Seattle Home Prices
If you bought a home in the Seattle metropolitan area, do
you have a profit or a loss? If you
bought before June 2006 then you probably have a profit. The average buyer who purchased a house
after that month has a loss.
This conclusion is based on inspection of the S&P/Case
Shiller Home Price Indices released on July 29, 2008, reflecting data through
May. This conclusion reflects the
average home, and there’s substantial variation around the mean.
The average experience in the 20 largest metropolitan areas
is that July 2004 marks the dividing line between profit and loss.
Comments
You have no clue what you are talking about. Home prices for homes over $500k in Vancouver area are maybe worth a touch more from 2004 not early 2006 pricing. Add RE commissions and you lose money. I have multiple specific examples in Camas e.g. Sold for 530k, bought originally new on 4/2005 for 535k. You publish this crap apparently to make people feel good, but it is just not true for homes over 500k. You need to be held accountable for your cavalier remarks.
Camas is clearly not part of the Seattle Metropolitan area. I am not saying that he is right but your statements do not prove him wrong. He actually claims nothing about areas like Camas that are NOT metropolitan markets. You would be closer to the Portland Metro area than Seattle. Stop whining and realize what he is saying is a complete generalization and can of course be shown incorrect and correct by any number of anecdotal cases. Relax. Hold your properties for 10 more years and the prices will double. I promise.
Sam Harris
John L. Scott Real Estate
Seattle