Sep 13 2009
Young Buyers, New Arrivals Helping the Seattle Market to its Feet
The news is nothing if not interesting these days with regards to real estate. From TIME Magazine to National Public Radio, you can hear the first big sighs of relief when it comes to discussing the real estate market, and especially here in the Northwest.
It’s encouraging to me to see that young people are putting a brave foot into the waters and starting to understand that if they buy young – mid-20s say – and start small, then there’s only one way to go on the ladder, and that’s up. While condo sales are still a bit wobbly in the knees, there is movement, especially in the non-luxury units. In housing we’re actually starting to see a shortage for first-time homebuyers because young families have seized the “buyers’ market” opportunity for smaller single family houses.
Sure, it can be scary that first time, but remember, 3.5 percent down is still very common, and with a good realtor to guide you, there still is no better investment when you’re young. Another plus is that plenty of people are still moving to the Northwest––100,000 people a year to the Seattle area alone. Their demand for housing alone means that our real estate market won’t plummet the way other parts of the country have. So even though unemployment is still high, apartments are filling which means affordable condos will sell, and then the higher end ones will too.
One way to spot an upward trend in real estate is when builders starting buying land again and that’s happening all around the Seattle area. Vacant lots are selling around the Sound as builders turn an eye toward the future. Remember, that with each new building––home or condo––employment goes up as well. It’s that “everything is dependent on everything else” theory. In real estate it’s a fine balance. It feels good to watch the see-saw level out.
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