My gf and I don't know whether we should buy or rent a house in Seattle. We have been renting for 3 years, and it now makes financial sense for us to buy. Holding us back is that we only want to stay in Seattle for at most 3 more years. Also the current market volatility makes me scared that we are buying at a peak. Does anyone have insight on the Seattle housing market and would you recommend buying right now? Combined TC: 450k
I think long term investment in the Seattle Metro will be good, particularly close in. Queen Anne, Capitol Hill... perhaps as far North as Green Lake and Ballard are solid investments as long as Amazon remains strong and in Seattle. Over the next 3 years, which is the timeline you give, I think investment in Seattle is too risky. It’s unclear how an economic downturn will affect Seattle, and there is already price resistance in the current housing market. I am in the same situation as you, but I am looking to leave Seattle in the next 2 years for a less dense and lower cost of living area. The quality of life when I moved here 20 years ago was radically better than now. I’ll miss the picture perfect summers, though.
We were considering central district or beacon hill because you get more for your money there. Agreed that the quality of life here is not great.
For sure. The CD and Beacon Hill are also worth considering. The last time I looked at the CD it seemed that the deals had been picked clean, but that could have changed. I like Beacon Hill a lot, but I don’t own a car, so it would have to be within walking distance of the light rail. Hm. Beacon Hill is probably a very strong investment now that I am thinking of it.
Rent if you are moving in a few years. The cost of buying and selling is super expensive if you are only staying there a few years
Don’t buy a house with your gf. Very messy if you guys break up. Also imo you should plan to hold a property at least 7 years before buying make sense. If you leave the area then do you plan to sell or rent it out? It is difficult to be a remote landlord. Strongly believe you should rent
Thank you for the advice. What is the difference between buying with GF and breaking up and buying with wife and divorcing? We would plan on renting it out after we move.
There is a HUGE difference between breakups and divorces. If you are so sure about her, put a ring on it.
Part of me thinks the profits have already been made in real estate.
Google for: NY times rent vs buy calculator Experiment with different projections. Buy in a good school district (easier to sell) if you are planning to stay longer and have kids. Don't buy if you plan on moving out of Seattle in 2-3 years. I'd simply accelerate the move instead.
Thanks for the shitty advice dad. We will get married once we decide to have kids.
Marriage is an outdated institution of no benefit to our generation of men. Don’t. Do. It. You can still love someone without the financial risk. Making stupid financial choices doesn’t make you love them more.
When you move will you keep it as a rental or sell? If rental absolutely, else no way.
Rent, house price is too high.
Buy it .. you should have something to worry
Do you mean we should have nothing to worry xD
Buy it because* you should have something to worry. Apparently “because” got truncated and replaced by “..” in @thanks comment.