WTF is going on with Seattle housing market?

Microsoft It’s🌞inCA
Feb 7 55 Comments

Average single family home fell $29,000 in just one month (Jan). Jan was supposed to be when things picked. Multiple Realtors told us that it’s gonna pick up in Jan and it’s the best time to buy. Are they full of sh*t?

16% drop in home prices over last few months. $116,000 drop in average home price values since spring. This is madness. I would understand if this was during a recession.

https://www.seattletimes.com/business/real-estate/seattle-area-home-prices-drop-to-lowest-point-in-two-years-down-116000-since-last-spring/

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TOP 55 Comments
  • Facebook
    alt_qq

    Facebook

    PRE
    Microsoft
    alt_qqmore
    Overseas investors were the ones driving everything up like crazy and those dried up so it's just getting back to normal

    They were the ones going 100k over ask with all-cash offers
    Feb 75
    • New / Engleet4job
      Statement without proof or evidence is BS.
      Feb 7
    • Facebook
      alt_qq

      Facebook

      PRE
      Microsoft
      alt_qqmore
      Lol OK bud... I'm not digging up articles about it for blind because I'm not trying to argue with anyone

      Also anyone who was in the housing market at all last year saw that shit happening left and right... And now it's nowhere to be found (witnessed it in my own house hunt, house hunts of friends and coworkers, and people I knew who were selling)
      Feb 7
    • New / R&Dzorkan
      Just to corroborate, my grandparents own a house in Wallingford. Around 2 yrs ago a random Chinese guy in a suit knocked on their door and offered to write them a check for the place. They had no plans to sell, and the house wasn't listed. Dude was just going door to door.
      Feb 7
    • Microsoft nodaddy
      Yeah, they were also buying straight from overseas, without even looking at the damn place
      Feb 7
    • Amazon / ProductUlub72
      We were looking at houses recently and many properties were bought by Chinese investors who are trying to unload. They ask for unreasonable prices to compensate for how much they bought for and get some profit (and from the history you can tell they bought 70-100k over asking)
      Feb 11
  • Reddit funkfunk
    Realtors will say anything to close as many sales as they can
    Feb 72
    • PayPal wcg25gy
      This !!!!!!!!
      Feb 7
    • Oracle Numbats
      In rising market OR falling market. Realtors are close to scum. With the digital revolution (Redfin, etc.) they are surviving only because of the monopolistic mafioso MLS system.
      Feb 7
  • Amazon BeffJeezos
    Also never ask your real estate agent if you want to buy, the answer is always 'yes'. Same hold true if you ask them if you should sell 😋
    Feb 70
  • New Wkah1&
    “I would understand if this was during a recession.” Where were you in the last year? Did you not see how stock market is doing?
    Feb 73
    • Indeed dradular
      You really have no idea what a recession is
      Feb 7
    • New Wkah1&
      Uh I went through the last one kiddo
      Feb 7
    • Indeed dradular
      Then you learned nothing.
      Feb 7
  • Amazon gDVc56
    Yeah I am waiting longer to see if the market stabilizes. In truth, good houses at great locations still get swooped up pretty fast, but on average houses that aren't perfect stays on the market for a while now, and more inventory stays unbought.
    The sellers are still pricing them high though so it will be a while if anyore drastic correction occurs imho.
    Feb 72
    • PayPal wcg25gy
      Sums up current conditions pretty well!!
      Feb 7
    • Amazon / ProductUlub72
      So true! All worthy houses are gone in 1 weekend, often even before open house 🤦🏻‍♀️ those which sit on the market are either overpriced, less value, or have issues. Or all of those (+delusional sellers)
      Feb 11
  • Amazon BeffJeezos
    I don't think its bottomed out yet...lots of headwinds 1) less foreign investors 2) Amazon stock is not growing gangbusters anymore 3) more inventory 4) higher interest rates...
    Feb 71
    • New yeaec
      Especially with Amazon plans to open in New York, I can see why Seattle isn't a spot for property investment as much as it was last year.
      Feb 7
  • Amazon PoorM
    Inventory is up. Lots of pent up demand from over priced houses. Not necessarily a sign of a recession, and really possibly a sign of a more healthy housing market.
    Feb 70
  • VMware UWXW83
    Best time to buy! 116k discount from last year. Buy!
    Feb 72
    • PayPal wcg25gy
      🤦‍♂️🤦‍♂️
      Feb 7
    • Microsoft
      MP3

      Microsoft

      BIO
      Troll living under the I-5 overpass
      MP3more
      Buy buy buy buy!

      Once you buy buy borrow from friends and family and buy more!

      Buy buy buy!
      Feb 7
  • Google / MgmtLovedoo
    Chinese aren’t buying as much. They got a 15% slap in the face in Vancouver. However Fat Donny going after Huawei, trade deal uncertainties and potential Chinese slowdown are all affecting real estate in US.
    Feb 140
  • Microsoft wheat
    "Hahahahaha" - Sincerely, a renter
    Feb 70
  • PayPal wcg25gy
    Did you buy?
    Feb 71
    • Amazon
      menthos

      Amazon

      PRE
      Microsoft, Oracle
      menthosmore
      OP will never buy. I know a a guy who was looking to for 3 years. Don’t follow useless articles, go to Greystone community in Redmond and learn yourself. There is lot of demand for good homes still on east side...
      Feb 7
  • Microsoft nodaddy
    Awesome, but it can go lower, I'll wait, so far renting is cheaper than buying in the places where I would like to live, so no biggies.
    Feb 70
  • New b37
    The lower the better; reasonably priced housing is one of the most important things in quality of life. Why anyone, other than someone about to sell their big home and retire, would want to see a skyrocketing housing market is beyond me.
    Feb 89
    • Facebook public2
      Makes it more exclusive and makes owners more money. Surely that is not beyond you.
      Feb 8
    • VMware BobbleHat
      You get nothing until you retire, sell and move in with your kids. Unless you cash out refi - in which case you are just being an idiot. The same exclusive set of people would be at the same exclusive level irregardless of where the price went.
      Feb 12
    • Facebook public2
      Nothing until you retire? You save money, get a huge tax break and can easily access equity if you want. What are you talking about?
      Feb 12
    • VMware BobbleHat
      Big tax break is gone. Using equity is just another way to take a loan from a bank. Useless to me.
      Feb 13
    • Facebook public2
      The big tax break isnt gone and got a whole lot larger this year for rentals. Yes if your home is over 1m you are now limited to 750k but that is still a massive deduction. But you sound pretty convinced and real estate isn't for everyone so just don't do it?
      Feb 13
    • VMware BobbleHat
      I own a multi million $ Bay Area house that is worth double what I payed. But the increase is useless to me because the next upgrade also doubled, so I am actually further behind in owning a so-called dream house. Property tax deduction is gone. That was a huge benefit.

      I’ve never been into being a landlord. Maybe I should change that if there are new benefits.
      Feb 13
    • Facebook public2
      Propert tax deduction isn't gone, highly recommended. The new landlord benefit is an even lower tax rate. 35% in 2017, 21% in 2018. I'm pretty darn stoked. (Even though the actual tax plan is a tragedy)
      Feb 14
    • VMware BobbleHat
      Salt tax deduction is limited to 10k - which means anyone in ca with a comp over ~150k, property tax deduction is 100% gone.
      Feb 14
    • Facebook public2
      Lol, yikes
      Feb 14
  • Facebook feel
    Realtors are the biggest scam in America. They lie through their teeth with a straight face. Extract all info and ghost them.
    Feb 75
    • Facebook public2
      A good realator is beyond worth having. A good realator would never predict pricing trends though.
      Feb 7
    • Facebook feel
      You mean unicorns? Sure.
      Feb 8
    • Facebook public2
      They exist, interview many and ask for referrals. Never use anyone with less than 10 years of experience. Just my .02.
      Feb 8
    • VMware BobbleHat
      Most agents out there have never sold a house.
      Feb 9
    • Facebook public2
      That's correct, most quit within a year. It is public record though so very easy to avoid these people.
      Feb 9
  • Facebook public2
    29k drop is nothing lol
    Feb 70
  • VMware BobbleHat
    Lol that someone was surprised that a realtor said it was a good time to buy.
    Feb 70
  • New / Product
    cipher

    NewProduct

    PRE
    Splunk
    ciphermore
    Another weekend of house hunting and offers. Open houses are just as busy as last year. Agents don’t seem desperate anymore. Offer deadlines and unreasonable asks over selling price are back again. I wish I had moved quicker in the fall.
    Feb 125
    • Reddit uwoy5
      Fake news
      Feb 12
    • New / Product
      cipher

      NewProduct

      PRE
      Splunk
      ciphermore
      Sorry, wrong thread. Talking about the SF market. Hope you guys fare better in Seattle.
      Feb 12
    • Microsoft It’s🌞inCA
      OP
      Fake news. It’s not that bad. I moved to CA and I bought late last year. Yes, I’m technically under water right now but we’ll see about that in the long run.
      Feb 12
    • New / Product
      cipher

      NewProduct

      PRE
      Splunk
      ciphermore
      Hmm. If you bought late last year you should have gotten a good deal. The market tanked after July.

      Anyways, I’m in the market now and this is what I’m seeing. Look at other threads reg Bay Area market starting Jan.

      Either way, good news for you. Sucks for all of us out there looking to get into a home.
      Feb 12
    • Microsoft It’s🌞inCA
      OP
      If nothing, buy a townhouse with mortgage payment close or slightly higher than your current/potential rent. That’s a good start. Stay there for a few years and use the tax free cap-gains+equity as a down payment towards your next home.

      That’s how most of us in tech hubs managed to buy/own our houses. One step at a time. Do what makes the most sense to you given your life situation.

      Yes, I thought I got a good deal but in retrospect I should have waited. Our ‘dream purchase’ is now in budget. If only we hadn’t listened to our realtor. An honest realtor is probably a unicorn and worth their weighing gold if they even exist.
      Feb 12
  • Indeed dradular
    As someone looking to move from Seattle to SF, it's frustrating to see Seattle settling into a more reasonable market while SF has apparently resumed crazytown.
    Feb 71
    • Microsoft It’s🌞inCA
      OP
      Maybe because rest of the country is freezing and it’s in the 50s here. Unless you grew up in cold weather there’s only this long you can tolerate it.
      Feb 7
  • Dell &@""@&
    Lot of demand is from techies and most of them are on a visa. Also layoffs are picking up slowly but gradually. Will have more widespread layoffs and more visa related threads on blind soon.
    Feb 70

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