Eastside Housing Market - Overbidding
We are first time buyers in the market looking to buy in Bothell area specifically . We are seeing people paying 150k-200k above asking price . For the buyers out there in the market what are your insights? Not sure if it makes sense to overbid and get a house now or do we hold on for sometime ? Super confused at this point!!
Yo Indian bothell is not east side.
Yo Blue Nile how long you have been living in Seattle area? Everything east of Lake Washington is Eastside in King county.
Woodinville Monroe Snohomish all Eastside now?
Wait for a quarter stock market is crashing housing will follow
First time for everything I suppose
There's no such thing as an overbid. A bid is a bid. Asking prices are meaningless. People bid based on value and comps, not asking price.
I think the current listing prices are set as per the comps which had baked in last 1-3 months of bidding. Bidding on top of current listing price can make you negative for a longer time. I think the recent inflation news and stonks will take a bit more time to reflect in short term.
For a 1 million loan, you pay 600k interest in 10 years. Is your property going to appreciate that much with almost no new hiring happening across tech companies in Seattle? Do not go overbid at 7% interest rates especially for a 45 minute commute.
Indians are crazy for bothell, this place is in Everett for 1.4 with offer review date. Was 700k in 2019 as per Redfin estimate https://redf.in/5rWAFE. Let Indians fight each other out in bothell lol.
Bothell is never considered eastside. It’s something folks who live in Bothell broadcast. At current price point, not sure whats the fixation with bothell among folks immigrating from a certain country. Full of trailer park homes, and cookie cutter homes.
Just because home prices are increased, it doesn’t mean Bothell is east side. May be Snohomish, Monroe, lake Stevens are east side however they are not in demand as BRK.
It's boring AF, I lived there four years.
Bothell is Eastside now?
You get the point right? If you don’t have anything to add move on.
Actually I don’t, the answer to your question vastly differs if you are bidding in eastside or bothell. Overbidding has always been the norm in Redmond/Kirkland/Bellevue due to limited available inventory. While bothell was hyped post covid and as RTO accelerates Bothell might have surplus inventory and overbidding might not work in your favor.