Get ‘Em While They’re Hot

Not sure why, but a few home owners in Issaquah increased their prices this week. The homes are all listed under the same real estate company but with different agents. Additionally, the prices all increased by exactly $3,000. Some went from $334,900 to $337,900 and others ended at $212,900. Did someone originally price their homes too low? I don’t know. You tell me.  

The Seattle Post-Intelligencer’s real estate reporter, Aubrey Cohen recently pointed out Seattle residents are still not convinced it’s a good time to buy.  One open house attendee told Cohen: “Area prices have come down a bit but are still “outrageous. I’ve really started to think I shouldn’t buy (now).” 

Later in the article, Cohen makes a rational statement. Interest rates are low and the longer you wait to purchase a home the more likely rates will go up again. This is just one theory, and people in Seattle sure have strong feelings about this idea. To be honest, it’s an economists’ game now. However, I think it’s fair to say the housing competition hasn’t risen to the point where sellers can ask for more than the home’s value. This price increases in Issaquah are an anomaly. At least for now.