Comments on: May 2008 NWMLS Housing Report http://seattlehousingbuzz.com/2008/06/may-2008-nwmls-housing-report a Seattle Real Estate Blog Tue, 22 May 2012 01:34:06 +0000 http://wordpress.org/?v=2.3.1 By: Ben http://seattlehousingbuzz.com/2008/06/may-2008-nwmls-housing-report#comment-196632 Ben Mon, 24 Nov 2008 21:33:04 +0000 http://seattlehousingbuzz.com/2008/06/may-2008-nwmls-housing-report#comment-196632 Two minutes between posts at 1 am in the morning doesn't provide much opportunity to moderate. At any rate, this NWMLS post/press release was dated May '08 so it's definitely dated. No doubt, though, hard times in the real estate market will continue for the foreseeable future. Two minutes between posts at 1 am in the morning doesn’t provide much opportunity to moderate.

At any rate, this NWMLS post/press release was dated May ‘08 so it’s definitely dated. No doubt, though, hard times in the real estate market will continue for the foreseeable future.

]]> By: Informed_Buyer http://seattlehousingbuzz.com/2008/06/may-2008-nwmls-housing-report#comment-196537 Informed_Buyer Mon, 24 Nov 2008 08:58:38 +0000 http://seattlehousingbuzz.com/2008/06/may-2008-nwmls-housing-report#comment-196537 Awaiting moderation? Nevermind, this will never make it in. I didn't cheerlead and state how everything is wonderful in the market and how the time to buy is NOW NOW NOW. Awaiting moderation? Nevermind, this will never make it in. I didn’t cheerlead and state how everything is wonderful in the market and how the time to buy is NOW NOW NOW.

]]> By: Informed_Buyer http://seattlehousingbuzz.com/2008/06/may-2008-nwmls-housing-report#comment-196536 Informed_Buyer Mon, 24 Nov 2008 08:56:31 +0000 http://seattlehousingbuzz.com/2008/06/may-2008-nwmls-housing-report#comment-196536 Regarding this comment: "NWMLS director Mike Skahen believes the price drop has “already happened.” “It’s a great time to negotiate with sellers,” he suggests." Mr. Skahen is either intentionally misinforming the public or has zero clue about macro-economics. The price drop is Las Vegas and LA for example, has mostly happened. Our drops probably won’t be as steep, but they will continue. Boeing just announced probable layoffs in 2009. What the announcement didn't tell you was that thousands of Boeing on-sight contractors are likely released in early 2009. Microsoft is slowing hiring to a crawl. My MS team recently hired two full time employees, but both are permanently place in the Vancouver BC facility. Wamu is losing thousands of high paying positions. Expedia just laid off hundreds of skilled workers. Deflation is already occurring. The single piece of good news for consumers is cheaper gas. Unfortunately, the oil price is a reflection of its shrinking demand in a constricting economy. Based on all the factors I just listed, how does anyone ascertain that "the price drop has “already happened.”" Anybody who buys today will have a home worth less tomorrow. Given every single forecast I have heard, this trend will continue for 6 months minimum. If homebuyers want bargaining power, just wait a few quarters when layoffs start to force people back into apartments. Economics 101. Regarding this comment: “NWMLS director Mike Skahen believes the price drop has “already happened.” “It’s a great time to negotiate with sellers,” he suggests.”

Mr. Skahen is either intentionally misinforming the public or has zero clue about macro-economics. The price drop is Las Vegas and LA for example, has mostly happened. Our drops probably won’t be as steep, but they will continue. Boeing just announced probable layoffs in 2009. What the announcement didn’t tell you was that thousands of Boeing on-sight contractors are likely released in early 2009. Microsoft is slowing hiring to a crawl. My MS team recently hired two full time employees, but both are permanently place in the Vancouver BC facility. Wamu is losing thousands of high paying positions. Expedia just laid off hundreds of skilled workers. Deflation is already occurring. The single piece of good news for consumers is cheaper gas. Unfortunately, the oil price is a reflection of its shrinking demand in a constricting economy.

Based on all the factors I just listed, how does anyone ascertain that “the price drop has “already happened.”” Anybody who buys today will have a home worth less tomorrow. Given every single forecast I have heard, this trend will continue for 6 months minimum. If homebuyers want bargaining power, just wait a few quarters when layoffs start to force people back into apartments. Economics 101.

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