What may happen in the Seattle area economy in the future? Appraiser Richard Hagar spoke with John Maynard about this topic on KPLU the other day. The piece was geared to the glut of high end condos in downtown Seattle that are now selling with significant price cuts, but then Mr. Hagar shared more about what he sees in Seattle’s real estate future. He wasn’t talking about the near term, but some significant issues to consider when looking at Seattle real estate in the next 5-7 years.
Some of the highlights from Mr Hagar’s talk:
Real estate prices have gone down in the past, even in the 30’s and the 70’s, but they’ve come back up both times.
Population in the Seattle area is increasing. Last year there were 60,000 people new to the area, in ten years the projection is for a total of 600,000 people new to the area, all whom will need a place to live.
Builders are grabbing up land, finished lots for $35,000, which is steal, in the south end locations Auburn, Kent, and Puyallup.
And lastly, “The Rich Get Richer” by planning ahead and making good buying decisions for the future, not just for now.
Making good buying decisions is the key. If you decide you to buy now, then make sure to consider the future in your decision. Look for areas with good growth potential:
- good access to transportation.
- Good schools.
- Close to economic centers and jobs.
- Close to shopping and other amenities (check out walkscore and drive score)
- Check out the neighborhood and make sure the homes are well maintained throughout.
Seattle is going to grow, which will be a benefit to all of us in terms of the economy in both jobs and the real estate market. Consider this future growth in your buying decision. You’ll end making a better buying decision for the long term.