Seattle house where to buy

Amazon hodlfryrli
Sep 5 28 Comments

I am new to Seattle/US and single now but plan to get married next year. Bank pre-approved loan for homes upto 1.3 million and they said they could stretch it further if needed. I am feeling a bit lost. So far I was focusing on Bellevue and Kirkland area because I was thinking land will appreciate there more and house sizes/lot sizes are huge and could be helpful in keeping extra tenants etc. But those areas are kinda boring. There are smaller and older homes in Queen Anne/Magnolia/Fremont that I can afford and I like those areas too but I hate old houses. Does lot size/home size matter in terms of appreciation? I checked out some homes on Mercer Island but they were too big or too small. What is a good lot size? Currently living in a 650 Sq ft apartment and the size of homes completely overwhelmed me. If I can afford should I go for maximum 1.3 million home or is it better to buy something cheaper and more functional for me. I am not able to figure out what matters more as a long term investment. I am getting so stressed and redfin haunts my dreams. Any tips from real estate gurus?

I feel like I don't have enough saved to remodel if I buy an old home.

TC: 270k
Net Savings: 400k (cash and stocks)+80k that i gave it to my mom so I don't count it.

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TOP 28 Comments
  • Microsoft BlissDance
    My TC and net assets are close to yours... I have been house shopping as well.. My personal opinion is > 1M could be stretching it.. With all the current market uncertainty, it’s better to stay under 1M and if possible stay under 800k... Based on my analysis with respect to median incomes in this area, any house under 700k would either flat line or have a negligible depreciation during a market correction as opposed to > 1M houses that would see a significant depreciation... Check the Redfin estimate historical charts of houses in Bellevue/Kirkland/Seattle/Bothell areas... I could be wrong but am trying to make an informed decision so I wouldn’t regret a purchase.. Ofcourse the depreciation shouldn’t matter if this is your primary residence and you aren’t planning to move out.. However make sure that you account for worst cases such as job loss..
    Sep 5 1
    • Amazon hodlfryrli
      OP
      Great..this is wonderful advice because we are in the same boat :)
      Sep 5
  • Facebook @_@_/
    Move to Ballard/Fremont/Queen Anne. I lived in Ballard and worked at amazon for 5 years, and it’s great.
    Sep 5 1
    • Amazon hodlfryrli
      OP
      Oh thanks. I shall look into this.
      Sep 5
  • Oracle / Eng aham
    Considering you are still single income don't buy what you can't afford
    Sep 5 2
    • Amazon hodlfryrli
      OP
      I am worried that I will miss out and real estate will get more expensive/unaffordable in a few years time. Is 1.3 million home too expensive for my TC and net worth?
      Sep 5
    • Microsoft lHcN54
      Bro, Seattle real estate is tanking right now. I'm not kidding. So you won't miss out if you wait a bit
      Sep 8
  • Microsoft
    ➰_➰

    Microsoft

    BIO
    Sup, brah?
    ➰_➰more
    1.3 seems way too much for that salary. Too high risk.
    Sep 5 1
    • Amazon hodlfryrli
      OP
      Thank you. I was thinking of maximum 1.1 too.
      Sep 5
  • Workday / Product tdf
    TC ? Especially for that pre-approval number.
    Sep 5 1
  • Amazon jbvtfx
    they approved 1.3M mortgage amount or house value?
    Sep 5 5
    • Amazon hodlfryrli
      OP
      House value
      Sep 5
    • Amazon jbvtfx
      how much down u required to put up?
      Sep 5
    • Amazon hodlfryrli
      OP
      20% to avoid mortgage insurance
      Sep 5
    • Amazon jbvtfx
      go for max, housing is not gonna fall man.
      bank did the calculation for u on what u can afford
      Sep 5
    • Microsoft lHcN54
      Housing is actually falling in Seattle right now. Check the stats on Redfin or anywhere else
      Sep 8
  • Uber NFyS51
    Buy something with an ADU (accessory dwelling unit, ie mother in law apartment). I did that in 2016. The rent pays half the mortgage.
    Sep 6 3
    • Amazon hodlfryrli
      OP
      Never heard of that. I was thinking if the lot is big, I can build a little apartment in the yard.
      Sep 6
    • Workday / Product tdf
      Lol.
      Sep 6
    • Uber NFyS51
      Yes, you can build a DADU (detached accessory dwelling unit), ie backyard cottage. The rules in Seattle were just relaxed quite a bit. But make sure your property qualifies for one before you buy.
      Sep 6
  • Amazon newAz
    1.3mil? Are you trying to get a mansion? 🤔
    Sep 5 3
    • Amazon hodlfryrli
      OP
      Is it too much to spend on house? What is ideal investment for me in your opinion?
      Sep 5
    • Zynga / Product Smilee
      Well it depends on your needs and preferences. If you are going to be married in a year, a three bedroom will suffice. Why pay for a big house and maintenance when no one uses it?
      Sep 5
    • Amazon hodlfryrli
      OP
      That's an excellent advice.
      Sep 5
  • eBay ilu ilu
    How many years did you work to have a 400k savings?
    Sep 5 1
    • Amazon hodlfryrli
      OP
      5 years. But didn't have this salary earlier.
      Sep 5
  • Microsoft / Eng lc_is_life
    Buy big and buy now. It will work out fine.
    Sep 6 0