Washington Investment Property
Real estate in Washington State is one of the best investments a person can make at the moment. Even with its foreclosure rate, property values are still relatively high across the state. The annual home price in 2009 came out to be $250,400. By the end of 2010, the average fell to $246,300. King County has an average housing cost of $375,000, including in and around the Seattle metropolitan area. The county with the highest housing rate is San Juan County, a group of islands north of the Puget Sound. The average home there costs around $422,500.
Still, there’s some considerations property investors may want to consider. King, Pierce and Snohomish counties, are some of the hardest hit housing areas with foreclosures. Overall, throughout the state, 1 out of every 781 homes have been foreclosed upon as of July 2011. King County, where the city of Seattle is located, has one of the highest rates with 1 out of every 682 homes in the county foreclosed upon.
The labor market also needs to be considered. According to the Bureau of Labor Statistics, the Washington State economy has remained around the 9 percent mark beginning around April 2009. It has remained at 9 percent to an extreme of 10 percent between December 2009 to Febuary 2010. This trend is relatively similar to the national unemployment rate within this time frame. Most of the unemployment is seen within the Seattle metropolitan area.
However, the Case Shiller Indexes indicates positive growth in many areas. One example is the Bremerton-Silverdale region, which is projected to grow in housing value by 9.3 percent until 2016. According to Moody’s Analytics, many parts of Washington State saw a rise in their housing property worth despite the recession. Besides Bremerton, Spokane, Bellingham and Kennewick saw leaps in their housing worth and will most likely see continual increase for median-priced, single-family homes. Even cities like Tacoma and Seattle, which saw a drop in their housing prices during the recession, are already seeing appreciation in their forecast in the near future.