time to buy if you are positioned for it.   Seattle and puget sound are very well positioned and on our way to becoming a global player as a region.   But I suspect that price appreciation is going to have to slow down.  Its just getting too unaffordable for too many people too fast at least in close-in areas.    That said there are a lot of cities with higher real estate prices,  but they also tend to have denser overall housing, meaning you don't need to buy into as big of a patch of dirt.    It will take decades for seattle to start looking like new york or hong kong,  but it will eventually happen.

Look for a good location property (commuting, schools, neighbors, etc) in need of some elbow grease.   How much depends on your skills, etc.  But that gives you room to improve the value via your own efforts,  and not just rely on the market continuing to appreciate.   Maybe find something with subdivideable land in an area that is going to see urbanization/densification,  hold it for a while and wait for the infill development to start;  sell the extra land while keeping the home.

Just my opinions.

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