Is real estate in the greater Seattle area over priced?

Tuesday, January 23. 2007

Is real estate in the greater Seattle area over priced?

This is a question that will get you different answers according to you who you ask. For example, you ask a seller is their home priced too high and you will 99% of the time get a NO. Ask a buyer the same question about the same home you will often times get a YES. So how do you determine if a homes value in unreasonable? The value of the home is in the eye of the beholder or future beholder. For example, I just read an article in the Seattle times about a 77 square foot former storage room going for $335,000. That's $4,350 a per square foot and this former storage room as already received three offers. The location of this 77 square foot storage room is where the value is seen to those who want to live with-in walking distance to tony stores like Harrods, parks and be in the Knightsbridge neighborhood. Now for those who have a need of a 3,000 square foot home in the country this "storage room" is overpriced. Yes, there are accurate ways of establishing the price for a home. Real estate agents and appraisers do this everyday but the final value will come down to this, is a buyer will pay such and such a price for this property? The buyers are the actual one that will determine the value of real estate in the greater Seattle area. The value is in the eye of the beholder or future beholder.

Posted by Joshua Koffler in Features at 19:29 | Comments (0) | Trackbacks (0)

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