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Buyers Dancing in the Streets?

Blog by Kristen Meyer | October 7th, 2007

If I were a home buyer or seller in Seattle I would be confused.  Each week there seems to be a dramatic headline on the front page of the Seattle Times.  This week's claim is that the Seattle housing market looks like a clearance sale on the day after Thanksgiving.  The article states a HUGE increase in inventory and reduction in the median sales price.  It's interesting how the article leads the reader to interpret that the housing market is a bust and there are bargains everywhere. 

The example they use of a desperate home seller is located in a subdivision in Bothell, a suburb north of the city.  There has been a housing development boom in the outlying areas of Seattle due to the drastic increase in housing prices in the city.  Shoppers looking for giant houses often find themselves having to look beyond the neighborhoods in Seattle proper.  Indeed, if you are looking for a giant tract home in Bothell the world is your oyster it seems.

I have to wonder sometimes if the market is a self-fulfilling prophecy based on the hype-of-the-moment media coverage.  Are you confused?

Read the article in the Seattle Times