Hopeful in Seattle
Here’s to a spot of sunshine on this otherwise gray, fall day! A recent Reuter’s report on the Seattle housing market touts “No housing woes in booming Washington state.” While to some of our local sellers, whose homes have sat on the market for 100 days or more, this should be encouraging news to say the least.
According to this report, the outlook for Washington’s housing market appears to be bright, primarily due to the healthy economy and hot job market.
Brisk hiring, especially by manufacturers, builders and software companies, is propelling that growth, said Victor Moore, the state’s budget director. “It’s the high-paying industries … There’s been a steady demand from employers,” Moore said.
Their growth is helping Washington, unlike California and some other states, put aside concerns about a housing slump, at least for the near term, added state Treasurer Michael Murphy. “With employment really strong, there is less likelihood of having defaults on mortgages,” he said, noting Washington’s housing sector is avoiding contagion from mortgage market turmoil arising from “subprime” borrowers unable to make their loan payments.
The article cites continued growth from Washington’s diversified employers such as Boeing, Microsoft, and Costco, in addition to higher demand for our state’s agricultural products (which bodes well for the eastern part of our state). In consequence, our state economy is booming as Washington’s Economic Revenue Forecast Council projects an increase in the state surplus of more than $1.5 billion through the year 2009.
If, after reading this article, you still find yourself a little skeptical about this optimistic outlook, let me ask you a couple of questions:
- Do you know of anybody who doesn’t have an Xbox, a Wii, or both?
- When was the last time you pulled right into an empty parking space at Costco?
- What three things do you always have with you when you are away from home? (My educated guesses would be car keys, a cell phone, and a Starbucks cup!)
