SEATTLE - Seattle's real estate market may not be booming but it is improving, at a rate better than the national average.
Housing sales in King County are down 10 percent. And while that may sound like bad news, it is better than much of the country. And that number is expected to improve, thanks to low interest rates and buyer incentives.
John Maynard wants to buy home. He's looking in West Seattle. But first he'd like to sell his condo, which is not easy in this market.
"If someone would just twirl batons, they could have the condo because I really want to get out from under the condo," he said.
It is a buyers' market, and the pressure's on to take advantage of the first-time homebuyers tax credit about to expire, and low interest rates that are slowly on the rise.
Richard Hagar is a real-estate appraiser who also trends home sales here and nationwide.
"Interest rates are going to rise by the end of the year, next winter it's going to be cold again, you're going to have a slowdown of sales," he said.
Seattle's housing market is faring better than the rest of the country when it comes to home sales. Why?
Less oversupply than other markets, yet still demand.
"So if we lived through 2008, 2009 is obviously better. And I fully expect 2010 to be better than that," says Hagar.
John Maynard sees the clock ticking and hopes to cash in soon, provided he can cash out before it's too late.
"There may come a day where there's an X on the calendar where I will need to sell it. Right now, no. But it's coming," he said.
Right now, qualified buyers can get a 30-year, fixed-rate mortgage for around 5 percent. The first-time home buyers tax credit expires in April.
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