I am moving from Miami to Seattle. Luckily I sold my house in Miami Beach last year. I plan to rent in Seattle since I believe that this market is behind other metro areas by 9-12 months before prices begin to drop in Seattle. Do you think prices will drop returning to more affordable ratios income vs median house prices? Please do not tell me about the great job market. Places like Boston are just as strong in the tech sector and they have seen prices fall 10% YOY. Thank you.
Mon, May 21, 2007 3:23 pm
We have not seen such drastic decline in values 8 percent in Miami alone for a number of reasons. The biggest of which is that we did not see such rampant speculation by investors/”flippers” boosting prices to extreme levels. Areas that did not increase as much are not likely to decline as much if at all.
Tue, May 22, 2007 12:40 pm
Wow, Matthew Gardner is smoking crack! I don’t know what market he’s looking at, but in my searches for property, at least 50% of properties for sale over the median King Country price were owned for less than two years and had their prices increased 50%-100% which is the mark of the flipper property.