Housing experts predict Seattle to be protected from potential recession

Recession talk has been up and down in the past few years and homeowners are concerned how that’s going to affect the local housing market. Will it look like what happened in 2008?

Pacific Northwest regional director of Metrostudy, Todd Britsch, says that a recession is inevitable but Seattle won’t see a catastrophe like some may think. “My problem is when I say the word 'recession,' everybody immediately goes to 2008. Most people really have no clue how close we were to going upside down in this country," Britsch told the Puget Sound Business Journal.

The analyst also attributes higher home prices in Seattle to the limited vacant buildable land in our area. When you take a look at the numbers, there’s a net loss of over 18,000 lots since 2010 in six different counties: Skagit, Snohomish, King, Pierce, Kitsap and Thurston. Real estate experts predict considerable home price inflation within Seattle and the Eastside next year. Homes up to the $1 million price point are expected to see a 6 percent increase, and homes that exceed $1 million are forecasted to appreciate 5 percent.