Washington has a strong vibrant real estate market. Purchasing a home in Washington is an excellent long term investment. Here are 6 reasons why:
1) The Emerald City has experienced strong price appreciation over the last six quarters, and that's expected to continue in the new year. Third quarter median home sale prices increased by 6% compared to the third quarter of 2006. Forbes Magazine, November 2007
2) Washington State's population will increase by nearly one million over the present decade and reach 6.8 million by 2010. About two thirds of the growth is due to immigration, the rest is a result of the growth of families. Washington State Office of Financial Management
3) The number of building permits issued in the tri-county area has declined by 6% for the first three quarters of 2007, compared to the same time period for 2006. John Murphy, Director of Operations, New Home Trends
4) Unemployment in Washington has been below 5% for nine straight months and is in the running for the lowest annual average since modern records began in 1976. Washington added over 57,000 new jobs in the last year. The majority of these jobs are in the Puget Sound area.
National Association of Realtors
5) Mortgage Interest Rates are near historic lows. Based on market indicators, rates are not likely to stay this low for long. James Wirth, Landover Mortgage
6) Current conditions mean this market is in the "Buy Zone" and is the perfect buyers market. Looking at the housing market graphically over the past 25 years, it's evident there are periods when conditions make it the perfect time to buy a home, and this is one of them. NWMLS