How will prices and housing stock look over the next 10 years?
► “About 30 years ago, I made the statement, prices are only going to go higher, and traffic will never get better. That’s been the way every year and we anticipate that for the next decade also.” —J. Lennox Scott, chairman and CEO at John L. Scott Real Estate
► “It’s really going to come to a head in terms of housing affordability and how you tackle that issue. [It’s] related to our future health, in terms of our ability to continue growing… But obviously also our ability to house people and not exacerbate the homelessness issues.” —Skylar Olsen, director of economic research at Zillow
What will change?
► “I think we will really start to have more and more conversations about whether or not single-family zoning is appropriate or sustainable in a place that grows this quickly.” —SO
► “[Millennials will] buy more homes than any other age cohort for at least the next decade…. I think 1,200- to 1,600-square-foot townhomes—with, believe it or not, dog showers—are the kind of thing that they’re into.” —Matthew Gardner, chief economist at Windermere
Where will we see growth?
► “Greenlake is an obvious one. I think Northgate is an obvious one as well… and Burien, White Center.” —James Young, director of the Washington Center for Real Estate Research
► “Tacoma right now is one of the most competitive markets in the whole country.” —Daryl Fairweather, chief economist at Redfin
► “I’m kind of bullish on Kitsap County…. I don’t see a traffic jam in Elliott Bay. We started to implement passenger-only ferries, one to Bremerton and one up in Kingston.” —MG
Any advice for buyers?
► “The market is going to be faster. Just because of technology. You can do virtual home tours, you can submit offers really quickly.” —DF
► “One, be comfortable with the job you’re in. If you’re working for a startup and on paper you’re a billionaire, don’t trust it. Two, be comfortable with the debt you’re taking on…. And thirdly, but probably most importantly, be comfortable with the belief that you’re going to live in that home for at least seven years. If you meet those three criteria, you have my blessing to buy a house.” —MG
Note: These interviews were conducted in late January and edited in February for our April issue. Things, of course, have since changed.