Nov. 19, 2006 - Issaquah 98029

You look at a sale like this in Issaquah that sold for over a million dollars, and you might ask, "Hey, what would my house that I bought in 2005 for $555,000 sell for today?"  The answer would be $715,285.64 :-)  Then you go to Zillow and it says $655,713 with a range of $563,913 to $721,284 (helluva range there for a new house!) and you say, "Yeah, maybe my house IS worth $715,285.64!  Whoohoo! a 29% increase! 

But then you check it against the 2004 house that sold within 1/2 a mile for $749,900 and the comparison says yours would sell for $643,811, a 16% increase.  Still good, and maybe more accurate.

The problem with running stats for Issaquah 98029 and Carnation 98014 (as the someone who this article if for asked me to do), is that it is very hard to calculate on an apples to apples basis.  It is also very hard to factor in how new construction can throw all of your best guesses out the window.  I'll hang my hat on list price of $650,000 for now.  It could bid over, or it could be right on the money.  A lot depends on whether or not it really does have three fireplaces, as the tax records shows.  A lot hinges on the impact of only 3 bedrooms vs. 4 as well, as the tax record shows. So $650,000 looks right.

So I know I agreed to include 98029 and 98014 in my stats,but I'm kinda done with generic stats, and doing these two zip codes is really not worthwhile.  I get a zkazillion double-wides in Carnation, and a total mixed bag in Issaquah.  Reality is that new construction is at the mercy of new construction.  While Seattle is touted as the one place in the Country that isn't reacting poorly, when you compete agains new construction...you become like the rest of the Country, and may in fact suffer the same fate.

If a the builders put out too many new homes like yours, and end up dropping the prices on the new construction, to sell them...you are just screwed.  New trumps resale, even if your home is better.  People like new.  So best bet is to sell, when no builder has any ready to move into spec homes anywhere near you, in your price range.

In the meantime, let's call that house worth $650,000 today, a 16% increase, and enjoy it while you live there :-)