Thursday, December 27, 2007

More good news!

Once again, the Seattle P-I has taken a mostly-positive news report concerning the real estate market in Seattle and made it sound grim. (Why DO they DO that???) http://seattlepi.nwsource.com/realestate/

Seattle was one of three cities that continued to post GAINS in home appreciation, but the article focuses on all the places that have seen declines. And without any persuasive argument, the writer concludes that Seattle is doomed to fall with the rest of the markets.

We all knew that the market could not sustain double-digit rates of appreciation forever. If it did, buyers would be priced out of the market entirely (some already have been), which doesn't benefit sellers anyway. There is a big difference between a market which is correcting itself -- seeing declines which take it back to a "normal" market -- and one which is crashing and burning.

Admittedly, the days of making a quick buck by investing in real estate are probably over for a while. Historically, however, real estate remains one of the best LONG-TERM investments available, both financially and emotionally.

WHAT DO YOU THINK? If you are currently a homeowner, are you glad you bought a home?

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