Seattle stands strong despite the economic madness

Residents of the Pacific Northwest and myself are lucky we live in an area that did not feel the pain of this shift as much as other parts of the country. The economic infrastructure in Seattle, WA is not dependent on tourism, high priced items like cars (for instance), etc. We have a strong economy here and our market held strong.

Places like California and Florida, where much of the local revenue comes from tourism, have been hit hard by large amounts of foreclosures. Of the percentage of foreclosures occurring nationally, 40%, are in California and Florida. That's almost half in 2 states alone! Those that live in areas dominated by financial companies or car makers, two sectors shedding jobs in this downturn, they too are experiencing the brunt of the shift. "If the economic turmoil continues, vacation destinations like Las Vegas or Orlando could suffer a drop-off in business that would leave prospective buyers with less in their pockets" (http://money.cnn.com/2008/09/19/real_estate/afford_myhome.moneymag/index.htm?postversion=2008092410).

Once the inventory starts selling in those areas, their markets will start to get to a place of normalcy. Here in Seattle, we are doing the same. Again, Seattlites all around should be grateful to the strong market we still have today, despite all the talking heads and the doom and gloom we hear every night.

Call the Egerer & Weidauer Team to discuss what is going on in your neighborhood and how our team can help you buy or sell your greatest investment at the most profit to you!

Jeremy Egerer 360.990.4083 www.jeremyandnicolesellhomes.com Nicole Weidauer 206.661.7256