Bellevue Market Update

October 31, 2008 Bellevue continues to experience a buyer’s market. More than anything the Bellevue market can be characterized as one of the most stable markets in the nation. Perhaps that is not saying much in light of the market chaos experienced elsewhere, but Bellevue represents an excellent value and, in fact, prices are beginning to trend upward since their low in January. Right now the median price per square foot for single family homes is about $332. There are 772 properties presently for sale and the average market time is about 130 days. With interest rates hovering just under 6% on 30 year fixed rate mortgages many Bellevue homes are quite affordable. If you are thinking of buying don’t hold out for that bargain basement foreclosure. The Seattle PI reported last week that foreclosures are down. “King County had 493 foreclosure filings in September, down 42 percent from August and 13 percent from September 2007, The Seattle area, defined as King and Snohomish counties, had one filing per 1,426 households, putting it 162nd out of 230 areas RealtyTrac monitors -- down from 133rd in August and 147th in July.” The word on the street is that many buyers are holding out until the market bottoms out but there are indications that we are there or beyond. One problem of “waiting for the bottom” is watching the market pass you by on the way back up. The best advice is get to know the inventory, choose the best neighborhood you can afford and negotiate your best “deal.” Remember, in real estate you don’t get what you deserve you get what you negotiate.