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Health & Fitness

Will the Stock Market Correction Dampen an Improving Real Estate Market?

Kirkland sales continue to inprove, but will the economic news and stock market correction have an impact on the local real esate activity?

The Northwest Multiple Listing Service (MLS) posted good monthly and yearly gains in July for Kirkland single family home sales data. Prices were down year over year, but were nine percent higher than June levels for closed sales.  Pending sales (contracted, but not closed) were up considerably for condos, with prices lower than in June.

The question is whether this trend will continue.  Will the weaker economic news and stock market correction dampen the improving real estate market?  Several local agents were polled and only one had seen any impact on their business.  A senior couple looking to downsize decided to put their plans on hold for now, but other buyers and sellers were moving forward.  Agents see some buyers anxious to take advantage of lower rates.

 I suspect that the speculators, eager to take advantage of low prices and a strong rental market, may slow down somewhat if they fear real estate prices may fall.  But life goes on, even in difficult times.  Those experiencing life changes--marriage, an expanding family, job relocation, divorce, retirement, or death--will most likely drive the real estate market going forward.   

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