I moved to Seattle (south lake union) in 2022, and I’m thinking of buying a house in Bellevue. I did some basic research on the prices, and I think I can get one for $1.5M. I’m 26, single and on a visa, but I really like the PNW area and see a long term future here. I don’t want to go too far from the Kirkland office as I like working from the office. What do you think of this idea, based on the current market and my situation? Is Bellevue the right choice, and can we expect the prices to go up there in the future too? Also, is it realistic to find a decent (3B 3B) house in Bellevue for 1.2-1.5M? TC- 306K, YOE- 3
TC seems low for 1.5m house., given current interest rates. Do budget !
Yeah I realize. I’ll probably have to go for a townhouse
I'm going to say not really. Decent houses in Bellevue are typically more than $1.5 mil. You might be able to find one every so often in a less desirable location (e.g. pockets of Newport) to be in your price range. Or you might be able to find a <1500 sq ft house every so often go for that price range. Your TC is also too low for this price range. ~900k is what you should be targeting unless have like 600k to 1 mil stashed.
I see, why is Newport less desirable?
I'm not sure. Maybe it's not very convenient plus no good schools and there's the Olympia pipeline running through it with high voltage lines?
How can you afford that? High down payment?
I realize I can’t, I’ve 300k saved as down payment
Bellevue and kirkland are prime location, don’t expect too much growth like other promising areas but it would guarantee they won’t loose value even in the crises so just go for it. most of the wealth of my friends came from real estate. I would recommend purchase whatever the max the bank give it to you. Your career will grow and you will be earning more following years so it would be easier to pay.
Why Bellevue? It’s known for good school districts. If you’re single and not thinking kids next 2-3yrs, why pay the premium of living in a good school district area.
Buy as soon as possible. Prices will skyrocket soon
Probably closer to 2.5M tbh
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Price only goes up in Bellevue.
Amen