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Average rent in my neighborhood went up 12% last year. 12%! In one year! Forget prices for actually buying a home. I've resigned myself to the idea I probably won't own property until the next housing crash.
Seriously. Set an egg timer. So long as you're cool with Lynnwood/Renton/Bothell/Everett or the like, you'll probably have lots of opportunities by mid-late 2016 by my read, and I got a buddy out of his condo in Ferndale 3 months before it dropped 60% in value. He ended up losing $4k rather than $140k.