So yeah this is another one of those posts.. My comp: $475k, wife’s comp $150k. We live in Seattle currently, have about $450k in savings, mostly cash as we’ve been trying to find a house. We’ve been aiming for $1.2M - $1.5M but have made offers on 7 houses each of them over ask with contingencies waived and we’ve lost out to all cash offers at least 15% over ask. Starting to feel like we’re never gonna win without having an all cash offer. What should we do? Feeling like we’re treading water and never gonna get a house in this fucked up market. #mortgage #housing #seattle
Your bidding price matters, all cash is just a bonus If you outbid someone with an all-cash offer the seller doesn’t have any incentive to choose them unless they feel you won’t be able to close Go 20-25% above asking price, that’s what it’s taking to win in this market or wait till end of summer
Maybe your right. I’ve been worried about what happens if we bid way over and it appraises low.
Makes sense. With the cash you have, you should be fine up to $1.6M; assuming you overbid by 15% Appraisal will generally come 5-10% higher than list price
Can you list an example where your offer lost?
Asking price doesn’t mean anything these days with majority of sellers listing houses below market value. Look at comparable recently sold houses and formulate your offer based on that. Bidding 20%+ over asking doesn’t necessarily mean you’re overpaying.
You know what. You should come to the Bay Area
No thanks. Seattle’s bad enough (housing wise)
Lolz bay area is 2nd this time 😀 Seattle’s condition is worst
Not trying to be rude...but with that combined TC, shouldn’t you have more savings?
Wait it out. Artificial bubble right now between foreclose/eviction protections and cash prizes being sent by the feds every few months. Things will come back to earth and you’ll be able to get something on the cheap, comparatively.
People keep saying this but I’m doubtful that it’ll ever decrease. Sure it’s inflating faster than normal now, but I imagine it’ll only slow down not reverse. The annual growth rate in Seattle is like 12% or something like that. It’ll worried we’re just missing out on the upside of the inflation and will end up spending more for something we don’t like as much in a year or two.
Yep, all those people in $1m+ properties getting evicted and foreclosed on. Oh wait, people buying at that price point are making more TC than ever and have nothing else to spend their cash on than real estate
Why are you even trying to buy now? Why everyone is in this housing frenzy now?
Same reason everyone else is. 1) we want a better house now that we’re stuck here forever 2) we don’t want to miss out on the 12% annual increase in market value that Seattle has seen for the last decade. (Even higher now)
What is the "stuck here forever" thing about? No judgement, just curious why you feel that way. Best of luck on getting a house!
Same situation. 400K combined TC. Bid and lost. Later realized that I didn't need a house. At peace now.
Seem like you're committed to Seattle. Would stay in Seattle if you're allowed to work remotely permanently?
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You both have a total comp of 625k, aim for something in 1.8M range there is usually lesser competition in higher bands. My tc is 350k and my wife's is 100k we are aiming for 1.4M in this crazy market.
My wife is hoping to take some time off when we start a family soon-ish (if we can find a house). So we’re trying to keep things reasonable assuming her compensation won’t be there for ever.
Sorry but its not true as i have lost three times on houses over 2.2m