At least in Seattle - East side that is. The east side is filled up with tech workers, especially Indian families. Most have gone through arranged marriage, in which, they have married their SO to be a techie Those 1M homes are really not that much of a burden if both men and the female work in the tech industry and even if one gets layed off, it won't be that big of a problem... for the short term. This is why I don't think we will see a big drop in the house prices during the next recession at least on the east side.
Depends on how big the recession is. What happens when both halves a couple get laid off?
Just bought a house eh?
Seems like OP is consoling himself
Or OP is selling his house in Seattle š
Does anyone have any data point on how new York / Wallstreet real estate did post 2008 crash? I feel that it might be a good comparable for upcoming crash that may very likely be driven by tech
Iām hoping the market will crash so we can buy our 3rd Single family home :)
Same here looking for 4th
Yes, future bidding war!
Many of those Indian families are on a visa. Not sure how the financial and career outlook looks for them. If a recession hits, it might hit them harder.
Believe me. Indians always have ways to stay..
Look at the last crash. Seattle was a good market. Unless you panic sold at a horrible time you got your equity back in what, a year? If you just bought donāt worry too much about it.
I think 2008 Seattle is not a benchmark. 2008 new York might be a better comparison as the last crisis was driven by Wallstreet and the upcoming one could be driven by tech
There will be impact even with one layoff and stock prices being down. Remember, a lot of tech comp comes in the form of RSUs and recession impacts equity the most. I don't think one person's base salary can sustain monthly payment along with other expenses - especially with kids. They will be forced to sell unless there is 6 month+ savings is in cash. The person loosing job will also have to leave the country in 2 months, which is another big risk.
Remorse bias. OP has just bought a house.
Thank you Satya
Way to talk in absolutes... It's called a "demand-supply curve", not a "demand supply point".
Donāt you know that houses prices will crash to all time lows or go up for ever? It has to be one of those.
Makes sense