Eastside Real Estate Forecast

Posted on March 3rd, 2017

Eastside Real Estate Forecast

Our region is experiencing an ever-expanding population, low inventory, soaring prices, and possible creeping interest rates — here’s some expert advice on what to expect in 2017.

By Margo Greenman and Joanna Kresge

Prices are on the rise across the Eastside

“If you’re trying to buy something for say, under $750,000, you’re priced out of Bellevue entirely. But even in Snoqualmie Ridge right now, there’s almost zero inventory. There’s one little pocket of new construction that’s in the final phase, and those start around $800,000 and go up from there, so the affordability thing is a huge issue.” — Susan T. Jones, Windermere Real Estate managing broker, Bellevue West

“Supply is so limited that many households are not listing, as they can’t find somewhere to buy. As far as prices are concerned, excessive demand suggests that homes are selling at or above asking price (assuming that the broker has priced the home correctly!).” — Matthew Gardner, Windermere Real Estate chief economist

“We have lots of reasons to suggest that 2017 will see continued moderate appreciation in housing. That said, nothing goes up forever, and it shouldn’t.” — Anna Riley, Windermere Realtor, Yarrow Bay

Long commutes make more affordable communities less desirable

“There are definitely people who won’t even consider going too far north or east, but then some other folks, they move here and they don’t have an option. Maybe the primary wage earner just decides he or she is just going to deal with traffic for an hour both ways just to get the affordable housing and schools. It depends on the person.” — Don Weintraub, Windermere Real Estate broker, Bellevue West

“We are seeing many Eastside buyers choosing longer commutes, but this is due more to the hefty price of housing in core neighborhoods than to a desire to escape hustle and bustle.” — Thadine Bak, Coldwell Banker Bain principal managing broker, Bellevue

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