Moving from Dallas to Seattle (Redmond area). Family of 4, we currently live comfortably in a 3300sqft home. We know we’ll need to downsize to probably around 2000sqft. We’d like to be in a good school district, but as you can imagine the prices a super high. That said, with a comp of 165k Base, 25k bonus and 20k rsu and 200k in down payment and no debt otherwise, what range do you guys think we should be looking at? Currently looking in the 700k-1M range, but not sure if that’s stretching it too much. Other question is... should we rent for a year or so, to see where the market is going? (We’d prefer not to, so the kids don’t have to change schools many times) Thanks in advance for any advice you may have!
Try North pointe neighborhood in Mill Creek, lots of Microsoft employees live there. You could easily get a huge newer house for way less. The schools are good.
Will definitely take a look, thanks!!!
Buy if you think you will stay in Seattle area for long term (~10 years). do you have second income ? If so 750-1m is a very good range. For one income would probably look at lower end of spectrum.
We don’t. We just have real estate income in Japan, but that’s to pay the college for our kids. So you think more in the 700-800k if only my income? Thanks for the quick reply!
Yes. At current interests it might translate into a reasonable payments to balance your cashflows.
I’d wait at least until summer to buy.
Buy now or after summer. Summer is a worst time to buy ( higher price, higher interest)
Bellevue is where you want to be for schools if you can swing it.
Not all schools in Bellevue are good
Aren't all the high schools in the national top 100 list?
Prices are coming down. You might not want to rush a lot. That said, Interest rates are hiking. Keep that in mind
What area were you in in Dallas?
How are ppl buying these $1M on less than $200k salary with one income and kids? How do yall budget? Maybe I travel too damn much.
Save more, spend less, get a 30 yr fixed rate mortgage. With $150k/yr and a few years of a high savings rate (high down payment) you can get a $1m house without too much difficulty.
I guess my priorities are suspect. Moving to the Bay Area. That and Seattle housing blows my mind. You dont get much for your dollar. So the question is will I stay long enough to make it worth it.
Rule of thumb in normal housing markets is that you should be able to swing a mortgage that is 3x salary without much pressure. I'd say that's fairly accurate. So with 200k down, that makes ~700k reasonable in your case.
Renting will save you on taxes, they are very high compared to Dallas.. i say rentnfor a year until you get a feel for the area you like.. Woodinville was close to the Dallas feel for us with larger yards and non cookie cutter homes.
I don’t think the property taxes are higher in WA/Redmond than in Dallas. In Dallas, property taxes range from $11,600/year to $24,000, depending on the house of course. I don’t remember the taxes being this high in WA.
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Which location?
Not sure yet - looking around Woodinville, Bothell and Sammamish area currently.