Waiting to Buy, or Refinance
There are a couple of local blogs that I follow and the second one is at www.RainCityGuide.com that was the original inspiration for this blog. They have an article about refinancing a second mortgage that reminded me that we are still a ways away from being in a buyers market for Real Estate in Seattle.
A friend of mine who owns a Real Estate company has an investor/ agent that just bought a used new construction house in Puyallup for $162K, at auction, for cash! The house probably sold for about $140K new, about 2000. He intends to sell the house in two months for a profit, and he might get a buyer.
The math for home prices in the Seattle area is far from being a signal for a “good” buy. There are individual properties that are good well rounded purchases, but to say the market is at an equilibrium is more fair. You have to know what to buy, and structure a transaction so you can pay the property off quickly.
As always my advice is you need the help of an experienced Real Estate professional if you are buying, or selling in today’s market place.