Housing prices WA after TikTok and Amazon layoffs?
With TikTok bans and next Amazon mega layoff wave what will the house prices do? Better to wait another year before buying. Houses are going down in less desirable areas or builds (South King County, dilapidated buildings, 2bd2b townhomes) and largely stagnant in popular areas.
The value of my house on the Eastside of Seattle is increasing again.
You keep waiting one more year, year after year and then ask wHy i dO nOt hAvE hOuSe?!
I do have a house. Would like to upgrade to 3-4k sq ft
6000 Amazonians moving to Bellevue on top of current planned 10000. See building 555. Many but not all TikTok employees in Bellevue are foreigners and probably live in apartments
Moving from Seattle. No effect
If you have family, cities have better schools in East side, closer to ski towns, light rail and safety. You get better shopping experience and options in east side. Even T and T is coming to Factoria
If it’s your primary house, don’t time it and just go for it. You also need to consider lost opportunity of having great times of prime of your life
Great times in the prime of your life locked in a 50% of your TC mortgage and no fun money
house prices are not responding to high interest rates as much we you wish for. Inflation is going back up and housing sector is no exception. I have been actively going to open houses since last year and submitting offers on the Eastside Seattle and I know for sure the market is red hot. Buyers are bidding 200k - 400k above the list price (~1M). Houses above 2M are going to sit a while if they are not appropriately priced, but anything around 1M to 1.5M are going to pending state within a few days. End of the day, it's supply and demand equation . If you are expecting supply to increase due to foreclosures / forced sell, consider : How many folks who got laid off > how many of them own houses > how many have mortgage that's risky and don't have emergency savings (like vested stocks) or additional income (like spouse's salary) ? I think it's a small dent. We don't have enough supply because current owners got ~3% rates and they aren't willing to move. If the rates stay higher for longer, it is not going to help with supply, unless unemployment climbs a lot higher (currently at ~4%, my guess is 10% is the threshold) Many buyers have been waiting for too long while saving up money every month and now they can afford higher mortgage and they are running out of patience. I have seen buyers waiving off all contingencies, offering 15-30% above list price, and houses are not staying longer than a week. That's not a good sign if you are hoping for 30% drop in prices.
I’m not seeing houses in Bellevue for less than 1.5 (well anything worth buying over 2500 sq ft.) So of course if someone prices it lower than market you’ll get offers above list price. Wake me up when 2024 tax assessment is higher than 2022 (2023 is lower unless a remodel)
Oh, I was looking for starter homes with atleast 1400+.sqft and 1970s or newer.. I am looking all over from Issaquah, New Castle, Kirkland, Redmond, Woodinville,... Even these are going crazy in bidding. A house in Kirkland (1400 sqft, 1970) was listed at 900k, but went to 1.3M! . Another one at 1700sqft, 1970s in woodinville, 1.17M -> 1.5M. Seen many cases like this in Redmond too. I didn't want to go that crazy because bank appraisal might come lower for these houses. But.. about tax assessment value: People are not giving a damn about tax assessment. Just CMA, my friend.
Is there another Amazon mega layoff wave coming?
Where did you hear that, OP?
They will go up because equity prices go up after layoffs and the survivors will want to cash in and buy a shack.
You need people with money to buy. This is only Amazon and TikTok employees in Washington. Housing is stagnant since rate increases in Seattle and even in free fall in some cities like Austin. Not every market is Bay Area.
Free fall in Austin? No way