Bring ‘big picture’ back to the housing market

Riding the economy’s inevitable ups and downs used to be easier when investors held dear the concepts of holding “the long view” and “the big picture” rather than interpreting every daily report as a “trend.”

For example, people used to buy a house or a condo, and live in it. Now, people purchase an “investment” and track its economic blips everyday. If it hasn’t appreciated 15 percent in a year, what good is it? Is it time to refinance? Time to sell? Time to move in?

“The housing peak is over,” said Todd Britsch, president of Bothell-based New Home Trends, which tracks construction. “These type of frenzies come around every 20 years.”

Instead, the region will see a normal and healthy housing market, Britsch told The Herald.

Similarly, Business Editor Mike Benbow wrote about the seemingly contradictory news that a day after Forbes magazine declared the housing market in the Seattle area the most stable in the nation, local statistics showed that home sales in Snohomish County had dropped 31 percent from a year ago.

That’s not conflicting news.

“It looks like the market has kind of taken a deep breath and just corrected itself a little bit,” said Nathan Gorton of the Snohomish County Camano Board of Realtors.

A slowdown in a growing market is nothing to get worried about, in the big picture. What’s worrisome is witnessing brand-new subdivisions turning into ghost towns as the mortgage crisis takes it toll in other parts of the country.

The fact that the market here is correcting itself is a good thing. The stricter environmental rules approved by the County Council in August, that went into effect Oct. 1, are also a good thing.

Other proposed changes, including a 20-percent increase for all county building permits, and a quadrupling of a transportation fee crucial for improving traffic in the most congested parts of the county, are also needed.

Despite some gloomy sounding reports, it appears we are headed toward a more healthy and normal housing market and balanced building growth.

Talk to us

> Give us your news tips.

> Send us a letter to the editor.

> More Herald contact information.

More in Opinion

toon
Editorial cartoons for Saturday, Feb. 15

A sketchy look at the news of the day.… Continue reading

Rivian, based in Irvine, Calif., has introduced its new R2 models, smaller and more affordable SUVs. (Rivian)
Editorial: Open electric vehicle market to direct sales

Legislation would allow EV makers to sell directly to customers, making lease or purchase easier.

Eco-nomics: Climate change is making insurance a risky bet

Keeping home insurance affordable amid climate change will take adaptation to threats and broader efforts.

Comment: Keeping health care fair, affordable as costs rise

Bills in the state Senate would look to control costs and keep decisions in the hands of providers.

Comment: Proposal takes a swipe at credit card swipe fees

State legislation would exempt taxes and gratuities from the fees that credit card firms charge businesses.

Forum: State church leaders call for compasion for immigrants

Scripture repeatedly instructs us to love our neighbor and show the stranger hospitality.

Forum: Support state legislation to reform policing, corrections

One bill would harmonize standards for agency leadership; another would clarify review of corrections facilities.

The Buzz: When you gotta boogie, best to shake it off, kid

A pasquidadian review of the week’s news.

People walk adjacent to the border with Canada at the Peace Arch in Peace Arch Historical State Park, where cars behind wait to enter Canada at the border crossing Monday, Aug. 9, 2021, in Blaine, Wash. Canada lifted its prohibition on Americans crossing the border to shop, vacation or visit, but America kept similar restrictions in place, part of a bumpy return to normalcy from coronavirus travel bans. (AP Photo/Elaine Thompson)
Editorial: U.S. and Canada better neighbors than housemates

President Trump may be serious about annexing Canada, but it’s a deal fraught with complexities for all.

Schwab: If you’re OK with foreign aid cuts, guess who’s next

At some point, if they haven’t already, Trump’s and Musk’s cuts will hit all but a very elite few.

Poor planning behind Snohomish PUD rate increase

It did not take long in 2025 for the Snohomish Public Utility… Continue reading

Support local journalism

If you value local news, make a gift now to support the trusted journalism you get in The Daily Herald. Donations processed in this system are not tax deductible.