Seattle houses dropping prices by more than 100K
https://www.king5.com/amp/article?section=news&subsection=local&headline=some-seattle-home-prices-dropping-by-100k-in-market-correction&contentId=281-582540081 What’s going on in Seattle? Amazon and Microsoft are doing well. Has there been a sudden new supply of homes? I haven’t read about this kind of slow down anywhere else on the West Coast.
KING
Amazon isn't hiring at the same pace - look at their recent numbers. Most of the hiring that's happening is limited to hiring people on L1/H1-B. Given the clampdown on work visas by Trump, people are going to think twice/thrice before buying at unsustainable prices. Microsoft's pay isn't impacted that much by their stock growth.
Supply has nearly doubled.
Yuep. There’s new construction finally completing all over Seattle. Still more buildings starting too.
Same thing with Bay Area.
Really? Where in Bay Area?
Multiple sources are saying 5-10% correction in the Bay Area including South Bay. This includes Redfin CEO: https://www.marketwatch.com/amp/story/guid/5038160C-9C1F-11E8-A46C-BBDE1A6795F5
Sell now or wait until spring the usually best time to sell in Seattle area?
HODL
Spring is always the best time to sell. Now is the absolute worst time to sell. Hence sellers asking for the moon aren’t getting their asking price.
It’s the price growth that slowed down. If any house lists at last year price it will still sell quickly. Reasons? Houses are even more expensive for Chinese buyers and Yuan price dropped quite a bit. Interest rate is way higher. I think next year price will go even further down when people will realize that tax rebates are mostly gone/useless for property tax and mortgage interest
Yeah not very enticing to buy anymore to live or rent .. Also so difficult for some countries to get green card. As such this year many people are leaving SV.
Many people leaving Silicon Valley? What are you talking about? There are definitely folks like me that are leaving because it is way too expensive, but my place will be taken up by plenty of others
Most are still very high. And Chinese buyers are mostly into big houses. So if you are looking for starter home don't hold your breath
😬😬😬 I have been waiting to buy for a while so this makes me very optimistic. 100k price drop is bonkers in this area. Homes normally go for that over asking.
Stable prices are good and maybe prices are stabilizing. The homes are still expensive if you're not in tech and both parents are working. If you bought your primary home as an investment, that was a silly decision because regardless of home price, you should buy a home that is affordable and habitable for you and your family's needs. Your primary home isn't an investment so quit worrying about home prices. Look at the mortgage cost vs benefits and buy a home if you need it.
A lot of People on Work Vizas are delaying house buying decision due to increased uncertainty
And many might never get their GC and some have left because of that already
What is the impact of people on work visas buying or not buying property? I would think the impact is minuscule, no?
Chinese money is no longer flowing in. Watch out if they decide to cash out.
We are not going to cash out. Don’t worry
A chinese named 5’6Indian!