Double Your Income...

...or don't think about trying to buy a home in Tacoma.

The typical prospective first-time buyer in Pierce County had just 56.3 percent, or $37,928, of the $67,368 annual income needed to purchase a house in the second quarter of 2007. That means the person would need nearly twice as much income to afford the mortgage on a starter home, said Glenn Crellin, director of the Washington Center for Real Estate Research at WSU. [The News Tribune]

The "good news" is that it's worse in Seattle.

Featured Home: Vintage Seattle Condo

Vintage 1920's brick condominium complex (The Chancery) located in the popular Capitol Hill area. Charming unit with the original hardwood floors, mahogany doors & trim, exposed brick wall, new interior paint, beautiful kitchen with stainless appliances and stainless counters, updated bath with pedestal stink. Separate storage unit, on a bus line and minutes to Broadway, Eastlake, Downtown shopping and easy freeway access. HOD also includes radiant heat.

MLS#: 27135321
Baths: 1
Square Feet: 554
Built in 1928
Price: $ 228,000

Virtual Tour : Printable Flyer

For more information or a tour, contact:
Roberta Garrett Rudnick

Phone: 360-791-0688

Email: robertae@orcalink.com

www.olympiahomesearch.com

Prudential Olympia, REALTORS®

2630 Martin Way

Olympia, WA 98506

Seattle Real Estate: More Choices, Higher Prices

The Seattle Times reports on how housing prices have continued to rise even as inventory increases due to slower home sales.

King County buyers had 52 percent more houses and condominiums to choose from last month compared with the previous May — by far the biggest year-over-year increase this decade, including during the recession of 2001-02.

...

What hasn't dropped off was what buyers paid; prices continued their incongruous climb. The median price of a house in King County reached $469,000 in May. The median, which means half sell for more, half for less, has climbed every year since 1985.

Read the article: Local home sales cool off; why are prices still hot?