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Washington state is nation's top home value rebounder, experts say

by GARY CHITTIM / KING 5 News

Bio | Email | Follow: @gchittimK5

KING5.com

Posted on August 6, 2010 at 4:56 PM

SEATTLE - Frustrated Western Washington homeowners trying to sell might be getting some offers soon.

A report out Friday from economic forecasters Fiserv and Moody's lists Washington state as the the number-one state in an upcoming rebound in home values.

"I hope they're right," said Heidi Dietrich who has been trying to sell her condo for the last year. "I hope we're on the way up. It feels like it's been down for a long time, so it's promising."

The predicted numbers are indeed promising. By the year 2014, Seattle home values are expected to rise 25.5 percent.

Tacoma is even higher at 33.1 percent and the top rebounder is Bremerton expected to enjoy 44.7 percent increase by 2014.

The only question for homeowners like Diectrich is: Can they hold on that long? They may not have to if investors decide to buy now and cash in later when the boom arrives.

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Comments: Displaying 1 - 6 of 6

feinstor said on August 18, 2010 at 2:46 PM

Good thing for Fiserv and Moody's that the performance of their past predictions isn't reported by the major media. I remember in 2007 when Fiserv predicted a 4% further rise in home values. The actual result was -14%. Lucky for me I trusted the blogs instead and sold my house.

50103729
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fckuall said on August 13, 2010 at 2:30 PM

omg get a clue, or get a job so you can get into the market.

49796344
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hendrake said on August 10, 2010 at 12:34 PM

Well according to zillow (nd their 'zestimate' is probably high), my home's off 25% from the peak back in 2006 and worth what it was back in mid-2005. Not bad compared to Las Vegas or Florida maybe, but it's gonna be a long slog back to where it was, if it ever does recover.

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doctorwrites said on August 7, 2010 at 4:38 PM

I'm being told by my realtor to expect more downside to prices for the next 9 - 12 months. 2014? Who's waiting that long? Buying should be relative to selling anyway - you don't get as much for your house as you'd like, but you don't pay as much for the new one. Unless you sell in Bellevue and buy in Butte, MT.

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digiwave said on August 7, 2010 at 10:40 AM

Heidi Dietrich's logic is somewhat flawed. Why would rising home values be a good thing when she's trying to sell in a sluggish market? Could a little greed be playing into her "logic?" Rising home values are actually not a good thing in the face of even more economic troubles. Housing prices have been unrealistically high for way too long anyway and now the housing market is going through a long overdue adjustment. Prices need to drop even more. Many economists are predicting more recession, or even the possibility of a depression. One of the smartest things I've ever heard an economist say is "Buying a house is not an investment. You buy a house to be a home, and it should never be looked at as an investment to make money from."

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collegeguy said on August 6, 2010 at 5:23 PM

I actually hope not. Why? Because home prices climbed to high, too quickly to the point of the average person being hardly able to afford them and did not fall in price enough. Even with the crash, most homes are still overpriced, especially new homes that have no yard. Not that I don't want people to be able to sell the homes they have, but just at a more reasonable price. Granted, many people are being force to sale high due to the price they bought at. But those selling a home that they bought for 200k and are trying to sell for 400k in this economy, get real.

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