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Rent vs. Buy
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What should I be looking at to answer this question? Average days on market? Price trends? Mortgage rates?
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Posted: Jul 06, 2008 at 2:54 PM
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I'd give it six more months. We haven't felt the bottom just yet.
New construction coming in will offer some great incentives.
In Fremont area prices have come down about 25k. Average days on market there are 95.
There are particular buildings that offer more incentives than others right now. Brix, Trace Lofts, Rollins Street, Olive 8, etc. are good examples.
You might be able to offset price with a fantastic interest rate, which are trending downward.
Jul 7, 2008 at 12:35 AM
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The Seattle condo market is holding it's own and In my opinion a great time to buy. Prices have actually increased 4% from this time last year. As with anything else if you price it right it will sell. Although we are entering a buyers market, sellers seem to be holding firm on their prices and extending the average days on market.
As for interest rates...this week the average 30yr fixed was 6.35% as with homes you have a ton of options with loans as well..."the world is your oyster!!!!"
My best advice would be to sit down with a real estate agent as well as a mortgage person.You have a lot of great questions and are wise to get as much information as you can to make the most informed decision ahead of time. To many people jump in head first and ask questions later.
I would be happy (as most of us on this site would be) to help any way I can.
Jul 6, 2008 at 8:08 PM
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In my opinion, yes, this is a good time to buy a condo in Seattle. Though market activity has slowed as whole over the past year, the downtown condo market has remained surprisingly stable. There are concerns that more and more condos are going to enter the market in the near future, which will create an imbalance between supply and demand. However, Seattle's stable economy is poised for growth, and more and more condo buyers will be entering the market to meet supply.
We are in a great buyers' market. Buyers have plenty of room to wheel and deal. In April/May of 2007 buyers were offering 101% of the selling price based on demand. In April/May of 2008 buyers are offering 97% of selling prices and getting it. Now, this might mean that some of these condos weren't priced properly to begin with. If a condo is fairly and accurately priced I caution buyers from making less than 100% offers. This will only decrease your condo's value and set a lower benchmark for other comparable sales. As an owner, one does not want to see this happen. I would advise buyers to look at other means sweetening their deal, such as using seller provided funds at escrow to put towards a 3-2-1 buydown against the buyer's mortgage.
Jul 6, 2008 at 4:02 PM
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