I’m listening to Tim Ellis of Seattle Bubble on the Dave Ross show on 710 KIRO with David Goldstein sitting in for Dave Ross.
There’s a link to the show in this post and it is well worth the time to listen.
Tim did a fabulous job and I highly recommend that you listen to “the voice” of Seattle Bubble’s founder in this radio program.
I did a quick check while listening to the program regarding the conversation in the latter part of the show regarding Eastside and Seattle. My stats support Tim’s statement that Seattle Downtown and within City Limits North of Downtown are doing better than the Eastside. Kirkland, Bellevue Redmond median price being up from $600,000 to $610,000 while North Seattle was up from $533,000 to $549,000 for the same six month period. Days on market Eastside being up from 36 days to 46 days vs. North Seattle being up from 26 days to 30 days. Number of homes sold down 22% in North Seattle vs down 26% on the Eastside.
While I am not seeing prices down in those samplings, I am seeing short sales that are selling for less than the owner paid, and not just for less than the amount owed. So the number of short sales in the mix in any neighborhood will continue to impact area pricing.
There is a significant increase in the number of sales that are contingent on the sale of another house. More and more people are including a house sale contingency with their offer to purchase. It is wise not to depend on a certain sale price when buying, only to find that your best hope is not going to pan out as you had thought it would.
Generally speaking the numbers are still pretty strong as to price, and so I’m not seeing the same price picture as Tim seems to be seeing. I agree with Tim that you are not likely going to see owners running into the assessor’s office to prove their home is worth less anytime soon.
In any event, take the time to listen to the radio program and hear the voice of Seattle Bubble. If you liked him before…you’ll like him even more. If you didn’t like him before…I’m sure you will find that your perception was not reality. He doesn’t sound ANYTHING like Chicken Little and he offers a well reasoned perspective.