Hey guys. Wanted to check what fellow Seattle folks think of the housing market here. Do you think its going to continue going up? Have a course correction/stabilize or drop?? What is the best time to buy?
It's going to keep going up. We are running out of areas to develop because of all the water around us. If you're looking for a place that's actually decent sized and affordable, you might want to look a bit north. It's not going to drop in price anytime soon
Very low inventory, high demand and low interest rates... Pending some big “event”, prices will continue up. http://seattlebubble.com
Nice article, clearly explains all scenarios through an example. I guess the new tax plan will have little effect on the Seattle area market
Prices continue to rise. The new tax plan strongly incentivizes tech to continue to move to Seattle. Remember also that existing mortgages are *grandfathered* - further reducing the incentive to sell.
Just to make you sense of why Seattle is booming. Cost of a new single family 2400sft home in Bothell is 800k, 1hr worst case commute but good schools. In bay area it would cost at least 1.7mil. If you family is earning 300k, then you gain 30k there in taxes in seattle. If I use that 30k for monthly payment in Seattle area. For same company, same cost of living and of course worse weather you pay nothing in Seattle but 6k per month in bay area.. how? For 1.7mil home you need 340k down.. pay that for 800k home which will be 460k loan .. that boils doin to 2600 monthly payment including insurance and property taxes.. you gained 30k in taxes which you can use for monthly payment
Makes sense. I’m trying to figure out the best location for me to move. I work in downtown seattle, bothell area seems like a bad idea for the commute but will give the best bang for the buck. It’s also a good school district. I am very nervous buying anything over 700K in bothell
It's a function of commute, price, size and age of house.. depends on what you compromise.. tell me your price and commute upper limit.. I will suggest a place.
It will be massive burst in Seattle. Tax plan incentives Seattle but tech job opportunities are amazon and msft only. Small players don't count.
Many companies that are here pay SF rates despite non-SF expenses. There's plenty of room to go up.
That was my concern too, especially since amazon might have a second hq in another city, if that city is way cheaper, there is bound to be a migration to the new city for folks who cannot afford to live here or are sick of the commute. This may open up some housing here and also hopefully stabilize the market. Msft is not as aggressively hiring, in fact they have fewer people here than they had last year, they’ve also almost killed the vendor/contractor community with their recent changes. I thought that that would have an impact on the east side. I don’t know if google, boeing, SAP, facebook, tableau etc have wnough people to make a difference in the market
Without qualifying this question to any period of time, the answer can only be that the prices will continue up.
Redfin's CEO predicts a continuing exodus of tech to Seattle and specifically lists Seattle as one of the 5 cities he'd personally invest in housing. https://www.geekwire.com/2017/redfins-glenn-kelman-predicts-mass-tech-exodus-coastal-cities/ Demographic pressures are not abating and are only going to get worse post the tax plan where WA emerges really ahead vs CA. Finally, here's the Price Waterhouse Cooper's report: https://www.pwc.com/us/en/industries/asset-wealth-management/real-estate/emerging-trends-in-real-estate.html
With new tax plan it makes sense to move to Seattle for lot of people