Renters, Investors, First Time buyers – Read This!

An unexpected outcome of owners and renters fleeing urban areas in search of more space has emerged in the recent dropping of condominium prices. As quickly as houses in the suburbs and exurbs have shot up in price, the condominiums they have left have dropped in price. Even 30 to 45 days ago,

condo prices were holding steady but with longer time on market. A typical supply outweighing demand scenario is emerging, with the number of available units for sale far outweighing buyers. This trend will not show up statistically for 30 to 60 days until closings occur unless one looks at listing prices. Kirkland, for example has seen condominiums drop in price by 10% over the past few months based on comps for two selling clients (one of which has chosen to re-rent the unit till better times and one will wait till Jan 1 to decide whether to list). Bellevue is seeing similar trends and I imagine most other areas will show the same upon examination.

The main take away is whether you are a Renter or First Time Home Buyer ready to explore how much the rent you now pay will buy, or an investor who wants to buy and hold until everyone gets called back to the office, Now is the time to explore if this Buying Opportunity is right for you

Call or email Kurt – 425-829-4270 kurt@kurtkreager.com