We'll probably see a correction in the real estate market at some point. We thought this might be it this year, and it still could be. Some of the reasons for the strong market are obvious, he said. I believe our area is still one of the most desirable places in the country where people want to live. Our economic base is far more diverse than it used to be.
Interest rates are low.
Also, a lot of people have accumulated so much equity in their homes that they are tapping that value by buying down, moving up or simply refinancing their homes, all of which helps to keep the market active, he said. If Boeing does close its Renton plant and move work to the Everett facility, I think north county will be the next explosion in the housing market. People will prefer to commute from Stanwood, Camano Island or Arlington than from south county. Growth management restrictions, for one. Now it's common.