The short answer will be not much
We are blessed in this area with a very diverse economy. This is important in many aspects. A case in point would be an area such as Detroit which relies on the automotive economy, rises and falls based upon the production of automobiles. Western Washington has several large employers so as when one segment suffers setbacks there are others to heal the pinch.
Bigger Real Estate Market Problems
Probably a more serious problem with Real Estate values would be the continuing low inventory we have For Sale. We need more affordable entry-level housing and new construction starts to need to pick up. With more product on the market, this would go a long way in stabilizing prices. Just look at some of the crazy prices in several Seattle and Eastside neighborhoods. They are now adjusting down although this could be relatively short-lived depending on inventory levels.
Ask a Real Estate Agent
For more information please contact Rick Jusenius with Washington Realty Group and Thank You