Economists’ predictions have come true. Like most of the rest of the nation, the greater Seattle-area housing market has slowed to the point where buyers have an edge.
Of course, you can’t dampen the outlook of the real estate professionals:
But the fundamentals behind Seattle’s market — particularly its strong job growth and dearth of new housing — mean “our area is going to thrive and grow,” Lones predicted.
“If it’s going to be any kind of a slowdown, I think it’s going to be false slow,” she said. “We’re in a very desirable place to live.”
San Francisco is also a very desirable place to live, but it hasn’t become a city of 20 million people because of the cost of living. Palm Springs doesn’t have 10 million folks. The job growth and desirability of a place cannot erase the problems of a real estate market out-of-whack with financial reality.