HousingApr 3, 2021

House purchase budget Seattle

Currently I’ve set my budget as 700-750K, but if I feel like I get really good houses in King/Snohomish counties in Seattle area, thinking of stretching my budget to 800K. Household TC: 270K Am I stretching too much or whether this is fine. Also the market is too hot now, I am pretty sure it would stabilize eventually but not a price drop. #housing

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Microsoft themondays Apr 3, 2021

I bought at 755K with a slightly lower TC, though I did sell my first house for my down payment. Since then my TC has gone up appreciably, which has made the payments easier, but I wasn't hurting before. And my interest rate is higher than the current rate. 20 months later the house I bought is worth another 200K in this market, though, even before the bidding wars kick in. I'm not sure what 750K buys now in King County. You can wait given the bidding wars, which makes sense, but who knows how much more homes will appreciate in the interim.

Expedia Group BWob53 Apr 3, 2021

Dude go for mid to high 800s, you ain't stretching. You can easily afford it.

Google techhubsuk Apr 4, 2021

It looks like folks should earn to pay for their homes, at this rate there won't be any real wealth.

Apple iiiiooooi Apr 3, 2021

800k can give you a condo in Redmond or 1500 sqft built around 1960 in Issaquah south. You could target 2000 sqft in Snoqualmie or Bothell.

Microsoft game7 OP Apr 4, 2021

2000 sqft in Bothell cost more than 900K, I’m seeing similar prices in Snohomish and Lynnwood as well. Not sure whether the market will stabilize in next 1 year.

Apple iiiiooooi Apr 5, 2021

Ok then maybe either up the budget or see farther away such as North Bend. School score doesn’t tell you the whole story - it just is proportional to the percentage of Asians. If 7 and above, it should be fine as long as its not in Federal Way or south Seattle.

eBay ebay-bey Apr 3, 2021

I don't understand the hesitance most of the people have. How can you not afford $800k home with $270k/year? That too in Seattle? I bought my home for $1.1M with $180k TC in bay area.

Broadcom Ltd. CovidTan Apr 3, 2021

Aren’t you stressed out from your monthly payments?

eBay ebay-bey Apr 3, 2021

Not really. I got my loan at 2.08% 7/2 ARM. Monthly payment comes out to be $3300 without taxes and insurance. I can cover taxes selling half of my ESPP.

Microsoft rFbI15 Apr 3, 2021

Do you have $ for a down payment?

Microsoft game7 OP Apr 4, 2021

Planning to put around $150K down payment

Microsoft rFbI15 Apr 3, 2021

Interest rates are still low. You should buy now. You’ll know the right house when you see it. It’s free to shop.

Apple gnxa71 Apr 3, 2021

How big of a house do you need? If you don’t want to live in a tear down or an hour away, you’ll need a bit more. Maybe you could get a condo or 2br town home. I just bought a house last fall and sitting under 950k was too small or old/broken for my family.

Microsoft game7 OP Apr 4, 2021

I’m okay with an hour away house. But I don’t see many options there as well for 750K. I see houses being listed in lower 700s, my realtor says the bidding war takes these houses to 850Ks.

Uber Shapurl Apr 4, 2021

Go further and you’ll get better houses. For example, go for Snohomish, Silver Firs or even Monroe and you can suddenly afford a 2500 sqft home. Your commute won’t be worse given you won’t anymore travel 5 days a week.

Microsoft game7 OP Apr 4, 2021

Snohomish and Silver Firs have a range of over 800K currently. I’m looking at Monroe, but the schools are average at best. I am okay with the travel of 1.5 hours but 750K for 2200 sqft houses are not enough these days. 😂

Expedia Group BWob53 Apr 5, 2021

Try Renton

Microsoft ahdukq789 Apr 4, 2021

Yes buy before you get priced out

Microsoft game7 OP Apr 4, 2021

I feel I’m already priced out on houses. The schools way up north do not have good ratings. While the houses until Snohomish areas are out of my budget. 😢

Microsoft ahdukq789 Apr 4, 2021

It’s only going up from here so this is your best chance

Facebook wondererer Apr 5, 2021

Having same struggle. Our budget is 1.1m and finding decent house in a good school district is a struggle. Bidding wars drive up to 25% higher.

Amazon dude-cmon Apr 14, 2021

Keep me posted

Microsoft game7 OP Apr 16, 2021

You should check for houses starting at 950K, these houses sell at 1.1m